New Delhi: Mahindra and Mahindra (M&M) has said that its electric vehicle (EV) business has turned EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) positive, while profitability will take time, its top executive said.
“The business will take a few more years to become fully profitable,” said Amarjyoti Barua, Group Chief Financial Officer, M&M, during the post-earnings call for FY25. The company expects continued cash burn from exporting its BEVs (born electric vehicles) due to high initial costs, Barua added.
The Indian conglomerate, which holds a 23 per cent revenue market share in the SUV segment with flagship products such as the Scorpio, Thar Roxx, and Scorpio N Line, is showing similar performance in the EV segment, capturing a leading 37.2 per cent revenue market share in the e-SUV category. The booking value for the automaker’s electric twins has crossed ₹8,472 crore so far.
Mahindra’s BEVs, the XUV 9e and BE 6, have received more than 30,000 bookings, with 6,300 units delivered to date. “We have a waiting period of more than four–five months for our EVs,” said Anish Shah, Group CEO and Managing Director, M&M.
Capacity Expansion and Road Ahead
The company is eyeing the European Union as a key export destination for its BEVs in the coming years, although the company has not disclosed a specific timeline. The automaker will target both North America and the EU for overseas expansion, with the EU as a priority, informed Rajesh Jejurikar, Executive Director & CEO (Auto and Farm Sector), M&M Ltd.
It will also announce a new platform version on August 15, 2025, though it remains undisclosed whether it will be tailored for EVs or ICE (Internal Combustion Engine) vehicles.
Mahindra also plans to launch five BEVs and seven SUVs by 2030, with two BEVs scheduled for launch this year. To meet rising demand, the company is pursuing aggressive capacity expansion, with plans to achieve an exit capacity of 7,500 units (5,000 operationalised) in FY25, 12,000 units (8,000 operationalised) in FY26, and 18,000 units in FY27.
Additionally, Mahindra will be setting up a new greenfield plant by FY28, primarily dedicated to the company’s passenger vehicle (PV) business, according to senior management.
