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Electric Vehicle Costs Must Fall by 20% in India, Mahindra Says

  • Automaker urges support to boost local parts manufacturing
  • Company plans to expand EV capacity 10-fold in 2 to 3 years
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QuickTake: The Drive Towards Cleaner Cars


Mahindra & Mahindra Ltd., India’s only manufacturer of electric passenger cars, said costs to produce the vehicles need to come down by about 20 percent to make prices attractive as the government looks to encourage adoption with favorable tax treatment.

The government needs to support research and development activities of suppliers to localize component manufacturing, Mahindra’s Managing Director Pawan Goenka said at a press conference in Mumbai Wednesday. The automaker imports almost half of the materials it uses in electric vehicles making them costlier, he said.