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India: Mahindra seeks to take lead in electric vehicles segment

New Delhi: Mahindra and Mahindra Ltd, the only manufacturer of electric cars in India, plans to introduce at least five such vehicles in the next three years to take advantage of a government plan to spend Rs.14,000 crore to boost the popularity of electric and hybrid vehicles in the country.

“We have already invested in our electric vehicle plant in Bangalore to produce 30,000 units per annum. We will be launching NXR (electric car) next month,” said Pawan Goenka, president of the automotive division at Mahindra, which sells electric cars through a company called Mahindra Reva Electric Vehicles. “With government support coming in, there will be a lot of interest in the electric vehicle segment. We will have to dominate it before anybody else does it.”

To reduce dependence on fossil fuels India will spend at least Rs.22,500 crore over the next eight years to promote electric and hybrid vehicles, of which the government will provide some Rs.13,000-14,000 crore, and the remaining amount will be invested by the auto industry in research and development activities.
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