Home-grown brand Mahindra and Mahindra to invest more than Rs 3000 crore on EV powertrain for the next 3 years.
- Mahindra planning to invest Rs 3,000 crore for next three years.
- Brand aims to have more than 5 lakh EV on road by 2025
- Mahindra already showcased eXUV300 and eKUV100 NXT at last year Auto Expo.
Mahindra and Mahindra Motors planning to invest more than Rs 3,000 crore for the next 2 to 3 years in electric vehicle platforms, research, and development. According to the official reports, the manufacturer is looking for more brand collaboration, alliances, and partnerships in vertical. At the recent conference, Mahindra Group managing director and CEO Anish Shah said “So we are going to invest Rs 3,000 crore on EVs additional to what we have talked about”.
He also revealed that the Homegrown brand is working on developing an EV platform by combining capabilities of their ongoing operations in Italy and Detroit. Shah also added that “we have capabilities in formula one E, we have the capability in Automobili Pininfarina, adding these capabilities combined to make a new EV platform for the Indian market. Mahindra aims to have more than 5 lakh electric vehicles on Indian roads by 2025.
Mahindra believes that the ownerships of 2-wheeler, 3-wheeler, 4-wheeler, and load-carrying EVS is now the same as the conventional gasoline vehicles with charging not an issue as battery swappable technique have been introduced. However, four-wheelers passenger EVs are going to take more than three years. While electric vehicle charging or swappable batteries would not come in India until the EV ownership price is equal to the gasoline conventional vehicles. Mahindra already invested Rs 1,700 crore for EV business in India with another Rs 500 crore on new research and development. Mahindra already showcased their fully electric concept eXUV300 and ekUV 100 NXT at the 2020 Auto Expo, but the official debut of the EV is not yet confirmed.