Mahindra looks at the development of electric vehicles, which together with Pininfarina costs 300,000 euros, says MD Pawan Goenka. Photo: Ramegowda Bopaiah / Mint
New Dilli: Mahindra and Mahindra Ltd on Wednesday presented plans to invest up to 1,000 crore to Karnataka to build EV equipment. Mahindra, which mainly manufactures sports cars and tractors, will implement the project through its subsidiary Mahindra Electric. The company will also produce components for EV in the so-called Bengaluru Electricity Production Center.
The facility is expected to have an annual capacity of 70,000 vehicles by 2020. Mahindra also plans to deliver electrical parts of vehicles from this facility to other companies wishing to produce their own electric vehicles. It also presented a series of Treo electric cars on Wednesday.
The device is part of Mahindra's strategy to maintain the leading position of the Indian electric vehicle industry at a time when the federal government calls on car manufacturers to locally manufacture electric vehicles. The government is also working on a policy to promote green vehicles in an effort to reduce uncontrolled pollution in large cities.
Mahindra creates battery assemblies, power electronics and motors that are the key to electric drive.
Pawan Goenka, Managing Director of Mahindra, said the company is engaged in the development of electric cars with an Italian subsidiary, Pininfarina, worth EUR 300,000.
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"It is a day we consider a milestone. Our expansion is now developing India as a brand for electric vehicles," he said.
Treo electric tricycles use a domestic electric drive and Mahindra lithium-ion battery. Mahindra announced in February this year the alliance with a Lithium-ion battery manufacturer in South Korea. Mahindra became India's first car manufacturer to invest in electric vehicle technology when Reva Eletric Car Co. was acquired in 2010. in Bengaluru.