The company has not revealed the details of the new electric vehicles. Mahindra said that it is also looking ink joint ventures in the field of power electronics and motors.
Currently, the home-grown automaker sells three electric vehicles in India: e-Verito, e2o Plus, and e-Supro catering to different segments in the country.
M&M Managing Director Pawan Goenka said, "We are working on two electric products. The first one will be launched by the end of next year and the second one by the middle of 2019,"
Mahindra has allocated an investment of Rs 600 crore over the next two-three years to increase the capacity to produce electric vehicles from the current 500 to 5000 units a month. The investment will be used to develop new technologies and battery components.
"We have already invested Rs 500 crore in electric vehicles segment so far. Over the next 2-3 years we will invest another Rs 600 crore," Goenka said.
He further said that they would stay away from manufacturing battery cells for now and focus on the module and other battery components.
Mahindra & Mahindra are spearheading the electric vehicle movement in India and have been investing heavily in the development and infrastructure of EVs. The government has earmarked 2020 to be the end of manufacturing petrol and diesel powered vehicles to reduce carbon imprint of the country in the environment.