Mahindra Group is investing another ₹600 crore in e-vehicles to accelerate its focus on electric mobility. With this investment, company’s cumulative investment equals ₹1,200 crore in this venture. After investing in e-vehicles, the company is planning to roll out electric buses and e-rickshaws by the end of this year.
M&M MD, Pawan Goenka “With the Reva founders Mainis selling off their remaining stake, Mahindra Reva has now become Mahindra Electric which will focus on becoming a supplier of electric powertrains to M&M as well as outside OEMs”.
The Group is also working on higher voltage powertrains which will be used by its proposed luxury vehicle designed by Italian design firm Pininfarina as well as a range of SsangYong vehicles. The engines will be ready in two years. Besides, Mahindra Electric currently, produces 48 and 72 V engines that go into M&M’s current electric vehicles.
While claiming to launch 9-metre bus and ‘full range’ of e-rickshaws at the end of this year, Goenka said, “Currently the e-rickshaws are powered by lead acid batteries but we are working on lithium-ion and swappable batteries too”. He also added that e-rickshaws will be their primary focus.
The overall e-vehicle focus includes plans to set up a 60,000 units electric vehicle production plant in Chakan, near Pune which will build electric vehicles and assemble lithium ion batteries.