By 2026, Mahindra & Mahindra will introduce 23 new products in the passenger and commercial vehicle markets, along with 37 tractor types.
In the following years, Mahindra expects to introduce 23 new products in the automotive sector. There are 9 SUVs and 14 commercial vehicles among them. Six SUVs and six commercial vehicles will be powered by batteries. The next-generation Scorpio and XUV700 SUVs are expected to debut this fiscal year.
In addition, by 2026, the company plans to release 37 tractor models as part of its Project K2 initiative. The K2 series is a tractor that is designed to be lightweight. Mitsubishi Mahindra Agricultural Machinery in Japan and Mahindra Research Valley in India are working together to produce these tractors. They should be available in three to four years. In 2023, the first batch of tractors will be released.
M&M has five scheduled launches in the last mile mobility and small commercial segments in the CV segment, all of which will be powered by batteries and will be available until FY24. In addition, over the same time period, a new line of cargo and passenger four-wheelers and pickups based on the Bolero platform will be released.
While the tractor market is projected to increase in the low single digits in FY2021-22, Mahindra is increasing output in anticipation of a surge in demand in June and July. The auto industry's demand is expected to take longer to recover.
Mahindra intends to invest Rs 12,000 crore in new models in the auto and agricultural sectors. A further Rs. 5,000 crore will be invested in group enterprises, as well as the auto and agriculture industries.
Over the following three years, the business plans to invest a total of Rs. 17,000 crore. A total of Rs. 9,000 crore would be invested in the automotive industry. Traditional automobiles would receive Rs. 6,000 crore, while electric vehicles will receive Rs. 3,000 crore. A total of Rs. 3,000 crore would be invested in farm equipment.
