New Delhi: Indigenous vehicle manufacturer Mahindra is working hard to create an edge in India's growing EV market.
The business has now disclosed that it will spend Rs. 10,000 crore in Pune to create a manufacturing and research facility for electric vehicles.
The investment plan of the company has been approved under the Industrial Promotion Program of the Government of Maharashtra.

Only 1% of the new cars sold in India every year are electric vehicles. The lofty goal of the government is to increase this to 30% by 2030.
As a result the country has become one of the most attractive EV markets. It is important to make the right decision and invest as there are many people competing to be the leader of the pack.

Mahindra is going in the right direction.

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Pune will receive investment from Mahindra through its EV subsidiary. In 7-8 years, the investment will be done.
According to the company, the new plant will be used to produce a new line of Born Electric Vehicles (BEVs). This will also apply to the EV XUV700.
The facility will act as a hub for EV research, development and production.

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Rakesh Jejurikar, Executive Director, Auto & Agriculture, Mahindra & Mahindra, said, “We are thrilled with this approval from the Government of Maharashtra to set up our EV manufacturing plant in Pune, and invest in what has been our ‘home’ State for more than 70 years.
He continued, "We are grateful to the Government of Maharashtra for their continued support.

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Mahindra's EV subsidiary received $250 million in funding from British International Investments (BII) earlier this year.
The company announced in September that it was in preliminary discussions with international green funds and private equity firms to raise $250-$500 million for its EV ambitions.
The automaker unveiled its first all-electric SUV, the XUV400, in the same month.