Mahindra investing ₹ 10,000 crores for EV manufacturing facility in Pune
Indian automaker Mahindra and Mahindra (M&M) has announced that their investment of ₹ 10,000 Crore for electric vehicles has been approved under the Maharashtra Government's industrial promotion scheme for Electric Vehicles.
The investments will be made by M&M's unnamed subsidiary over a period of 7-8 years for setting up the manufacturing facility at Pune, along with the development and production of Mahindra's next-generation 'Born Electric Vehicles (BEVs)', according to the company.
Speaking about the announcement, Rajesh Jejurikar, Executive Director, Auto & Farm Sectors, Mahindra & Mahindra Ltd., stated, "We are delighted with this approval from the Govt. of Maharashtra for setting up our EV Manufacturing Plant in Pune, and investing in what has been our 'home' state for over 70 years. We are very thankful to the Govt. of Maharashtra for their continued support".
"The Government's focus on 'ease-of-doing-business' and progressive policies, together with Mahindra's investment, will act as a catalyst for Maharashtra to become India's EV hub, attracting further Indian and Foreign Direct Investment", he added.
Mahindra Group has vowed to go net zero carbon by 2040, and electric vehicles are expected to play a crucial role in this vision. Being a home-grown brand popular in the mass-market passenger car segment, Mahindra is expected to bring out a slew of battery-electric cars in the coming years.
Based on the state-of-the-art 'INGLO EV' platform, the next-gen 'BEVs' include the electric SUVs under the iconic sub-brand 'XUV' and the all-new electric-only brand called 'BE'. The company also recently unveiled the electric version of its XUV 300, called as the new XUV 400.