India's Mahindra to invest $1.2 billion in new EV plant

📆 12/14/2022 1:42 PM
📰 ChannelNewsAsia

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BENGALURU :Indian automaker Mahindra and Mahindra Ltd said on Wednesday it would invest 100 billion rupees ($1.21 billion) to set up an electric vehicle (EV) manufacturing plant near the western city of Pune.The Mumbai-headquartered conglomerate said the investment, for which it has received approval from the

BENGALURU :Indian automaker Mahindra and Mahindra Ltd said on Wednesday it would invest 100 billion rupees to set up an electric vehicle manufacturing plant near the western city of Pune.

Known for its sports utility vehicles and jeeps, Mahindra will manufacture its upcoming Born Electric Vehicles range that includes the EV variant of its popular SUV, the XUV 700, at the new plant. The new plant will help Mahindra take on domestic rival Tata Motors which dominates India's EV market with electric models of its Nexon SUV and Tigor hatchback. In August, Tata bought a former Ford Motor plant in the western state of Gujarat after the U.S. automaker exited the domestic market.

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