Over 75% of Verito’s sold in 2019 were electric!
Mahindra sold 1,105 Verito’s in India in the year 2019. In this, 839 units comprised of e-Verito’s.
The e-Verito was launched in the year 2016 and was Mahindra’s second electric car. It was based on the already existing Verito and featured a 21.2 kWh battery with a claimed range of 181 km. The e-Verito has been primarily successful in the fleet market owing to good space inside the car and low running cost. As per Mahindra; the running cost of an e-Verito is just ₹1.15/km (18 units of electricity consumed at Rs. 7.00/unit, at a range of 110 km). Due to the wide acceptance in taxi segment; e-Verito actually sells much higher than the e2o.
Mahindra has been focusing on the e-Verito for quite a long time and the model has superseded Diesel Verito sales as well. As a matter of fact, e-Verito sales were 3 times higher than the Diesel powered Verito’s in 2019. While 839 units of e-Verito’s were sold last year; only 266 units of the Diesel Verito’s were sold in the entire year.
e-Verito sales in 2019 – Verito Sales 2019MonthDieselElectricTOTALJan-1910126136Feb-1921150171Mar-191810181Apr-1905353May-1911617Jun-1983139Jul-1919221Aug-198102110Sep-197102109Oct-190138138Nov-1907979Dec-1915051TOTAL2668391,105
Mahindra has been a pioneer in electric vehicle sales in India. However; the volumes in Passenger EV sales has not gone up to the extent Mahindra has seen success in 3 wheelers (link). Innovation and frugality is the key to success here. Mahindra needs to rethink its EV strategy in the Indian market and needs to launch an EV suiting the Indian consumer requirement. Players like Hyundai, MG & Tata are already gaining traction and catching up.