Mahindra To Make Additional Investment Of Rs. 500 Crore For EVs In India

Mahindra & Mahindra Ltd today announced, that it would make an additional investment at its Chakan plant in Maharashtra. As part of its expansion plans, the company will invest over Rs. 500 crores in its Electric Vehicle Project under the new EV Policy of the Government of Maharashtra. The investment for EV and EV Components is in addition to its ongoing expansion plan in Chakan which includes an initial investment of Rs. 6,500 crores. This additional investment of Rs. 500 crores will be utilized towards product development and capacity enhancement for electric vehicles and related components.

Speaking on the occasion, Dr. Pawan Goenka, Managing Director, Mahindra & Mahindra Ltd. said, "We are delighted to announce the next phase of our Electric Vehicles expansion plan at Chakan and would like to thank the Government of Maharashtra for its new EV Policy which is a proactive step in electric mobility. The implementation of projects under this EV Policy will certainly make the state a leader in manufacturing of EV and EV components, promoting greater use of these vehicles. We have no doubt that the state will attract large EV related investments and emerge as a front runner in the EV race."

The company had announced that there'll be two electric vehicles that will be launched in India by 2019. Currently, the company manufactures 100 EVs a day and production capacity will be ramped up to 1,000 cars per month in the next six months and Mahindra has plans to further push the production mark to 5,000 units by 2019. While it's too early to say which cars will get the electric drive, the KUV100 is a likely candidate.