Mahindra Electric Mobility to invest Rs 1,000 cr by 2020 for electric vehicles
'We are investing Rs 1,000 crore by 2020 for electric vehicles including the electric three-wheeler range - Treo and Treo Yaari vehicles,' Mahindra and Mahindra MD and Mahindra Electric Chairman Pawan Goenka said
Bengaluru: Mahindra Electric Mobility on Thursday said it would invest a total of Rs 1,000 crore by 2020 for electric vehicles including the latest Treo and Treo Yaari vehicles.
"We are investing Rs 1,000 crore by 2020 for electric vehicles including the electric three-wheeler range - Treo and Treo Yaari vehicles," Mahindra and Mahindra Limited Managing Director and Mahindra Electric Chairman Pawan Goenka told reporters here.
Earlier, the MD inaugurated Mahindra Electric's electric technology manufacturing hub in the city.
Out of the Rs 1,000 crore, as much as Rs 100 crore has been invested for creating this facility, he noted.
Also, Rs 400 crore already have been invested in product technology space, while Rs 500 crore will be invested by March 2020 on research and development purposes, Goenka said.
With the new facility, the company's manufacturing capacity will increase to 25,000 units per annum.
Branded under the umbrella of +ME technologies, the facility will manufacture battery packs, power electronics and motor assembly, which are an integral part of an electric powertrain, he added.
Replying to a query, Goenka said the Treo and Treo Yaari versions will be launched across the country in a phased manner, but did not divulge the timeline.
To another question, he said the price of the electric vehicles will come down in future, but did not elaborate on the reduction of the price.
The firm has also launched its first lithium-ion electric three-wheeler range Treo and Treo Yaari with starting price of Rs 1.36 lakh ex-showroom Bengaluru.
Goenka claimed that the Treo range is the first Li-ion 3-wheeler auto developed in India.
The Treo range uses Mahindra Electric's home grown powertrain and Lithium-ion battery.
The variants include Treo electric auto and Treo Yaari electric rickshaw, both available in hardtop weather proof variants, the company said.
Mahindra Electric CEO Mahesh Babu said the company is aiming to bring about a "monumental change in the way India moves by enabling more EV products on the road through our +ME technology solutions."
The company has now invested in technologies that are core to EVs and have set up manufacturing of battery packs, motors, power electronics in the new facility at Bengaluru.
Gusto, priced Rs 43,000 onwards (ex-showroom Delhi), is pitted against Honda Activa, HeroMoto's Maestro and TVS' Jupiter.<br />
Under Mahindra's ownership, Ssangyong is investing nearly $1 billion on its product lineup as part of a strategic plan to break into the United States and Asian markets including China.