“The one EV that has given an electric shock to the competition and the market is what Mahindra and Mahindra (M&M) have done with their BE6, and XEV 9E in terms of design and performance. It’s just hit it out of the park,” Sorabjee said in an interview with CNBC-TV18.
Mahindra has already announced prices for its premium EVs, the BE6 and XEV 9E, at ₹26.9 lakh and ₹30.5 lakh, respectively. These pricing strategies are expected to trigger a price war across the segment.
Sorabjee expects the EV market to double in 2025 with penetration in the country improving to 4% from 2% by 2025.
Jay Kale, Senior Vice President-Research at Elara Capital, who also joined the conversation with Sorabjee, expects strong demand for Mahindra’s new models, pegging sales at 5,000-6,000 electric vehicles (EVs) every month.
The upcoming Auto Expo in Delhi scheduled for January 17 to 22, will be a major platform for EV manufacturers to showcase their innovations.
Maruti Suzuki is set to unveil the eVitara, featuring 49 kWh and 61 kWh battery options, with a range of over 500 kilometres.
Hyundai will also debut the electric Creta, offering 42 kWh and 51.4 kWh battery variants, with a driving range exceeding 450 kilometres.
These are the edited excerpts of the interview.
Q: What are you expecting from the Auto Expo? What should we watch out for in this big EV passenger vehicle fight?
Sorabjee: Maruti Suzuki, the number one player in the market, still has not got an electric vehicle (EV), while others have. So, a lot of anticipation for the eVitara, which is to launch. What is important to know is that this is a global product and 50% of production is going to go to Europe and back to Japan as well. This is a product that has been developed alongside Toyota, so a close collaboration with them on this. So, expect a product that is quite sorted, it will deliver on the parameters as it is expected to. We hear that they faced some delays in getting it into the market.
Also Read: Auto Expo 2025 | Electric vehicle price wars to get hotter in 2025
But the one that has swept everyone on and given a proper electric shock to the competition and the market is what Mahindra and Mahindra (M&M) have done with their BE6, and XEV 9E in terms of design, and performance, it’s just hit it out of the park. So that is what one is expecting from Mahindra and a lot of other EVs coming.
I foresee the EV market doubling in 2025 at the least. So, you will see a penetration jump from what is around 2% to maybe even 4% going forward in 2025.
Q: What are you factoring in in terms of the number of units that M&M can sell from its EV basket?
Kale: Attractive pricing as well as feature loaded, the design element is a head turner. In EVs, charging infrastructure has always been an issue. But until you give the customer that aspiration to own that vehicle, to move away from the inconveniences of charging, EVs are not expected to pick up, and what Mahindra has done is given that customer that aspiration to own this kind of vehicle.
So, despite the inconveniences of charging and the issues that we see with the EVs, we are expecting good volumes from Mahindra EVs going forward. They have recently announced the top-end variant pricing as well. The bookings are expected to open up in February. We hear of a good response on the ground for them. So definitely, what we are factoring into our numbers is more than 5,000-6,000 per month basis, on a sustainable basis in the next few months.
Also Read: 2025 could be the year of electric vehicles, say auto experts
They have a capacity of around 10,000 which will be taken up further in 2026-27 (FY27) as well. So, this is the year where you could see the EV penetration, which has been lagging quite a bit in the last few months should kind of take off with incrementally so many launches coming. And the new model launches were pretty crucial for the EV segment to take off from here.
Q: Which top three automakers that you will watch out for that will start winning this domestic EV fight?
Sorabjee: Mahindra is on a strong wicket with their two products. Again, it has to hit the market, they have to make sure that they are reliable. Software glitches are quite common even in Mahindra vehicles. They need to sort that out. They have got a lot of tech in there, they have got a full new Ethernet-based electronic architecture. So, it’s very powerful and sophisticated, but at the same time, it needs to be stable and sorted out. So, that is what they will be working on.
Maruti Suzuki, just by their share size and penetration of their network, will pick up some good numbers with the eVitara. I am not sure what they are going to price it, but I do not think it will be super competitive, because what they are banking on is their global quality standards to appeal to customers over there.
Same with the Hyundai Creta, which is itself the bestselling SUV in its category today. It is about the second or third best-selling car in the market period. So, when you get an electric version of that, you will automatically have substantial numbers.
You cannot rule out Tata Motors, but Tata Motors will be under pressure for EV market share this year. They have dropped to 62%. They have got the Harrier and even the Sierra coming out, but they will face some stiff competition in 2025 for sure, which is turning out to be the year of the EV.
Q: What are your top buys in autos right now, in four-wheelers?
Kale: In four-wheelers, it is Mahindra and Maruti are the top buys and in two-wheelers it is TVS and Bajaj.
For more details, watch the accompanying video
