Mahindra Targets 7,000 Monthly EV Sales as it Ramps Up Electric Push

Eyeing a bigger share of the growing EV market in the country, Mahindra & Mahindra on Thursday said it is gearing up for a major ramp-up in its electric vehicle business, expecting monthly EV sales of about 7,000 units by the end of the current financial year.

The company currently sells between 4,000–5,000 EVs a month.

“We are moving to a capacity operating capacity of our EVs of 8,000 units, out of which we hope to sell as a collective portfolio about 7,000…,” Rajesh Jejurikar, Executive Director – Auto and Farm Sectors, Mahindra & Mahindra Ltd, told reporters.

According to the company, it has sold over 30,000 EVs (BE 6 and XEV 9e) in seven months, with revenues exceeding ₹8,000 crore from the sales of electric vehicles (EVs) in H1FY26. On Thursday, the company also launched a new seven-seater electric SUV – XEV 9S, with prices ranging from ₹19.95 lakh to ₹29.45 lakh (ex-showroom). The company claims that the model will give a real-world range of about 500 km.

“With the XEV 9S, we’re not just playing in the EV segment, we’re expanding it. This SUV signals the start of a big new electric era for Mahindra — one built on scale, on purpose, and on a deep understanding of how India moves,” Nalinikanth Gollagunta, Chief Executive Officer – Automotive Division, Mahindra & Mahindra Ltd and Executive Director, Mahindra Electric Automobile Ltd, said.

The company expects the electric range to account for around 25% of its overall volumes by the 2027–2028 calendar years. M&M currently manufactures electric vehicles at its plant in Chakan, Pune.

Asked about exports, Jejurikar said that the company has an overall path to exports for the electric SUV portfolio but will do it in a calibrated manner. “It's not something we will rush into, and it's not something that we will treat as frivolous or with complacencies,” he added. The company will start with exports to right-hand-drive markets and, depending on the response, will explore the left-hand-drive markets.

Jejurikar also added that the car maker does not intend to increase vehicle prices in January 2026 unless there is a significant rise in raw material prices. Car makers in India usually announce annual increases in the prices of their vehicles from January.

"We are very mindful that the country has taken a very significant milestone action of reducing GST, and we will not do anything which undermines that strategy by driving a profiteering objective to take prices up," Jejurikar said, replying to a query.

He added the company will hike prices only if there is a “very visible and tangible increase in manufacturing cost. We will not announce a price increase just because that's the typical habit.”