Mahindra & Mahindra will target the untapped passenger vehicle (PV) market, while maintaining its core SUV DNA, with the new generation of SUVs based on the modular and multi-energy platform, NU_IQ, according to a senior company official.
Within the utility vehicle (UV) space, core SUVs exclude MPV models and hatchback-derived crossover models, according to Mahindra. Over the last three years, the company's core SUV growth has been three times that of the market.
In the PV market, the share of core SUVs grew from 19% in FY22 to 30% in FY25. For Mahindra, the remaining 70% of the PV market is still a white space, which it aims to tap into, but with core SUVs and not micro-SUVs, hatchbacks or sedans.
The NU_IQ platform and four concept SUVs based on it, namely Vision.S, Vision.T, Vision.SXT and Vision.X, were unveiled on August 15. Their production for the Indian and global markets will start in 2027 at Mahindra's Chakan plant, which will see an annual capacity addition of 2,40,000 units, taking the total capacity at the facility to 7,60,000 units.
While the production-spec SUVs will be 3,990mm to 4,320mm in length, the NU_IQ platform supports multiple powertrains, from internal combustion engine (ICE) to electric. It is also capable of accommodating front-wheel-drive, all-wheel-drive, right-hand-drive, and left-hand-drive layouts.
"These products are largely for tapping into white spaces. Most of our products are either in the sub-4 metre segment or we have larger products," Nalinikanth Gollagunta, CEO, Automotive Division, Mahindra & Mahindra, and Executive Director, Mahindra Electric Automobile Ltd, told Moneycontrol in an exclusive interaction.
Mahindra currently offers ICE models like the Bolero, Bolero Neo, XUV 3XO, Thar 3-door, Thar Roxx, Scorpio Classic, Scorpio N and XUV700. Its born electric vehicle (BEV) portfolio includes the BE 6 and XEV 9e. For reference, BE 6 and XEV 9e are based on the electric-origin INGLO platform.
"The NU_IQ platform-based SUVs have a smaller wheelbase, and they are a smaller category of vehicles in comparison to the BEVs. Therefore, it does not overlap with the BEV platform. There is a certain segment of the market where we see white spaces, and that is what we are going after, with the fungibility, that it could be an ICE or an electric model to that extent. So we are able to play the market both ways and leave it to the customer," he said.
When asked whether the introduction of new SUVs will impact the volumes of the existing models, Gollagunta observed: "Our view of the market is that the customers are fairly sophisticated, that the traditional view of length or price point is not necessarily how they see it. Case in point, in the Rs 15-23 lakh price point range, normally, manufacturers put out one product. You do not try to overlap. We have three products (Thar Roxx, Scorpio N and XUV700) in the same space."
"The segment has matured to the point that you can sustain three products with very different form factors to play in that space. We believe the same story is starting to play out in this likely smaller 4.3-4.4 metre range, the products with the same price point, same size, but have very different character to them," he added.
Gollagunta pointed out that even in the sub-4 metre segment, Mahindra has four products (Bolero, Bolero Neo, XUV 3XO and Thar 3-door). "However, you will never see a Bolero Neo customer buying a Thar 3-door or a Thar 3-door customer buying XUV 3XO," he said.
We believe we can do the same thing in the 4.3-4.4 metre range, where we will play with the new products, he said, adding that all the products will have a different character.
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