Mahindra Confirms It’ll Launch 3 Electric Vehicles
With government nod to boost EV adoption in the country, Mahindra Electric is now strengthening its portfolio with as many as three new electric vehicles slated to launch by 2021.
At the announcement of the first quarter financial results on August 7, Mahindra MD Pawan Goenka confirmed that the KUV100 electric will launch by end-2019 followed by the electric XUV300 in 2020 and there will also be a Mahindra-badged electric version of the Ford Aspire, likely to be slated for a 2021 launch.
The three new electric vehicles will join the Mahindra e-Verito currently on sale in Mahindra’s EV model range. The brand’s other EV, the E20, was discontinued since it was unable to meet the stringent safety norms.
While all of Mahindra’s EVs so far are converted from internal combustion engine versions, Mahindra is also developing an EV platform that will spawn ground-up electric vehicles. Goenka also said that these products could be introduced within 3-3.5 years.
In a statement, he said, “As far as EVs go, the focus is more on three- and two-wheelers right now but four-wheelers will catch up. With the 5 percent GST reduction, the business case for EVerito becomes almost even. If, for instance, the 5 percent duty on the lithium-ion cell goes away, then the earnings for a shared mobility service provider will be the same for an e-Verito as well as for any diesel or petrol sedan.”
Last month, the GST Council recommended a reduction in GST rate on electric vehicles to 5 percent from 12 percent. It also announced that the GST on EV chargers and charging stations has been reduced to 5 percent from the earlier 18 percent, which could improve the lagging EV infrastructure in the country.
Following these announcements, a host of carmakers have stepped forward to announce the launch of their own electric vehicles.
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