A new passenger electric vehicle venture is to be launched by Mahindra & Mahindra, a leading Indian automotive group. The new business will develop four-wheel passenger electric vehicles for Indian consumers and other markets around the world.
It will lead to the creation of around 8,000 skilled jobs – a quarter of which is expected to be women.
British International Investment (BII), the UK’s development finance institution, is to invest up to $250 million in the new venture.
The investment is designed to significantly accelerate the availability and adoption of electric vehicles in India and other markets served by M&M.
M&M will match BII’s anchor commitment of up to $250 million.
The two partners will work to attract other like-minded investors into the new EV business over the next few years as it creates a world class portfolio of electric SUVs.
Dr. Anish Shah, MD & CEO, Mahindra & Mahindra, says: “We are extremely delighted to have BII as a partner in our SUV electric journey. In BII, we have found a like-minded long-term partner who is committed to combating the climate emergency. The Mahindra Group aims to be Planet Positive by 2040. Mahindra has been a pioneer in the electric vehicles space and we are confident we will be the leaders in the electric SUV market in the future.”
Nick O’Donohoe, Chief Executive of BII, comments: “BII’s anchor investment will be key to attracting additional sources of private capital into this exciting venture with Mahindra Group. The acceleration of EV development in India will be critical to supporting the country in reaching its emission targets as well as improving air quality in many urban areas. Mahindra will play a central role in the decarbonisation of the automotive industry in India and elsewhere.”
M&M will be unveiling its EV design philosophy and product line-up in an event on 15 August at its site in Oxfordshire.