Mahindra plans injecting ₹4,500 Crore for two new electric brands

28 Nov 2024 , 02:35 PM

Mahindra & Mahindra has committed ₹4,500 Crore to the complete development of the two new ground-up electric brands, including the establishment of production capacity, a top corporate executive said on Wednesday.

The ₹4,500 Crore investment is part of the company’s ₹16,000 Crore expenditure plan for the electric vehicle sector throughout the FY22-27 cycle. 

The Mumbai-based automaker is building a 90,000-unit-per-year production capacity at its Chakan factory for the two ground-up ‘Born Electric’ models, the BE 6e and XEV 9e.

We have budgeted ₹4,500 Crore for the two models. Rajesh Jejurikar, Mahindra & Mahindra’s Executive Director and CEO for the auto and agriculture sectors, told reporters here that the investment would go toward the overall development of electric vehicles.

The Mumbai-based automaker announced two models on Tuesday: the BE 6e and the XEV 9e, with deliveries set to begin in February-March of next year.

The entry-level BE 6e and XEV 9e models are priced at ₹18.9 Lakh and ₹21.9 Lakh, respectively (ex-showroom).

According to the business, the BE 6e has a range of 682 km, whereas the XEV 9e has a range of 656 km.

At around 2.28 PM, Mahindra & Mahindra was trading 2.93% lower at ₹2,916.75 per piece, against the previous close of ₹3,004.80 on NSE.

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