Indian SUV Maker Mahindra to Invest $1.4 Billion in EV Unit
- Mahindra to launch six electric SUVs between January and March
- Manufacturer is mulling local production of EV batteries
The company will launch the electric SUVs between January and March.
Photographer: Dhiraj Singh/BloombergThis article is for subscribers only.
Mahindra & Mahindra Ltd., known for its diesel guzzling SUVs, will plow 120 billion rupees ($1.4 billion) into its electric vehicle business over the next three years as the automaker doubles down on cleaner transport.
Mahindra is in “advanced stage” of starting production of its Born Electric portfolio, which includes six battery-powered sport utility vehicles, Rajesh Jejurikar, chief executive officer of the company’s auto and farm businesses, said in a post-earnings call Thursday. The company will launch the electric SUVs between January and March, and expects battery-powered models to account for 20%-30% of its SUV lineup by 2027, he said.