Mahindra & Mahindra has set a target of launching 5 lakh electric vehicles on Indian roads by 2025 and has invested Rs 1,700 crore in EV business in India.
Mahindra And Mahindra
A senior official of the country’s leading automobile manufacturer Mahindra & Mahindra Limited has informed that the company will make a new investment of Rs 3,000 crore in the electric vehicle business in the next three years. Also, the company is considering to gain more participation in this sector.
Mahindra & Mahindra is working vigorously on the development of EV platform using its potential globally. Mahindra Group Managing Director and Chief Executive Officer Anish Shah said, “We are going to invest Rs 3,000 crore in the field of electric vehicles. This investment will be in addition to what we have said in the past. ”
Mahindra and Mahindra had earlier said that it would invest Rs 9,000 crore in the next five years in the auto and agriculture sectors.
The company has set a target of launching 5 lakh electric vehicles on Indian roads by 2025 and has invested Rs 1,700 crore in EV business in India. In addition, Rs 500 crore has been invested in the new Research and Development (R&D) Center.
Mahindra and Mahindra has already opened an electric technology plant in Bengaluru. It produces battery packs, power electronics and motors. Apart from this, the company has also invested in setting up a new manufacturing unit at the Chakan plant near Pune in Maharashtra.
Shah, who recently assumed the responsibility of managing director and CEO, said that the investment amount will be used for the development of the new platform and other related works. Different models will be produced using the various capabilities of the group through the platform.
Apart from this, he also said that the company will also consider partnership for electric vehicles. The time to come is EV’s. Shah said, “We already have an alliance.” We have announced the signing of a memorandum of understanding with the Israeli company REE (Automotive). It is for small trucks and commercial vehicles. And we will also have other partnerships in the field of EV. That means we are ready for alliances .. ”
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