This aligns with M&M’s estimates that it will need 18–20% EV penetration over a five-year period to meet norms, with the target serving as a long-term strategy to fulfill CAFE 3 targets.With the new Corporate Average Fuel Efficiency (CAFE) 3 norms expected to roll out by 2028, Mahindra and Mahindra is targeting a 13 per cent to 15 per cent EV (electric vehicles) revenue share by the next year, top management said on Tuesday during a post-earnings call.
The automaker’s electric SUV sales in Q4FY26 stood at 9.6 per cent of its total SUV sales. “We need to be somewhere between 18 per cent and 20 per cent over a five-year period of EV penetration… By March 2027, we hope to be somewhere between 13–15 per cent,” said Rajesh Jejurikar, Executive Director and CEO, Auto & Farm Sector.
Penetration has already moved to 11 percent-plus in the last two months, driven by improved deliveries of its latest electric SUV models, he added.
This aligns with M&M’s estimates that it will need 18–20 per cent EV penetration over a five-year period to meet norms, with the target serving as a long-term strategy to fulfill CAFE 3 targets.
The automaker has sold more than 55,000 eSUVs to date across its portfolio of BE 6, XEV 9e and XEV 9s. To fuel rising demand, Mahindra Automotive is on track with its planned EV capacity ramp-up, which will increase monthly EV output from a little over 6,000 units currently to 8,000 units per month by the end of FY27. The company will also add 4,000 units capacity for new launches in FY28. “We have a little bit of a capacity constraint… ramping up 9S beyond where we are,” Jejurikar added.
On the product mix side, management said demand continues to skew towards the company’s newest EV SUV model. “The split is highest skew to 9S, followed by 9E, followed by BE6,” he added.
The Maharashtra-based also plans to launch six new products for its born electric vehicles by 2031, management added. It also claimed the top position in EV revenue market share in the last fiscal year with a 37.4 per cent share.
Mahindra’s automotive segment reported revenue of ₹34,294.18 crore in Q4 FY26, up 32 per cent from ₹25,902.39 crore in the same quarter last year.
