Mahindra's new EV duo gets a thumbs-up from the Street

Mahindra & Mahindra has shifted its electric-vehicle strategy into a higher gear, unveiling two major EV models within just 48 hours — BE6 Formula Edition and XEV 9S.

The twin launches have caught the market’s attention, with brokerages praising both the pricing and the feature package, signalling rising confidence in the company’s ability to take electric mobility into the mainstream SUV segment.

The company began the week with the launch of BE6 Formula Edition, priced at ₹23.69 lakh. The sporty, performance-inspired SUV will be available in two variants. Bookings are scheduled to open on January 14, while deliveries will begin from February 14.

Mahindra followed this with the unveiling of the XEV 9S, India’s first seven-seater born-electric SUV and its most ambitious electric offering so far. The XEV 9S comes with a price range of ₹19.95 lakh to ₹29.45 lakh, making it ₹1.8 lakh cheaper than the XEV 9E and only marginally higher than the BE6.

Built on Mahindra’s INGLO platform, the XEV 9S, will be offered in six variants and boasts an impressive claimed range of 521 to 679 kilometre on a single charge. Bookings will begin on January 14 and deliveries will start as early as January 23, signalling Mahindra’s intent to move quickly in scaling up EV volumes.

Brokerages have reacted positively to the launches and the pricing strategy. Morgan Stanley has maintained an 'overweight' rating on M&M with a target price of ₹4,407 per share, saying the company has surprised on pricing in a way that could draw in a wider base of buyers, particularly families looking for a spacious electric SUV.

The brokerage highlighted the XEV 9S’s large cabin and strong safety and technology features as catalysts that can expand Mahindra’s EV footprint.

Nomura echoed this sentiment, noting that Mahindra delivered a better-than-expected balance of pricing and features. According to Nomura, XEV 9S has the potential to push EVs further into the mainstream, especially in the large SUV category, and is priced considerably lower than its expectations of ₹23-31 lakh.

Nomura is currently factoring in monthly sales of 3,000 to 4,000 units but believes the number could rise to over 5,000 units at the current price levels. It has reiterated Mahindra as its top OEM pick with a target price of ₹4,355 per share.