From four new concept SUVs under the NU_IQ platform to capacity build-up and phased global expansion, Mahindra & Mahindra is mapping the next decade of growth. Vision 2027 blends domestic dominance with international ambition, aiming to transform the company into a truly global SUV player.
28 Aug 2025 | 17256 Views | By Darshan Nakhwa and Ketan Thakkar
Mahindra & Mahindra (M&M) has set the course for its next decade with the unveiling of Vision 2027 and the NU_IQ SUV platform on August 15. The automaker is betting on a flexible, multi-energy architecture that will not only reinforce its stronghold in India but also serve as the springboard ...
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Mahindra & Mahindra (M&M) has set the course for its next decade with the unveiling of Vision 2027 and the NU_IQ SUV platform on August 15. The automaker is betting on a flexible, multi-energy architecture that will not only reinforce its stronghold in India but also serve as the springboard for a calibrated global expansion.
At the heart of the plan lies a simple but powerful conviction: the future of the global passenger vehicle industry will be shaped by flexible architectures, global-ready engineering, and the ability to pivot across multiple energy options. For Mahindra, a company that has reinvented itself in the SUV segment over the past five years, Vision 2027 is both a declaration of intent and a hedge against uncertainty.
The strategy leans on three pillars: consolidating domestic leadership in SUVs, building a calibrated but determined global presence, and future-proofing the business with flexible architectures and enhanced capacity.
“Just five years ago, we embarked on a journey with bold ambitions,” said Anish Shah, Managing Director & CEO of Mahindra Group. “Our ambition was to lead, not to follow, to disrupt, not be disrupted, to take Indian ingenuity and resilience to the rest of the world and to lead not just in India but across the world.”
From the rugged Thar to the sophisticated XUV700, Mahindra has built an SUV portfolio that resonates deeply with Indian buyers. The company’s revenue market share in SUVs has more than doubled–from 13.2% in FY21 to 27.3% in the latest quarter. Vision 2027 is an effort to build on this momentum while broadening the company’s footprint globally. “It will become the backbone of a next generation of world-leading SUVs, engineered right here in India for the world,” said Shah.
NU_IQ Platform
The most striking element of Vision 2027 is NU_IQ, a modular, multi-energy SUV architecture engineered at Mahindra Research Valley in Chennai, with design input from the Mahindra India Design Studio (Mumbai) and Mahindra Advanced Design Europe (UK).
From 2027 onwards, NU_IQ will underpin multiple SUVs across sizes, price points, and energy options. It has been designed to support petrol, diesel, and fully electric powertrains, with flexibility to integrate hybrids if required. It can be configured for front-wheel drive, all-wheel drive, left-hand drive, and right-hand drive markets, making it inherently global.
On Independence Day, Mahindra revealed four concept SUVs on this platform–Vision.S, Vision.T, Vision.SXT, and Vision.X–each tailored to a distinct buyer segment. From compact, urban-centric SUVs to rugged lifestyle vehicles, the showcase demonstrated how NU_IQ could anchor a diverse global lineup.
R Velusamy, President, Automotive Business (Designate) and MD of Mahindra Electric Automobile Ltd., described NU_IQ as “a strategic blueprint for the future of Mahindra SUVs globally.”
Technically, NU_IQ breaks new ground for Mahindra. It offers:
Commanding comfort: 1563 mm seating height and class-leading rear legroom (937 mm).
Pratap Bose, Chief Design and Creative Officer, positioned NU_IQ within Mahindra’s “Heartcore” design philosophy, which merges contrasting design cues under the theme “Opposites Attract.” The four showcased concepts, he said, represent “a new chapter of expressive design that inspires confidence, connection, and adventure.”
Domestic Growth, Scaling Up Capacity
M&M is matching its product ambition with manufacturing muscle. The company has announced a ₹27,000 crore investment plan between FY25-27, including ₹12,000 crore for EVs and ₹8,500 crore for ICE vehicles. Products coming out of the NU_IQ platform are a part of this investment.
The company will also add 2.4 lakh units of annual capacity at its Chakan facility, dedicated to the New Flexible Architecture (NFA), branded NU_IQ, which will underpin its next-generation SUVs. This brownfield expansion will raise Chakan’s total output to about 7.5-7.6 lakh units per annum, with some commercial vehicle production being shifted to other plants.
