Indian automaker M&M has just announced the Maharashtra government’s approval of its plans to invest about Rs 10,000 crore to build an electric vehicle factory in Maharashtra’s Pune, as per Economic Times.
“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.”
Rajesh Jejurikar, Mahindra & Mahindra’s Executive Director, Auto & Farm Sectors
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Notably, it would take about 7-8 years to build the electric vehicle factory and to produce M&M’s planned born electric vehicles under its subsidiary.
“Based on the state-of-the-art INGLO EV Platform, these include the e-SUVs under the iconic brand – XUV with the Twin Peak logo in copper and the allnew electric-only brand called ‘BE’.”
Mahindra & Mahindra
M&M and British International Investment’s collaboration
Mahindra & Mahindra undoubtedly aspires to beat India’s leading automaker, Tata Motors. In fact, it has been pushing its electric vehicle efforts by accumulating critical funds for its operations and further projects.
For instance, in July, M&M secured Rs 1,925 crores from British International Investment to produce new four-wheeled electric vehicles under its business unit, EV Co.
Mahindra & Mahindra had stated that the entire capital investment for the EV Co. is anticipated to be around Rs. 8,000 crores between FY 24 and FY 27 for the proposed product line.
Impressively, the demand for and investment in India‘s electric vehicle industry has been booming. According to the automobile dealers’ organization FADA, the country’s total EV retail sales saw a YoY growth of 185% to 111,971 units in October. It represents a significant increase from just 39,329 electric vehicle sales in the same month last year.
