Wednesday, April 17

Mahindra Group to invest $139 Million for Electric Vehicles in India

Its not long since government announced its decision to not bring any separate policies for the electric vehicles. As the Electric Vehicles (EV) manufacturers and owners was hoping for the possibility of some added points in the existing policy, they were left a bit disappointed with the outcome. However looks like Mahindra & Mahindra Limited have taken an instance of trust and so have announced a $139 Mn investment in Electric Vehicles over the next four years.

The Indian multinational manufacturer as taken such decision as a part of its expansion plans, and will invest $61.9 Mn (INR 400 Cr) in Karnataka and $77.4 Mn (INR 500 Cr) in Maharashtra. It has already invested $92.9 Mn (INR 600 Cr) in Electric automobile in the last five to six years.

The current investment is expected to be utilised in developing and improving the technology and products and in increasing the production capacity.

The decision was announced during Magnetic Maharashtra. Addressing to the media, Pawan Goenka, MD of Mahindra Group 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.”

He also told the media, that they are not waiting for any policy to move forward. To rise up and stand first, the path should be created by itself.

Mahindra & Mahindra Ltd which is based in Mumbai, is planning to manufacture all the components of the Electric Vehicles, except the batteries. Currently, the manufacturing unit which is able to produce 400 units per month, has set up a target to produce 4000 units per month with the current investment.

Goenka is further hoping to manufacture almost 1000 units per month in the next six months. The batteries of the Ev’s are said to be imported as they require greater volumes.

Mahindra & Mahindra has announced to introduce two electric vehicles by the end of 2019. It is currently producing KUV100 which is already making a buzz in the market.