M&M to invest Rs 100 bn to widen India’s EV manufacturing spectrum

15 Dec 2022 CW Team

Mahindra & Mahindra (M&M) said it will make an investment worth Rs 100 billion to set up an electric-vehicle manufacturing plant in Maharashtra’s Pune.

The company stated it has received a nod to make the investment from Maharashtra Government’s industrial promotion scheme for Electric Vehicles. The investment will be made over a period of 7-8 years for setting up the manufacturing facility, development, and production of Mahindra’s upcoming Born Electric Vehicles (BEVs), some of which were showcased in Oxfordshire, UK, on August 15, 2022.

“Based on the state-of-the-art INGLO EV Platform, these include the e-SUVs under the iconic brand - XUV with the Twin Peak logo in copper and the allnew electric-only brand called ‘BE’,” said a press release.

Despite trailing in the EV race against Tata Motors, M&M has been raising funds in its EV subsidiary at almost a similar valuation as the maker of Nexon and Harrier. Earlier in July this year, Mahindra & Mahindra had raised Rs 19.25 billion from British International Investment into a new 4 Wheel Passenger Electric Vehicle Co. to be set up by Mahindra & Mahindra.

The EV Co. will focus on four-wheel (4W) passenger electric vehicles. The total capital infusion for the EV Co. is envisaged to be approximately Rs. 80 billion between FY 24 and FY 27 for the planned product portfolio, Mahindra & Mahindra had said in an announcement.

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