Mahindra is back in the EV segment! Electric XUV400 to be launched in September

Electric vehicles are the new sensation and their market is growing very fast. Tata Motors is currently leading in India in electric four wheelers. But there was a time when Mahinda first entered this category. The company had also launched two electric cars, but they were discontinued due to poor response. However, once again Mahindra is ready to enter this segment and may launch an electric four wheeler in September this year.

The company on Friday detailed its plans to enter the electric segment with the eXUV400. The vehicle is expected to be launched in September 2022. This car maker is planning to invest more than $ 1 billion to strengthen itself in electric vehicles.

Mahindra has also announced the formation of its new EV subsidiary company. The company has also received an investment of Rs 1,925 crore from British International Investment (BII). Both the companies will work together to strengthen themselves in this segment. Under this partnership, BII will invest money at a valuation of up to Rs 70,070 crore. This money will be invested in Compulsory Convertible Instruments. This will give BII a stake of between 2.75 per cent and 4.76 per cent in Mahindra’s new EV company.

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