Mahindra and Mahindra (M&M) Ltd is planning electric vehicles for the “last-mile mobility” segment — three-wheelers for passenger travel and cargo, and cargo four-wheelers — as the company sees a faster EV adoption in this segment.
“We have aggressive growth plans in this segment as electric three-wheelers and four-wheelers (cargo) is growing at a much faster rate than the electric passenger vehicle segment,” said Rajesh Jejurikar, executive director, auto and farm sector, M&M.
The company has in a regulatory filing announced an investment of Rs 1,000 crore over a period of eight years in extending its facility at Zaheerabad in Medak district in Telangana where it manufactures tractors.
