Mahindra to Launch 15 New SUVs, 10 New LCVs by FY31

Mahindra & Mahindra has updated its product roadmap through FY31, stepping up its push in SUVs and light commercial vehicles as it looks to sustain mid-to-high teens growth in its core auto business, alongside gains in volumes and market share.

The company now plans to introduce around 15 new SUVs, including 9 petrol and diesel models and 6 electric vehicles, along with one mid-cycle update in its ICE portfolio, M&M’s Executive Director and CEO for Auto and Farm Sector Rajesh Jejurikar said.

“In May 2024, we talked about 9 new ICE launches, of which we launched five and four are remaining. Seven EV launched were planned, of which we launched four and three remains. Updated additional launches include six ICE and three new EVs, which takes it 10 new ICE and six new EVs (to come by 2031),” he said, indicating a recalibration of the pipeline as the company stretches its roadmap to FY31. 

M&M continues to strengthen its position in the SUV segment, where it has already emerged as the market leader with over 25% revenue share, driven by sustained demand and a sharper product mix.

Meanwhile, in the LCV space, the expansion is more pronounced. The automaker increased its pipeline to 14 models by FY31, up from an earlier plan of seven models.

“On LCVs, we have spoken in May 2024 of adding seven new LCVs by 2030. So far, we launched four, so three remains. We are updating that number with additional launches to come, going up to FY31. That takes additional launches to seven, and total new launches between now and FY31 at 10,” he said.

The strategy is aimed at maintaining a steady flow of new products into market to drive growth. The combination of fresh launches, capacity expansion and a widening portfolio is expected to help the company scale volumes and consolidate market share over the next few years.