Indian automaker Mahindra and Mahindra Ltd has announced that it will be investing 10 billion rupees ($121 million) to establish a manufacturing facility in Telangana, India. This new facility will be dedicated to producing electric three- and four-wheel vehicles, such as cargo and passenger vehicles, and will be part of the company’s efforts to expand its last-mile mobility business.
The investment will be made over the course of eight years at the company’s Zaheerabad plant and will require the approval of the Telangana government, which Mahindra has already secured through an agreement.
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Mahindra’s decision to increase its investment in the electric vehicle (EV) market comes as the Indian government is working towards increasing the share of EVs in the country by the end of the decade. In December, the company also announced plans to invest 100 billion rupees in setting up an EV manufacturing plant near Pune, which will put it in direct competition with Tata Motors, the current leader in India’s EV market.
Overall, Mahindra’s investment in the EV market demonstrates its commitment to keeping pace with the changing times and meeting the demands of the market. With its new facility in Telangana and the planned manufacturing plant in Pune, the company is poised to make a significant impact in the Indian EV market in the coming years.
