In less than four months after launching its Electric Origin SUVs, Mahindra & Mahindra has emerged as the revenue market share leader in India’s electric passenger vehicle segment, according to Rajesh Jejurikar, Executive Director and CEO of the Automotive and Farm Equipment Sectors at Mahindra & Mahindra.
At the company’s Q4 FY25 earnings conference, Jejurikar highlighted that despite beginning deliveries only on March 20, Mahindra delivered 6,300 EVs in just 40 days. This performance and premium pricing helped the company lead revenue market share across the SUV and overall passenger EV categories for the quarter.
“We spoke about the fact that we got 30,000 bookings on day one. We've delivered 6,300 vehicles since March 20. When you convert this into revenue market share for the quarter… we were the number one in revenue market share in both SUVs and passenger EVs,” Jejurikar stated.
He attributed this leadership position to Mahindra’s deliberate focus on premium value. “We started later in the quarter. And the fact that our average selling price is significantly higher than everyone else's makes us a strong number one player by revenue market share,” he explained.
Jejurikar reaffirmed that Mahindra's goal in the EV space is not to chase volumes, but to dominate the premium end. “As we've said earlier, in EVs our target is not the volume market share like in the SUV space. It is the revenue market share.”
Mahindra’s Electric Origin strategy, built on its dedicated INGLO platform, marks a bold push into the high-end electric SUV market. The early traction and revenue leadership signal a growing consumer appetite for premium EVs and could reshape competitive dynamics in a segment previously led by volume-focused players.
The company opened bookings for the BE 6 and XUV 9E on February 14. Mahindra has set up a capacity to produce 90,000 EVs annually and has lined up a portfolio of nearly half a dozen electric models under its Electric Origin program.