Mahindra & Mahindra has recently announced a significant investment of Rs 4,500 crore for the development of two new electric vehicle brands, namely the BE 6e and XEV 9e. This investment is part of a larger capital expenditure plan of Rs 16,000 crore for the electric vehicle sector, covering the fiscal years 2022 to 2027.

The company plans to establish a production capacity of 90,000 units per annum at its Chakan plant specifically for these new electric models. Rajesh Jejurikar, Executive Director and CEO for the auto and farm sectors, confirmed this allocation during a press briefing in Chennai, highlighting the company's commitment to advancing electric vehicle technology and production capabilities.

The investment demonstrates Mahindra & Mahindra's dedication to the growth and development of electric vehicles. By allocating a significant amount of capital towards the development of new electric vehicle brands, the company aims to enhance its production capabilities and contribute to the advancement of electric vehicle technology.