- Likely to invest close to Rs 300 crore for last-mile mobility business

- Plans to introduce nearly six new vehicles

Rising environmental concerns and growing awareness towards green mobility have recently encouraged the masses to opt for electric vehicles in the country. In view of strong demand, media reports reveal that Mahindra Electric is likely to invest about 10 per cent of its allocated EV investment, about Rs 300 crore in its last-mile mobility business. It is believed that the company will double its production capacity and introduce up to six new vehicles, across three and four-wheel quadricycles.

The report further claims that the company is likely to close FY’22 with volumes of about 14,000 to 15,000 EVs, which might double in FY’23 provided that semiconductor supply issues do not worsen. By 2024-2025, the company expects to produce and sell about one lakh three-wheeler EVs. In this financial year, Mahindra’s last-mile mobility division has reportedly sold about 7,000 electric vehicles, and it is believed that the company is confident of selling a similar number in the next quarter alone.

More details on Mahindra Electric plans will be known in the days to come.

Source – ET Auto