Mahindra plans cautious EV export push
M&M’s Rajesh Jejurikar says automaker welcomes competition from global companies as long as there’s a level playing field
Last Updated: Nov 28, 2025, 18:50 IST2 min
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Mahindra & Mahindra is preparing to take its electric cars overseas, but the country’s leading SUV maker is not in a hurry. The automaker will pursue exports only in a “calibrated” way, said Rajesh Jejurikar, executive director-auto and farm sectors, Mahindra & Mahindra, at a media roundtable in Bengaluru on Thursday.
“We have a path to exports for the electric SUV portfolio and we will do it in a calibrated manner. We will look at right-hand drive markets first and then look at others based on the response we get. It’s not something we will rush into,” he added.
The automaker is ramping up its electric portfolio domestically but currently does not export EVs.
Mahindra secured the No. 1 revenue market share in EVs in the first half of fiscal 2026, generating more than Rs 8,000 crore in sales for its electric SUVs. Over the past seven months, it has sold 30,000+ electric SUVs —roughly the equivalent of one sale every 10 minutes.
Building on this momentum, the automaker unveiled its electric 7-seater SUV, XEV 9S, on Thursday priced at an “aggressive” starting point of Rs 19.95 lakh.
It also plans to set up 250 EV charging stations, each with 180 kW, with over 1,000 charging points, by the end of 2027.
As Mahindra weighs its first steps abroad, it is also taking pains to signal restraint at home. The recent GST cuts on automobiles has created room for companies to widen margins, but analysts have warned that the customary round of January price increases could sap the post-GST surge in demand. Mahindra moved to tamp down those concerns, saying it will hold the line on pricing unless raw material costs turn unfavourable. We do not intend to “profiteer” from the policy shift, said Jejurikar.
The company said electric models accounted for 8.7 percent of its total sales in the September quarter and projected that share will rise to 20-25 percent by 2027-28.
Jejurikar said the automaker is creating products that are competitive globally and welcomes “anyone to come and compete with us”, but insisted there must be a level playing field in terms of following localisation norms.
Mahindra also confirmed that its XEV 9E models are already qualified for incentives under the government’s production-linked incentive scheme, with applications for the BE 6 lineup expected in the fourth quarter.
EV makers face faster technology cycles than traditional automakers, raising questions about their relevance. Asked how Mahindra intends to stay ahead of those disruptions, Nalinikanth Gollagunta, CEO, Automotive Division, pointed out that there are hardly any changes on the hardware side. Software does see frequent changes because consumers think of EVs as electronics, he said.
“That’s why we have over-invested in chips which gives us the headroom for change.”
On supply chain uncertainty, the company said it’s a global issue but the fact that it has maintained its volume share shows its derisking efforts are taking hold.
First Published: Nov 28, 2025, 18:50
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