The Board of Directors of Mahindra & Mahindra (M&M) Limited has granted an in-principle approval for consolidation of Mahindra Electric Mobility Limited (MEML) with M&M.
The company considers the electric vehicles business to grow exponentially, thus, this realignment will help in providing the requisite resources as well as the direction to realising targeted growth.
Utility vehicle manufacturer stated that the consolidation would categorise EV operations in two focused verticals -- Last Mile Mobility (LMM) and Electric Vehicle Tech Centre. The company is hopeful that this move will have EV business to explore M&M’s larger ecosystem of product development capability in various countries and forge alliances in North America, Europe and other regions faster.
There are over 32,000 Mahindra EVs on Indian roads which have covered more than 270 million kilometers. From being inducted in the French Presidential fleet with Peugeot electric two-wheelers to opening a new customer base of women entrepreneurs with Mahindra Treo, to Formula E races, Mahindra offers a range of unique EV capabilities to its customers and partners.
Rajesh Jejurikar, Executive Director, Mahindra & Mahindra Limited said, “Electric vehicles will be the future of the Automotive business. To be future ready, we believe that the EVs should be part of the core and mainstream business. This intent to consolidate is a part of our EV strategy which aims to electrify various segments that will popularise e-mobility. We will continue to draw upon our deep understanding of customer needs to bring in exciting new products in the EV space.”
