Mahindra plans to invest in high-end EV technology

Mahindra & Mahindra, the sole Indian manufacturer of electric cars in India, has announced plans to invest directly or through its subsidiaries in “high-end electric powertrain technology as part of its plan for the future of mobility, and electrification of some of its existing and future products.”

The investments will also be utilised towards increasing manufacturing capacity for electric powertrains and electric vehicles. In a notification to the National Stock Exchange (NSE), the company said that the high-end electric powertrains will be used for the group’s future line-up of EVs.

The statement says, “As the pioneers of electric vehicles in the country, the group is committed towards making electric vehicles more accessible in order to build a clean and green tomorrow.”

The EV roadmap and future mobility plan will be revealed by Pawan Goenka, managing director, M&M, on Wednesday, May 24.

Mahindra Electric, the electric mobility arm of M&M, currently has three EVs: the e2o Plus hatchback, the eVerito sedan and the eSupro commercial van and passenger carrier.

An all-EV future

Given the government’s focus on the EV sector, M&M seems to be rejigging its passenger vehicle focus. On May 12, Niti Aayog, the government’s premier policy think-tank, announced its draft policy to have an all-electric vehicle fleet in the country by 2032. This step is estimated to save 64 percent energy demands in the mobility-related space and would help bring down carbon emissions to the tune of 37 percent and savings of an estimated expenditure of Rs 3.9 lakh crore ($60 billion).

EV synergies with SsangYong

M&M could also benefit from its synergies with its SsangYong Motor subsidiary. An aspect of its collaboration with SsangYong includes the development of a powerful electric powertrain.

Mahindra Electric is currently working on a more powerful 380V system for larger vehicles, including SUVs and even a performance vehicle. At present, Mahindra Electric has two systems – a 48V and a 72V – currently doing duty in its vehicles.

Although nothing is final, it is likely Mahindra and SsangYong could jointly use the powerful electric powertrain for a common or an independent product.