SUV specialist Mahindra & Mahindra will launch 23 new products across passenger and commercial vehicle segments in addition to 37 tractor models by 2026.
The Mumbai-based company has lined up capital expenditure (capex) of Rs 12,000 crore for launch of new models, upgrades of existing models and new variant over the next five years. Another Rs 5,000 crore have also been lined up as investments in group companies.
Six of the nine new SUVs and six out of 14 commercial vehicles (CVs) planned by M&M will be powered by batteries. Electric vehicles will see an investment of Rs 3,000 crore. Around Rs 6,000 crore will be spent on regular internal combustion vehicles and the balance of Rs 3,000 crore on tractors.
M&M’s pipeline includes the new Scorpio, five door Thar and all-new Bolero. Electric option on the XUV700, new XUV300, and on SUVs codenamed W620 and V201. There will also be two ‘born electric’ models debuting in FY26 which are being built as electric models from the scratch.
As for the CV segment, M&M has five planned launches in the last mile mobility segment and small commercial segment, all of which will be powered by batteries and will be launched until FY24. In addition, there will be a new range of goods and passenger four-wheelers and pickups based on the Bolero platform which will be launched during the same time frame.
The biggest push from M&M will be on the farm equipment division where 37 tractor models across four platforms and four geographies are set to debut by FY25. These tractors will start in the sub-compact range having engine in the range of 20-25 hp to large utility models having engine power of 45-70 hp range.
“We plan to come out with nine products based on body, on frame and monocoque platforms and two products on born electric platform in addition to the electric powertrain option models,” Rajesh Jejurikar, executive director, automotive and farm equipment sector, M&M said.
With these new initiatives the company hopes to arrest its poor performance compared to its peers. M&M has slipped to the fourth spot in the PV space, overtaken by Tata Motors during FY21. As per data shared by the Society of Indian Automobile Manufacturers (SIAM), M&M closed FY21 with a share of 5.8 percent. Its sales were down nearly 16 percent to 1.57 lakh units during the same year.
But in the tractor space, M&M has had a robust FY21. The company clocked a growth of 18 percent in domestic sales of tractors to 3.43 lakh units as against FY20. M&M is looking to further bolster its hold on the domestic market where it has a market share of around 43 percent.
“We are looking at quantum growth in the farm machinery business. There is an opportunity for us to increase our tractor market share in the domestic market. The K2 project which is our collaboration with Mitsubishi is expected to launched in 3-4 years,” Jejurikar added.