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Mahindra to invest Rs 10,000 crores to set up an EV manufacturing plant in Pune.
Mahindra will invest ₹10,000 crores over 7-8 years to set up an EV manufacturing plant for its upcoming Born Electric Vehicles, which the company revealed on 15th August this year.
Mahindra & Mahindra Ltd. today announced that the Maharashtra government approved their investment of ₹10,000 crores to establish an EV manufacturing plant in Pune. Mahindra will invest ₹10,000 crores over 7-8 years to set up a manufacturing facility for its upcoming Born Electric Vehicles.
On 15th August this year, Mahindra unveiled five electric SUVs and two EV brands. The two new EV brands are - XUV, with the Twin Peak logo in copper, and the all-new electric-only brand called ‘BE’.
Mahindra will launch three SUVs under the new BE brand name, BE.05, BE.07, and BE.09, and two under the XUV brand, XUV.e8, and XUV.e9. All the upcoming Electric SUVs are based on the new state-of-the-art INGLO EV platform and will be manufactured in the new Pune plant.
The first electric SUV, XUV.e8, will be launched in December 2024, and between 2024 and 2026, the company will launch four electric SUVs in India.
New Electric SUVs launch date:
- XUV.e8 – December 2024.
- XUV.e9 – April 2025.
- BE.05 – October 2025.
- BE.07 – October 2026.
- BE.09 – TBA
Speaking about the announcement, Rajesh Jejurikar, Executive Director, Auto & Farm Sectors, Mahindra & Mahindra Ltd., stated, “We are delighted with this approval from the Govt. of Maharashtra for setting up our EV Manufacturing Plant in Pune, and investing in what has been our ‘home’ state for over 70 years. We are very thankful to the Govt. of Maharashtra for their continued support. The Government’s focus on ‘ease-of-doing-business’ and progressive policies, together with Mahindra’s investment, will act as a catalyst for Maharashtra to become India’s EV hub, attracting further Indian and Foreign Direct Investment.”
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