Mahindra & Mahindra Ltd. is targeting at least a 33% growth in its electric vehicle (EV) sales by the end of the current fiscal year, a key step toward achieving its goal of 25% EV contribution in total sales within a few years. Rajesh Jejurikar, executive director and CEO of Mahindra’s auto and farm sectors, said the company aims to reach an operating production capacity of 8,000 EVs per month by fiscal-end, with expected sales of 7,000 units monthly.
On Thursday, Mahindra unveiled the XEV 9S, a seven-seater variant of its XEV 9E SUV, priced around ₹20 lakh, with the top 500-km variant costing nearly ₹30 lakh. Bookings open on January 14, 2026, with deliveries starting January 23. Nalinikanth Gollagunta, CEO of Mahindra Automotive, said the XEV 9S expands the EV segment rather than merely competing.
EV sales in India have surged from 23,000 units in 2024 to over 100,000 this year. Mahindra plans an additional ₹2,000 crore investment in the XEV 9S and a new BE 6 variant, as part of a ₹16,000 crore EV development plan by FY27. The automaker will approach EV exports cautiously, focusing first on right-hand-drive markets.
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