Tuesday, January 31, 2023
HomeAutoMahindra will start a new company for electric vehicles, will get investment...

Mahindra will start a new company for electric vehicles, will get investment of Rs 1,925 crore from British firm

Mahindra itself will also invest up to Rs 1,925 crore in the new subsidiary. The upcoming EV subsidiary is valued at Rs 70,070 crore and will focus on the electric four-wheeler segment with Mahindra aiming to develop “a world-class electric SUV portfolio with advanced technologies”.

The new EV subsidiary is also expected to receive a further funding of up to Rs 8,000 crore by FY2027 for development of its product portfolio. Mahindra has also confirmed that the company will very soon introduce the XUV400, an all-electric SUV based on the XUV300, in September this year.

In a regulatory filing, Mahindra said it plans to transfer its ‘four wheel passenger electric vehicle business’ to a new subsidiary. The new firm will also benefit from its parent company’s manufacturing capabilities, product development, design organizations and network of dealers, suppliers and financiers.

BII’s first round of capital infusion is expected to be completed by June 2023. Speaking on the announcement, Dr. Anish Shah, MD & CEO, Mahindra & Mahindra Ltd. said, “We are extremely pleased to have BII as a partner in our SUV electric journey. At BII, we have found a like-minded long-term partner. Mahindra Group aims to become planet positive by 2040. Mahindra has been a leader in the electric vehicles space, and we are confident that we will be the leader in the electric SUV market in the future.”

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Mahindra has big plans for the electric vehicle segment in India in the coming years. The company has set a target of 20% to 30% of its sales from EVs by 2027. Earlier this year, the company had released teasers for three electric vehicles under its ‘Born Electric’ offering.

The vehicle concepts are expected to preview the company’s new generation electric vehicles along with confirmation of plans to launch the XUV300, all-electric derivatives of the XUV400 in India during this financial year. The company is set to reveal new details about its new ‘Born Electric’ model on August 15, 2022.

“Mahindra has very exciting plans to become a leader in the electric SUV space. Rajesh Jejurikar, Executive Director, Auto and Farm Sector, Mahindra & Mahindra said that the company will share the electric vehicle vision at an event in the UK on August 15, 2022. The event will reveal new EV product information, technology and platform strategy.

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