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Mahindra & Mahindra is all set to invest an additional Rs 3,000 crore in its electric vehicle business. The brand had earlier announced an investment of Rs 9,000 crores in the development of its EV vertical, and now the additional Rs 3,000 crore has elevated the budget to a total of Rs 12,000 crore.
It is no secret that the future is electric. There are hundreds of electric vehicle startups in the world, trying to develop that perfect EV that can capitalise on the huge potential in the market. At the same time, all established automotive manufacturers across the world are also trying to get a slice of the EV pie.
Mahindra & Mahindra is currently known for its brilliant petrol and diesel-powered SUVs. However, it wants to be known for its electric vehicles a few years from now. Mahindra was the first major Indian auto manufacturer to go the EV way.
It acquired the Reva Electric Car Company in 2010 and rebranded it as Mahindra Electric. Since then, the brand has launched a few electric vehicles, and the most popular one is the eVerito followed by the e2O.
Mahindra doesn't intend to stop at that. The brand is betting big on EVs, quite literally. Mahindra had already announced a Rs 9,000 crore investment in its electric vehicles vertical. Now, it has announced an additional investment of Rs 3,000 crore. With this huge investment in EVs, the brand intends to develop a new R&D centre, a new manufacturing facility and a new EV platform which will underpin multiple models.
The Mahindra eVerito which is the best-selling Mahindra EV was originally a conventional car powered by either a petrol or a diesel engine. Mahindra then re-engineered the chassis and other aspects of the vehicle to accommodate the battery pack and the electric motor along with all its peripherals.
This has resulted in a car that is satisfactory in every aspect. To get better results though, the vehicle will have to be developed from the ground-up as an electric vehicle. To help with this, Mahindra plans to develop a brand-new platform specifically designed for electric propulsion. This platform will underpin several electric cars in the future.
Mahindra Electric already has a well-equipped and fully functioning technologies plant in Bangalore that produces battery packs, electronics, motors, etc, for EVs. The brand intends to set up a new manufacturing plant that will exclusively produce only electric vehicles.
Thoughts On Mahindra Investing An Additional Rs 3,000 Crore In The EV Business
Electric vehicles are the future and there's no hiding from this fact. All automotive brands are aware of this and are continually working towards electrification and are investing heavily in EVs. With this kind of money going into the development of EVs, we can expect quite a few brilliant electric vehicles from Mahindra in the years to come.