Mahindra and Mahindra Limited on Wednesday stated it is going to make investments Rs. 10,000 crore within the subsequent 7-8 years within the manufacturing and improvement of electrical automobiles at Pune, Maharashtra.
The funding of Rs. 10,000 crore for electrical automobiles has been accredited below the Maharashtra authorities’s industrial promotion scheme for electrical automobiles, Mahindra stated in a regulatory submitting.
“The company, through its subsidiary, will make investments of approximately Rs. 10,000 crore over a period of 7-8 years for setting up the manufacturing facility, development, and production of Mahindra’s upcoming Born Electric Vehicles (BEVs),” it added.
Some of those BEVs had been showcased in Oxfordshire, UK, on August 15, 2022, it added.
These electrical SUVs are primarily based on the INGLO EV platform and might be launched below the XUV model and the all-new electric-only model ‘BE’.
Mahindra Executive Director, Auto and Farm Sectors Rajesh Jejurikar stated, “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 stated Maharashtra has been Mahindra’s ‘residence’ state for over 70 years.
In August, Mahindra introduced that it might launch 5 new electrical Sports Utility Vehicles (SUVs) for each home and worldwide markets, with the primary 4 anticipated to hit the highway between 2024 and 2026.
In September, it unveiled the XUV400, which can hit the market in January.