Mahindra posts record loss of Rs 1.29 billion in electric mobility business

The country’s top electric vehicle (EV) player, M&M, has posted a record loss of Rs 1.29 billion in its electric mobility business, on a turnover of Rs 1.29 billion during FY18, a year marked by the government’s thrust on EVs and multiple announcements by industry players. 

The tractor-to-SUV maker managed a four-fold growth in volumes to sell over 4,000 EVs last year but losses also expanded. 

The losses are clocked by M&M's subsidiary Mahindra Electric Mobility Limited. M&M had acquired electric carmaker Reva in FY11 for Rs 1.59 billion and renamed it as Mahindra Electric Mobility. M&M has invested Rs 6 billion