Mahindra & Mahindra has stepped up its electric vehicle expansion with the near-simultaneous launch of two new models, the BE6 Formula Edition and the XEV 9S, within a span of 48 hours, as the Indian automaker intensifies its push into the mainstream electric SUV segment.
The company introduced the BE6 Formula Edition earlier this week at a starting price of 2.369 million rupees ($about $28,400). The performance-styled electric SUV will be offered in two variants, with bookings set to open on Jan. 14 and deliveries scheduled to begin on Feb. 14. Shortly after, Mahindra unveiled the XEV 9S, its first seven-seat born-electric SUV and its most ambitious EV offering so far. The XEV 9S is priced between 1.995 million rupees and 2.945 million rupees, positioning it below the smaller XEV 9E and only slightly above the BE6 in the lineup.
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Built on Mahindra’s INGLO electric platform, the XEV 9S will be sold in six variants and is claimed to offer a driving range of between 521 km and 679 km on a single charge. Bookings for the model will also open on Jan. 14, with deliveries expected to begin as early as Jan. 23, underscoring Mahindra’s efforts to rapidly scale up EV volumes.
Brokerages responded positively to the twin launches, highlighting pricing and feature offerings as key strengths. Morgan Stanley maintained an “overweight” rating on Mahindra & Mahindra with a target price of 4,407 rupees per share, citing the surprise on pricing and the potential to attract a broader base of buyers, particularly families seeking spacious electric SUVs. The brokerage noted that the XEV 9S’s interior space, safety and technology features could help expand Mahindra’s EV footprint.
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Nomura also struck a positive tone, saying the balance of pricing and features exceeded its expectations. The brokerage said the XEV 9S could help push electric vehicles further into the mainstream in the large SUV category, adding that the model was priced well below its earlier expectations. Nomura currently forecasts monthly sales of 3,000 to 4,000 units for the XEV 9S, with the potential to exceed 5,000 units at current price levels.