Mahindra & Mahindra Ltd announced Monday that it aims at delivering 20,000 units of its electric SUV XUV400 in the first year. The SUV was launched at an introductory cost of Rs 15.99 lakh.

M&M had revealed the XUV400 last September and said that it would be available in two versions in 34 cities during phase I.

The company stated that bookings for the XUV400 will be open from January 26, 2023, and deliveries will commence in March 2023 for the ‘EL’ variant. Deliveries will also begin during Diwali for the ‘EC’ variant.

The EC model comes with a 34.5 kWh lithium-ion battery that has a range of 375km. The chargers available are a 3.3 kW option at Rs 15.99 lakh and 7.2kW at Rs 16.49 crore.

The EL trim, on the other hand, has a 39.4 kWh lithium-ion battery that can travel 456 kilometers with a 7.2 kW charger. It is priced at Rs 18.99 lakh, according to a statement.

It stated that the introductory prices will be applicable to the first 5,000 bookings for each variant–EC or EL.

M&M stated that they “plan to deliver 20,000 units” of the XUV400 in a year after its launch. This is despite the structural gap between demand and supply for automotive-grade semiconductors, and the availability of batteries.

“This brand was created specifically for customers who are interested in a more sustainable future. “We are confident that the first electric SUV in India will excite and encourage more Indian consumers to go electric,” Veejay Nakra, M&M President-Automotive Sector Veejay Nakra stated.

The XUV400 will compete in the small electric SUV market currently dominated Tata Motors’ NexonEV range, which is available at a price range between Rs 14.99 lakh and Rs 20.04 crore.