Udayavni Special

M&M to invest Rs 3,000 cr on EV business in next 3 years

PTI, Apr 12, 2021, 10:17 AM IST

New Delhi: Mahindra & Mahindra Limited will put in fresh investments to the tune of Rs 3,000 crore on its electric vehicles business in the next three years, while it looks for more alliances and partnerships in the vertical, according to a top company official.

M&M is working on developing an EV platform by combining the capabilities of its operations across the globe, including Detroit and Italy.

“So, for EVs, we are going to invest Rs 3,000 crore additional to what we have talked about,” Mahindra Group Managing Director and CEO Anish Shah said.

Mahindra & Mahindra Limited had earlier said it was investing Rs 9,000 crore in the auto and farm sectors in the next five years.

The company, which has set a goal of putting 5 lakh electric vehicles on Indian roads by 2025, has already invested Rs 1,700 crore in the EV business in India with another Rs 500 crore on a new research and development (R&D) centre.

While it has already opened its electric technologies plant in Bengaluru that produces battery packs, power electronics and motors, it has also invested in a new manufacturing unit at its Chakan plant to produce EVs.

Shah, who recently took over as Managing Director and Chief Executive Officer with the mandate to have complete oversight of and responsibility for all the Mahindra Group businesses, said the fresh investment “is over and above that.”

It will be utilised in various activities, including developing a new platform that can roll out multiple models, by combining the group’s various capabilities.

“…there are multiple capabilities we have within the group. We have capabilities in Detroit…we have the capability in Automobili Pininfarina and our Formula E,” Shah said adding those are going to combine to get an electric platform for India.

When asked if M&M is looking for alliances or partnerships, he said, “For EVs, we will look at alliances. EV is the future.”

“We already have one alliance. We have announced an MoU with REE (Automotive) which is an Israeli company. This is for smaller trucks and commercial vehicles. And we will have other alliances on the EV side as well. So we are very open to alliances but it is more for the future,” Shah said.

On whether the future alliances would be technology or equity partnerships, he said, “We are open to all sorts of possibilities at this stage but at this point, it is too early to say because we will have to have a lot of conversations. Once we do that we will have a better sense.”

Bullish on the EV market in India he said for the last mile, which is three-wheelers and small four-wheelers for passengers and load, the cost of ownership is now the same as that of conventional vehicles with charging not an issue due to swappable batteries.

“So that segment, we see taking off in the short term. In the next two or three years, it should become a very significant part,” Shah said.

However, he said, “For four-wheelers, it is going to take long… Infrastructure is not going to come in until the cost of ownership is equal. A lot of things have to work together but we see a three to five years horizon for that to happen.”

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Lockdown to be extended in K’taka; 15-days stringent lockdown from May 10

5 held in connection with Karnataka hospital bed-blocking scam

Curfew in Goa for 15 days from Sunday

”Hospital bed scam”: No one whose names were mentioned by BJP MP Surya have been arrested: Top police sources

Govt must announce a special package for the poor before imposing lockdown: Rai

Lawyer on EC’s panel resigns for values not being in consonance with poll body

Rangasamy sworn in as Puducherry CM, BJP to be part of cabinet

Related Articles More

Tata Motors to hike passenger vehicle prices from May 8

Honda Cars advances maintenance shutdown of manufacturing plant amid COVID-19 surge

CCI orders probe against Tata Motors for alleged abuse of market dominance

Mahindra to support cash-strapped SsangYong’s EV division

April auto sales show impact of lockdowns, states report


Udayavani 7 -May -2021 News Bulletin

Mangalore Fatal Bike Accident Caught on CCTV

Home Isolation Guidelines | Shashikiran Umakanth

DK Shivakumar slams State BJP govt, alleges corruption is the only agenda of the this govt

Jr. NTR request all Kannada people in Kannada

Latest Additions

Not right time to mislead people, MLA Kamath to Congress

Lockdown to be extended in K’taka; 15-days stringent lockdown from May 10

Jaishankar concludes UK visit with message of convergence

Hugh Jackman asks fans to support India in COVID-19 relief work

5 held in connection with Karnataka hospital bed-blocking scam

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.