On August 15, 2022, Mahindra & Mahindra unveiled a new brand ‘BE’ that would specifically focus on electric vehicles based on a new INGLO EV platform. The company showcased concepts for five new EVs, four of which are to be launched between 2024 and 2026. Mahindra also unveiled the XUV 400 all-electric SUV in September. This is based on the existing XUV300 ICE (internal combustion engine) SUV that it already sells. Clearly, for the next few years, Mahindra has its hands full as far as EVs go.
The homegrown maker of the popular Scorpio and XUV700 SUVs will invest Rs 10,000 crore over the next 7-8 years for setting up the manufacturing facility, development and production of the upcoming Born EVs. These include e-SUVs under its existing XUV brand and the all-new BE brand.
The new EV manufacturing plant of Mahindra will come up near Pune in Maharashtra. The company already operates a huge manufacturing plant at Chakan near Pune. The Maharashtra government has approved Mahindra’s Rs 10,000 crore investment for EVs, under its industrial promotion scheme for Electric Vehicles, the company said on Wednesday.
“We are delighted with this approval from the Government of Maharashtra for setting up our EV Manufacturing Plant in Pune and investing in what has been our ‘home’ state for over 70 years. The Government’s focus on ‘ease-of-doing-business’ and progressive policies, together with Mahindra’s investment, will act as a catalyst for Maharashtra to become India’s EV hub, attracting further Indian and Foreign Direct Investment,” said Rajesh Jejurikar, executive director, auto and farm sector, Mahindra & Mahindra.
Mahindra in a way had made early bets on EVs when it acquired a majority stake in Bengaluru-based Reva Electric in 2010. Yet, it is currently trailing in the EV space and will have a lot of catching-up to do, especially with its homegrown rival Tata Motors, which has an EV market share close to 89 per cent.
Mahindra raised Rs 1,925 crore for its EV subsidiary from British International Investment, the UK’s development finance institution, in July this year.