Mahindra & Mahindra Announces USD 1.44 Bn Investment In Electric Vehicles


(MENAFN- KNN India) New Delhi, May 18
(KNN)

Indian automaker Mahindra & Mahindra has announced a significant investment of USD 1.44 billion (approximately Rs. 11,900 crore) over the next three years into its electric vehicle (EV) unit.

This substantial investment aims to boost growth in the rapidly evolving EV market, even as the company closely monitors the potential of hybrid technology.

Despite being India's third-largest EV maker, Mahindra currently offers only one electric model, the XUV400.

However, the company has plans to launch a new range of EVs next year, solidifying its commitment to the electric mobility sector.

Mahindra, renowned for its sport utility vehicles (SUVs), anticipates that electric variants will account for 20 to 30 per cent of its SUV sales by 2027.

The company's Managing Director, Anish Shah, expressed confidence in the focus on EVs, stating, "At this point in time, we feel good about the focus on EVs."

Nevertheless, Mahindra remains open to exploring hybrid technology if it becomes more viable and comparable to EVs.

Shah acknowledged, "If it's (hybrids) required, we'll be ready for that ... If there are significant changes in hybrid tech that cause it to be much more like an EV, then that's something we'll move into much faster."

The automaker's decision to invest heavily in EVs aligns with the global shift towards sustainable mobility solutions.

However, the company's willingness to consider hybrid options demonstrates its adaptability to changing market dynamics and technological advancements.

In the Indian market, hybrids and EVs currently contribute 2 per cent each to the overall passenger vehicle sales in the fiscal year 2024.

As the demand for eco-friendly vehicles continues to rise, Mahindra's strategic investment positions it to capitalise on the growing EV market while keeping an eye on emerging hybrid technologies.

(KNN Bureau)

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