Mahindra has been a pioneer in the Indian EV industry as it was the first mass-market carmaker to enter the EV market with the launch of the e2o and the e-Verito. While the carmaker was unable to make any mark with the launch of the two EVs, Mahindra continued to work on the EVs both for commercial and personal mobility.
Now, furthering its commitment to the EV market in India, Mahindra has confirmed that it plans to invest Rs 3,000 crore towards EV development. Talking to PTI, Anish Shah, Mahindra Group Managing Director and CEO, reportedly said “ So, for EVs, we are going to invest Rs 3,000 crore additional to what we have talked about.”
Mahindra had already a significant sum of money at its Chakan facility towards manufacturing new EVs and EV component along with additional fund for research and development purposes. The additional investment of Rs 3,000 crore will further boost Mahindra’s future EV plans. The said investment will be spread over 3 years and it will include the development of a new dedicated EV platform.
Mahindra has confirmed that the new platform will be developed with the help of various Mahindra group companies like the Automobili Pininfarina, Mahindra Automotive North America (MANA), and the brand’s own Formula E racing team. The carmaker is also open to new joint ventures for EV development. It has already signed an MoU with REE (Automotive), an Israeli EV company, for the development of smaller trucks and commercial vehicles.
Mahindra’s initial focus will be on last-mile connectivity and electric vehicles for the commercial sector including electric 3 wheelers as the carmaker believes that the personal electric 4-wheeler market will still take a few more years to develop.
While we will have to wait a few more years to see the EV based on Mahindra’s new dedicated EV platform, Mahindra already has some EVs that can go on sale sooner. Mahindra showcased the electric versions of the KUV100 and the XUV300 at the 2020 Auto Expo in the near-production form. If Mahindra plans to launch the XUV300 electric, it will be a direct rival to the Tata Nexon EV, which is the best-selling EV in India.
Here is a look at Mahindra’s current lineup of EVs. It includes e2o Plus, eVerito, eSupro, Treo, Treo Zor and eAlfa Mini. While the e2o Plus and the eVerito are targeted towards personal mobility, the remaining models are targets towards the commercial sector including cargo and people mover.