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      Home » $121 Mn Investment to Establish EV Facility Planned by M&M

      $121 Mn Investment to Establish EV Facility Planned by M&M

      Aishwarya SaxenaBy Aishwarya SaxenaFebruary 10, 2023 E-Mobility 1 Min Read
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      Indian automaker Mahindra and Mahindra Ltd has announced an investment of Rs 10 billion ($121 million) to set up a manufacturing facility in the southern state of Telangana to make electric three- and four-wheelers.

      Investment The investment will be made over eight years at the company’s Zaheerabad plant to develop its last-mile mobility business, such as cargo and passenger vehicles, Mahindra said in a regulatory filing.

      The company has signed an agreement with the Telangana government for approvals to expand the plant.

      Mahindra has stepped up its investment to bolster its EV capacity as the Indian government aims to increase the share of electric vehicles by the end of this decade.

      In December, the company unveiled plans to invest 100 billion rupees to set up an EV manufacturing plant near the western city of Pune, taking on rival Tata Motors Ltd which dominates India’s EV market.

      EV capacity EV manufacturing plant Indian government Mahindra and Mahindra Ltd news passenger vehicles Tata Motors Ltd
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