Electric vehicle launch success key to further gains for M&M stock

SUV launches getting traction, weak rural demand a headwind for tractors

The launch of Mahindra & Mahindra’s (M&M) first electric SUV – SUV-XUV400 -- on September 8, was received with enthusiasm. M&M enters the competition in the new e-SUV segment, which also features Tata Nexon EV (87 per cent market share in electric vehicle or EV in FY22), the Hyundai Kona and MG ZS. The XUV400 appears to have slightly more range than the Nexon. The price tag is expected to be Rs 18-20 lakhs, similar to the Nexon EV Max. Bookings are expected to open in January 2023 with deliveries from the end of that month.

Under Mahindra’s partnership with