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HomeAutoMahindra will increase speed in EV business, preparing to invest Rs 10,000

Mahindra will increase speed in EV business, preparing to invest Rs 10,000

Mahindra and Mahindra, one of the country’s largest automobile companies, plans to invest Rs 10,000 crore in the development and manufacturing of electric vehicles (EV). This investment will be made in the next seven-eight years. The company has received approval for an investment of Rs 10,000 crore under the Maharashtra government’s Industrial Promotion Scheme for Electric Vehicles.

The company in a regulatory filing Told, “The company will invest around Rs 10,000 crore in the development and manufacturing of electric vehicles through its subsidiary.” Mahindra & Mahindra’s upcoming electric vehicles will be launched under the XUV brand and the company’s new EV brand “BE”. The company’s Executive Director (Auto & Farm Segment), Rajesh Jejurikar said, “The company’s investment coupled with the government’s focus on ease of doing business and progressive policies will enable Maharashtra to become the EV hub in the country.”

Mahindra & Mahindra has entered the personal electric vehicle segment with the new XUV400 EV. It is similar to the electric variant of the XUV300 subcompact SUV but gets some design changes. In comparison, Tata Nexon EV and MG ZS EV are present in the market.

Measures are being taken to promote electric vehicles in many states. Recently, in Rajasthan and Uttar Pradesh, the government has implemented a new electric vehicle policy giving grants to EV buyers. Under this, the Rajasthan government has approved a contribution of Rs 40 crore for the purchase of EVs. The objective of this policy is to increase the number of electric vehicles in the state. Rajasthan Chief Minister Ashok Gehlot had announced this policy in the state budget. To encourage the purchase of EV, the state government will give exemption in State Goods and Services Tax (SGST). Incentives are also being given by the Central Government for electric vehicles. in Delhi electric vehicles 100 charging stations will be started for These charging stations will be in partnership with private firms. For this, land will be given by the Delhi government. Equipment and manpower will be provided by the private firm in the charging station. They will also have the facility to replace the battery.

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