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New Delhi, Jan 9 () Automobile major Mahindra &amp; Mahindra (M&amp;M) on Thursday said India's electric vehicles dream is not far from realisation but it needs steps like priority financing and duty reduction on certain parts to push e-mobility in the country.
 The company, which sells various electric models like e-Verito and e2O, said that with more manufacturers like Tata, Hyundai, MG Motors and Maruti Suzuki coming in the segment, there will be more acceptance of electric vehicles (EVs).
 While stating that the government has done its bit to help e-mobility, the company said it was time for manufacturers to work towards reducing EV prices in order to make it viable for personal usage even as new business models in the shared mobility space proving it to be a sound proposition.
 "Government has done what needs to be done... Electric vehicle dream is now not very far and with many players coming in, Tatas have announced their vehicles, Hyundai have launched their Kona, MG has announced their EV and Maruti has talked about its EV as well, with that we will see more and more EVs coming in," Mahindra &amp; Mahindra Managing Director Pawan Goenka told reporters here.
 This certainly will make it more acceptable when we see many more products on the road for public to start using EVs, he added.
 Goenka further said it was now up to the companies to take it forward in order to make e-mobility affordable.
 "OEMs (original equipment manufacturers) need to reduce prices of electric vehicles by 8-10 per cent. We are working on it. Reduced prices would help in better offtake of such vehicles," Goenka said.
 Commenting specifically on Mahindra, he said the company would like to reduce the price of e-Verito to around Rs 11 lakh from Rs 12 lakh currently.
 "To achieve that, we are focussing on localisation and also with cell prices going down, it should help. Right now, there is 5 per cent duty on import of cells, if that can be reduced then there can be a reduction of at least Rs 20,000 in vehicle price," he said.
 Highlighting the current challenges faced by the EV sector, he said that one of the major hurdles is in financing as banks and non-banking financial companies (NBFCs) are reluctant to give loans as they are not sure about the resale value of EVs.
 "At present, interest on loans for electric three-wheelers are 5-6 per cent higher than those of diesel or CNG vehicles. If we can have priority financing for EVs at a lower rate, it will help accelerate growth of the segment," Goenka said adding that electricity charges at a lower slab for charging would also help.
 Outlining Mahindra's strategy in the electric segment, he said the company would be focussed on shared mobility space over the next few years.
 "Our focus is on shared mobility and is in tune with the government policy. the company is working with state government, fleet operators to make electric mobility viable. Mahindra now has around 22,000-23,000 electric vehicles on ground," Goenka said.
 He said the company's current portfolio with range of 150-200 km was more than sufficient to take care the needs of fleet operators. Mahindra has a long-term association with electric fleet operator Lithium Urban Technologies.
 The companies now have a fleet of over 1,000 electric vehicles on the ground.
 Elaborating on Mahindra's product strategy in the electric segment, Goenka said the company plans to launch e-KUV100 in the first quarter of next fiscal which would be priced competitively and cost less then Rs 9 lakh.
 "We have the Atom (quadricycle), last-mile connectivity four-wheeler that will be launched in the third quarter of the coming financial year and that would hopefully redefine last-mile connectivity," he said.
 Goenka further said the company will launch high-range electric XUV300 in 2021, and "that will be our first entry into the personal use segment" while all other products are designed for shared mobility.
 M&amp;M is working on localising the components from April this year and only battery cells would be imported thereafter, he added.
 When asked about the company's orders for state-owned EESL, he said that while it did not work out but the aggressive plan by the government helped in bringing the spotlight on EVs and helped in building awareness.
 He also admitted that vehicles supplied to EESL were good for shared mobility but not suited for personal usage of "senior officials of the government, who did not like them".
 In 2018, EESL had floated a tender for procuring 10,000 electric vehicles. MSS RKL HRS

EV dream not very far, need priority financing, cut in import duties of some parts: M&M

