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Upping the ante with unveiling of Electric Origin SUVs

M&M unveiled its Electric Origin SUVs, the BE 6e and XEV 9e, showcasing distinct designs under the "Heartcore Design" ethos. Both models are built on the scalable INGLO EV platform, powered by BYD’s blade cell technology and offering up to 682 km range with fast charging capabilities. Both these models are loaded with advanced tech (incl. AI) and offers hosts of modern and luxury features with an aim to set-up an industry benchmark. Pricing seems to be competitive, in our view. Bookings open in Jan’25 with deliveries scheduled to begin in Feb-Mar’25. M&M has allocated INR 45bn towards its development and planned an initial capacity of 90k vehicles p.a. Driven by strong execution in autos and healthy outlook for farm segment, we maintain BUY with a Mar’26 TP of INR 3,325 (SOTP valuation, 24x core business). Success of recent/upcoming launches (EV and ICE) remains a key monitorable.

* Launches Electric Origin SUVs under ‘BE’ and ‘XEV’ brands: M&M has launched the first two of its Electric Origin SUVs, the ‘BE 6e’ and ‘XEV 9e’. These SUVs showcase distinctive design philosophies under Mahindra's "Heartcore Design" ethos. The BE 6e flaunts edgy, athletic silhouette and race-inspired agility, whereas the XEV 9e exudes sophistication with its suave SUV coupe design, blending indulgent luxury with dynamic performance.

* Both ‘BE 6e’ and ‘XEV 9e’ looks promising!: Both these models are built grounds-up and underpins Mahindra’s scalable and modular born-EV INGLO platform. INGLO employs BYD’s blade cell technology, and uses a compact 3-in-1 powertrain (motor, inverter and the transmission) that produces up to 210 kW power and 380 Nm of instant torque. They offer two battery pack options: 59kWh and 79kWh with a LFP chemistry. The 79 kWh variant delivers a certified (MIDC) range of 682km / 656km for BE 6e / XEV 9e. These models come with fast charging capabilities with 20-80% charging in 20 minutes using a 175 kW fast charger. They also feature - Three 31.24 cm screens (in XEV 9e), Race-Ready Digital Cockpit (in BE 6e), Augmented-reality Heads Up Display, Infinity Roof, 16-speaker Harman Kardon sound system with Dolby Atmos, ADAS L2+ capabilities, etc. Both these models are powered by MAIA (Mahindra Artificial Intelligence Architecture), touted as the fastest automotive mind in the world which runs on Qualcomm's Snapdragon 8295 chipset, supported by 24 / 128 GB RAM storage and offers connectivity options including Wi-Fi 6.0, Bluetooth 5.2, and 5G capabilities.

* Pricing seems to be competitive; deliveries start from 4Q: M&M has launched BE 6e / XEV 9e at an introductory ex-shrowroom prices starting from INR 1.89mn / INR 2.19mn which is competitive, in our view, given the specs and features. Bookings open in Jan’25. And, deliveries are expected to commence in late Feb’25 or early Mar’25. Both the models come with a lifetime battery warranty for first registered private owners.

* Other takeaways: 1) M&M has filed a total of 152 patents and 45 design registrations for its Electric Origin SUVs incl. wrt. INGLO platform. 2) The company has allocated INR 45bn out of the total INR 160 bn investment in the F22-F27 cycle which includes powertrain development, two product top hats including software & tech and manufacturing capacity. 3) Total manufacturing capacity of 90,000 vehicles p.a. is being planned (for its Electric Origin SUVs) at Chakan with a phased ramp-up by Mar’25.

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