Mahindra and Mahindra launched two electric vehicles (EV) brands and the Street is excited as the automaker’s shares have kick started the week on a high note.

M&M shares rose 3 percent in early deals and were trading 1.85 percent higher at Rs 1,283 on BSE at 10:24 am. The stock has given a return of nearly 55 percent to investors in 2022 (year-to-date) as against the benchmark Sensex which has risen 1.2 percent during the period.

The uptrend in the automaker’s stock comes a day after M&M announced it will launch five new electric Sports Utility Vehicles (SUVs) for both domestic and international markets, with the first four expected to hit the road between 2024 and 2026.

Mahindra Group Chairman Anand Mahindra believes with increased consumer awareness and government support in place, it is the opportune time to enter the electric passenger vehicle segment.

CNBC-TV18 EXCLUSIVE | Mahindra Group launches two new electric brands, the XUV and all new BE for five ground up electric vehicles. @Parikshitl in an exclusive conversation with @anandmahindra on Mahindra's new journey pic.twitter.com/wfNj1qF9GQ

— CNBC-TV18 (@CNBCTV18News) August 15, 2022

The five electric SUV models would be introduced under two brands - XUV and the all-new electric-only brand called BE. Legacy brands will come under XUV brand while the all-new electric model would be rolled out under the BE lineage, the Indian auto major said.

The new e-SUVs include the XUV.e8, XUV.e9, BE.05, BE.07 and BE.09, which will come with Mahindra’s new Heartcore design philosophy. The first four of these will be launched between 2024 and 2026.

#MahindraGroup | Timelines for the launch of Mahindra's new XUV and BE cars

XUV.e8 - December 2024XUV.e9 - April 2025BE.05 - October 2025BE.07 - October 2026BE.09 - To be decided— CNBC-TV18 (@CNBCTV18Live) August 15, 2022

Mahindra also showcased its new INGLO platform that will underpin all the Mahindra EVs going forward. Mahindra Group Managing Director & CEO Anish Shah said the new electric SUVs provide a strategic direction that is in line with its core philosophy of providing customers future-ready technology.

The XUV.e8, BE.07 & BE.09 are based on the INGLO platform and use Volkswagen's electric vehicle components. Mahindra group and Volkswagen have inked a term sheet on the supply of MEB (modular electric drive matrix) electric components.

Also Read: Here's what M&M wants to achieve with Thar, XUV and Scorpio

"Mahindra's vision is to lead the electric mobility revolution in India by bringing authentic electric SUVs with cutting-edge technology, through the three key strategic pillars of brand, design and technology," the auto major said in a statement.

At present, Mahindra currently does not have a presence in the electric passenger segment but is the leading player in the domestic electric three-wheeler space with over 70 percent market share.

Also Read: Mahindra's new Scorpio Classic SUV — Check out looks, interiors, features and price

At the launch event of Mahindra Group’s Advanced design studio in London, Anand Mahindra design is going to be the critical differentiator between M&M EVs versus its peers. He said the design centre will leverage the best of automobile design talent in the UK.

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First Published:Aug 16, 2022 10:49 AM IST