NEW DELHI — Mahindra & Mahindra Ltd. on Wednesday announced that its investment of INR 10,000 crore for electric vehicles has been approved under the Maharashtra government's Industrial Promotion Scheme for electric vehicles.
The Company, through its subsidiary, will make investments of approx. The company said INR 10,000 crore over 7-8 years to set up a plant for manufacturing, development and production of the upcoming Mahindra Generated Electric Vehicles (BEVs), some of which will be shown in Oxfordshire, UK on August 15, 2022, the company said.
The major automaker has shared its plans for electric mobility in the UK by unveiling its new INGLO EV platform and showcasing five new electric SUVs for the Indian market, under two electric vehicle brands.
The automaker's trademarks include the current XUV with its copper double-peaked logo and a new all-electric brand called BE. The five new electric SUVs include the XUV.e8, XUV.e9, BE.05, BE.07 and BE.09, which will come with Mahindra's new Heartcore design philosophy. The first four will be released in the next four years, between 2024 and 2026.
With a plan to invest more than US$1 billion in electric vehicles, Mahindra raised INR1,925 crore (US$250 million) in July at a valuation of INR70,070 crore (US$9.1 billion) from British International Investment, the UK's Development Finance Institution, into its electric four wheeler business.
Rajesh Jejurikar, Executive Director, Auto & Farm Sectors, Mahindra & Mahindra Limited, said: “We are delighted with this approval from the government. State of Maharashtra to establish an electric vehicle manufacturing facility in Pune and to invest in what has been considered 'our home' for more than 70 years."
He said the government's focus on "ease of doing business" and progressive policies, along with investment from Mahindra, will act as a catalyst for Maharashtra to become a hub for electric vehicles in India, attracting more Indian and foreign direct investment.