6 SUVs and 6 commercial vehicles will be battery powered.
Mahindra plans to launch 23 new products in the automotive sector in the coming years. These include 9 SUVs and 14 commercial vehicles. Out of these, 6 SUVs and 6 commercial vehicles will be battery powered. The next-gen Scorpio and XUV700 SUVs are scheduled to be launched in the current financial year.
Additionally, the company will launch 37 tractor models under its Project K2 by 2026. The K2 series is a lightweight tractor programme. These tractors are being developed by a collaboration between Mitsubishi Mahindra Agricultural Machinery, Japan and Mahindra Research Valley, India. They are expected to be launched in three to four years. The first set of tractors will be introduced in 2023.
While the tractor industry is expected to grow in the low single digits in FY2021-22, Mahindra is ramping up production as it expects a strong demand between June and July. Demand in the auto sector is likely to take a longer time to pick up.
Mahindra has planned investments amounting to Rs. 12,000 crore in new models in the auto and farm sectors. Another Rs. 5,000 crore will be invested in group companies as well as the auto and farm sectors.
The company has planned a total investment of Rs. 17,000 crore over the next three years. Out of this, Rs. 9,000 crore is to be invested in the automotive sector. While Rs. 6,000 crore will be invested in conventional vehicles, Rs. 3,000 crore will be kept aside for electric vehicles. Rs. 3,000 crore will be invested in the farm equipment sector.
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