Shares of Mahindra group firm M&M Ltd. sank five percent despite the auto player seeing an overwhelming response for its new electric SUVs, the XEV 9e and BE 6.<\/p>\n\n\n\n
Mahindra & Mahindra’s\u00a0newly launched electric sports utility vehicles have received a significant response, recording 30,179 bookings on the first day. The total booking value stands at Rs 8,472 crore (ex-showroom price).<\/p>\n\n\n\n
At 9.30 am, M&M shares were quoting Rs 2,797.45 on the NSE, lower by 4.9 percent compared to the previous close. The auto player’s stock was the top loser on the Nifty 50 index.<\/p>\n\n\n\n
The split between the XEV 9e and BE 6 is 56 per cent and 44 per cent respectively, Mahindra & Mahindra said in an official statement. The two models are priced between Rs 18.9 lakh and Rs 30.5 lakh (ex-showroom).<\/p>\n\n\n\n
The company said that the strong demand underscores the confidence customers have in Mahindra\u2019s Unlimit India vision\u2014delivering innovative, world-class electric SUVs that offer a distinctive blend of luxury, performance, and technology.<\/p>\n\n\n\n
International brokerages Citi Research and Nomura Holdings reiterated their bullish bets on the auto firm.<\/p>\n\n\n\n
Citi noted that the deliveries will begin in late March, in a phased schedule. Given that the firm’s capacity is at 5,000 units per month, M&M’s orderbook stands at around six months. The brokerage said it remains to be watched how the EV facility ramps up and what the cancellation rate for the cars is.<\/p>\n\n\n\n
Nomura Holdings said the number of bookings marks an impressive start for BEVs (battery electric vehicles), especially since 73 percent of the bookings have come for the top-end 79 kwh Pack Three. The price points for these EVs is very high, as India’s EV market is still in a nascent stage.<\/p>\n\n\n\n
Both the brokerages maintained their buy call, with Nomura reiterating a price target of Rs 3,681 per share, while Citi Research’s target for M&M shares was at Rs 3,680 per share.<\/p>\n\n\n\n
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