Mahindra to invest Rs 500 crore to expand Electric Vehicles lineup - The Financial Express

Mahindra to invest Rs 500 crore to expand Electric Vehicles lineup

As part of the MoU, the company along with the Maharashtra government will also work closely with various fleet partners, taxi aggregators, logistics companies, amongst others to deploy 1,000 electric cars over the next one year.

By: | Updated: May 31, 2018 4:43 PM

Mahindra & Mahindra (M&M) today said it will invest an additional Rs 500 crore at its Chakan plant in Maharashtra to expand its electric vehicles portfolio.The utility vehicle major today inked two pacts with the state government regarding EVs.In a statement issued today, M&M said it will make efforts to become fully electric ready by further investing in its Chakan plant for manufacture of EVs, e-motor, controller, battery pack and other electric vehicle components for multiple mobility applications.

"As part of this expansion plan, the company will invest an additional Rs 500 crore (in Maharashtra)," it said.M&M has earmarked a total outlay of Rs 900 crore for EV vertical. Apart from Rs 500 crore investment in Maharahtra, the company also plans to put in another Rs 400 crore in its other plants across the country.

As part of the MoU, the company along with the Maharashtra government will also work closely with various fleet partners, taxi aggregators, logistics companies, amongst others to deploy 1,000 electric cars over the next one year."We are delighted to announce the next phase of our EV expansion plans at Chakan and would like to thank the Government of Maharashtra for their continuous and unstinted support," M&M Managing Director Pawan Goenka said.

The company is now investing further in next generation EV technology solutions and are actively engaging with the ecosystem stakeholders, both private and public to drive faster adoption of electric vehicles, he added.M&M will deploy 25 e2oPlus vehicles ported on the Zoomcar platform in Mumbai as part of the MoU, the company said.

The company will also liaison with technology partners for motor controller, power electronics, battery pack, drivetrain and other parts and components, which are currently being imported, M&M said.Besides, the company said it will supply EV battery pack, motors and controllers, power electronics, battery pack, drivetrain, other parts/components of EVs, battery assembly and electric vehicles to various group firms as well as to other customers.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.