At M&M, electric will drive growth
Mahindra & Mahindra (M&M) has indicated that among all its segment in the automobile sector, electric vehicle (EV) is going to be the most focused one going ahead. As part of its plan, the company will soon power some of its new and existing vehicles with the EV technologies sourced from its subsidiary Mahindra Electrics.
Pawan Goenka, managing director, M&M, said that the company will put efforts in turning around the products which are not doing well and will launch new products in all the segments it operates in. “However, EVs will get the most focus in comparison to all the other segments,” Goenka said.
M&M, which is betting big time on EVs, will be investing Rs 600-800 crore in the next few years to increase the capacity of its battery assembly plant. It has already spent around Rs 600 crore in the sector since the time it first acquired Bengaluru-based Reva Electric Car Company in 2010.
Under the umbrella brand of Mahindra Electric, the company will not only manufacture electric cars, but also license out its electric vehicle technologies and electrify its new and existing platforms. “A perfect example of how intellectual capital can raise the manufactured capital and in turn, the financial capital. We are also planning to power some of our new and existing vehicles with the latest electric drive train technology from Mahindra Electric,” it said in its latest annual report.
At the 71st annual general meeting, M&M chairman Anand Mahindra said the company had introduced electric vehicles in the UK. However, it had to halt the sales as it soon realised that the European market has changed and moved towards the need for more premium cars and therefore, decided to come later with the right product.