Indian Economy News

Auto major M&M shifts to high gear with US$ 4.5 billion (Rs. 37,000 crore) investments

Mahindra & Mahindra (M&M), a major Indian automotive company, is preparing to launch a significant number of new vehicles by 2030. This includes 9 sport utility vehicles with internal combustion engines, 7 battery electric vehicles (BEVs), and 7 light commercial vehicles. To support this ambitious product plan, M&M has outlined an investment of US$ 3.3 billion (Rs. 27,000 crore) in its automotive business between the fiscal years 2024-25 and 2026-27. Additionally, the company will invest a total of US$ 4.5 billion (Rs. 37,000 crore) across its automotive, farm, and service businesses over the next three years.

Specifically, the company's board has approved an investment of US$ 1.5 billion (Rs. 12,000 crore) to fund the electric vehicle (EV) journey of its subsidiary, Mahindra Electric Automobile (MEAL), over the next three years. The first set of BEVs from M&M is expected to be launched in the first quarter of 2025. M&M expects that electric vehicles will account for 20-30% of its overall sales by around 2027.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.