Mahindra and Mahindra has announced plans to set up the EV Co, a brand new subsidiary that will focus on the electric passenger vehicle segment. The British International Investment (BII), a UK-based financial institution, and Mahindra will both invest ₹ 1,925 crore into this subsidiary.
Mahindra also confirms that the global debut of its upcoming Nexon EV rival — the XUV400 SUV — will take place in September this year. Mahindra will also unveil three Born Electric Vision SUV concepts this August.
Mahindra has also planned to transfer all its identifiable “Four Wheel Passenger Electric Vehicle Business” assets to the new subsidiary. The subsidiary will develop a global electric SUV line-up with advanced tech, it added.
