BENGALURU :Mahindra and Mahindra has raised $145 million from Temasek for its electric vehicle unit at a valuation of up to 805.8 billion rupees , the latest fundraising by the Indian automaker as it looks to ramp up EV sales.
The automaker is aggressively trying to lift the share of its electric SUVs in a market that is dominated by larger rival Tata Motors, as the government pushes to grow EV sales to 30 per cent by 2030 from less than 2 per cent today. "Temasek's investment is a step forward, as we execute our strategy towards future leadership in electric SUVs," Mahindra CEO Anish Shah said in a press release.The world's biggest EV maker is in talks with the government to invest in a potential factory that would build low-cost EVs, targeting a price of around $24,000. Analysts say this could pose stiff competition for local automakers.
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