Mahindra has ambitious plans to be a key player in the global market for the electric vehicle segment.
Indian automaker Mahindra and Mahindra (M&M) has ambitious plans to position itself on the global market of electric vehicles. M&M is set to announce its plans on how it will play in the global EV market. According to the Economic Times India report, detailed plans are expected to be announced in the UK on August 15, 2022. It will also include its plans for its ICE (Internal Combustion Engine) business.
“We will have a global play with our current vehicles. As we move to EVs as well, our expectation is that our new vehicles will get the same level of demand as we are seeing for some of our current vehicles.” said Anish Shah, Managing Director of M&M.
“It’s not just the powertrain, it’s everything that goes into the vehicle as well. And therefore, we will be a strong global player, that’s something we will build up over a period,” Shah added.
ADDITIONAL INVESTMENTS
The company said it will acquire a capital expenditure of Rs 15,300 crore for its auto, farm equipment, and electric vehicle (EV) businesses from 2022 until 2024. The initial Rs 3,200 is already used in FY2022, while M&M will use the remaining Rs 12,100 in FY2023 and FY 2024. The pandemic and the ongoing chip shortages made the company put off its expenditure.
According to Business Standard, M&M is looking to strengthen its position in the SUV and tractor markets and get into the electric passenger car businesses in 2025 with its ‘Born Electric Platform’
The automaker also claims that they are the market leader revenue-wise for the SUV business. With a 17.9% share, they maintained a significant brand value.
LAUNCHING OF ELECTRIC VEHICLES
The automaker’s EV activities are currently limited to three-wheelers.
Last year, the automaker announced its plans to introduce eight electric vehicles. Earlier this month, the automaker announced its partnershipwith Volkswagen to use the latter’s technology for its ‘Born Electric Platform’
The automaker previously acquired Reva Electric Car Company from the EM’s previous leadership team in an attempt to be a key player in the four-wheel EV segment.
The plan didn’t go too well, and Tata Motors stole the momentum.
However, M&M said that Reva was a “practice match.”
“There is a long way to go. We will have a very strong range of electric SUVs that we will bring in. We are confident that we will have a very strong position in electric,” Shah said.
