The company plans to launch total 23 models in passenger vehicles segment and light commercial vehicles (LCV) category by 2026 and 37 models in the farm equipment vertical under its Project K2 by 2024-25.
Addressing reporters in a virtual earnings call conference, Mahindra Group Managing Director and CEO Anish Shah said out of the Rs 17,000 crore planned to be deployed in the next three years, capital expenditure is at Rs 12,000 crore.
It includes Rs 6,000 crore for conventional automotive, Rs 3,000 crore for electric vehicles (EVs) totalling Rs 9,000 crore for the automotive sector. While for the farm equipment sector, capex is at Rs 3,000 crore, he added.
“So a total capex of Rs 12,000 crore (in three years). The remaining Rs 5,000 crore is investments in group companies as well as the auto and farm sectors,” Shah said.
Elaborating on the company’s new products and platform strategy, M&M Executive Director (Auto & Farm Sectors) Rajesh Jejurikar said the company has been focussing on building a differentiated, sophisticated and authentic SUV brand with advanced adventure-ready capabilities.
“This, we believe, is the foundation on which we plan to launch new products by 2026. We are planning to launch 9 new products by 2026 leveraging the platforms,” he said.
Among these, a new Scorpio model is expected in 2021-22. The company’s brand new XUV700 is set to be launched this calendar year, while a five-door Thar and all-new Bolero are set to hit the market between 2023-26.
Between 2024-27, the company has planned three new products, including SUVs code-named W620 and V201 along with an all-new version of its compact SUV XUV300, all of which will have electric powertrain options.
Jejurikar further said, the company plans to bring two ‘born electric vehicles’ in 2025-26 , which will be pure play EVs.