Mahindra was to invest INR 3,000 crore in the joint venture company with Ford. Now, it plans to use a part of that reserved fund to develop a new EV platform, as per a report from autocarpro.in.
Update – Mahesh Babu, MD & CEO, Mahindra Electric, has confirmed in an interview with thehindubusinessline.com this month that the Mahindra eKUV100 will go on sale in the first quarter of next year.
M&M has lined up an INR 1,500 crore investment for Mahindra electric cars and commercial vehicles. The company is committed to the growth of the EV market in India.
Mahindra has announced a INR 500 crore tech and R&D center in Bengaluru which will fastrack the market introduction of its electric vehicles.
Mahindra Electric has confirmed along with the latest announcement that the Mahindra Treo, Mahindra Atom and Mahindra eKUV100 are MESMA 48 platform EVs.
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CNBC-TV18 has reported that Mahindra will introduce 3 electric vehicles this fiscal, having sold over 14,000 EVs last year, driven largely by the demand for Treo and the e-Alfa commercial vehicles. The news network reports that Mahindra Electric will introduce the eKUV100, Atom and the Treo Zor in the market this fiscal.
Dr Pawan Goenka, Managing Director of Mahindra, recently talked about the issue with ETAuto when asked how the COVID-19 and low crude oil prices has impacted the EV development in India:
With the KUV100 electric gearing up to be launched in the first quarter of FY2021, Mahindra is also testing the KUV100 Trip CNG variant with updates so that it can safely tackle the BS6 regulation. The KUV100 Trip is expected to be launched alongside the eKUV100.
The price of the KUV100 electric was announced at the Auto Expo on 5 February, at Rs 8.25 lakh (ex-showroom Delhi). Mr Mahesh Babu, CEO of Mahindra Electric, speaking to News18 Auto, has said that the eKUV100 will appeal both to the fleet and personal segment for intra-city use.