Mahindra plans 6 EVs; to double production capacity

Mahindra Electric is looking to invest close to Rs. 300 crore into last-mile mobility.

According to a media report, Mahindra Electric is planning to launch six new EVs across various segments. The company is also said to double its production capacity to cater to the rising demand for EVs.

The report states that Mahindra Electric is looking to invest close to Rs. 300 crore into last-mile mobility, which is about 10% of its allocated EV biz investment.

Depending on the supply of semiconductors, the company's volumes are expected to double in FY2023 from the 14,000 - 15,000 units expected by the end of FY2022.

It is estimated that Mahindra's annual electric 3-wheeler sales could hit the 1 lakh unit mark by 2024-25. The company estimates e-rickshaws to account for 30% of the overall 3-wheeler market. Its last-mile mobility division is said to have sold about 7,000 EVs this fiscal already.

Source: ET Auto