Mahindra & Mahindra plans to list its electric three-wheeler (e3W) business by 2027, according to comments made by Managing Director and CEO Anish Shah in an interview with CNBC-TV18 at Davos.
Speaking on the sidelines of Davos 2026, Shah said the proposed listing would help unlock value and provide growth capital for the electric three-wheeler segment. He added that funds raised through the listing would be deployed to scale operations and support expansion plans within the business.
Anish Shah noted that electric vehicles currently account for around 7% of Mahindra & Mahindra’s overall volumes. This share is expected to rise steadily over time, with EV penetration projected to move towards the 20%–30% range in the coming years, driven by product launches and improving market acceptance.
He also highlighted infrastructure as a key factor for faster EV adoption. According to Shah, charging facilities on highways need to improve meaningfully for electric vehicles to see a major pickup, especially for commercial and long-distance usage.
Mahindra & Mahindra has a strong presence in the last-mile mobility space, particularly in electric three-wheelers, where demand has been supported by lower operating costs and government incentives. The proposed listing of the electric three-wheeler business by 2027 signals the group’s intent to sharpen focus on this segment while funding future growth through capital markets.
