Mahindra seeks land for new plant to boost manufacturing capacity
What's the story
Mahindra & Mahindra is on the lookout for land to set up a new greenfield manufacturing facility. The move comes as part of the company's plan to ramp up production for both domestic and export markets. The Mumbai-based auto major has also unveiled its all-new modular, multi-energy NU IQ platform that will support a new range of SUVs. The first product roll-out based on this platform is expected in 2027.
Capacity boost
1 million EVs production capacity by 2027
Mahindra & Mahindra Auto Division CEO Nalinikanth Gollagunta revealed that the company is looking to increase production capacity at its Chakan plant by 240,000 units. However, he said they would need more capacity than that and are currently scouting for sites to set up an additional greenfield facility. The company aims to achieve a production capacity of 1 million electric vehicles (EVs) alone by 2027.
Network growth
Expanding service network is as important as increasing dealerships
Along with its expanding product portfolio, Mahindra is also looking to expand its service network by 150-200 outlets per year. Gollagunta stressed that expanding the service network is as important, if not more so, than increasing dealerships. The company's current service network stands at around 1,100 outlets and plans to add between 150 and 200 new ones every year.
Land acquisition
Mahindra has submitted a letter of interest for land acquisition
Mahindra has also submitted a letter of interest to the Maharashtra government for acquiring 350 acres in Igatpuri, Maharashtra. The company already has manufacturing plants in Nashik and Igatpuri. Gollagunta said the expansion would happen "across the board," covering urban centers as well as rural and semi-urban areas. This comes as part of their strategy to cater to a growing customer base across different regions.