British International Investment (previously CDC Group), a UK government-owned development finance company, will invest up to $250 million in a new passenger electric vehicle (EV) venture to be launched by Mahindra & Mahindra. The investment by British International Investment is intended to assist an ecosystem of EV component manufacturers and to hasten the availability and uptake of EVs in India and other regions that Mahindra & Mahindra serves.
Reportedly, for Indian consumers as well as other international markets, the company will build four-wheel passenger EVs. Upon fulfilment of prerequisite requirements, the first round of British International Investment’s capital investment will be finished by June 2023, and the remaining rounds will follow completion of particular milestones in the financial year 2024.
Over the following few years, Mahindra & Mahindra and British International Investment will cooperate to attract other like-minded investors into the new EV company as it develops a line-up of electric SUVs. At its facility in Oxfordshire, Mahindra & Mahindra will launch its EV design philosophy and product line-up on August 15, 2022.