Mahindra Group to Invest Fresh Rs 3000 cr in EV Business

Leading Indian automaker Mahindra & Mahindra Ltd (M&M) has said that the company will invest Rs 3000 crore in the coming three years in the electric vehicle segment where it will combine its capabilities of all the current operations across the world.

Managing Director and CEO Anish Shah said that the company has massive investment plans for the near future but for the electric vehicles segment of the company, the investment of Rs 3,000 crore is going to be additional; this will be ‘over and above’ the other announced investments.

Anish Shah was appointed MD and CEO of the entire Mahindra Group businesses and will have oversight of and responsibility of all the businesses.

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In its previous announcement Mahindra & Mahindra had said that it was investing about Rs 9,000 crore in auto and farm sectors. This investment was meant for the next five years in India.

The primary aim of the company is to roll out some 5 lakh EVs in India by 2025. For the said objective, an investment of Rs 1,700 crore is already made in the EV business. It’s also investing Rs 500 crore on developing a new centre for research and development.

The fresh investment is for a number of activities in the auto business. IT will include developing a new platform that will help in bringing out multiple models simply by combining various capabilities of the company.

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Shah added, “There are multiple capabilities we have within the group. We have capabilities in Detroit, we have capability in Automobili Pininfarina and our Formula E.” The company maintains that it looks for alliances and partnerships for the EV segment as the vehicles running on electricity are the future. Mahindra and Mahindra already has one alliance as it has announced a MoU with Israel based REE Automotive. This will help the company to roll out smaller trucks and commercial vehicles.

Anish Shah said that three wheelers and four wheelers EVs for both passenger and load purposes will take off in the next 2-3 years from here. He apprised that cost of ownership for EVs stands the same as that of conventional vehicles as charging issue is solved due to introduction of swappable batteries.

Mahindra and Mahindra Ltd has commenced its electric technologies plant in Bengaluru. It manufactures batteries, motors and power electronics. Investments are also made in a new manufacturing plant at Chakan to make electric vehicles.