While it has already opened its electric technology plant in Bengaluru, which produces battery packs, power electronics and motors, it has also invested in a new manufacturing unit at its Chakan plant to produce EVs.
Mahindra & Mahindra Ltd will invest ₹ 3,000 crore on its electric vehicles business over the next three years, while according to a top company official, it is looking for more alliances and involvement in vertical.
M&M is working on developing an EV platform by combining its operational capabilities around the world, including Detroit and Italy.
Anish Shah, managing director and CEO of Mahindra Group, told PTI, “We are going to invest Rs 3,000 crore for EVs. ”
Mahindra & Mahindra Limited had earlier said that it would be investing Rs 9,000 crore in the auto and agriculture sectors over the next five years.
The company, which has a target of putting 5 lakh electric vehicles on Indian roads by 2025, has already invested ₹ 1,700 crore in EV business in India, at another research and development (R&D) center worth ₹ 500 crore. with.
While it has already opened its electric technology plant in Bengaluru, which produces battery packs, power electronics and motors, it has also invested in a new manufacturing unit at its Chakan plant to produce EVs.
Mr. Shah, who has recently taken over as Managing Director and Chief Executive Officer, has full responsibility and responsibility for all Mahindra Group businesses.
It will be used on a variety of activities, including developing a new platform that can create multiple models by combining the various capabilities of the group.
“… We have a number of capabilities in the group. We have capabilities in Detroit … We have capabilities in Automobili Pininfarina and our Formula E,” Mr. Shah said in an alliance to get an electric platform for those. India is going to do
Asked if M&M is looking for alliances or partnerships, he said, “For EVs we will focus on alliances. EV is the future.” “We already have an alliance. We have announced an MoU with REE (Automotive) which is an Israeli company. It is for small trucks and commercial vehicles. And we will also have other alliances on the EV side “So we are very open. To combine but this is more for the future,” said Mr. Shah.
Regarding whether future alliances would be technology or equity partnerships, he said, “We are open to all kinds of possibilities at this stage but it is too early to say at the moment because we have to do a lot of negotiations. Once we do that That we will have a better understanding. ”Heavy pressure on the EV market in India, he asked for the last mile, which is a three-wheel and small four-wheel vehicle for passengers and loads, cost of ownership is now the same as in traditional vehicles Not a problem due to the chargeable battery. ”So in that segment, we are closing in the short term. In the next two or three years, it should become a very important part, ”Mr. Shah said.
However, he said, “It is going to take a long time for four-wheel vehicles … Infrastructure is not going to come until the cost of ownership is equal. A lot of things have to work together but we will not be able to Five years see. Horizon for this to happen. ”
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