Mahindra & Mahindra, the homegrown automaker plans to make investments of ₹ 3,000 crore for its electric vehicle business. According to a report from PTI, the Indian utility vehicle manufacturer will pour in this investment for EV business in the next three years, while it looks for more partnerships in the vertical. The automaker had previously announced that it will invest about ₹ 9,000 crore in the auto and farm sector over the next five years. We reached out to the company for an official response, as of now, our email remains unanswered.
The company says this fresh investment of ₹ 3,000 crore will be used for multiple purposes, including the development of a new platform that can underpin several future products. The carmaker has set a target of producing 5 lakh electric vehicle in India by the year 2025. To achieve this, the company has already invested ₹ 500 crore for new electric vehicle technology and R&D centre that will come up near the Bengaluru airport.
Additionally, the company has also invested ₹ 500 at its Chakan plant to produce upcoming EVs like eKUV100 and S201 electric SUV. The company will also use the Chakan facility to manufacture high voltage battery packs while the low voltage battery packs will be made at the Bengaluru facility.
Mahindra Group Managing Director and CEO Anish Shah told PTI, "So, for EVs we are going to invest ₹ 3,000 crore additional to what we have talked about." He further said, "It will be utilised on various activities, including developing a new platform that can roll out multiple models, by combining the group's various capabilities. There are multiple capabilities we have within the group. We have capabilities in Detroit...we have capability in Automobili Pininfarina and our Formula E."
When asked if Mahindra & Mahindra is looking for partnerships, he said, "We already have one alliance. We have announced an MoU with REE (Automotive) which is an Israeli company. This is for smaller trucks and commercial vehicles. And we will have other alliances in the EV side as well. So we are very open to alliances but it is more for the future."