<keyword id="6354743" type="COMPANY" weightage="20" keywordseo="Amazon-India">Amazon India</keyword> on Tuesday said it has deployed nearly 100 Mahindra Treo Zor three-wheelers in seven cities in the country as part of its broader goal. The Mahindra Treo Zor vehicles have been deployed in seven cities so far, including Bengaluru, New Delhi, Hyderabad, Ahmedabad, Bhopal, Indore and Lucknow. In 2020, <keyword id="18635" type="CITY" weightage="20" keywordseo="Amazon">Amazon</keyword> India had announced that its fleet of delivery vehicles will include 10,000 <keyword id="6354973" type="UNKNOWN" weightage="20" keywordseo="electric-vehicles">electric vehicles</keyword> (<keyword id="312660" type="COMPANY" weightage="20" keywordseo="EVS">EVs</keyword>) by 2025 in India. These EVs are in addition to the global commitment of 100,000 electric vehicles in the delivery fleet by 2030 announced in the Climate Pledge signed by Amazon. "The partnership between Amazon India and <keyword id="3583860" type="PERSON" weightage="20" keywordseo="mahindra-electric">Mahindra Electric</keyword> is a welcome step, which reaffirms India's significant progress in the e-mobility industry and highlights the role of auto makers and e-commerce companies to achieve our environmental sustainability goals," said Union Transport Minister Nitin Gadkari. "We are confident that the government's efforts to encourage the adoption of electric vehicles in the country, and steps taken towards setting up of infrastructure backed by policy measures will help more companies adopt e-mobility," he added. The Mahindra Treo Zor was launched in October 2020 and provides an advanced Lithium-ion Battery and ease of charging, making it easy for delivery partners to charge the vehicles in various locations. "The expansion of our Electric Vehicle fleet to 10,000 vehicles by 2025 is an integral milestone in our journey to become a sustainability leader in the industry. We continue to work with several OEMs to build a fleet of 'Made in India' electric vehicles," said Akhil Saxena, VP, Customer Fulfilment Operations, APAC, MENA &amp; LATAM, Amazon said. Mahindra Treo Zor has been designed and developed in India and offers best-in-industry performance and the longest-in-industry wheelbase offers a very safe and stable ride "We are proud to partner with Amazon in deploying Mahindra Treo Zor EV in their delivery partners' fleet. We believe, this will redefine India's logistics and last-mile delivery needs and at the same time help Mahindra and Amazon to achieve our sustainability goals," said Mahesh Babu, MD &amp; CEO, Mahindra Electric Mobility Ltd. Treo Zor offers a unique customer value proposition with best-in-industry power of 8 kW, and highest-in-class payload of 550 kg.

Amazon India partners with Mahindra Electric to add EVs to its fleet of delivery vehicles

<keyword id="9301251" type="General" weightage="20" keywordseo="Global-development-institution" source="Orion">Global development institution</keyword> IFC will invest Rs 600 crore in a new last-mile mobility (LMM) company, a wholly-owned subsidiary of <keyword id="6357096" type="General" weightage="20" keywordseo="Mahindra-Mahindra" source="Orion">Mahindra &amp; Mahindra</keyword> that will be newly incorporated (NewCo), it announced on Wednesday. IFC's first investment in an EV manufacturer in the country, and the first in electric three-wheelers globally, will be in the form of compulsory convertible instruments at a valuation of up to Rs 6,020 crore. The Rs 600 crore investment will result in an ownership of between 9.97 per cent to 13.64 per cent for IFC in NewCo. NewCo will house the last mile mobility division, including three wheelers (Alfa, Treo, Zor) and four-wheeler SCV (Jeeto). "With the electrification of the last mile mobility business at scale, we will move a step further in our commitment to be aPlanet Positive' by 2040. This also presents a tremendous opportunity for growth for micro and women entrepreneurs," said Anish Shah, MD and CEO, Mahindra &amp; Mahindra. India has committed to reducing its emissions profile by 45 per cent by 2030, and simultaneously aims to achieve 80 per cent EV penetration for two-and three-wheelers, 70 per cent for commercial vehicles and 30 per cent for private cars in the same time-frame. "India is the largest three-wheeler market globally, and this investment marks a significant step towards scaled domestic production of electric vehicles catering to this segment, as well as small commercial vehicles," said Hector Gomez Ang, IFC's Regional Director for South Asia. According to Rajesh Jejurikar, Executive Director and CEO (auto and farm sector), Mahindra &amp; Mahindra, being the market leaders in this segment: "We have an opportunity to drive higher EV penetration in this segment and provide a more sustainable as well as profitable option to microentrepreneurs". IFC, a member of the World Bank Group, works in more than 100 countries. In fiscal year 2022, IFC committed a record $32.8 billion to private companies and financial institutions in developing countries. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/back-to-square-one-nifty-circles-back-to-levels-last-seen-in-september-2021-markets-likely-to-end-2023-in-the-red/articleshow/98898424.cms">Back to Square One: Nifty circles back to levels last seen in September 2021, markets likely to end 2023 in the red</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/brent-crude-oil-prices-remain-under-pressure-on-tensions-that-risks-in-global-banking-sector-may-spark-a-recession-worldwide/articleshow/98862335.cms">Brent crude oil prices remain under pressure on tensions that risks in global banking sector may spark a recession worldwide</a>

