Mahindra & Mahindra believes in the vision of electrifying India, and the company's Managing Director & CEO, Dr. Anish Shah stresses that by 2030, around 50 percent of India's passenger vehicles will be 100% electric. At the Pune Alternate Fuel Conclave, Anish Shah said, "The shift is happening faster than we thought. By 2030, 50 per cent of cars sold will be EVs. That may move faster if we achieve cost parity and infrastructure keeps pace." He anticipated that the desired 50 percent mark can be accomplished prematurely if the supply chain problems are sorted out and the cost is brought down.
A large part of M&M’s R&D is now focused on the electric platform. M&M has achieved its investments in ICE vehicles and future investments would be mandated for electric vehicles but it would not demand too much capital, Anish Shah said, adding more electric platforms can be expected in July 2023. M&M has already met with distinguishing success in the electric three-wheeler segment and will grow it further by setting examples.
India and UAE have recently signed a Comprehensive Economic Partnership Agreement (CEPA) to boost bilateral trade at the ongoing expo in Dubai. In an interview with CNBC-TV18, Anish Shah opens up about forthcoming prospects which could involve the electric vehicle segment, “This opens up a lot of opportunities for us to partner with UAE, use that as a gateway for the Middle East and North Africa (MENA) region as well."
He discussed the current petrol and diesel situation, “If the crisis ends sometime in the near future then things will start moving back to normal. The positive news is that at least the COVID seems to be on a normal trajectory right now." CEPA will deepen existing businesses and what it holds for the electric vehicle segment is exciting as the world is looking to reduce dependence on fossil fuels.
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