The company's investment plan for EVs has been approved under the Maharashtra government’s industrial promotion scheme for EVs
Mahindra to set up an EV manufacturing plant in Pune, India. (Credit: Ask27/Wikipedia.org)
Mahindra & Mahindra (Mahindra) has announced an electric vehicle (EV) manufacturing facility in Pune, India, where it plans to make an investment of around INR100bn ($1.2bn) over a period of seven to eight years.
The Indian automotive manufacturing company’s investment plan for the EV plant has been approved under the Maharashtra government’s industrial promotion scheme for EVs.
Mahindra is expected to make the investment through its subsidiary for the development, and production of its upcoming Born electric vehicles (BEVs).
Mahindra auto and farm sectors executive director Rajesh Jejurikar 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.
“We are very thankful to the Govt. of Maharashtra for their continued support. 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.”
In August 2022, Mahindra and Volkswagen Group revealed their intentions to extended their collaboration to expedite the electrification of the Indian automotive market.
The two companies signed a term sheet on the supply of modular electric drive matrix (MEB) electric components for the Indian automaker’s purpose-built electric platform INGLO.
Through the partnership, the companies agreed to look for potential areas of collaboration in the areas of e-mobility, including vehicle projects, localisation of battery cell manufacturing and charging, and energy solutions for the electric ecosystem in India.
In March 2022, Suzuki Motor announced an investment of around $1.37bn in the Indian state of Gujarat for the manufacturing of EVs and batteries.