India’s automotive brand, Mahindra & Mahindra (M&M) has decided to invest ₹10,000 crores over the next 7-8 years to develop and manufacture electric vehicles (EVs) in Pune.
The investment has been approved under the Maharashtra government’s industrial promotion scheme for electric vehicles.
The funds will be used to establish manufacturing facilities and develop and produce M&M’s upcoming EVs, which will be based on the INGLO EV platform and launched under the XUV brand and the new all-electric brand BE.
The factory will come up in Chakan, Pune, where Mahindra’s existing manufacturing facility is located.
“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,” said Rajesh Jejurikar, executive director, auto and farm sectors at Mahindra.
The investment in EVs is part of Mahindra’s broader strategy to become a leading player in the global EV market. The company has been developing its own EV technology and recently showcased some of its upcoming EVs at an event in Oxfordshire, UK.
M&M is also partnering with other companies to develop EVs and charging infrastructure. Jejurikar added that Maharashtra has been Mahindra’s “home” state for over 70 years, and the company is committed to investing in the region.
In August, Mahindra announced plans to launch five new electric sports utility vehicles for both domestic and international markets. The first four are expected to be released between 2024 and 2026. In September, the company unveiled the XUV400, which is set to go on sale in January. It will be manufactured at the company’s existing facility.