Mahindra to Invest ₹100 Billion to Produce EVs in Maharashtra
The new EVs will be rolled under the brand name ‘BE’
Mahindra and Mahindra said that the Maharashtra government has approved its plan to invest ₹100 billion (~$1.2 billion) for an electric vehicle (EV) manufacturing facility in Pune.
The company said that the investment will be made through its subsidiary over a period of 7-8 years.
The investment will also be directed toward the production of Mahindra’s upcoming Born Electric Vehicles (BEVs), a few of which were exhibited in the UK earlier this year.
These electric-only vehicles will be based on the INGLO EV platform and rolled out under the brand name BE. It will include the e-SUVs under the brand name XUV.
The Executive Director, Auto & Farm Sectors, Mahindra & Mahindra, Rajesh Jejurikar said, “We are delighted with this approval from the Government of Maharashtra for setting up our EV manufacturing plant in Pune, and investing in what has been our ‘home’ state for over 70 years. The Government’s focus on ‘ease-of-doing-business’ and progressive policies, together with Mahindra’s investment, will catalyze Maharashtra to become India’s EV hub, attracting further Indian and foreign direct investment.”
Last year, the Maharashtra government announced the Draft Electric Vehicle Policy, 2021, aiming to bolster the adoption of sustainable and clean mobility services in the state. The recommendation is valid until March 31, 2025. The draft policy sets a target to achieve 25% electrification of public transport in five prime urban clusters of Maharashtra in the next three years. It also proposes converting 15% of the state transport’s existing buses to EVs during the policy period.
Last month, the Pune Municipal Corporation called for proposals for the commissioning, operation, and maintenance of public EV charging stations at various locations in the city.
According to statistics released by the Ministry of Road Transport and Highways in October, retail sales of EV totaled 257,278 units in the third quarter of 2022, representing a 183% year-over-year increase from 90,831 units sold in the same quarter of 2021.