Click it and Unblock the Notifications
Latest News
-
Chrysler Pacifica Marks Seven Years As Most Awarded Minivan With New Campaign -
Nissan Magnite Achieves 1 Lakh Unit Sales Milestone: Consistency Helps -
Log9 Unveils Amphion & Nexmile – Revolutionizing EV Asset Management -
2025 Cayenne GTS Unveiled: V8 Power And Advanced Dynamics In New Porsche Models -
Vanessa Williams Moderates Panel To Support Parkinson’s Awareness With Drive Toward A Cure -
India's Car Exports Surge In 2023-24: Maruti Suzuki Leads The Way -
2024 Isuzu D-Max V-Cross Facelift: What To Expect From The Latest Updates -
Suzuki Access Electric To Electrify The Indian Scooter Market By 2024 -
Bajaj Pulsar 400 Teaser Out – Launch Date & Other Details -
Tata Motors Rolls Out New Bi-Fuel Tata Magic Van, Aiming At Eco-Friendly Transportation
Mahindra Set To Raise Funds For Its EV Business: More Than Rs 4,000 Crore To Be Raised For EVs
Mahindra is looking to raise up to $500 Million (Around Rs 4,000 Crore) from Global investors and financial institutions, for its electric vehicle business' growth. This news comes shortly after Mahindra revealed plans to launch multiple electric SUVs over the next five years.
Electric vehicles are the future and all car manufacturers across the world are working towards this electric future. While many brands already have electric cars in their portfolio, there are several that are still developing their own EVs. Mahindra is one of those brands that has in the past developed EVs, however, it is still in the process of developing more advanced EVs.
On Independence Day this year, Mahindra revealed two new electric SUV brands called BE and Twin Peaks. Through these two new sub-brands, Mahindra plans to launch five new SUV EVs over the next few years. The specifications of these SUVs certainly position them as game changers in the Indian EV space. However, the development of such electric vehicles is not easy and nor is it cost-effective.
Mahindra is well-aware that this is going to be an expensive process and hence, the brand is looking at raising funds through global investors. This isn't the first time that Mahindra has raised funds for its EV business. After its first fundraising of $250 Million from British International Investment (BII) in July, Mahindra's EV business was valued at around $9.1 Billion.
At the moment, it is not clear what valuation the company is looking at for the new fundraising round. According to a Reuters report, Mahindra is looking to invest $500 million in the EV space along with BII and the brand is looking to bring in other like-minded and climate-focused investors into the EV segment.
Mahindra has even partnered with Volkswagen to obtain electric drivetrain and batteries for its upcoming EVs. Now, with the brand heading into fundraising, Mahindra will be able to fastrack the development of its EVs.
Thoughts On Mahindra Raising Funds For Its Electric Vehicle Business
India is one of the largest car markets in the world and yet, the EV sales figures in the country are dismal at the moment. This is due to range anxiety and the unavailability of charging infrastructure. With the arrival of the more advanced EVs and their infrastructure, these challenges will be eliminated. Mahindra's upcoming electric SUVs will bring about a sea change in the Indian EV market.
