M&M Targets 2 lakh EV Production from Chakan Plant by 2029
  1. Home
  2. Infrastructure Urban
  3. ECONOMY & POLICY
  4. M&M Targets 2 lakh EV Production from Chakan Plant by 2029
ECONOMY & POLICY

M&M Targets 2 lakh EV Production from Chakan Plant by 2029

18 Aug 2023 CW Team
Mahindra & Mahindra (M&M) has projected that its forthcoming plant in Chakan, Maharashtra, will reach its peak production capacity of 2 lakh electric vehicles (EVs) annually between 2027 and 2029. This projection was shared by Veejay Nakra, the company's President of the Automotive Sector. M&M anticipates that by 2030, EVs will constitute 30% of its total volume. Earlier in January, the Maharashtra government approved M&M's proposal to establish a $1 billion electric vehicle facility in Chakan. The investment, channeled through its subsidiary, will span 7-8 years and will focus on the development and production of its upcoming Born Electric (BE) models. The first product from the BE range is slated for market release by the end of next year, with production at the Chakan plant commencing 4-5 months prior.

Currently, M&M's sole electric model in the passenger vehicle segment is the XUV400, produced at its Nashik plant. However, the company dominates the domestic electric three-wheeler market with over a 70% share. Plans are in place to launch five electric SUV models under the XUV and the new electric-only BE brand.

Discover the Cement Expo! Click the button below to explore all the event details.

Visit Cement Expo Website

Mahindra & Mahindra (M&M) has projected that its forthcoming plant in Chakan, Maharashtra, will reach its peak production capacity of 2 lakh electric vehicles (EVs) annually between 2027 and 2029. This projection was shared by Veejay Nakra, the company's President of the Automotive Sector. M&M anticipates that by 2030, EVs will constitute 30% of its total volume. Earlier in January, the Maharashtra government approved M&M's proposal to establish a $1 billion electric vehicle facility in Chakan. The investment, channeled through its subsidiary, will span 7-8 years and will focus on the development and production of its upcoming Born Electric (BE) models. The first product from the BE range is slated for market release by the end of next year, with production at the Chakan plant commencing 4-5 months prior. Currently, M&M's sole electric model in the passenger vehicle segment is the XUV400, produced at its Nashik plant. However, the company dominates the domestic electric three-wheeler market with over a 70% share. Plans are in place to launch five electric SUV models under the XUV and the new electric-only BE brand.

Previous
Cabinet nod for 10,000 electric buses

Next
Infosys Inks $1.64 billion deal with Liberty Global

Related Stories

Gold Stories

Opinion Poll

Question : What are you most interested in Construction Technology?

Latest updates

COAL & MINING
30 Nov 2023

Government Initiates 125 New Projects for Mineral Exploration

Real Estate
30 Nov 2023

Additional Housing Loans Get Standard Credit Status

Real Estate
30 Nov 2023

D B Realty Raises Rs 3.01 Bn by Selling 2.91% Stake

ECONOMY & POLICY
30 Nov 2023

Bank of America Fined $12 Million for Mortgage Data Misreporting

AVIATION & AIRPORTS
30 Nov 2023

AAI Accelerates Thanjavur Airport Development with Rs 2 Bn Investment

AVIATION & AIRPORTS
30 Nov 2023

Noida Airport Terminal Nears Completion

Cement
30 Nov 2023

JK Cement's MP Grinding Unit Operational, Shares Surge

Cement
30 Nov 2023

UltraTech Cement to Acquire Kesoram's Cement in a Rs 6.45 Bn Deal

Hi There!

Now get regular updates from CW Magazine on WhatsApp!

Click on link below, message us with a simple hi, and SAVE our number

You will have subscribed to our Construction News on Whatsapp! Enjoy

+91 81086 03000

Join us Telegram