Mahindra’s $1.4 Billion Investment In EVs Includes Six Electric SUVs

Indian automaker Mahindra & Mahindra has revealed plans to invest 120 billion rupees (around $1.44 billion) into its electric vehicles (EV) in the next three years. This noteworthy investment highlights Mahindra’s dedication to expanding its business in EVs and accelerating the transition to electric mobility. 

Mahindra’s investment strategy was unveiled in a post-earnings call by Rajesh Jejurikar, the CEO of Mahindra’s auto and farm businesses, where its electric SUVS will launch new EVs next year with anticipations that they will take 20% to 30% of Mahindra’s SUV lineup by 2027. Moreover, the company’s starting production of its Born Electric portfolio will have six electric SUVs. 

Furthermore, Mahindra’s EV business is also being invested by British International Investment Plc with 12 billion rupees (around $143 million), and Temasek investing 3 billion rupees (around 35 million). Adding these investments to Mahindra, the company is being placed in advantageous levels to expand its upcoming EVs. 

Currently, Mahindra is India’s third-largest EV company with only one model being available in the market, the XUV400. With Mahindra leveraging this massive investment in its strategy, it will be utilized to compete with Tata Motors, which towers over the EV market in India according to Bloomberg. With these plans underway, Mahindra could take its chance to elevate its position over its rivals. 

With India targeting net carbon zero by 2070, Mahindra’s investment to expand its EV business will certainly assist in reaching this goal for the country.  As the company prepares to launch its electric SUV lineup and expand its EV infrastructure, it seeks to lead India’s transition towards electric mobility which will bring a more sustainable automotive ecosystem.

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