Mahindra & Mahindra to Unveil New EV in November as It Targets High-Teens EV Share

Main Pointers
1. November EV launch signals acceleration of M&M’s electric-vehicle strategy and a broader portfolio rollout.
2. EV bookings trend rising to 8-10% near term, with a path toward the high-teens to early-20s as the lineup expands.
3. September sales show momentum across SUVs, utility vehicles, and three-wheelers; festive-season demand and logistics steps support continued growth.

Mahindra & Mahindra (M&M) plans to unveil a new electric vehicle in November as it steps up its transition in India’s fast-growing EV market. Nalinikanth Gollagunta, CEO of M&M’s Automotive Division, told CNBC-TV18 that EVs now account for about 8% of bookings, up from 2-3% when the first EVs were introduced. He said the November event will showcase a new EV and that the company expects EV bookings to stay in the 8-10% range in the near term, with a longer-term goal of moving into the high teens to early 20s as the product portfolio expands.

Gollagunta also stressed that the company intends to maintain momentum on both the internal combustion engine (ICE) and EV fronts. “We have an exciting launch coming up in the EV space, and we have a strong launch lined up in Q4 for the ICE side as well,” he said.

The remarks come on the back of a solid September for M&M. The automaker’s automotive segment sales rose 16% year-on-year to 100,298 vehicles, covering SUVs, light commercial vehicles (LCVs), three-wheelers and exports. Within the domestic utility segment, sales were 56,233 units, up 10% from a year earlier. Three-wheelers, including EVs, grew 30% to 13,017 units in September 2025, while exports climbed to 4,320 units from 3,020.

Festive-season demand has boosted retail momentum, with dealers reporting strong traction during the first nine days of Navratri. SUV sales rose about 60% and commercial-vehicle sales about 70% versus the same period last year. Gollagunta attributed part of the demand rise to pent-up buying following the GST rate changes implemented on September 22.

Despite the demand surge, logistics bottlenecks have emerged, including a shortage of trailers for vehicle dispatches. M&M is coordinating with Mahindra Logistics and using rail transport to meet dealer requirements, and expects the festive momentum to sustain into November amid the wedding season.

With continued momentum across rural and urban markets and a pipeline of launches in both ICE and EV segments, M&M is betting on a broader product lineup to strengthen its market position.