Gujarat, September 10 (MeelBijendra) – Mahindra has announced to invest INR 10,000 crore over a period of 7-8 years through its subsidiaries to accelerate the electric vehicles (EV) segment. These investments will be for setting up the manufacturing facility, development and production of Mahindra’s upcoming electric vehicles.
The company strengthened its vision by setting up Mahindra Electric Automobile Limited (MEAL) worth US$ 9 billion (INR 70 thousand crore) with investment from British International Investment (BII).
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In parallel, Last Mile Mobility (LMM) with a valuation of Rs 6 thousand crore is investing with International Finance Corporation (IFC) to pursue electrification in the last mile segment.
Mahindra showcased its bold vision for the future of electric mobility with the unveiling of five new production-ready e-SUVs under its new cutting-edge EV platform INGLO and two EV brands (Mahindra Twin Peaks and BE).
EV 3Ws achieved record sales and achieved dominant market leadership position with ~65% share.