M&M to unveil new EV in November; eyes high-teens share in long term

Mahindra & Mahindra (M&M) will launch a new electric vehicle in November as the company looks to accelerate its transition in the fast-growing EV market. Nalinikanth Gollagunta, CEO of the Automotive Division at M&M, told CNBC-TV18 that the company expects EVs to steadily account for a larger share of bookings in the coming years.

“When we started putting out our EVs in Q4 last year, about 2–3% of our bookings were coming from EVs. Now it's close to 8%, and we have an event coming up in November where we're unveiling a new EV as well,” he said. “Our expectation is we'll stay in the 8–10% range going forward of our overall bookings, which will come from EVs. Over a period of time, as we add more to the portfolio—we will then start to move towards the high teens to early 20s.”

Gollagunta also confirmed that the company plans to maintain momentum on both the internal combustion engine (ICE) and EV sides. “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 added.

The commentary comes on the back of a robust September performance for the automaker. M&M’s automotive segment sales rose 16% year-on-year to 1,00,298 vehicles, which included SUVs, light commercial vehicles, three-wheelers and exports.

In the domestic utility segment, sales stood at 56,233 units, up 10% compared to 51,062 vehicles sold a year ago. Three-wheeler volumes, including EVs, jumped 30% to 13,017 units in September 2025, while exports grew to 4,320 units from 3,020 units last year.

The festive season has also provided a boost to retail momentum. Dealers reported strong traction during the first nine days of Navratri, with SUV sales rising about 60% and commercial vehicle sales up 70% compared to the same period last year. Gollagunta noted that demand was partly driven by pent-up buying following the implementation of new GST rates on 22nd September.

While the strong demand has created logistical bottlenecks, including a shortage of trailers for vehicle dispatches, M&M is working with Mahindra Logistics and using rail transport to meet dealer requirements. The company expects festive demand to sustain into November, supported by the wedding season.

With strong momentum across rural and urban markets, and upcoming launches in both ICE and EV portfolios, M&M is betting on a broader product pipeline to consolidate its position in the market.

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