- The project will see the company spending Rs 10,000 crores over a period of 7-8 years
- Mahindra will also set up a manufacturing plant in Pune as part of this phased investment plan
- The company’s first EV will make its debut a month from now
Indian automaker Mahindra is making big moves to consolidate its supply chain ahead of the expected arrival of its electric cars in the next few years. The company has now revealed that its proposal to invest Rs 10,000 crores for electric car manufacturing has received the requisite approvals from the Maharashtra Government.
In case you’re unaware, the state administration is actively promoting electric vehicle development and manufacturing within its borders and has a special scheme to make the state an attractive option for manufacturers.
Mahindra & Mahindra said the conglomerate would spend up to Rs 10,000 crores over the next seven to eight years. This investment would go towards developing and producing Mahindra’s upcoming EVs, specifically to further the company’s “Born Electric Vision.” A portion of the amount will also go towards the establishment of a manufacturing unit in Pune, Mahindra said.
Also Read: Tata Motors pokes fun at Mahindra’s delayed entry into the EV segment
“We are delighted with this approval from the Govt. of Maharashtra for setting up our EV Manufacturing Plant in Pune, and investing in what has been our ‘home’ state for over 70 years,” the Executive Director of Mahindra & Mahindra’s Auto & Farm divisions, Rajesh Jejurikar said media in a statement.
The Mahindra XUV400 is almost here
The automaker’s first EV, the XUV400, will make its debut next month, while the company is actively marketing the vehicle across various mediums already. On top of this electric SUV, the company has also charted a release schedule for five additional electric cars, including the XUV.e8, XUV.e9, BE.05, BE.07 and BE.09.
As ET points out, Mahindra intends to spend upwards of $1 billion as part of its EV goals and has already secured a major investment via British International Investment. This development finance institution operates under the umbrella of the UK Government.
Via: The Economic Times