Following the update, various brokerage firms have also commented on the EVs.Shares of Mahindra & Mahindra (M&M) jumped 2.7% to an intraday high of INR 3,070 on the BSE today as the company launched 2 new Electric Vehicles (EVs) BE 6e and XEV 9e on Tuesday.
“Mahindra has rewritten the rules of electric mobility with the launch of its flagship Electric Origin SUVs, the BE 6e and XEV 9e. They are built on a groundsup revolutionary electric origin architecture INGLO and are powered by MAIA, the fastest automotive mind in the world. These vehicles embody Mahindra’s vision of "Unlimit India"— an era where Indian innovation and design not only challenge global benchmarks but set new ones. The introductory prices of BE 6e and XEV 9e were announced at the Global Premiere today,” said the company in an exchange filing.
The Mahindra BE 6e price starts at INR 18.90 lakh while the starting price of XEV 9e is INR 21.90 lakh.
BE 6e has a certified range of 682 km (MIDC P1+P2) and 656 km (MIDC P1 + P2) for XEV 9e with 79 kWh advanced LFP battery pack while a lifetime battery warranty for both 79 kWh and 59 kWh battery packs will be given.
“The insight that inspired our brand idea is rooted in the most powerful human emotion - Love, which is eternal, inspires our deepest choices and defines who we are. Our electric origin SUVs, BE 6e and XEV 9e are about Unlimit Love that will inspire our customers to live a life without limits, filled with experiences that will make them feel alive. Crafted for unmissable presence, unparalleled technology and unrivalled performance, our electric origin SUVs will set new global benchmarks. The BE 6e, with its edgy, athletic silhouette and race-inspired agility, is designed for those who thrive on performance and adrenaline while the XEV 9e exudes sophistication with its suave SUV coupe design, seamlessly blending indulgent luxury with dynamic performance,” said Veejay Nakra, President - Automotive Sector of Mahindra & Mahindra and Joint Managing Director at Mahindra Electric Automobile.
Following the update, various brokerage firms have also commented on the EVs.
Global brokerage firm Macquarie believes that it was a strong BEV model launched at an attractive pricing while Nomura stated that M&M has addressed the shortcomings of an EV in India, believing that M&M products are better than global competition in many respects.
Meanwhile Jefferies found the vehicles to be well-designed, feature-rich, attractively priced, and likely to provide a compelling proposition to customers.
Domestic brokerage firm Nuvama retained a buy call on the stock with a target price of Rs 3,700 stating that they have currently built in BEV volumes at 48,000 units in FY26E and M&M remains one of their top picks, led by expectations of revenue/core earnings CAGR at 15%/18% over FY24–27E.
Further, Motilal Oswal too, retained its buy call with a target price of INR 2,985.
“We estimate MM to post a CAGR of ~13%/16%/15.5% in revenue/EBITDA/PAT over FY24-27E. While MM has outperformed its own targets of earnings growth and RoE of 18% in FY24 (18.9% in 1HFY25), it remains committed to delivering 15- 20% EPS growth and 18% ROE, ensuring sustained profitability and shareholder value,” said Motilal in its report.
