M&M to invest Rs 10,000 cr to set up plant in Pune for upcoming EV range
Automobile major Mahindra and Mahindra (M&M) said on Wednesday it will invest Rs 10,000 crore for setting up an electric vehicle (EV) manufacturing facility in Pune.
The company is in talks with states to set up EV plants as it seeks at least 30 percent of its sales to come from such vehicles by 2027.
The Pune facility will be set up under the Maharashtra government’s industrial promotion scheme for EVs, the company said. M&M, through a subsidiary, will invest Rs 10,000 crore over seven to eight years for the plant that will make its upcoming Born Electric Vehicle (BEV).
The company showcased BEV in Oxfordshire, England, on August 15. Vehicles made at the Pune plant will be based on M&M’s INGLO EV platform and will include e-SUVs under the XUV brand.
