Livemint: July 17, 2017
New Delhi: Mahindra & Mahindra (M&M) is set to become the first Indian auto company to open a manufacturing plant in Detroit, US, says a report in The Economic Times. The company has deployed $1.5 billion in the US to generate $2.5 billion revenue, employing 3,000 people, added the report.
M&M will make off-road utility vehicles as the $19 billion conglomerate intends to double its bets in the US, added the report. The company looks to double its bets in one of the world’s most important markets. More From Livemint »
ET also cited Mahindra chairman Anand Mahindra confirming his plans to open the plant this year. “That’s a major milestone where an Indian automotive company is opening up manufacturing in a resurgent Detroit. I think that’s a wonderful twist of history,” Mahindra was quoted as saying.
The company plans to manufacture off-road utility vehicles, which will be designed at company’s North American Technical Centre, also based in Detroit.
The ET report also cites Mahindra managing director Pawan Goenka, revealing company’s decision to go slow in the initial phase. “We won’t be mass producing in the beginning. These categories of vehicles are unique to the US, but are not approved for the highways,” Goenka was quoted as saying.
First Published: Mon, Jul 17 2017. 12 57 PM IST
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.