The new electric four wheeler cargo in the sub-2 tonne category is available in two variants, with price starting at INR 7.52 lakh (ex-showroom, pan-India). According to Mahindra, Zeo stands for 'Zero Emission Option'.
“At 1% electrification in the segment, we want customers to choose EVs over ICEs. The economic value proposition of an EV is the key driver of electrification in the segment,” Suman Mishra, MD & CEO, Mahindra Last Mile Mobility, told ETAuto.
Mishra said the company has managed to bring out the Zeo at a competitive price to "achieve scale". It has already received orders of about 12,000 units from across the country.
“We have been the creators of electrification in three wheelers. It would be a great game changer if we can follow the path of three wheelers here, to achieve double-digit electrification in two years. After that we will take a fair share in this market with a product like this,” she said. While the initial focus will remain on the domestic market, Mahindra is looking to export the model in markets like Africa.
With a handful of models in the less than 2-tonne commercial vehicle category, EV penetration currently stands at just 1%. Meanwhile, in the three-wheeler category, it is at around 20%.
Mishra added that as the market expands and achieves scale, the company will also invest in all-new platforms for its products.
It may be noted that in the conventional ICE SCV category, the company has a market share of 14%-15% with Jeeto range of products.
MLMM has over 300 dealers and 825 touchpoints across the country. Other products in the portfolio include Treo range, Zor Grand and e-Alfa.
This year it received an investment of INR 400 crore from India-Japan Fund (IJF), a fund managed by National Investment and Infrastructure Fund Limited (NIIF). Last year, IFC invested INR 600 crore in MLMM.
"At the moment, we have got all the tranches of investment. We will invest in R&D, network expansion, and sales. So we are not looking at raising more funds as of now," Mishra said.
Mahindra Zeo
Available in two variants of Flat Side Deck (FSD) and Delivery Van (DV), Mahindra stated that Zeo has high levels of localisation and has qualified for the government's PLI scheme.
The model's FSD variant starts at INR 7.52 lakh for the V1 version and INR 7.69 lakh for V2 version. The Delivery Van model is priced at INR 7.82 lakh for V1 and INR 7.99 lakh for V2.
Mahindra is offering the Zeo in two battery capacities-- 18.4 kWh for V1 and 21.3 kWh for V2.
Built on a 300+ V architecture, Mahindra Zeo delivers 30 kW power and 114 Nm torque. It comes with a payload capacity of up to 765 kg, and 2250 mm cargo box for loading capacity. It offers seven-year or 1.5 lakh km battery warranty.
The real-world driving range for the Mahindra Zeo is 160 km. The company claims that it can save up to INR 7 lakh and INR 4 lakh over diesel and CNG counterparts respectively.
It also comes with an AI-enabled camera powered ADAS with features like Lane Departure Warning, Pedestrian Collision Warning. Other features include Hill Hold Assist and a Creep Function for stop-and-go traffic.
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