The fresh injection of cash will be used to develop a new EV platform.
According to a media report, Mahindra plans to invest Rs. 3,000 crore in its electric vehicles (EV) business in the next 3 years.
In addition to this, Mahindra has already announced its plans to invest Rs. 9,000 crore in the auto and farm sectors in the next 5 years. The company has set up an R&D centre with an investment of Rs. 500 crore and has put Rs. 1,700 crore in its EV business in India.
The report states that the fresh injection of cash will be used to develop a new EV platform with the collaborative efforts of its R&D facilities spread across the world. The company’s Bangalore facility produces battery packs, power electronics and motors. The Chakan plant has also been upgraded to manufacture EVs.
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