has a 42% market share in passenger vehicles but it is dragging its feet in making the transition to clean energy models. The next challenge for India’s EV makers is to win the market’s enthusiasm too.India’s Mahindra and Mahindra on Aug. 3 said Temasek will invest $145 million in the Indian car company’s electric vehicle unit at a post-money valuation of up to 805.8 billion rupees .
The deal will happen in one or more tranches, handing the Singaporean investor a stake of between 1.49% and 2.97%. Temasek will receive pre-emptive rights to participate in future funding rounds. Mahindra’s electric vehicle unit last year raised up to $250 million from British International Investment, the UK's development finance institution, at a valuation of up to $9.1 billion.
Mahindra said it expects electric models to make up between 20% and 30% of its total sales of sports utility vehicles, the largest part of its autos business, by March 2027.Editing by Una Galani and Katrina HamlinOpinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
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