M&M announces 5 new electric cars, the electric Ola to hit the roads by 2024

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the main points

  • Revolutionizing electric vehicles as local companies take initiatives
  • A Bold Plan for M&M – Harmazd Surabji, Editor, Autocar India
  • Great opportunity for startups to enter the market – Kunal Khater, Managing Partner, Founders of AdvantEdge
Mumbai: Amid the country’s Independence Day celebrations, two local companies have made big announcements. Mahindra & Ola both announced their all-wheel drive electric ranges, which could completely transform the EV sector.

Mahindra and Mahindra

Anand Mahindra, Middle East and CEO of M&M, has announced its dedicated electric SUV range, with the launch of its new India Global Platform (INGLO). The platform will make space for electric SUVs and future electric brands. Currently, two brands have been announced as XUV & BE. The event was held in London, UK, where the prototypes were also shown. The XUV range is scheduled to go on sale in December 2024, with the XUV.e8 model. While the BE models will arrive in October 2025.

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The E-SUV will use the Modular Electric Motorized Matrix Battery (MEB) platform component from Volkswagen, the market leader in the market. “They have the right approach. They’ve got a good technical partner with Volkswagen. They have secured their battery supplies from Europe with Volkswagen, not necessarily from China, which is good in terms of geopolitics,” said Hermazd Surabji. Editor at Autocar India. In addition, he also praised the futuristic design of the product, which was done by Pratap Bose, who was Head of Design at Tata Motors before moving to Mahindra. “It’s a pretty bold plan on paper,” Hormizd also said, and they’re tapping into the best partners for it.

OLA

In a 25-minute video ad on YouTube, Bhavish Aggarwal, founder of Ola, talked about its two-wheeler EV expansion and introduction of 4-wheeled EV with the “fastest and sportiest” car in India. The company will also manufacture its own lithium-ion batteries for the new Ola S1 scooter. Bhavish aims to revolutionize the electric vehicle sector in India, making him a global leader with his company, Ola.

With this said, many startups and traditional OEMs are vying to lead the electric vehicle market and aid infrastructure. Startups and OEMs, such as Ather & Ola, have the advantage of being able to focus solely on electric vehicles and their development. On the other hand, traditional OEMs, such as Tata Motors & Mahindra, want to develop many EV components in-house, feels Kunal Khatter, managing partner at AdvantEdge Founders. “It is a one in every generation opportunity for startups to create a business that will provide critical support to allow major companies like Mahindra to help sell and create the right ecosystem. To help customers choose an EV when they decide to buy their next vehicle.” The newcomer creates leverage for companies when it comes to getting financing from investors.

All in all, these new announcements from both new and traditional age automakers are set to send big waves in the electric car industry in India, which will have ripple effects across the globe.

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