Mahindra & Mahindra has decided to invest Rs 1,000 crore on development, production, research and development of electrical vehicles by 2020.
Speaking to reporters on the sidelines of Mahindra Treo electric 3-wheeler launch, Pawan Goenka, Managing Director, Mahindra and Mahindra Limited, and Chairman, Mahindra Electric Mobility Limited, said, “With all these developments, the company will have invested ?1,000 crore by 2020.”
M&M has so far invested ?400 crore for electrical vehicle products and technology development; Rs 100 crore for Treo (company’s three-wheeler autorickshaws) and Rs 500 crore for setting up global automobile R&D centre and production enhancement in Bengaluru and Chakan near Pune.
With a budget of ?400 crore, the company is planning to split its production of electric vehicles between Bengaluru and Chakan near Pune. According to Goenka, “All electric vehicles up to 100-150 volts will be based out of Bengaluru and those above 200 volts will be done out of Chakan plant.
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