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Homegrown automaker Mahindra & Mahindra has reiterated that it is open to bringing in new investors on board to fund its electric vehicle ambitions.
This comes just a couple of months after it announced raising $250 million from UK DFI and social impact investor British International Investment (BII) at a valuation of $9.1 billion.
Addressing investors at the Motilal Oswal Annual Global Investor conference earlier this week, M&M Group CEO & MD Anish Shah said that the company is open to divesting more stake in its “Ev co” to bring in more investors.
Shah had earlier said “BII and Mahindra group have committed to US$500m for the electric SUV space. We will (work jointly with BII) …will bring other like-minded climate-focused investors in the EV Co. which will help in further strengthening the business.”
M&M recently unveiled its maiden electric SUV, the XUV400, based on the internal combustion engine (IC-engine) driven XUV300. The e-SUV comes with a claimed driving range of over 450 kms on a full charge.
Shah said that the company expects 20-30% of sales from its overall portfolio of SUVs to come from electric variants.
However, M&M’s biggest challenge at the moment is to scale up its production to keep pace with demand for new launches.
“We sold 25000 units of the Scorpio- N in 53 seconds, setting a world record”, Shah said, adding that the company is unable to adequately meet customer demand.
“We want to increase our supply by two times – and we may even need to do more as EVs come in,” he added.
According to reports, there is a waiting period going up to 100 weeks for various models of Mahindra’s latest IC-engine launch, the Scorpio-N.
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John Miller has been writing about science, gaming, and tech culture for over a decade. He’s a top-rated reviewer with extensive experience helping people find the best deals on tech and more.
