Mahindra & Mahindra (M&M) on Thursday said it will invest an additional ₹500 crore at its Chakan plant in Maharashtra to expand its electric vehicles portfolio. The utility vehicle major today inked two pacts with the State government regarding EVs, reported The Hindu Business Line.
In a statement issued yesterday, M&M said it will make efforts to become fully electric ready by further investing in its Chakan plant for manufacture of EVs, e-motor, controller, battery pack and other electric vehicle components for multiple mobility applications.
M&M has earmarked a total outlay of ₹900 crore for EV vertical. Apart from ₹500 crore investment in Maharashtra, the company also plans to put in another ₹400 crore in its other plants across the country.
As part of the MoU, the company along with the Maharashtra government will also work closely with various fleet partners, taxi aggregators, logistics companies, amongst others to deploy 1,000 electric cars over the next one year. M&M will deploy 25 e2oPlus vehicles ported on the Zoomcar platform in Mumbai as part of the MoU, the company said to PTI.
PTI reported that the company will also liaison with technology partners for motor controller, power electronics, battery pack, drivetrain and other parts and components, which are currently being imported, M&M said.
Besides, the company said it will supply EV battery pack, motors and controllers, power electronics, battery pack, drivetrain, other parts/components of EVs, battery assembly and electric vehicles to various group firms as well as to other customers.
