Thursday, April 15, 2021
By Manoj Kumawat
Mahindra To Make An Investment Of Rs 3,000 Crore In Three Years
There are reports which reveal that the domestic carmaker Mahindra & Mahindra will make an investment of Rs 3,000 crore for exploring its business of electric vehicles in the coming three years. Earlier the home-grown automaker had announced to invest Rs 9,000 crore in the auto and agricultural sectors during the next five years. However, there is not any confirmation regarding this investment from the company sources regarding this investment.
Speaking about the investment of Rs 3,000 in the next three years, the sources of the company said that this fund will be used for different projects including the development of a new platform that could be used for manufacturing different vehicles in the future. The carmaker plans to manufacture 5 lakh electric vehicles in the Indian car market by 2025. For this, the company has invested a huge amount of 500 crore for developing an R&D centre near the Bengaluru airport.
Apart from this investment of Rs 500 crore the company has also made another investment of Rs 500 crore for upgrading its production facility at its Chakan plant for the production of electric vehicles like the upcoming SUV codenamed S20, and eKUV100. It is reported that the company will also use its Chakan production unit for the manufacturing of high-voltage batteries, whereas the low-voltage batteries will be manufactured at its production unit located in Bengaluru.
According to Mr Anish Shah, Mahindra Group Managing Director and CEO, "So, for EVs we are going to invest ₹ 3,000 crore additional to what we have talked about." He further said, "It will be utilised on various activities, including developing a new platform that can roll out multiple models, by combining the group's various capabilities. There are multiple capabilities we have within the group. We have capabilities in Detroit...we have capability in Automobili Pininfarina and our Formula E."
Speaking about the company’s partnership with other groups he said, "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 in the EV side as well. So we are very open to alliances but it is more for the future."