Mahindra Targets Putting 5 Lakh EVs On Indian Roads in Next 3 years
Mahindra & Mahindra Limited has already opened its electric technologies plant in Bengaluru, Karnataka that produces battery packs, power electronics and motors, it has also invested in a new manufacturing unit at its chakan plant to produce Electric Vehicles.
M&M to invest Rs 3,000 cr on EV business in next 3 years
Managing Director and CEO of Mahindra Group, Anish Shah has revealed the carmaker’s plans of investing Rs 3000 crore in its electric vehicles business in the next three years. He also said that the corporation targets putting 5 lakh electric vehicles on Indian roads by the year 2025.
Indian multinational automotive manufacturing corporation, M&M will put in fresh investments to the tune of Rs. 3000 cr on its EVs business in the next 3 years, while it looks for more alliances and partnerships in the vertical, according to a company’s official. The Corporation is working on developing an EV platform by combining the capabilities of its operations across the world, including Detroit and Italy.
5 Lakh EVs on Indian Roads by 2025
The Car manufacturer, which has set an aim of putting 5 lakh electric vehicles on Indian roads by 2025, has already invested Rs.1700 crore in the EV business in India with another Rs. 500 crore on a new R&D centre.
However, Mahindra is yet to launch an electric car in India for the masses. The Indian automaker has previously tried its hand at electric cars with the REVA, e2o, e2o+, and e-Verito, none of these cars has managed to sell in large numbers, which is probably because EV technology not as advanced at that time as today. It should be noted that the e-Verito continues to be on sale in Indian market.
M&M Ltd did showcase a fully electric sub-4m SUV concept based on the XUV300 at the 2020 Auto Expo, but the manufacturer hasn’t yet confirmed when the production-ready version of the Electric Vehicle will hit the Indian markets. Upon arrival, the electric XUV300 will directly be pitted against the Tata Nexon EV. However, Mahindra could finally launch the car later this year.