The company has completed its entry-level car portfolio with Reva models (the last one launched on Friday). It is yet to decide whether it should launch mid- or high-end cars.
The company has completed its entry-level car portfolio with Reva models (the last one launched on Friday). It is yet to decide whether it should launch mid- or high-end cars.

Mahindra eyes an all-electric vehicle portfolio

The company has completed its entry-level car portfolio with Reva models (the last one launched on Friday). It is yet to decide whether it should launch mid- or high-end cars.
By Sunny Sen | Hindustan Times, New Delhi
UPDATED ON OCT 22, 2016 01:41 PM IST

Mahindra and Mahindra claims to be the first and only Indian automobile firm that is looking at building an all-electric vehicle portfolio, as India tries to reduce emission and pollution.

“We are working on that,” said Pawan Goenka, executive director of M&M. The firm is betting on electric, self-drive, and ride share, what it calls the “future of mobility”.

Many in M&M say though the cost to acquire an electric vehicle is high, over time, its maintenance gets cheaper, which will eventually boost its adoption.

“Mahindra is looking to make some of its mainstream vehicles electric,” said Goenka. Scorpio, its SUV, might soon have an all-electric variant. The company that sold 2,300 electric vehicles last year didn’t disclose the details of its electric portfolio, sales targets and investment.

“We will focus on the mass market … we are betting on electric vehicles, and not hybrids,” said Goenka.

The company has completed its entry-level car portfolio with Reva models (the last one launched on Friday). It is yet to decide whether it should launch mid- or high-end cars.

Meanwhile, M&M will build a premium Pininfarina (Italian car design firm and coachbuilder that M&M acquired) brand vehicle. Goenka said the vehicle will “also be all-electric”.

However, high cost is the biggest roadblock for electric vehicles in India even though the government announced incentives and an investment of Rs 14,000 crore under the Electric Mobility Mission plan.

The battery remains the most expensive part even though its prices have come down by more than a half in the last year. “As a group, we will see how we can make this technology affordable,” said Pravin Shah, president and chief executive (automotive) at M&M.

Goenka said M&M would not make low-cost batteries, but would work on battery technology that will “optimise its use”. “We want to be the company that brings electric vehicles to India,” he said.

While in the past, people have questioned the performance of an electric SUV, Shah said the 80 kilowatt pack that M&M uses was powerful enough.

Some of the other countries such as China are also betting on electric vehicles, and not hybrid. England, too, has de-incentivised hybrids. According to various reports, by 2020, electric vehicles will constitute a quarter of global car sales.

SHARE THIS ARTICLE ON
app
Close
Risks to the recovery could be in the form of additional regulatory measures, protracted restrictions on international travel and jump in the pandemic in new cases, said the report. (Representative Image)
Risks to the recovery could be in the form of additional regulatory measures, protracted restrictions on international travel and jump in the pandemic in new cases, said the report. (Representative Image)

Healthcare sector's revenue expected to grow 20% in 2021-22: Report

PTI
PUBLISHED ON JAN 18, 2021 07:58 PM IST
Domestic rating agency Icra has a stable outlook for the sector in the long-term outlook, given the swift rebound in occupancy as well as structural factors.
Close
After a decent show so far in 2020 despite the pandemic, the IPO market is awaiting a bumper crop with more than 30 IPOs worth over <span class='webrupee'>₹</span>30,000 crore lined up for the new year.(AP/ Representational)
After a decent show so far in 2020 despite the pandemic, the IPO market is awaiting a bumper crop with more than 30 IPOs worth over 30,000 crore lined up for the new year.(AP/ Representational)

IRFC IPO subscribed 65% on first day of offer

PTI
PUBLISHED ON JAN 18, 2021 07:58 PM IST
Price range for the offer, which is scheduled to close on Wednesday, has been fixed at 25-26 per share.
Close
The total amount released so far in 12 instalments is <span class='webrupee'>₹</span>72,000 crore at an average interest rate of 4.70 per cent.(PTI)
The total amount released so far in 12 instalments is 72,000 crore at an average interest rate of 4.70 per cent.(PTI)

GST compensation shortfall: FinMin releases installment of 6,000 cr to states

PTI, New Delhi
PUBLISHED ON JAN 18, 2021 07:00 PM IST
The Centre had set up a special borrowing window in October 2020 to meet the estimated shortfall of 1.10 lakh crore in revenue arising on account of implementation of Goods and Services Tax (GST).
Close
A visitor wearing a face mask to protect against the coronavirus walks among vehicles from Nissan at the Beijing International Automotive Exhibition in Beijing. China.(AP/ File)
A visitor wearing a face mask to protect against the coronavirus walks among vehicles from Nissan at the Beijing International Automotive Exhibition in Beijing. China.(AP/ File)

Nissan to promote Japan-based contract workers to full-time

Bloomberg
PUBLISHED ON JAN 18, 2021 05:34 PM IST
The hiring plan will “enable more efficient and effective business operations as well as improve individuals’ motivation and skills,” Azusa Momose, a spokeswoman for the company said.
Close
After eight years, the RBI under the current Governor Shaktikanta Das has been building up the foreign exchange (forex) reserve.(Mint file photo)
After eight years, the RBI under the current Governor Shaktikanta Das has been building up the foreign exchange (forex) reserve.(Mint file photo)

Forex intervention by RBI to touch USD 93 billion by March: Report

PTI, Mumbai
PUBLISHED ON JAN 18, 2021 05:13 PM IST
The report said they are more confident now that the RBI will continue to buy forex when the dollar is weakening.
Close
The United States put Huawei on a Commerce Department "entity list" in May 2019, restricting suppliers from selling US goods and technology to the company.(REUTERS)
The United States put Huawei on a Commerce Department "entity list" in May 2019, restricting suppliers from selling US goods and technology to the company.(REUTERS)

