M&M to invest Rs 6 billion in EV unit, eyes 3,000 monthly production

Mahindra & Mahindra has set a target of manufacturing 3,000 electric vehicles a month over the next two years and will invest up Rs 600 crore in a new plant for such vehicles, a top company official said.

"Right now, we are rolling out 200 electric vehicles a month. We are going to rev up this capacity to 700-800 monthly over the next four months," M&M managing director Pawan Goenka told PTI here.

Mahindra manufactures electric vehicles at its Bengaluru, Nasik and Pune facilities, he said.

"We want to enhance our electric vehicles production to 3,000 units a month over the next two years and for this a new manufacturing unit with an investment of Rs 500-600 crore will come up", Goenka added without naming where the new plant will come up.

It can be noted that government has decided to allow only electric vehicles from 2030 to fight rising pollution.

The Centrally-run EESL had in October last ordered 10,000 electric sedans from the Tatas and Mahindras over the next few years and has already concluded contracts for 500 units-- 350 from Tata Motors and 150 from Mahindra-- making it the single largest order for electric cars in the world.