The all-electric version of the Mahindra XUV300 is just around the corner. Mahindra will launch the electric version of the XUV300 – likely to be called the XUV400 EV – in September this year. This announcement came from Mahindra earlier today, when the automaker revealed that it had received an investment of Rs. 1,925 crore (USD 250 million) from British International Investments (BII) for a new electric vehicle company. The new electric vehicle company from Mahindra is currently valued at 9 billion dollars, and the first vehicle to roll out from this company will be the XUV400 EV. The Mahindra XUV400 EV will go up against the Tata Nexon Electric SUV, which is India’s best selling electric car.
While the Mahindra XUV300 measures under 4 meters in length for excise duty benefits, the XUV400 EV will be longer, at about 4.2 meters. This is because the Indian government doesn’t have excise benefits based on length for electric vehicles. The larger size of the XUV400 EV is expected to make it a lot more comfortable and spacious than the Tata Nexon EV.
It’ll also give the new electric vehicle a stab at larger electric SUVs such as the MG eZS and the Hyundai Kona, two other hot selling electric cars of India. As for pricing, we expect the Mahindra XUV400 EV to start at about Rs. 15 lakh, bang in Nexon Electric territory. A 375 Km range is expected for the top-end trim of the Mahindra XUV400 EV while lower variants could deliver about 250-300 Kms of real world range per charge.
In terms of features, the Mahindra XUV400 is likely to have a similar feature-set as its internal combustion engined sibling – the XUV300. After the XUV400 EV, a slew of other electric vehicles such as the electric KUV100, electric versions of the XUV700 and even the Thar could be rolled out from Mahindra’s new EV company.
While Mahindra did have a big head start over Tata Motors and every other car maker in India when it came to electric vehicles, the automaker didn’t really capitalize on this so far. The new electric company – at a 9 billion dollar valuation that’s the same as what the market values Tata Motors’ electric vehicle play – is expected to drive Mahindra’s EV launch blitz.
Like Mahindra, Tata Motors also plans to hive off its electric vehicle business. In October 2021, TPG had committed a billion dollars into Tata Motors’ EV business, at a valuation of about Rs. 9,000 crores. With the two archrivals going head to head, high quality electric cars are expected to benefit consumers across India.