Indian automaker Mahindra & Mahindra Ltd (M&M) is planning to invest Rs30bn ($390mn) for its electric vehicles (EV) business in the next three years, according to media reports citing a top company official.
This is in addition to the Rs17bn the company had invested earlier in the electric mobility business and the Rs50bn on a new R&D center in the country. The auto manufacturer aims to put 500,000 electric vehicles on Indian roads by 2025.
The company produces battery packs, power electronics, and motors at its Bengaluru plant, and has invested in an EV manufacturing plant in Chakan near Pune.
The group plans to combine its capabilities, like in Detroit, Automobili Pininfarina, and Formula E, to develop an EV platform in India.
On March 26, the company informed that its board has approved the consolidation of Mahindra Electric Mobility Ltd into the company. This was done to categorize its EV operations in two verticals – Last Mile Mobility (LMM) and Electric Vehicle Tech Centre.
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