Mahindra & Mahindra recently shared its earning report for FY 2023-24 where the company revealed its total earning for its entire automotive business stood at Rs 76,156 crores in the recently concluded financial year. This translated into a revenue growth of 24% over the previous fiscal.
Moreover, the automaker registered a revenue of Rs 20,908 crore in Q4 of the concluded financial year which resulted in a YoY growth of 22% over the corresponding period in the previous fiscal. During yesterday’s earning presentation, Mahindra also shared insights into its upcoming products for the future.
Mahindra to launch 16 new SUVs by 2030
Mahindra revealed that it will launch as many as 16 new SUVs in the passenger vehicle segment by 2030. This includes nine combustion powered models and seven full-electric models. Out of the seven combustion SUVs, three will be mid-cycle facelifts of existing models, including the recently launched XUV 3XO, while the remaining will be all-new models.
Besides the XUV 3XO, we expect Mahindra to launch facelifted iterations of XUV700 and Scorpio N in the next couple of years. Among the all-new models, the 5-door Thar rumoured to be called Thar Armada will be the first model to hit the markets. It is slated for a global debut later in August 15 this year.
For the battery electric vehicles (BEVs), Mahindra will launch seven new models which will include the Born Electric models such as XUV.e8, XUV.e9, BE.05, BE.07, and BE.09. All the Born Electric SUVs from Mahindra will be based on the INGLO architecture, with varying battery and motor configurations. Mahindra is expected to commence production of these SUVs starting with the XUV.e8 towards the end of this year.
Besides the models mentioned above, Mahindra is also working on an all-electric derivative of Thar, a concept of the same was showcased in August last year. Mahindra has also reportedly filed trademark applications for XUV 1XO and XUV 5XO which will be slotted below and above the XUV 3XO, respectively.
Production capacity expansion
During the earning’s report, Mahindra also laid out its roadmap for the expansion of its existing production capacities. At the end of the FY2023, Mahindra’s production capacity for passenger vehicles stood at 39,000 units per month. By the end of FY2024, the capacity increased by the end up to 49,000 units per month.
Mahindra intends to further expand its capacity by 64,000 units per month by the end of FY2025. This will include 5,000 units increase for the combustion SUVs and 10,000 units for EVs.