Mahindra & Mahindra Invests Rs 10000 Cr To Expand EV Production

Mumbai-headquartered auto major Mahindra & Mahindra Ltd (M&M) recently announced that it will invest Rs 10,000 crore to build an electric vehicle manufacturing facility in Pune, Maharashtra. The industrial development scheme for electric vehicles of the Maharashtra government has approved the company’s investment, according to the company.

For the establishment of the manufacturing facility, development, and production of Mahindra’s forthcoming Born Electric Vehicles (BEVs), some of which were exhibited in Oxfordshire, UK, on August 15, 2022, the investment will be made for 7-8 years.

According to a press release, “These include the e-SUVs under the brand – XUV with the Twin Peak insignia in copper and the all-new electric-only brand dubbed “BE,” which are based on the INGLO EV Platform.

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“We are thrilled that the Maharashtra government has given its clearance for the establishment of our EV Manufacturing Plant in Pune and our investment in the state that we have called “home” for more than 70 years. The government’s emphasis on “ease-of-doing-business” and progressive policies, along with Mahindra’s investment, will act as a catalyst for Maharashtra to become India’s EV hub, attracting additional Indian and Foreign Direct Investment.” Rajesh Jejurikar, Executive Director, Auto & Farm Sectors, Mahindra & Mahindra, stated.

M&M has been raising money in its EV business at roughly a similar valuation as the manufacturer of Nexon and Harrier, while behind Tata Motors in the race to produce electric vehicles. Mahindra & Mahindra raised Rs 1,925 crores from British International Investment earlier this year to establish a new 4 Wheel Passenger Electric Vehicle Co. through Mahindra & Mahindra Ltd.

A legally binding agreement was signed by Mahindra & Mahindra (M&M) and British International Investment (BII), the UK’s Development Finance Institution and impact investor, to invest up to Rs. 1,925 crores each into an owned subsidiary of M&M that will be newly established.

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The EV Co. will concentrate on electric passenger cars with four wheels (4W). Mahindra & Mahindra had stated in an announcement that the entire capital infusion for the EV Co. is anticipated to be around Rs. 8,000 crores between FY 24 and FY 27 for the planned product range.