Published On:November 16 2018
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Mahindra to invest Rs. 1,000 cr in electric vehicles by 2020.

Mahindra to invest Rs. 1,000 cr in electric vehicles by 2020.

Mahindra & Mahindra is in the process of investing Rs. 1,000 crore on development, production, research and development of electrical vehicles by 2020.

The company has so far invested Rs. 400 crore for electrical vehicle products and technology development; Rs. 100 crore for Treo (company’s three-wheeler autorickshaws) and Rs. 500 crore for setting up global automobile R&D centre and production enhancement in Bengaluru and Chakan near Pune.

“With all these developments, the company will have invested Rs. 1,000 crore by 2020,” Pawan Goenka, Managing Director, Mahindra and Mahindra Limited, and Chairman, Mahindra Electric Mobility Limited, told reporters on the sidelines of Mahindra Treo electric 3-wheeler launch.

The company, with a budget of Rs. 400 crore, is planning to split its production of electric vehicles between Bengaluru and Chakan (near Pune).

Goenka said: “All electric vehicles up to 100-150 volts will be based out of Bengaluru and those above 200 volts will be done out of Chakan plant.”

The company also rolled out its first lithium-ion electric 3-wheeler range Treo and Treo Yaari with a price tag of Rs. 2.26 lakh and Rs. 1.36 lakh respectively ex-showroom Bengaluru, including FAME subsidy.

Goenka said: “The 3-wheelers range is our endeavour through which clean mobility solutions especially for first and last mile mobility is targeted and we are in talks with many bulk purchasers/fleet operators — Ola, Uber and start-ups promoting EVs.”

According to Mahesh Babu, CEO, Mahindra Electric, “The company’s aim is to bring about a change in the way India moves by enabling more electric vehicle (EV) products on the road through our ‘+ME’ technology solutions.

Reiterating our strong faith in EVs, we have now invested in technologies that are core to EVs and have set up manufacturing of battery packs, motors, power electronics, etc in our new facility at Bengaluru.”

HBL





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