Mahindra and Mahindra (M&M) said on Monday that it will invest Rs 900 crore over next four to five years to bring efficient electric vehicles.
"We have already invested Rs 600 crore in EVs over the past five-six years and have decided to invest Rs 400 crore in Karnataka and Rs 500 crore in Maharashtra over the next four-five years.
This will be used for capacity, technology and products," said Pawan Goenka, managing director, M&M.
The company plans to expand its current production capacity of 400 electric vehicles per month to 5,000 in the next two years.
The move is expected to benefit if the government is successful in its strong push for electric vehicles.
"We are not waiting for any policy to move forward.To be a pioneer, you have to create the road and we have to move forward. But, there is a need for the prevailing subsidies on EVs to continue for longer to ensure the growth of this industry," he said.
Inputs from PTI.