IFC to invest Rs 600 cr in Mahindra & Mahindra's new last-mile EV firm

<ul><li>Maruti’s brand, scale, and reach can be a big boost for electric vehicles in India </li><li>Other leaders in the segment, Mahindra &amp; Mahindra and Tata, had already introduced their EV models in the Indian market </li><li>In India, the sale of electric cars has been sluggish with sales dipping in FY 2017-18 </li></ul>Indian automobile giants have forayed into the electric vehicle market with Mahindra &amp; Mahindra taking the lead and acquiring Reva <keyword id="46640" type="ORGANIZATION" weightage="20" keywordseo="electric-car">Electric Car</keyword> Company in 2011. But it’s only now that the country’s largest carmaker looking to throw in its hat into the ring. <keyword id="44883" type="DOMAIN" weightage="20" keywordseo="Maruti-Suzuki">Maruti Suzuki</keyword> is <a href="https://www.news18.com/news/auto/exclusive-electric-maruti-suzuki-wagon-r-spotted-testing-ahead-of-launch-next-year-1996651.html">reportedly</a> testing the electric version of the good ol’ Wagon R on the Indian roads, although the car will be officially launched in 2020. The launch of Maruti’s electric car will be significant because of the scale that the company brings to the table. Maruti Suzuki saw a domestic sale of 1.3 million until December, 2018 and has over 2000 sales outlets spread across the length and breadth of the country. The brand, with a history of over 37 years in India, has proved that it still has resonance amongst millions of Indians despite the entry of fancy foreign peers. “They might not have the first mover advantage, but the expertise they have is unmatched. Not just distribution, they have a great hold over their brand loyalty and customer development channels, which is also their USP,” said Pranav Jain, an automobile consultant. The pioneer in the segment has been Mahindra &amp; Mahindra with cars like e20, eVerito and eSupro already being commercially sold, while other rivals like Tata finding a foothold in the market with cars like Tata Tigor EV. However, access to these vehicles, recharging stations, and service centres after purchase are crucial factors in the consumers’ decision to purchase. Maruti is a better pick based on these factors than other players because of its existing network in the country. However, the company has taken its time to join the race. Osamu Suzuki, Chairman, Suzuki Motor corporation, during his visit to India for the <a href="https://www.firstpost.com/business/global-mobility-summit-suzuki-motor-corp-to-start-road-test-of-electric-vehicles-next-month-says-chairman-5136281.html">Global Mobility Summit</a> in September had announced that the company will launch 50 EV prototype vehicles in India. The idea behind the testing is to develop safe and easy-to-use EVs for the Indian roads. The Indian Electric Vehicle market saw a growth of 124 per cent with 56,000 units sold in fiscal year 2017-18, but they hold a <a href="https://www.livemint.com/Politics/1x96WeyG6cCVnm5zPcUraK/Govt-proposes-incentives-to-boost-EVsalesin5-years.html">mere 1% </a>of total vehicles sold in India. However, the major share was held by electric two-wheelers with 54,800 units sold reportedly. The sales of electric cars took a mere 1200 units, according to a report done by <a href="https://auto.ndtv.com/news/electric-car-sales-in-india-fall-in-fy18-electric-two-wheelers-record-healthy-growth-1934323">the Society of Manufacturers of Electric Vehicles. </a> Currently, the electric vehicles market in India faces a massive infrastructural problem due to the lack of charging stations (albeit they are slowly coming up in major cities like Bengaluru and Delhi). The government’s delay in bringing about an EV policy too has the industry in a fix. While the entry of big players will give the right impetus to a new generation of cars, the industry will also need a proactive solution from the centre. See Also: <a href="https://www.businessinsider.in/central-govt-has-set-up-a-panel-to-monitor-indigenous-electric-vehicles/articleshow/53595564.cms">Central govt has set up a panel to monitor indigenous electric vehicles</a> <a href="https://www.businessinsider.in/electric-two-wheelers-might-cost-us-less-in-the-near-future/articleshow/53189329.cms">Electric two-wheelers might cost us less in the near future</a> <a href="https://www.businessinsider.in/elon-musk-plans-on-tesla-motors-having-partial-presence-in-india-by-2019/articleshow/66508511.cms">Elon Musk plans on Tesla Motors having ‘partial presence’ in India by 2019</a>

Can latecomer Maruti Suzuki rev up electric car sales in India?

