Mahindra Tractors will make the K2 tractors exclusive at the homegrown automaker’s Zaheerabad plant in Telangana, giving a major boost to the state’s automobile industry.
Mahindra Tractors has invested more than Rs 1,000 crore at this facility and the plant employs over 4,500 people. Inaugurated in 2013, this plant is claimed to be Asia’s biggest tractor manufacturing facility with an annual production capacity of more than 1,00,000 units.
The K2 platform will underpin the latest series of Mahindra Tractors, revealed Pawan Goenka, MD and CEO of Mahindra & Mahindra (M&M) during the launch of Telangana EV Policy.
As Goenka revealed, M&M has future plans for Telangana. Mahindra Tractors is developing a new tractor series in Japan and this is so far the auto major’s most ambitious project in the segment.
Besides Mahindra Tractors working on K2 tractors, M&M is also planning its next phase of EV expansion in the state. The automaker has already launched five electric vehicles and aim to launch two more, including the Atom quadricycle and eKUV100 electric small SUV.
According to Pawan Goenka, with the FAME incentives, GST benefits and Telangana EV Policy; now it is time for the auto industry to step up its investment in the EV technology in the state.
According to M&M MD and CEO, India is lagging behind other countries. The product offerings in the EV space are very limited and except at the very low-level, the electric vehicles are too expensive. “All global OEMs are investing in EVs but in India, OEMs are still in the wait and watch mode. It is important that we make India’s frugal approach to make EV affordable,” Goenka added.
Meanwhile, Mahindra Electric is nearing fresh investments from the e-commerce sector, as the M&M MD and CEO revealed. The e-mobility wing of the homegrown automaker is already in discussion with a few e-commerce players for strategic investment and will soon close deals with them.
With this strategy, Mahindra Electric is aiming to tap into the electric small goods carrier segment, which would grow in tandem with the increasing last-mile goods delivery sector that has seen an exponential rise during the post-lockdown phase and still growing.