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

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.