Mahindra to invest in high-end electric powertrain technology
- Why Samir Singh could not stop running
- Embassy, Taurus Investment Holdings to invest $140 mn to develop Kerala SEZ
- RBI eases foreign investment regulations for corporate debt
- NCERT launches revised student-teacher ICT curricula
- HC asks Delhi, neighbouring states to implement ban on burning of crop residue
Mumbai: Mahindra and Mahindra Ltd on Monday said it plans to invest directly or through its subsidiaries “in high-end electric powertrain technology as part of its plan for the future of mobility; and electrification of some of its existing and future products”.
The investments will also be utilised towards increasing the capacity for electric powertrains and electric vehicles, it said in a notification to the National Stock Exchange on Monday. The high-end electric powertrains will be used for the group’s future line-up of electric vehicles (EV).
“As the pioneers of electric vehicles in the country, the Group is committed towards making electric vehicles more accessible in order to build a clean and green tomorrow,” it said.
The announcement, it added, is in line with its efforts to accelerate the transformation as well as be in sync with the government of India’s thrust on promoting hybrid and electric mobility in the country, through the ambitious National Electric Mobility Mission Plan 2020.
The Mumbai-based firm, the only manufacturer of an electric car, at present sells a range of small commercial vehicles with electric drivetrain and plans to step up the portfolio of such models both in passenger vehicles and commercial vehicles segments. It’s also working closely with its Korean subsidiary, Mahindra Ssangyong, to develop electric sports utility vehicles (SUVs) in three years, it said at a press meet last month. It has set a lofty goal of selling 100,000 of them by 2022, Business Standard reported on 6 May.
Mahindra’s intent to pump investment in EV technology comes amid the policy push to promote electric vehicles. The National Democratic Alliance (NDA) government plans to put an electric vehicle policy in place by the end of this year, minister for road transport and highways Nitin Gadkari said last Monday.
The government wants to see 6 million electric and hybrid vehicles on the roads by 2020 under the National Electric Mobility Mission Plan 2020 and Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India (FAME India Scheme). It has been offering subsidies on electric and hybrid vehicles of up to Rs29,000 for bikes and Rs1.38 lakh for cars under FAME India Scheme, but the plan is to make it economically viable on its own.