New Delhi: Mahindra & Mahindra (M&M) on Thursday said it is developing two new electric vehicles which it plans to roll out in the country over the next two years.
The utility vehicle major currently sells three electric models in the country — e-Verito, e2o Plus and e-Supro.
“We are working on two electric products. The first one will be launched by the end of next year and the second one by the middle of 2019,” M&M Managing Director Pawan Goenka said in a concall.
He, however, did not share details about the new products.
M&M has also earmarked an investment of Rs 600 crore over the next two-three years to expand its electric vehicle production capacity from 500 to 5,000 units a month.
The capital would be also utilised to develop new technologies and come up with infrastructure to produce battery components.
The company is also looking to ink joint ventures in the field of power electronics and motors.
“We have already invested Rs 500 crore on electric vehicles segment so far. Over the next 2-3 years we will invest another Rs 600 crore,” Goenka said.
He added that the company would stay out of battery cells manufacturing for now and just focus on module and other battery components.