New Delhi: Mahindra & Mahindra, the maker of ever fuel-consuming diesel vehicles, is changing course and making bold bets on the greens. The company will launch eight new electric SUVs over the next six years – some under a new brand – as it invests Rs 3,000 crore in sustainable mobility while remaining open to private equity funding and strategic partnerships.
The Anand Mahindra-led company – which may have been India’s first major auto company to look at electrics but then failed to maintain the enthusiasm – is expanding the charge in electrics to its Light Commercial Vehicle (LCV) range as well, Where again eight is the plan. New EVs by 2026.
Led by his new boss Anisho Shah, the company has made it clear that it will not try to woo buyers with ‘soft’ offroaders, but will instead focus on what it calls ‘genuine SUVs’, which will primarily sell products from its top brands. Built around – bolero, Scorpio, XUV and Thar,
The electric SUV will likely give birth to another new brand. “A lot of work is going on (within the company) to prepare itself for EVs. We were the first to bet on Greens, and we have a lot of experience under our belt…arguably the best,” M&M MD and CEO Shah said when asked about the plans at Greens.
He said he is “open” to receiving outside funding to power the EV business and is even moving the Greens portfolio to a separate subsidiary, which has been done by some Tata Motors, “We are open to all options. We are open to outside funding for rapid growth. Private equity and other strategic partners help us grow faster,” Shah said.
The Anand Mahindra-led company – which may have been India’s first major auto company to look at electrics but then failed to maintain the enthusiasm – is expanding the charge in electrics to its Light Commercial Vehicle (LCV) range as well, Where again eight is the plan. New EVs by 2026.
Led by his new boss Anisho Shah, the company has made it clear that it will not try to woo buyers with ‘soft’ offroaders, but will instead focus on what it calls ‘genuine SUVs’, which will primarily sell products from its top brands. Built around – bolero, Scorpio, XUV and Thar,
The electric SUV will likely give birth to another new brand. “A lot of work is going on (within the company) to prepare itself for EVs. We were the first to bet on Greens, and we have a lot of experience under our belt…arguably the best,” M&M MD and CEO Shah said when asked about the plans at Greens.
He said he is “open” to receiving outside funding to power the EV business and is even moving the Greens portfolio to a separate subsidiary, which has been done by some Tata Motors, “We are open to all options. We are open to outside funding for rapid growth. Private equity and other strategic partners help us grow faster,” Shah said.
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