Mahindra group will invest Rs. 3000 crore in EV Business
The Mahindra group has already invested Rs. 1700 crore in the E vehicles business. They further invested Rs. 500 crore for the development of a new Research center.
Electric vehicles are now started popularity in the Indian market. Many manufacturers have already involved themselves in this business. The local brand Tata Motors has already taken the initiative to introduce a made-in-India electric vehicle. Now the group is planning to invest in the E-Vehicle business.
While commenting on this CEO of Mahindra & Mahindra group said. “for EVs, we are going to invest Rs 3,000 crore additional to what we have talked about,”. He also stated that the group is also working to develop an EV Platform.
He further added the group has capabilities in Detroit, Automobili Pininfarina, and formula E. Mahindra is working to develop an EV Platform by adding all these.
The group has already invested Rs. 1700 crore in the E vehicles business. They further invested Rs. 500 crore for the development of a new Research center. On the other hand, it has already started an electric type of equipment plant in Bengaluru that produces battery packs and motor.
It has also invested in building manufacturing units at its Chakan plant to produce the electric vehicle. Mahindra has showcased an electric XUV 300 at Auto expo 2020. But the manufacturer hasn’t confirmed that when its production-ready version will hit the market.
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