 "M&M's Telangana plant to roll out its first electric vehicle next year")
Auto maker Mahindra and Mahindra expects its first electric vehicle to roll out from its manufacturing plant in Zaheerabad, Telangana by 2024, a senior executive of the firm said on Friday.
Speaking to reporters after announcing the third quarter results for FY2022-23, Rajesh Jejurikar, Executive Director, M&M Ltd said the new plant which will come in the existing facility will be up and running in two years.
M&M on Thursday had said it signed a MoU with Telangana government for its proposed expansion plans at its existing manufacturing facility at Zaheerabad plant in Medak district.
The estimated investment for the proposed expansion is expected to be approximately Rs 1,000 crore to be made over a period of eight years by the company or any of its group companies, the firm said.
"It will be for both new product development and new plant for the electric vehicles. E-autos and e Jeeto (will be made in the plant). The commercial production will start in three to five years. Whatever are the products which we are able to convert into e-vehicles, (we will convert it). Let's say Jeeto may come by next year or so," Jejurikar said.
Jeeto is a range of mini trucks designed to serve specific needs like delivering cargo.
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While replying to a question, Jejurikar said by 2027, M&M expects that 20 to 30 per cent of its SUV sales would be electric.
In response to another query, he said the company does not need any land from the government as M&M has about 100 acres of land available at the existing facility.
He said the work for the new production facility will start in two to three months. The proposed expansion would mainly be towards setting up the manufacturing facility including development and production of electric two- and four-wheelers related to 'last-mile mobility' business.
The MoU provides for facilitation by the Telangana government supporting the company to obtain necessary approvals for the proposed expansion.
Considering the size of the proposed investment, it is expected to fall under the 'Mega Projects' category of the EV Investment Policy of the government for various incentives.
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