Trump admin slams China's Huawei, halting shipments from Intel, others: Report

Reuters
PUBLISHED ON JAN 18, 2021 04:38 PM IST
The United States put Huawei on a Commerce Department "entity list" in May 2019, restricting suppliers from selling US goods and technology to it.
Close
Foreign investors bought $2.4 billion worth of Indian stocks in the first two weeks of this month after investing the most since 2012 last year. (PTI PHOTO)
Foreign investors bought $2.4 billion worth of Indian stocks in the first two weeks of this month after investing the most since 2012 last year. (PTI PHOTO)

Sensex closes 470 points lower at 48,564 pts, Nifty ends session at 14,228 pts

Bloomberg
UPDATED ON JAN 18, 2021 04:20 PM IST
India’s equity benchmark fell in line with its regional peers on Monday, extending Friday’s decline. The drop moved the S&P BSE Sensex further away from the key 50,000 level it was looking to breach last week.
Close
The Nifty Metal Index was the worst performing index, falling 4.1% to its lowest since Jan 4.(AP)
The Nifty Metal Index was the worst performing index, falling 4.1% to its lowest since Jan 4.(AP)

Shares hit over 1-week low as shadow lenders drop on fears of tighter rules

Reuters, Bengaluru
PUBLISHED ON JAN 18, 2021 04:08 PM IST
The blue-chip NSE Nifty 50 index fell 1.06% to close at 14,281.3, while the benchmark S&P BSE Sensex was down 0.96% at 48,564.27.
Close
The investment strategy for the new fund will be the same as in the first fund, it said, adding that the investments will be made in three identified themes.(Reuters | Representational image)
The investment strategy for the new fund will be the same as in the first fund, it said, adding that the investments will be made in three identified themes.(Reuters | Representational image)

Tata Capital PE fund raises 1,250 cr to invest in urbanisation, manufacturing

PTI
PUBLISHED ON JAN 18, 2021 03:58 PM IST
The fund has both newer and existing investors, which include global and European fund of funds, Japanese institutions and a leading Asian development finance institution, a statement said.
Close
Mizoram’s first solar power plant has been commissioned at Tlungvel.(Reuters/ Representational photo)
Mizoram’s first solar power plant has been commissioned at Tlungvel.(Reuters/ Representational photo)

Total speeds up renewables push with $2.5 bln investment in Indian solar power

Reuters
PUBLISHED ON JAN 18, 2021 03:44 PM IST
For its investment, Total will get a 20% stake in AGEL and a seat on its board, as well as a 50% share in the Indian firm's portfolio of solar power assets, the French firm said.
Close
IRFC IPO comprises up to 178.20 crore shares, comprising a fresh issue of up to 118.80 crore and offer-for-sale of up to 59.40 crore shares by the government.(iStock)
IRFC IPO comprises up to 178.20 crore shares, comprising a fresh issue of up to 118.80 crore and offer-for-sale of up to 59.40 crore shares by the government.(iStock)

IRFC IPO opens for subscription; wise decision to invest, say experts

By hindustantimes.com | Edited by Shivani
PUBLISHED ON JAN 18, 2021 11:16 AM IST
As per experts, it will be a wise decision to invest in the IRFC IPO due to the strategic role of the Indian railways in financing growth. It also has a low-risk business model and lower credit risk.
Close
The S&amp;P BSE Sensex slid 0.3% to 48,878.1 as of 9:50 a.m. in Mumbai, with three stocks falling for each one that rose.(HT photo)
The S&P BSE Sensex slid 0.3% to 48,878.1 as of 9:50 a.m. in Mumbai, with three stocks falling for each one that rose.(HT photo)

Indian stocks drop for a second day, tracking losses in Asia

Bloomberg
PUBLISHED ON JAN 18, 2021 11:01 AM IST
Foreign investors have bought $2.4 billion worth of Indian stocks this month through Jan 14.
Close
The cryptocurrency could be hurt by an exodus of trend-following investors unless it can “break out” above $40,000 soon.(Reuters)
The cryptocurrency could be hurt by an exodus of trend-following investors unless it can “break out” above $40,000 soon.(Reuters)

Bitcoin retreats from $40,000 level strategists view as key

Bloomberg
PUBLISHED ON JAN 18, 2021 10:27 AM IST
Traders seeking clues about investor appetite for risk have been gripped by Bitcoin’s stunning rally and turbulent 12% slide.
Close
The Bombay Stock Exchange (BSE) building in Mumbai(PTI)
The Bombay Stock Exchange (BSE) building in Mumbai(PTI)

Sensex opens over 200 points lower at 48,831; Nifty falls 70.60 points to 14,363

PTI
UPDATED ON JAN 18, 2021 10:02 AM IST
HDFC Bank, HCL Tech, SBI, Tech Mahindra and ICICI Bank were among the gainers in the Sensex pack.
Close
People wearing face masks are seen at a subway station following the coronavirus disease (Covid-19) outbreak, in Shanghai, China.(REUTERS)
People wearing face masks are seen at a subway station following the coronavirus disease (Covid-19) outbreak, in Shanghai, China.(REUTERS)

China GDP grows 2.3% in 2020, slowest in more than four decades: Official

AFP
PUBLISHED ON JAN 18, 2021 07:59 AM IST
The 2.3 percent expansion is the lowest figure since the Chinese economy embarked on major reforms in the 1970s.
Close
SHARE
Story Saved
OPEN APP