Alongside Chakan, Mahindra’s Nashik plant already contributes 2.5-3 lakh units annually, giving the company a strong second pillar of vehicle production.
To relieve pressure on this hub, the company has expressed interest in acquiring a land parcel near Igatpuri, which currently houses its engine and powertrain facility. While not a vehicle assembly site, the land is being considered as a “filler” to support the broader Nashik-Igatpuri ecosystem.
“We have submitted a letter of expression of interest to the Maharashtra government,” said Rajesh Jejurikar, Executive Director, Mahindra & Mahindra, while clarifying that the move is still preliminary and subject to due diligence and approvals.
The third leg of the plan is a new greenfield facility, expected to add another 2.5–5 lakh units annually over time. Taken together, Mahindra’s total passenger vehicle capacity is projected to cross 1 million units by 2028, led by Chakan and Nashik, with the greenfield plant providing additional headroom of 2.5-5 lakh units in the next phase. The final decision on the plant is yet to be firmed up.
This aggressive capacity build-up is intended to resolve waiting-period bottlenecks–popular models like the Thar, Scorpio-N, and XUV700 have faced long queues–and to prepare for NU_IQ’s rollout from 2027.
Jejurikar stressed the fungibility of the new setup: “The beauty of the architecture is the fungibility it brings in. We don’t have to earmark capacity either for global or domestic, or ICE versus EV. As global builds up, it will be phased and calibrated.”
M&M’s aggressive capacity build-up is aligned with its financial trajectory. The company outpaced the overall market last year with 20% growth and is targeting mid-teen growth in FY26, even as the industry moderates.
Vision 2027: Core SUV Focus
For Mahindra, the “core SUV” is a strategic north star. These are vehicles that are purpose-built SUVs not hatchback-derived crossovers or MPVs. “Our journey to the vision 2027 is built out of our commitment to building authentic, true blue SUVs. And within Mahindra, we have come to call that segment core SUVs,” Nalinikanth Gollagunta, CEO of Automotive Division and ED of Mahindra Electric Automobile Ltd. said.
“In 2022, core SUVs were less than 20% of the market. Today, they’re about 30%. Almost all the growth in India’s passenger vehicle market has been driven by core SUVs, and our SUVs have grown 3x faster than the segment itself,” Gollagunta explained.
This conviction underpins Vision 2027. Mahindra sees headroom to expand its share domestically, not by diluting its DNA, but by democratising premium features. “Even after the last three years of growth, core SUVs are still just about 30% of the entire PV industry. So to us, the white space is the rest of the 70%. It doesn't mean that I'm going to go into that 70% of the market and start to produce micro SUVs, sedans, hatchbacks. We're going to stay true to our core SUV DNA, and go after the market,” Gollagunta said.
“The playbook we have taken in India and what we have done over the last four years is the same playbook we're going to start to play out in the rest of the world,” Gollagunta said. “In India, there’s room to double from here… Globally, the opportunity is even larger, the mainstream SUV market outside India is twice the size of India’s.”
Export Ambitions
M&M’s global playbook for NU_IQ is deliberate. Phase 1 will target South Africa and Australia–markets with RHD compatibility and a proven affinity for rugged SUVs. Phase 2 will focus on the UK, with an EV-first strategy to align with regulatory shifts. Phase 3 will expand to other international markets.
The company has already laid the groundwork with the XUV 3XO and XUV700 in South Africa and Australia, gaining traction beyond the Indian diaspora.
“When you go to any new country, you have to build brand, network, and service capability. That’s why we’re calling this Vision 2027, the full scale will take 2–3 years to build,” Jejurikar explained.
“If you look at the capacity that we are adding that says it all. We won't put capacity if we didn't have conviction that we'll be 80%-85% of the business. The way we look at it is we would rather go slow and steady than going too fast and having duds in the market. We are doing it in a calibrated way. We want to make sure every product lands well and does well,” Gollagunta said.
The export plan balances ambition with caution. Mahindra does not want to overextend, but it recognises the global SUV market as the next frontier.