Due to the plan of automobile company Mahindra & Mahindra (M&M), the difficulties of other automobile companies including Hyundai, Maruti, Tata are going to increase in the coming days. In fact, Mahindra is likely to invest at least 3 000 crores for electric vehicles (EV) development in the next three years.
The company is working on expanding its portfolio in the electric vehicle market in India. With this, it is to launch its first EV SUV, XUV 400, in the first 6 months of the next financial year. Mahindra recently released a teaser video showing the three EV SUVs under its 'Born Electric Vision' which is slated to be unveiled in July this year.
The source said on condition of anonymity that “the company plans to invest ₹3,000- ₹5,000 crore on electric vehicles over the next three years. The ratio of this money on EV and ICE vehicles will be 50:50. ,
The company will launch 8 new electric vehicles
Sometime back Mahindra had announced that it would introduce 8 new electric vehicles by 2027. Four of them will be sourced from the existing petrol and diesel Mahindra SUVs. Mahindra's new electric cars will be designed on the new 'Born Electric' platform from the very beginning. The company is also planning to create an individual sub-brand for its EV range.
The company is expected to grow in the Indian auto market with Mahindra's 'Born Electric Vision'. The company is also planning to bring electric versions of several popular models in the ICE segment including its Scorpio. According to a report by consulting firm RBSA Advisors, India's electric vehicle market is in a nascent stage. It is expected to reach $150 billion in the next 10 years by 2030. Electric vehicle sales in FY21 accounted for about 1.3 per cent of total vehicle sales in India. Which will see rapid growth in the coming time.
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