India’s Mahindra & Mahindra To Invest $600 Million In Electric Vehicles Business
India’s leading electric vehicles manufacturer Mahindra & Mahindra is preparing a massive push in the electric mobility business with a planned investment of over $600 million.
Mahindra & Mahindra will launch electric versions of existing crossover sport utility vehicles in the near future. The company is the only commercial EV car manufacturer in India and hopes to make the most of this first-mover advantage. It plans to produce electric versions of XUV500 and KUV100, apart from a new car the company is planning to role out.
The current portfolio of Mahindra’s electric offerings include hatchbacks — e2o and e2o plus, a sedan — eVERITO, a van — eSupro, and a three-wheeler — e-Alfa Mini. The company plans to deliver the eVERITO model to the Energy Efficiency Services Limited which had floated a tender for 10,000 electric vehicles.
Mahindra had quoted the second-lowest bid for supplying the electric vehicles and had, thus, been unable to qualify and the tender was eventually awarded to Tata Motors, which incidentally has no electric vehicles on sale in India. Mahindra & Mahindra was then awarded a part of the tender after it agreed to match the lowest bid. The company admits that it will not be making any money off the tender.