Mahindra Group Takes A Giant Step On Electric Vehicle Technology, Announces Rs 900 Crore Investment

India's leading utility vehicle (UV) manufacturer and first electric vehicle (EV) manufacturer, Mahindra is taking a giant step in EV technologies by investing Rs 900 crore over the next four years. Mahindra plans to invest Rs 400 crore in Karnataka and Rs 500 crore in Maharashtra. The company has already invested Rs 6,500 crore in its ongoing expansion plan in Chakan in the last five to six years. The investment will be utilised to expand production capacity and develop its technology and products.

Mahindra Invests Rs 900 Crore In Electric Vehicle And Components As Part Of Expansion Efforts

Speaking on the occasion, Dr. Pawan Goenka, Managing Director, Mahindra & Mahindra Ltd. said, "We are delighted to announce the next phase of our Electric Vehicles expansion plan at Chakan and would like to thank the Government of Maharashtra for its new EV Policy which is a proactive step in electric mobility.

The implementation of projects under this EV Policy will certainly make the state a leader in manufacturing of EVs and EV components, promoting greater use of these vehicles. We have no doubt that the state will attract large EV related investments and emerge as a front-runner in the EV race."

Mahindra Invests Rs 900 Crore In Electric Vehicle And Components As Part Of Expansion Efforts

He added that Mahindra's current EV manufacturing capacity is 400 units in a month, which he foresees will cross 1,500 units by September 2018. The company has set an ambitious objective of rolling out 4,000 units by December 2019. Now with the additional investment, the company is aiming to increase the capacity to produce 5,000 units a month.

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    Mahindra Invests Rs 900 Crore In Electric Vehicle And Components As Part Of Expansion Efforts

    Also, Mahindra will be looking to manufacture all EV components in-house, except for the batteries. Since the batteries require a greater volume of local production, it will be imported.

    Mahindra would like to "showcase for the whole country the viability and benefits of EV through our EV Project. This is the next step towards the journey of achieving Mahindra's vision of the "Future of Mobility" and encompasses the "5C" framework of Clean, Convenient, Connected, Clever and Cost-effective. We are thankful to the Government of Maharashtra for their continuous and unstinted support."

    Mahindra Invests Rs 900 Crore In Electric Vehicle And Components As Part Of Expansion Efforts

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    Even as India looks to go green with the ambitious target of electrifying its entire fleet, the viability is still in nascent stage. The cost of EV components makes the total cost of the vehicle much higher than petrol or diesel powered cars, with Mahindra investing in expanding its development of components and EVs, there's hope that EVs will become a viable option for many.

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    Article Published On: Thursday, February 22, 2018, 11:19 [IST]
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