Home Car News Mahindra to invest Rs 500 crores in EV and EV component expansion

Mahindra to invest Rs 500 crores in EV and EV component expansion

Following introduction of new EV policy by Government of Maharashtra, Mahindra and Mahindra has announced added investment plans. The automaker had initially planned investment to the tune of INR 6,500 crores and will be investing an additional amount of INR 500 crores into development of electric vehicles and electric vehicle components at the company’s plant in Chakan.

The investment of INR 500 crores in Maharashtra is towards product development and capacity enhancement for electric vehicles and its components.

The Memorandum of Understanding to this effect was signed by Shri Sunil Porwal, Additional Principal Secretary (Industries), Government of Maharashtra and Dr. Pawan Goenka, Managing Director, Mahindra & Mahindra Ltd. Shri Devendra Fadnavis, Hon’ble Chief Minister, Government of Maharashtra was also present at the occasion along with other dignitaries at Magnetic Maharashtra Conference currently held in Mumbai.

Dr. Pawan Goenka, Managing Director, Mahindra & Mahindra Ltd. said that Mahindra Group along with Mahindra Electric Mobility Limited (MEML) was at the forefront of promoting electric mobility and this new phase marks one more step in putting forth electric vehicle expansion. With these endeavors, the state of Maharashtra will certainly emerge as a forerunner in the EV race.

Government of India has made it clear that future for Indian auto industry is going to be electric. Currently, Mahindra is leading the EV race, in terms of product portfolio. Plus, they have multiple new products in pipeline, most of which were showcased at the 2018 Auto Expo earlier this month. But, they are being closely tracked by other players.

Just a few months back, Tata bagged a huge order for delivering 10,000 electric cars to Govt of India. Maruti and Hyundai have also joined the race and have said that they will launch electric cars for consumers in the coming years. It is expected that by 2020, all manufacturers are to have atleast one electric car on offer in their line-up.