Updated January 18th, 2024 at 10:52 IST
Mahindra and Mahindra seeks level-playing EV vertical in India
Automotive major Mahindra and Mahindra seeks a level-playing electrical vehicle (EV) field in India
EV segment: Automotive major Mahindra and Mahindra seeks a level-playing electrical vehicle (EV) field in the country, in the backdrop of Tesla's plans to enter the domestic EV space and infuse $30 billion.
The Mumbai-headquartered company has told the government that there must be a level playing field between domestic and international players, said Managing Director at Mahindra and Mahindra, Anish Shah.
The top automobile manufacturers like Mahindra and Mahindra and Tata Motors have pressed government officials privately not to lower import taxes of 100 per cent on electric vehicles and protect domestic firms.
Anish Shah said his company had made representations to government officials saying global EV makers must be nudged to invest in India.
"It should be a level playing field and investing in India is important," Shah told Reuters in an interview at the World Economic Forum annual meeting, without referring to Tesla by name.
"Our approach is essentially to create a stronger industry in India, and not to be in a situation where manufacturing is done outside India, and India just becomes an importer of products," he said.
The national market clocked sales of 4 million cars last year, including 82,000 EV units, but the nascent segment clocked sales growth of 115 per cent, compared to the previous year.
The Anand Mahindra-led firm has already garnered around $400 million from Singapore's Temasek and British International Investment, while private equity firm TPG and Abu Dhabi state holding company ADQ has invested $1 billion in 2021 in Tata Motors.
Shah said Mahindra has plans to list its EV unit, but not before 2029 "because we need to be able to show significant success in that business.
"For us, electric is the future," he said.
(With Reuters Inputs)
Published January 16th, 2024 at 18:40 IST