M&M to invest Rs 3,000 cr on electric vehicle business in next 3 years

Mahindra & Mahindra Ltd will put in fresh investments to the tune of Rs 3,000 crore on its electric vehicles business in the next three years, while it looks for more alliances and partnerships in the vertical, according to a top company official.

M&M is working on developing on an EV platform by combining capabilities of its operations across the globe, including Detroit and Italy.

“So, for EVs we are going to invest Rs 3,000 crore additional to what we have talked about,” Mahindra Group Managing Director and CEO Anish Shah told PTI.

Mahindra & Mahindra Ltd had earlier said it was investing Rs 9,000 crore in auto and farm sectors in the next five years.