Mahindra & Mahindra's Board of Directors has granted in-principle approval for consolidation of its electric vehicle subsidiary - Mahindra Electric Mobility Limited, into the parent company. The home-grown automaker says that the EV business reached an inflexion point and is poised to grow exponentially. Thus, the incorporation of Mahindra Electric Mobility into the company's main business will only help in providing the requisite resources as well as the direction to realising targeted growth. Mahindra says that with the realignment, the focus of the company EV operations would be on two verticals - Last Mile Mobility (LMM) and Electric Vehicle Tech Centre.
Mahindra says growth in the EV sector in India has picked up pace in the recent past and is only going to accelerate further
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Talking about the latest development, Rajesh Jejurikar, Executive Director, Mahindra & Mahindra Limited said, "Electric vehicles will be the future of the Automotive business. To be future-ready, we believe that the EVs should be part of the core and mainstream business. This intent to consolidate is a part of our EV strategy which aims to electrify various segments that will popularise e-mobility. We will continue to draw upon our deep understanding of customer needs to bring in exciting new products in the EV space."
Also Read: Mahindra To Build New Electric Vehicle Technology And R&D Centre In Bengaluru
Mahindra says that growth in the EV sector in India has picked up pace in the recent past and it is only going to accelerate further. Thus, simplifying the structure will drive improvements through innovation, execution excellence, efficiencies and economies of scale, in addition to unlocking shareholder value. To that effect, the company will also provide the EV Tech Centre with more resources and synergy with M&M's larger ecosystem of product development capability in MRV, North America and Europe, while exploring partnerships and alliances opportunities.
Earlier Mahindra had said it will build a new Electric Vehicle Technology and R&D Centre in Bengaluru
The company commenced its EV journey more than two decades ago with the launch of the electric three-wheeler - Bijlee. Since then, the company has sold over 32,000 electric vehicles in India covering more than 270 million kilometres. Currently, when it comes to electric mobility, Mahindra is present almost in every space, right from being inducted in the French Presidential fleet with Peugeot electric two-wheelers to opening a new customer base of women entrepreneurs with Mahindra Treo, to Formula E races.
