On Monday, August 15, 2022, the Chairman of Mahindra, Anand Mahindra, said that with increased consumer awareness and government support in place, it is time to enter the segment of electric passenger vehicles.
With a focus on gaining leadership in the electric vehicle segment, Mahindra & Mahindra announced that it will launch five new electric sport utility vehicles (SUVs) for both international and domestic markets, with the first four electric SUVs to be launched between 2024 and 2026.
Mahindra & Mahindra will introduce the first of the five electric SUVs by the end of 2024, starting with the Indian market. Currently, the company does not have a presence in the electric passenger vehicle segment.
According to the company, with the help of the government, a rapid decrease in the cost of ownership and increased consumer awareness of the issues related to environment, they believe that this is the right time to enter the four-wheeler markets with their range of battery electric vehicles.
The company noted that BII (British International Investment) has already committed an investment of around 250 million dollars in the electric vehicle venture of the company. According to the agreement between the two partners, the new EV Co is expected to have a capital infusion of around 1 billion dollars between 2024 and financial year 2027 for the planned product portfolio.
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