Mahindra to invest Rs. 500 crore in its EV project at Chakan

Mahindra has announced that it will make an additional investment of Rs. 500 crore in its Chakan plant. This investment will be utilized in the product development and capacity enhancement for electric vehicles (EV) and their components. 

A memorandum of understanding (MoU) was signed between the Government of Maharashtra and Mahindra during the Magnetic Maharashtra conference in Mumbai.

Mahindra has already announced its expansion plan in Chakan, which includes an initial investment of Rs. 6,500 crore. The additional investment is part of the next phase of its EV expansion plan. In December 2017, had reported that the company has plans to launch three new EVs in India by 2019-20.