Mahindra & Mahindra shares jump 3% as auto major launches two electric vehicles; here is all you need to know

The Mumbai-based auto major unveiled two ground-up models—BE 6e and XEV 9e—with deliveries expected to commence in February-March next year.

The company said entry-level variants of the BE 6e and XEV 9e are priced at ₹18.9 lakh and ₹21.9 lakh (ex-showroom), respectively.

"We believe we have a very competitive offering that will create a category," Mahindra & Mahindra (M&M) Executive Director and CEO for auto and farm sectors Rajesh Jejurikar told reporters, PTI reported.

The prices of other variants of the two models will be announced later, the CEO added. 

The company said that the BE 6e comes with a range of 682 km while the XEV 9e features a range of 656 km.

Mahindra said its go-to-market strategy for the two electric SUVs will roll out in a phased manner in the latter part of January 2025.

M&M added that it was bringing on board 500 specialists from luxury and premium brands to provide a pre-purchase drive experience.

Besides, it will put around 400 tech experts for customer experience with dedicated support from Chennai-based Mahindra Research Valley (MRV).

M&M has committed to an investment of over ₹12,000 crore in its electric vehicle business.

It is setting up an all-new manufacturing line for EVs at its Chakan plant, which has an installed capacity of 1.2 lakh units per annum.

Mahindra currently sells the XUV400 in the electric passenger vehicle segment.

Shares of Mahindra and Mahindra (M&M) have rallied 92% in the past 12 months and 76% so far in the calendar year 2024. 

M&M Q2 FY25 Results

M&M reported a 35% on-year growth in consolidated profit after tax (PAT) at ₹3,171 crore for the quarter ended September 30, 2024 (Q2 FY25).

The company had posted a consolidated PAT of ₹2,348 crore in the year-ago period.

Consolidated revenue for the September quarter was at ₹37,924 crore, up 10% from ₹34,436 crore logged in the corresponding quarter a year ago, the company said in a statement.