Mahindra and Mahindra (M&M) stated that its ₹10,000 crore investment in electric vehicles has been approved under the Maharashtra government's industrial development scheme for EVs and that the new EV manufacturing facility by the company will be inaugurated in Pune, India.
According to an exchange filing by Mahindra, the automaker will invest around ₹10,000 crores over a seven-to-eight-year period in Pune, Maharashtra, for establishing the manufacturing facility, development, and production unit for its upcoming Born Electric Vehicles (BEVs).
Notably, on August 15, 2022, some of Mahindra's BEVs were showcased in Oxfordshire, UK. The e-SUVs under the brand XUV with the Twin Peak emblem in copper and the all-new electric-only brand dubbed 'BE' are among the cars based on the cutting-edge Inglo EV platform.
Commenting on the occasion, Rajesh Jejurikar, Executive Director, Auto & Farm Sectors, Mahindra & Mahindra Ltd., said, 'We are delighted with this approval from the Govt. of Maharashtra for setting up our EV Manufacturing Plant in Pune and investing in what has been our ‘home’ state for over 70 years. We are very thankful to the Govt. of Maharashtra for their continued support. The Government’s focus on "ease-of-doing-business" and progressive policies, together with Mahindra’s investment will act as a catalyst for Maharashtra to become India’s EV hub, attracting further Indian and Foreign Direct Investment.'
According to Mahindra, with all the green initiatives the firm is taking towards setting up a significant EV product line-up and manufacturing facilities, it plans to lead ESG internationally, foster rural prosperity, and improve urban living.