Greater Noida, Feb 5 () Homegrown auto major Mahindra &amp; Mahindra on Wednesday introduced electric variant of its compact SUV KUV100 at starting price of Rs 8.25 lakh (ex showroon Delhi post FAME benefits) at Auto Expo here. The company claims that electric KUV 100 (eKUV 100) is India's most affordable passenger electric vehicle in the segmen. eKUV100 offers peak power output of 40kW, torque of 120 Nm and a range of 147 km, ideal for city commuters. It comes with automatic transmission and could be fast charged to 80 per cent within 60 minutes. Besides, the company showcased e-XUV300, which is expected to hit the market in the second half of 2021 to strengthen its position in the EV segment. The company, part of USD 20.7 billion Mahindra group has also showcased Aton, a new age urban mobility solution and Funster, a roadster electric concept with convertible rooftop. "It is our firm belief that shared mobility would drive large scale adoption of electric vehicles and hence our product offerings would continue to redefine shared mobility space. We intend to offer widest range of vehicles to meet the needs of shared mobility, " said Mahindra &amp; Mahindra Managing Director Pawan Goenka here. He further said " affordability" is the guiding principle of the company in EV category. Speaking on e-KUV 100, he said it was an ideal vehicle for shared mobility and personal mobility. Sharing the details of e-KUV 100, Mahindra's Head of Electric Vehicle Development Ashish Malik said it would give the thrill of driving an SUV and eco-friendly feeling at the same time. " It comes with a city friendly motor of 15.9 KV, which is perfect for city commute. It delivers power of 40 kw and torque of 120 Nm. The range is almost 150 km," he said. It can be fast charged to 80 per cent in 55 minutes. "It comes with a liquid cool battery pack and also offers the convenience and comfort of auto transmission and many connected car features as pre cool and switch it off and on remotely or even digital connected features which would be revealed at the launch," said Malik. While talking about eXUV300, Goenka said, "it would be launched in the second half of 2021." The eXUV300 is powered by a powerful motor and a large battery capacity ensures a long range. It has a new futuristic design with new features, smart and premium interiors with blue highlights to accentuate the new character of this SUV. It has been built on a platform that has 5-star safety rating from GNCAP. According to Goenka, the company has invested around Rs 1,700 crore on development of electric vehicles which includes technology, infrastructure and products. "Right now we are investing another Rs 500 crore to set up a new R&amp;D centre at Bengaluru and a new capacity which we are setting at Pune," he said. Goenka further said shared mobility would be the driver of growth as it would be commercially viable. "I do believe that in EV in India the primary segment for drive the growth would be shared mobility. The reason is that the EV would be commercially viable. They have to be driven 150 to 200 km in a day which cannot happen in personal use mobility," he said adding " that is the reason Mahindra is focussing on shared mobility before we get into vehicle like eKUV 100 or eXUV 300." The company also has plans to launch Treo.4 of its first lithium battery based three-wheeler auto. "This will have everything locally manufactured except lithium cell," he said adding "it would be coming out very soon". On the future of electric three-wheelers, he said: I wouldn't be surprised if in 3 to 5 years 50 per cent three-wheelers sold in India are electric three-wheelers." While talking about Funster, Goenka said it was designed at the company's own design studio at Mumbai. Funster offers an output of 230 kW with a top speed of 200 kmph, clocking 0 to 100 kmph in 5 seconds. Mahindra has showcased 18 vehicles in the Auto Expo and has one of the widest displays of EVs by an Indian OEM here. KRH ANUANU

You Searched For "Mahindra Mahindra EV" and got 5 results

EV dream not very far, need priority financing, cut in import duties of some parts: M&M

PTI

Amazon India partners with Mahindra Electric to add EVs to its fleet of delivery vehicles

IANS

IFC to invest Rs 600 cr in Mahindra & Mahindra's new last-mile EV firm

IANS

Can latecomer Maruti Suzuki rev up electric car sales in India?

Sanchita Dash

Mahindra launches eKUV100 priced at Rs 8.25 lakh

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