Starting FY27, Mahindra is gearing up for a major product expansion, built around an all-new, highly flexible vehicle architecture that supports both internal combustion engines (ICE), electric vehicles (EV) and perhaps hybrids too. Towards this the company showcased four concept vehicles – Vision.S, Vision.T, Vision.SXT and Vision.X – based on multi-energy NU_IQ platform.
Dr Anish Shah, Group CEO & MD, Mahindra, said, the NU_IQ platform marks a big shift in both design and technology, setting the stage for its next-generation SUVs. Launched on India’s 79th Independence Day, the company framed it as a moment of national pride and a bold step to lead globally, not just follow. Built in India for the world, the new platform aims to disrupt markets, expand internationally, and deliver innovative, world-class SUVs that blend rugged heritage with cutting-edge technology.
Dr Anish Shah
According to Rajesh Jejurikar, CEO and ED-auto and farm sectors, M&M, this “fungible” platform will allow the company to switch production between petrol, diesel, and battery-electric models without dedicating separate lines, enabling quick response to market shifts.
Staying True To SUV DNA While Unlocking New Growth Spaces
According to him, the company’s success in SUVs has been built on a clear purpose – to create authentic SUVs that embody adventure, capability, and a strong sense of origin. Five years ago, the company defined this purpose and aligned its strategy around it. The focus has always been “to stay true to its DNA while making products more sophisticated, tech-ready, and sustainable,” he said.
This clarity of purpose has paid off. “From a 13.4% revenue market share in 2020, when it launched Thar 3-door, the company has risen to 27.3% in the SUV space. This is now a revenue market share of a very large chunk of the market, which is now up to 55% of India’s overall vehicle market. The growth has been powered by sharp insights into customer needs, such as the desire for freedom, exploration, and escape – values that SUVs naturally deliver.
Mahindra’s approach rests on five pillars: ‘Turn-on design’ with unmissable presence, ‘spirited performance’ with power on tap, ‘world-class safety,’ sci-fi today’ with future-ready technology available now, and ‘tough yet sophisticated.’ These elements have guided its product and brand strategy, helping Mahindra connect emotionally with customers while building a strong market position.
Rajesh Jejurikar
As the company looks ahead to ‘Vision 2027,’ the big question is whether there is still room for growth. Mahindra is confident there is, pointing to untapped white spaces in the SUV market in India and abroad, and preparing to build on its success with a new generation of global SUVs, Jejurikar added.
Unlocking Untapped Markets
Nalinikanth Gollagunta, CEO – Automotive Division, said the company is doubling down on its focus on core SUVs, which it defines as true SUVs excluding MPVs and hatchback-based crossovers. The segment has grown twice as fast as the overall passenger vehicle market in India, with Mahindra’s own SUV portfolio expanding three times faster than the industry. Even today, SUVs account for only about 30% of the market, leaving 70% as untapped white space and Mahindra sees this as a huge opportunity both in India and globally. “The four new models, once commercialised will enhance the company’s market share from the current 30% to about 50%,” Gollagunta told Mobility Outlook. The company plans to replicate its India playbook abroad by offering premium features in mainstream SUVs, disrupting a global market where 95% of buyers still don’t have access to such features, he added.
According to Jejurikar, Mahindra’s international rollout will take place in three phases, beginning with existing strongholds such as South Africa and Australia, where models like the XUV 3XO are already performing well. The second phase will see the company entering the UK as an EV-first market, supported by favourable trade terms and aligned with the UK’s 2030 zero-emission targets. The third phase will focus on a wider expansion into additional global markets, including the introduction of lifestyle pickups, rolled out over a calibrated timeline.
As highlighted by Pratap Bose, Chief Design & Creative Officer – Auto & Farm Sectors, the four concepts represent the next phase of Mahindra’s HEARTCORE design philosophy. Inspired by the theme “Opposites Attract,” the vehicles merge contrasting design elements to create distinctive personalities, ranging from the Born Iconic character of Vision.T and Vision.SXT, to the Sporty Solidity of Vision.S, and the Sculptural Athleticism of Vision.X, he added.
Nalinikanth Gollagunta, R Velusamy and Pratap Bose
Production & Investment
As per Gollagunta, the first phase of production will be at Mahindra’s Chakan plant, adding 240,000 units of annual capacity within a total of around 7.5–7.6 lakh units across facilities. “Some commercial vehicle lines will be shifted to free up space,” while new greenfield sites are under evaluation for post-2027 growth. Investments for this cycle (FY25–27) total INR 27,000 crore, split between EVs (INR 12,000 crore), ICE (INR 8,000 crore), and other initiatives.
Powertrain Strategy
The company has no immediate hybrid plans but remains open to introducing them if customer demand emerges in relevant segments. Initial focus remains on petrol and diesel, with smaller diesel options under development. All engines are E20 ethanol-blend compliant, and the company is prepared to adapt for future flex-fuel regulations, if required, said, R Velusamy, President – Automotive Business (Designate), Mahindra & Mahindra Ltd. and Managing Director, Mahindra Electric Automobile Ltd. According to him, NU_IQ as a “strategic blueprint for the future of Mahindra SUVs globally,” adding that its modular architecture enables innovation without sacrificing the brand’s heritage of tough, capable, and desirable SUVs.
Global Standards From Day One
Velusamy added that the platform is engineered to meet stringent safety and emissions norms in Europe, Australia, and other key markets, incorporating crash compliance and CAFE III fuel efficiency (electric-ICE combo) requirements from the start. Vehicles on the new platform will adopt advanced, modular software architectures allowing updates without major hardware changes. Features like connected tech, higher safety levels, and premium in-cabin experiences are planned. Introducing Level-3 autonomous capabilities in future will be subject to regulatory approvals, he said.
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Mahindra Unveils NU_IQ Platform, Showcases 4 Futuristic SUV Concepts For Local & Global Markets