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Mahindra to manufacture 48,000 electric vehicles annually by 2021-22

Mahindra to manufacture 48,000 electric vehicles annually by 2021-22

The automaker will invest Rs 500 crore in Maharashtra and Rs 400 crore in Karnataka

India's largest SUV player, Mahindra & Mahindra (M&M) plans to produce 48,000 electric vehicles (EV) by 2021-22. Pawan Goenka, managing director, M&M told Business Today on the sidelines of the Magnetic Maharashtra summit in Mumbai that the company will start production of EV components from two states-- Maharashtra and Karnataka,.

"Though EV components will be produced from Karnataka and Maharashtra, the electric vehicles will be made in more states. We plan to produce 4,000 electric vehicles a month by 2021-22 as the market will be fairly evolved by then," he says. The rise in volume will be largely driven by the expected demand from the likes of Ola and Uber. "We will invest Rs 400 crore in Karnataka and Rs 500 crore in Maharashtra for making EV  components. Work has already started on the Karnataka plant and the Maharashtra plant construction will commence soon," says Goenka.

Mahindra acquired Reva in May 2010 for entering into the electric vehicle space. After the acquisition, the company launched the electric hatchback e2o in 2013. Today, it sells electric vehicles in different segments - the electric CitySmart hatchback e2oPlus, the electric sedan eVerito, electric commercial vehicle eSupro (passenger and cargo) and zero emission and all-new, electric rickshaw eAlfa.