Mahindra Last-Mile Mobility or Mahindra LMM, which is the leading electric three-wheeler manufacturer in the country, with sales of 6,140 units (+22% YoY) in September 2024, estimates volumes in the electric four-wheeler small commercial vehicle (e-SCV) segment to hit 46,000 units monthly by the end of the decade.
The company says that while e-SCVs that see primary application in the cargo-carrying segment, were pegged at zero percent penetration in FY22 with no products on offer, the segment continues to be in its infancy with the current penetration growing to just 1 percent with a handful of products such as the Tata Ace EV (launched in May 2022) now available in the market.
“This 1% penetration presents a unique and exciting opportunity for Mahindra LMM to foray into this segment, and we are certain that the penetration of electric four-wheeler cargo EV carriers will quickly scale to double digits in the coming years,” said Suman Mishra, MD and CEO, Mahindra LMM.
Mishra announced this at the launch of the company’s latest e-SCV – Mahindra e-Zeo – launched in two variants with an 18kWh and 21.3kWh battery pack options, respectively, in New Delhi. The e-Zeo has been launched at prices ranging from Rs 7.52 lakh to Rs 7.99 lakh, ex-showroom.
“The economic value proposition of an EV is the key driver of electrification in the three-wheeler segment. We can take a lot of learnings from the e-3W category and deploy them to the SCV segment,” she added, while explaining that beyond the total cost of ownership or TCO, sustainability of EVs, too, is an enabler of the shift of SCVs towards electrification, the transition will further accelerate with the strengthening of charging infrastructure.
“Therefore, with the right product and price, the e-SCV segment will electrify at an aggressive pace going forward. The government is also, as a firm hand, pushing us for further localisation in this category, while support from financing institutions is also driving demand,” Mishra said.
The company is offering the e-Zeo with just 5 percent down payment, as well as a battery-as-a-service (BaaS) option, with a monthly rental calculated at Rs 2.25 per kilometre.
Tech-loaded product
The Mahindra e-Zeo four-wheeler electric SCV is based on a 300V high-voltage EV architecture that drives a 30kW rear-axle-mounted e-motor that delivers 114Nm of peak torque to offer a 32 percent gradeability. The vehicle is rated for a 765kg payload capacity and 200 cubic feet volumetric load capacity of its 2,250mm cargo box.
The company offers two fixed battery pack options – 18kWh and 21.3kWh – with the latter offering a real-world driving range of 160km and fast charging capabilities of regaining 100km range within 60 minutes. Mahindra LMM is offering a 7-year or 150,000km warranty on the battery.
Mahindra LMM claims savings of around Rs 7 lakh over a comparable diesel SCV, and around Rs 4 lakh, over a CNG-powered four-wheeler cargo carrier, with the e-Zeo. Uniquely, the company is offering ADAS features such as driver monitoring and lane-departure warning in the Mahindra e-Zeo.
“The e-Zeo is a testament to our ethos of reimagining last-mile mobility with innovative products. We are confident that the e-Zeo will help accelerate adoption of EVs in the sub-2-tonne commercial vehicle category,” Mishra said.