Mahindra to make an additional investment of over Rs. 500 crore for Electric Vehicles and Electric Vehicle Components in Chakan as part of expansion efforts

mahindra-e2o-reva

Mumbai, February 19, 2018: Mahindra & Mahindra Ltd (M&M Ltd), a part of the US $19 billion Mahindra Group, announced in the presence of the Government of Maharashtra, that it would make an additional investment at its Chakan plant in Maharashtra. As part of its expansion plans, the company will invest over Rs. 500 crores in its Electric Vehicle (EV) Project under the new EV Policy of the Government of Maharashtra.

The investment for EV and EV Components is in addition to its ongoing expansion plan in Chakan which includes an initial investment of Rs. 6,500 crores. This additional investment of Rs. 500 crores will be utilized towards product development and capacity enhancement for electric vehicles and related components.

The MoU was signed by Shri Sunil Porwal, Additional Principal Secretary (Industries), Government of Maharashtra and Dr. Pawan Goenka, Managing Director, Mahindra & Mahindra Ltd. in the presence of Shri Devendra Fadnavis, Hon’ble Chief Minister, Government of Maharashtra and other dignitaries present at the Magnetic Maharashtra Conference currently underway in Mumbai.

Speaking on the occasion, Dr. Pawan Goenka, Managing Director, Mahindra & Mahindra Ltd. said, “We are delighted to announce the next phase of our Electric Vehicles expansion plan at Chakan and would like to thank the Government of Maharashtra for its new EV Policy which is a proactive step in electric mobility. The implementation of projects under this EV Policy will certainly make the state a leader in manufacturing of EV and EV components, promoting greater use of these vehicles. We have no doubt that the state will attract large EV related investments and emerge as a front runner in the EV race.”

Dr. Goenka further added, “The Mahindra Group along with Mahindra Electric Mobility Limited (MEML) is at the forefront of promoting electric mobility which could result in a paradigm shift in the passenger commuting segment, considerably mitigating air pollution. I am sure that with this expansion, the Mahindra Group will continue to play an integral part in the development of not only the region of Chakan but the state of Maharashtra, as well as the Indian auto industry, in time to come. We would like to showcase for the whole country the viability and benefits of EV through our EV Project. This is the next step towards the journey of achieving Mahindra’s vision of the “Future of Mobility” and encompasses the “5C” framework of Clean, Convenient, Connected, Clever and Cost effective. We are thankful to the Government of Maharashtra for their continuous and unstinted support.”

About Mahindra

The Mahindra Group is a USD 19 billion federation of companies that enables people to rise through innovative mobility solutions, driving rural prosperity, enhancing urban living, nurturing new businesses and fostering communities. It has a leadership position in utility vehicles, information technology, financial services and vacation ownership in India and is the world’s largest tractor company, by volume. It also enjoys a strong presence in agribusiness, aerospace, commercial vehicles, components, defense, logistics, real estate, renewable energy, speedboats and steel, amongst other businesses. Headquartered in India, Mahindra employs over 2,40,000 people across 100 countries.

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Mahindra & Mahindra Ltd sells 39,303 vehicles during January 2017

Mumbai, Februray 1, 2017: Mahindra & Mahindra Ltd. (M&M Ltd.), India’s leading SUV manufacturer, today announced its auto sales performance for January 2017 which stood at 39,303 vehicles compared to 43,789 vehicles during January 2016.

The Passenger Vehicles segment (which includes UVs, Cars and Vans) sold 20,096 vehicles in January 2017 as against 22,088 vehicles during January 2016. The company’s domestic sales stood at 37,042 vehicles during January 2017, as against 40,693 vehicles during January 2016.

Exports for January 2017 stood at 2,261 vehicles.

Commenting on the performance for January 2017, Pravin Shah, President & Chief Executive (Automotive), M&M Ltd. said, “The auto industry continues to see mixed reactions and some of the segments including the rural market and the commercial vehicles category continue to face challenging times. Going forward we expect the announcements made at the National Budget today will positively impact the economy and also the industry, especially in view of the emphasis and the allocations made for rural, agri and infrastructure. We are confident that this will lead to a spur in demand”.

Sales Summary January 2017

January

YTD January

F17

F16

% Change

F17

F16

% Change

Passenger Vehicles

20096

22088

-9%

190173

185704

2%

Utility Vehicles

19217

21034

-9%

179185

174276

3%

Cars + Vans

879

1054

-17%

10988

11428

-4%

Commercial Vehicles

13890

14385

-3%

141657

135481

5%

LCV < 3.5T

12737

13297

-4%

131179

126005

4%

LCV > 3.5T

535

477

12%

5950

5129

16%

MHCV

618

611

1%

4528

4347

4%

3W

3056

4220

-28%

43818

46565

-6%

Total Domestic Sales

37042

40693

-9%

375648

367750

2%

Total Exports

2261

3096

-27%

32232

29628

9%

Total Sales (Domestic + Export)

39303

43789

-10%

407880

397378

3%

About Mahindra

The Mahindra Group is a USD 17.8 billion federation of companies that enables people to rise through innovative mobility solutions, driving rural prosperity, enhancing urban living, nurturing new businesses and fostering communities. It has a leadership position in utility vehicles, information technology, financial services and vacation ownership in India and is the world’s largest tractor company, by volume. It also enjoys a strong presence in agribusiness, components, commercial vehicles, consulting services, energy, industrial equipment, logistics, real estate, steel, aerospace, defence and two wheelers. Headquartered in India, Mahindra employs over 200,000 people across 100 countries.