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Rs.500 Crore Lined Up By Mahindra & Mahindra For EVs

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Mahindra & Mahindra Limited has already pumped in Rs.6,500 crores for the expansion of its plant at Chakan in Maharashtra. It has now announced an additional investment of Rs.500 crore for this plant, particularly for developing new EVs for India and their components along with boosting capacity for EV production. Dr. Pawan Goenka, the Managing Director at Mahindra & Mahindra Limited, has stated that the company is delighted to be facilitating the next expansion plans at Chakan for its EVs.

Rs. 500 crore lined up by Mahindra & Mahindra for EVs

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He also thanked the Government in Maharashtra for its brand new EV policy which would help immensely towards making the State a leader in the production of EV components and electric vehicles. The company is looking to launch 2 EVs in the country by 2019 and one of these could be the KUV100 electric version as per reports.

The company currently manufactures 100 EVs per day and this will be increased to 1, 000 cars each month within the next 5-6 months as per reports. The company is targeting an increase in this number to 5, 000 units by 2019.

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