M&M to invest ₹ 3,000 crore on electric vehicle business in next 3 years
The Hindu
While it has already opened its electric technologies plant in Bengaluru that produces battery packs, power electronics and motors, it has also invested in a new manufacturing unit at its chakan plant to produce EVs.
Mahindra & Mahindra Ltd will put in fresh investments to the tune of ₹ 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.
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