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Mahindra and Mahindra Ltd have announced its plans to invest around Rs. 1,000 crores in order to build a facility for the development and manufacturing of electric vehicles (EVs) in Karnataka. Mahindra Electric is said to implement the project. The firm will also build components for EVs from the Bengaluru-based electric technology manufacturing hub.
Mahindra, which mainly focuses on sport-utility vehicles (SUV) and tractors, is expecting to have an annual capacity of 70,000 vehicles by 2020 from the facility. Other companies wanting to build their own electric vehicles can also obtain electric vehicle parts from the facility, as per Mahindra plans.
The facility is part of Mahindra’s strategy to remain as the leader of India’s electric vehicle industry, as the government is focusing on the establishment of the domestic electric vehicle industry. According to Pawan Goenka, Mahindra’s managing director, the firm is looking at developing electric cars costing 300,000 Euro with its Italian subsidiary Pininfarina.
Mahindra also showcased its Treo range of electric autos. Goenka said, “It’s a day we consider a milestone. Our expansion today is going to develop India as a brand for electric vehicles.” The Treo electric three-wheelers will use Mahindra’s home-grown electric powertrain and lithium-ion battery.
