Mahindra has decided against reducing prices for its XUV400 EV, despite recent price cuts by its competitors, Tata Nexon EV and MG ZS EV. Tata Motors decreased Nexon EV prices by up to Rs 1.2 lakh, while MG Motor India introduced a new entry-level Executive trim for the ZS EV, reducing its starting price to Rs 18.98 lakh.
During Mahindra’s press briefing for the Q3 FY24 (October-December 2023) earnings call, Rajesh Jejurikar, the brand’s executive director and CEO, stated, “We do not expect any price adjustments for the existing Mahindra XUV400 EV lineup.”
The XUV400 EV was launched with an introductory price of Rs 15.49 lakh. Prices are expected to rise after May 31, 2024. The 2024 XUV400, the brand's only EV for now, received its most significant update in January, with introductory prices ranging from Rs 15.49 lakh to Rs 17.49 lakh (ex-showroom, India). It is available in EC Pro and EL Pro variants. The former features a 34.5kWh battery with a 3.3kW charger while the latter offers options of 34.5kWh and 39.4kWh batteries with a standard 7.2kW charger. The XUV400 has a range of up to 375km with the smaller battery and 456km with the larger one.
Mahindra had previously announced that prices for the 2024 XUV400 would increase after May 31, 2024. Despite the expected price hike, it is unlikely that the EV's position in the market will change significantly. With Tata Motors and MG India aiming to make their EVs more accessible, the Nexon EV now ranges from Rs 14.49 lakh to Rs 19.29 lakh, while the ZS EV is priced between Rs 18.98 lakh and Rs 24.99 lakh.
To better compete with the Tata Nexon EV, Mahindra plans to introduce the XUV300 EV by mid-2024. The company's lineup of all-electric SUVs, based on the born EV INGLO platform – the XUV.e family and their BE cousins – is set to debut from 2025 onwards. In the meantime, Mahindra is offering substantial discounts on MY2023 XUV400 EVs to clear older inventory and make space for the new models.