Mahindra & Mahindra expects electric vehicle production at its upcoming plant in Chakan in Maharashtra to hit peak production mark of 2 lakh units per annum between 2027 and 2029, according to company President -Automotive Sector Veejay Nakra. The company estimates that EVs would account for 30 per cent of the overall volumes by 2030.
Mahindra And Temasek: Singapore-based Temasek signed an agreement with automotive major Mahindra & Mahindra to invest INR 1,200 crore in its passenger electric vehicles (EV) company MEAL, the company said in a stock exchange notification on Thursday.
In a regulatory filing late Thursday night, the company's executive director (for its auto and farm division), Rajesh Jejurikar, said that M&M expects 20 per cent to 30 per cent of its SUVs to be electric by 2027. He also pointed out that the company will reveal its first EV the XUV400 in September this year.
No sedans, mini SUVs for M&M: CEO Shah
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No sedans, mini SUVs for M&M: CEO Shah
Pankaj Doval / TNN / Updated: Apr 5, 2021, 10:16 IST
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M&M s key products such as Scorpio and XUV500 would be upgraded over the next 12-18 months. (File photo)
NEW DELHI: Mahindra & Mahindra (M&M) has decided not to make sedans, hatchbacks and smaller SUVs, while looks to have an all-new brand of premium, electric SUVs under its Italian subsidiary Pininfarina, which could be priced up to Rs 40 lakh, new MD & CEO Anish Shah has said.
Electrics would be the biggest focus area for the company, which would see investments of over Rs 3,000 crore in the short term, that would be scaled up as the business expands.