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Mahindra to Invest Rs.3,000 Crore in New Modular EV Platform

With a goal of having 5 lakh electric cars in India, by 2025, Mahindra is set to invest in a new modular EV platform. Around Rs.500 is being invested in the R&D of electric vehicles.

Automakers rise to the challenge as India pushes for all vehicles to be  electric by 2030 | The Japan Times

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The automaker is ready to make alliances

Interestingly, Mahindra and Mahindra already was working on new models of electric vehicles. Thi further investment in a special EV module also involves involving other companies.

The CEO and managing director of Mahindra Group said,

“So, for EVs, we are going to invest Rs 3,000 crore additional to what we have talked about.”

Unlike fuel-based companies, EV automakers need to make a pact with chip suppliers, software industries, and other related fields. Making progress towards a sustainable environment is a different way of doing business for automakers.

Contradicting statements on alliance

Surprisingly, their acceptance to involving other brands is contradicting their broken deal with Ford as a joint venture in January 2021. The deal was off with a reason pointed towards bad economic conditions and low sales.

Mahindra and Mahindra already have sufficient R&D and manufacturing of every electric vehicle part. Their EV manufacturing factory in Bangalore works on Batteries and other parts.

As per what the managing director told the press,

“We already have one alliance. We have announced an MoU with REE (Automotive) which is an Israeli company. This is for smaller trucks and commercial vehicles. And we will have other alliances on the EV side as well. So we are very open to alliances but it is more for the future.”

Furthermore, Shah, the managing directors says that they aren’t eliminating the options of joining as partners or alliances. On the very same, he said,

“We are open to all sorts of possibilities at this stage but at this point, it is too early to say because we will have to have a lot of conversations. Once we do that we will have a better sense.”

Considering their huge investment in EV and also in the R&D segment, it is most likely that Mahindra and Mahindra are preparing to work alone. Yet, they are ready to make alliances if the situation demands. Furthermore, it is too early in India’s EV market to go along with one particular strategy.

The company is working on all kinds of EVs, two-wheelers, four-wheelers, fully electric, and plug-in hybrids. Currently, they are working on goals for a five-year plan. With being able to sell different models in different sections in the country, they will be able to move forward depending on the sales. Besides, this is of added value for the EV industry in India, Indians will have more options to choose from.

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