Mahindra will not be instituting any price cuts for its XUV400 EV. This comes in light of the EV SUV’s closest competitors, the Tata Nexon EV and the MG ZS EV, recently having seen a reduction in prices. Tata Motors slashed Nexon EV prices by up to Rs 1.2 lakh, while MG Motor India introduced a new entry-level Executive trim for the ZS EV, bringing the entry-level price down to Rs 18.98 lakh.
At Mahindra’s press meet for the Q3 FY24 (October-December 2023) earnings call, the brand’s executive director and CEO, Rajesh Jejurikar, said, “No price correction is expected on the existing Mahindra XUV400 EV line-up.”
The brand’s only EV, for now, was given its most significant update just last month – the 2024 XUV400 was launched on January 11, with introductory prices starting at Rs 15.49 lakh and going up to Rs 17.49 lakh (ex-showroom, India). It’s available in EC Pro and EL Pro trims; the former gets a 34.5kWh battery with a 3.3kW charger, while the latter gets 34.5kWh and 39.4kWh options with a 7.2kW charger standard. The XUV400 has a range of up to 375km for the smaller battery, and 456km for the larger battery.
Mahindra had announced that prices for the 2024 XUV400 would increase after May 31, 2024; even with a nominal increase in price, it doesn’t seem like the EV’s position would change much. With Tata Motors’ and MG India’s recent push to make their EVs more accessible, the Nexon EV now ranges between Rs 14.49 lakh-19.29 lakh, while the ZS EV costs between Rs 18.98 lakh-24.99 lakh.
In order to have a more direct competitor to the Tata Nexon EV, Mahindra is working on bringing the XUV300 EV by the middle of this year. Its onslaught of all-electric SUVs based on the born EV INGLO platform – the XUV.e family and their BE cousins – will begin from 2025 onwards. Meanwhile, the SUV specialist is offering massive discounts on MY2023 XUV400 EVs to clear older inventory and make room for the new models.
All prices, ex-showroom, India