Mahindra & Mahindra Ltd(M&M) is planning to make huge investments of Rs 3,000 crore in its electric vehicles business in the next three years. For this, it is looking for more alliances and partnerships in the vertical.
The company is working on developing an EV platform by combining capabilities of its operations across the globe, including Detroit and Italy. It had previously mentioned that it was investing Rs 9,000 crore in auto and farm sectors in the next five years.
M&M has set a goal of putting 5 lakh electric vehicles on Indian roads by 2025. For this, it has already invested Rs 1,700 crore in the EV business in India with another Rs 500 crore on a new research and development (R&D) centre. The company has already opened its electric technologies plant in Bengaluru that produces battery packs, power electronics and motors. It has also invested in a new manufacturing unit at its chakan plant to produce EVs.
It has announced an MoU with REE (Automotive) which is an Israeli company. This is for smaller trucks and commercial vehicles. For its EV business also, the company is looking for alliances.