Mahindra to accelerate EV launches

Mahindra & Mahindra (M&M) which currently sells e2oPlus and eVerito EVs is planning to accelerate launch of electric vehicles (EVs) in the wake of government clearing a Rs 10,000-crore programme under the FAME-II scheme. M&M has earmarked a total outlay of Rs.900 cr for EV vertical. The company has set up an electric technology manufacturing hub in Bengaluru with an investment of Rs.100 cr and Rs.350 cr for new R&D centre in Bengaluru. It is also expanding its Chakan (Pune) plant at an investment of Rs.450 cr to enhance its EV portfolio. The company would look at localising the motor which goes into EVs, the power electronics and the battery. FAME II will be implemented over a period of 3 years w.e.f. 1st Apr-19. The main objective of the FAME II scheme is to promote and encourage faster adoption of electric and hybrid vehicles by way of offering upfront incentive on purchase of EVs and also by way of creating necessary charging infrastructure for EV.

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