M-;M to invest Rs 10,000 crore in setting up EV plant in Pune

15 Dec 2022 , 11:05 AM

Mahindra and Mahindra (M&M), a major automaker, would invest Rs10,000 crore to establish an EV manufacturing facility in Pune.

By 2027, the business wants at least 30% of its sales to come from electric vehicles, so it is negotiating with governments to establish EV factories.

The Maharashtra government’s industrial promotion program for EVs will put up the Pune facility. M&M will invest Rs10,000 crore in a subsidiary over the course of seven to eight years to build the next-generation Born Electric Vehicle (BEV).

On August 15, the business displayed BEV in Oxfordshire, England. The INGLO EV platform from M&M will be used to build vehicles at the Pune plant, including e-SUVs marketed under the XUV name.