The automaker who is traditionally knows for fuel guzzling SUVs and CVs has announced it’s intention to diversify towards the Electric Vehicles (EV).
Key point to note –
- The Company targets to launch 8 new Electric SUVs and 8 new Electric Light Commercial Vehicles by 2026.
- It is targeting to invest Rs 3,000 crore towards this segment and is open for private equity and strategic partnerships.
- The MD says that a lot of work is going on behind the scenes, it will give rise potentially to a new brand and they are open to spin off the EV business into a separate subsidiary. (Tata Like)
It’s worth reminding here that Mahindras were one of the initial starters in the EV space. Remember they had acquired Reva – India’s only EV car company. However, not much follow through happened after that acquisition. Hopefully, Mahindras have some valuable learnings, IPs from that.
Though frankly, given the way technologies have evolved over the years, I would not put my bets onto that !