Anand Mahindra is soon going to announce a new global start-up that will focus on building high-performance electric vehicles and sources close to the happenings have confirmed to Express Drives that Mahindra will announce this new venture in Italy, ahead of the Formula E race in Rome. It is likely that Michael Perschke, Former head of Audi India is likely to lead the operations of this new EV start-up which will also be supported by Mahindra owned Italian design house Pininfarina. Mahindra Racing has been a popular team in Formula E championship and speaks a lot about Mahindra's plan for EVs.
Mahindra is a leader in electric cars in India and is now eager to be a global leader. As electric mobility takes the centre stage globally, Mahindra now aims to take the likes of Tesla and many others in this space. This new Mahindra start-up will be based out of Europe and is likely to develop a range of performance-oriented, niche models to take on the likes of Bugatti Chiron and going forward might also venture into SUVs. At several occasions, Dr. Pawan Goenka had said that Mahindra will venture into building high-end electric cars and details will be shared at the right time. This new EV will be Mahindra's answer to top-end electric cars and for Pininfarina to develop its own electric sports car and sell it under its own badge.
Michael Perschke had earlier tweeted saying, "Leaving for Rome to write a new chapter of Automobile history. Super excited to meet Anand Mahindra. He also currently states his designation as 'Senior Strategic Advisor and Project Lead for an EV-Start up at Company in Stealth Mode.
While more details on Mahindra's new EV start-up will be revealed during the day, expect Mahindra is likely to invest close to $100 million on this new start-up. Electric cars and SUVs rolled out as a result of this start-up will not be aimed at mass-market and we don't expect them to launch in India anytime soon.
There are a number of start-ups working on developing electric vehicles NIO in China has rolled out an affordable electric car, which is cheaper than Tesla, American start-ups Faraday Future, Lucid has been working on electric cars. With a electrification in mind, expect major ground-breaking work both in mass and niche segments in the electric vehicle segment.