M&M plans to roll out 3 new electric vehicles

Mahindra & Mahindra, which reported on Wednesday a 52.56 per cent decline in consolidated profit after tax at ~894.11 crore in the first quarter ended June 30 due to lower volume growth, has said it plans to roll out a range of electric vehicles. At the same time, Chairman Anand Mahindra at the company’s 73rd annual general meeting said there is a ‘tectonic shift’ occurring in the industry and the time is ripe for that shift. He said the task of going all EVs is achievable and India has the potential to become a hub for these vehicles. “To come back to the joint road-map, I can see a clear and achievable goal to make India the global hub for EVs,” Mahindra said. He also said that the company is investing ~12,000 crore for capex over next three years in addition to an investment of ~6,000 crore in its subsidiaries over the same time. In total, M&M is investing ~18,000 crore over next three years.