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Mumbai, March 26, 2021: The Board of Directors of Mahindra & Mahindra Limited (“M&M”) has granted an in-principle approval for consolidation of Mahindra Electric Mobility Limited, a step- down subsidiary of the Company (“MEML”) into the Company.
Mahindra is the pioneer of Electric Vehicles and its technology in India. Its EV journey, which is more than two decades old started with ‘Bijlee’, the aptly named and arguably India’s first commercial and roadworthy electric vehicle. Since then, EVs have been an important part of the business with a range of passenger and commercial vehicles. There are over 32,000 Mahindra EVs on Indian roads which have covered more than 270 million kilometres. From being inducted in the French Presidential fleet with Peugeot electric two-wheelers to opening a new customer base of women entrepreneurs with Mahindra Treo, to Formula E races, Mahindra offers a range of unique EV capabilities to its customers and partners.
With the electric vehicles business at an inflection point and poised to grow exponentially, this realignment will help in providing the requisite resources as well as the direction to realising targeted growth.
Rajesh Jejurikar, Executive Director, Mahindra & Mahindra Limited said, “Electric vehicles will be the future of the Automotive business. To be future ready, we believe that the EVs should be part of the core and mainstream business. This intent to consolidate is a part of our EV strategy which aims to electrify various segments that will popularise e-mobility. We will continue to draw upon our deep understanding of customer needs to bring in exciting new products in the EV space.”
Growth in the EV sector in India has picked up pace in the recent past and is only going to accelerate further. EVs are the future of mobility, not only from a cost advantage but also from a sustainability standpoint. M&M is focused on the entire EV ecosystem including last mile connectivity, fleet mobility, personal mobility and research & development, which will fuel growth through technology and innovation.
The Mahindra Group is a USD 19.4 billion federation of companies that enables people to rise through innovative mobility solutions, driving rural prosperity, enhancing urban living, nurturing new businesses and fostering communities. It enjoys a leadership position in utility vehicles, information technology, financial services and vacation ownership in India and is the world’s largest tractor company by volume. It also enjoys a strong presence in renewable energy, agribusiness, logistics and real estate development. Headquartered in India, Mahindra employs over 2,56,000 people across 100 countries.
Learn more about Mahindra on www.mahindra.com / Twitter and Facebook: @MahindraRise