Mahindra and Mahindra expects its first electric vehicle to be produced in Zaheerabad, Telangana, by 2024, according to a senior executive at the company. M&M Ltd stated to reporters after announcing the third quarter results for FY2022-23, that the new plant, which will be housed in the existing facility, will be operational in two years. M&M had previously stated that it had signed an MoU with the Telangana government for proposed expansion plans at its existing manufacturing facility in Medak district, Zaheerabad.
The estimated investment for the proposed expansion is Rs 1,000 crore, which will be made over an eight-year period by the company or any of its group companies, according to the firm. “It will be used for both new product development and a new plant for electric vehicles. E-autos and eJeetos (will be made in the plant). Commercial production will begin in three to five years. Whatever products we can convert into e-vehicles (we will convert it). Let’s say Jeeto comes by next year or so “Jejurikar stated. Jeeto is a line of mini trucks designed to meet specific needs, such as cargo delivery.
In response to a question, Jejurikar stated that M&M expects 20 to 30% of its SUV sales to be electric by 2027.
He stated that construction on the new manufacturing facility will begin in two to three months. The proposed expansion would primarily focus on establishing a manufacturing facility, which would include the development and production of electric two- and four-wheelers for the ‘last-mile mobility’ business. The MoU calls for the Telangana government to assist the company in obtaining the necessary approvals for the proposed expansion. Given the size of the proposed investment, it is expected to fall under the ‘Mega Projects’ category of the government’s EV Investment Policy for various incentives.