Investment plans. M&M to invest ₹10,000 crore on manufacturing, development of electric vehicles

Mahindra & Mahindra Ltd, on Wednesday, said it will invest ₹10,000 crore in the next 7-8 years in the manufacturing and development of electric vehicles at Pune, Maharashtra.

The investment of ₹10,000 crore for electric vehicles has been approved under the Maharashtra government's industrial promotion scheme for electric vehicles, M&M said in a regulatory filing.

"The company, through its subsidiary, will make investments of approximately ₹10,000 crore over a period of 7-8 years for setting up the manufacturing facility, development, and production of Mahindra's upcoming Born Electric Vehicles (BEVs)," it added.

Some of these BEVs were showcased in Oxfordshire, UK, on August 15, 2022, it added.

These electric SUVs are based on the INGLO EV platform and will be launched under the XUV brand and the all-new electric-only brand 'BE'.

M&M Executive Director, Auto & Farm Sectors, Rajesh Jejurikar said, "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".

He said Maharashtra has been M&M's 'home' state for over 70 years.

In August, M&M announced that it would launch five new electric Sports Utility Vehicles (SUVs) for both domestic and international markets, with the first four expected to hit the road between 2024 and 2026.

In September, it unveiled the XUV400, which will hit the market in January.