The company already sells e-Verito and e20 Plus in passenger vehicle space. The company is looking to grow its electric vehicle portfolio by investing additional Rs 600 Cr. The company also hinted at the possibility of a makeover of some of its existing models into electric vehicles.
It is believed that given increasing concerns over clean air, urban congestion and rising fuel import bills, electric mobility and electric vehicles are the way forward. However, the electric vehicle market is still in a nascent stage as currently, it constitutes only about 1% of total vehicle sales.
Mahindra & Mahindra Ltd is currently trading at Rs 1241.5, up by Rs 10.45 or 0.85% from its previous closing of Rs 1231.05 on the BSE.
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