Mahindra plans to invest Rs 3,000 crore for EV push

Automobile group Mahindra & Mahindra (M&M) is expected to invest at least Rs 3,000 crore in electric vehicle (EV) development over the next three years for converging capital investment in electric and Internal Combustion Engine (ICE) vehicles.

The company also plans to launch its first electric SUV, the XUV400, in the first half of next year with the aim of having an important vehicle portfolio in the Indian electric vehicle market. M&M recently released a teaser video showing three concept EV SUVs as part of the Born Electric Vision to be announced in July this year.

The ‘Born Electric Vision’ of Mahindra is expected to give out a major boost to the company in the highly competitive Indian auto market. Mahindra & Mahindra is also expected to bring electric versions of its popular car models in the ICE segment. 

With the growing interest in electric vehicles in the Indian market, automakers are coming up with plans to enter the EV market including Tata Motors, M&M, MG Motor, and Hyundai Motor Co. Tata Motors has also announced a separate company for electric mobility, Tata Passenger Electric Mobility Ltd.