Indian automaker Mahindra & Mahindra has said it will invest $1.44 billion in its EV unit over the next three years.
The announcement was made during post-earnings call last week, Bloomberg reported, with the firm in an “advanced stage” of starting production of its Born Electric portfolio.
It includes six battery-powered SUVs, its CEO Rajesh Jejurikar said.
While it plans to invest into EVs, Mahindra is also looking closely at hybrids.
It currently has one EV model on sale, the XUV400 but is expected to launch a new range of EVs in 2025, Bloomberg reported.
The automaker says it expects electric variants to form 20% to 30% of its SUV sales by 2027.
Mahindra Managing Director Anish Shah said in a post-earnings press conference, "At this point in time, we feel good about the focus on EVs.”
