Mahindra to invest Rs 1,000 crore on electric vehicles by 2020

New Delhi: Mahindra and Mahindra Limited on Wednesday unveiled a plan to invest Rs 1,000 crore in Karnataka to make a facility for the development and construction of electric vehicles (EVs). Mahindra, which primarily manufactures sports utility vehicles and tractors, will implement the project through its subsidiary Mahindra Electric. The firm will also prepare components for EVS in the so-called Electrical Technology Manufacturing Center in Bangalore.

This facility is expected to have annual capacity of 70,000 vehicles by 2020. Mahindra is also planning to supply electric vehicle parts with convenience to other companies willing to manufacture their vehicles. On Wednesday, it also released the Treo range of Electric Auto.

This facility is part of Mahindra’s strategy to maintain its leadership in India’s electric vehicle industry, when the central government is urging auto makers to produce electric vehicles locally. The government is also working on the policy of promoting environment-friendly vehicles to reduce heavy pollution in major cities.

Mahindra will pack a battery pack, power electronics and motor assembly, which is the key to the electric power train.

Also Read: Mahindra Electric Treo Launched with Prices Starts At Rs 2.22 Lakh

Mahindra Managing Director Pawan Goenka said the firm is planning to develop its € 300,000 electric cars with its Italian subsidiary Pininfarinina.

“It’s a day we consider a milestone. Our expansion today is going to develop India as a brand for electric vehicles,” he said.

The Treo electric three-wheelers will use Mahindra’s home-grown electric powertrain and lithium-ion battery. Mahindra announced in February this year an alliance with South Korea’s LG Chem to make lithium-ion batteries in India. Mahindra became the first auto maker in India to invest in electric vehicle technology when it acquired Bengaluru-based Reva Eletric Car Co. in 2010.

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Manish Kumar Barnwal

Manish Kumar Barnwal

Hye guys, I am Manish a professional Digital Marketer, Blogger & Youtuber. And I am just 18 years old. Tech Affair 24 is my dream blog, here on my blog I share articles related to Technology, Digital Marketing, Tech News and Online Earning.

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