Mahindra & Mahindra, one of India’s leading automotive companies, has announced that their investment of INR 10,000 crore for electric vehicles has been approved under the Maharashtra Government’s industrial promotion scheme for electric vehicles.
The company, through its subsidiary, will make investments of approximately INR 10,000 crore over a period of seven to eight years for setting up the manufacturing facility, development, and production of Mahindra’s upcoming Born Electric Vehicles (BEVs), some of which were showcased in Oxfordshire, UK, on August 15, 2022.
Based on the INGLO EV Platform, these vehicle include e-SUVs under the XUV brand with the Twin Peak logo in copper, and the all-new electric-only brand called ‘BE’.
Rajesh Jejurikar, Executive Director, Auto & Farm Sectors, Mahindra & Mahindra, said, “We are delighted with this approval from the Govt of Maharashtra for setting up our EV manufacturing plant in Pune, and investing in what has been our ‘home’ state for over 70 years.”
He added that 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.”