New Delhi: Mahindra & Mahindra Ltd will make new investments worth $ 3,000 million over the next three years for its electric vehicles, while seeking more alliances and partnerships in the vertical direction, according to a top official of the company.
M&M is working on the development of an EV platform by combining the capabilities of its operations around the world, including Detroit and Italy. “So, for EVs, we are going to invest 3,000 million euros in addition to what we talked about,” Anish Shah, managing director and CEO of Mahindra Group, told PTI.
Mahindra & Mahindra Ltd had earlier said it would invest £ 9,000m in the automotive and farm sectors over the next five years. The company, which wants to place 5 lakh electric vehicles on Indian roads by 2025, has already invested 1,700 million in the EV business in India with another 500 million in a new research and development center (R&D).
Although he has already opened his electrical technology factory in Bengaluru that manufactures batteries, power electronics and motors, he has also invested in a new production unit in his chakan plant to manufacture EVs. ‘For EVs, we’ll look at alliances. EV is the future. ”
“We already have one alliance. We announced a MoU with REE (Automotive) which is an Israeli company. This is for smaller trucks and commercial vehicles. And we will also have other alliances in the EV side. We are therefore very open to alliances, but it is more for the future, ‘Shah said.
On the question of whether the future alliances would be technology or equity partnerships, he said: ‘We are open to all sorts of possibilities at this stage, but at this stage it is still too early to say because we will have to have a lot of talks. Once we do, we will have a better sense. ‘
Bullish on the EV market in India, he said for the last mile, which is tricycles and small quad bikes for passengers and cargo, the cost of ownership is now the same as that of conventional vehicles. . ‘So, that segment, we see rising in the short term. In the next two or three years, it should become a very important part, ”Shah said.
However, he said: ‘For quad bikes it will take a long time … Infrastructure will only come in before the cost of ownership is equal. Many things need to work together, but we see a horizon of three to five years to make it happen. ”
Source: Telangana Today