January 3rd, 2025
Pioneering Advanced Automotive Technologies for a Sustainable Future
Mahindra & Mahindra (M&M) continues to make significant strides in India’s electric vehicle (EV) sector by actively participating in the Indian government’s Production Linked Incentive (PLI) scheme for the automobile and auto components industry. Focused on electric mobility and advanced automotive technologies (AAT), the company’s efforts highlight its commitment to sustainable transportation and local manufacturing.
Key Highlights of M&M’s PLI Participation
1. Incentive Claims and Approvals
- Incentive Claim for FY 2023-24:
- M&M submitted a claim of ₹104.08 crore, based on incremental sales of AAT products totaling ₹800.59 crore.
- Eligible sales from electric three-wheelers, including the Treo, Treo Zor, and Zor Grand, reached ₹836.02 crore, supported by a Domestic Value Addition (DVA) certificate from ARAI.
- Cumulative Investments:
- M&M has invested ₹978.30 crore in developing and manufacturing these AAT products.
2. Achievements and Market Leadership
- PLI Eligibility Certificate:
- In June 2023, M&M became the first company to receive a PLI eligibility certificate for its electric three-wheeler category, awarded by ARAI.
- Market Leadership:
- M&M’s Last Mile Mobility (LMM) division emerged as the leading electric three-wheeler manufacturer in FY 2022-23, underscoring its commitment to electrifying last-mile transportation solutions.
3. Impact of PLI Scheme
- PLI Scheme’s Industry Impact:
- As of September 2024, the PLI scheme facilitated an investment of ₹20,715 crore, generating ₹10,472 crore in incremental sales across the automotive sector.
- Future Opportunities:
- With the PLI scheme extended until March 2028, M&M and other manufacturers can continue benefiting from incentives to advance local EV production.
What This Means for India’s EV Industry
M&M’s proactive engagement with the PLI scheme reflects its strategic focus on:
- Electrifying last-mile mobility solutions.
- Promoting domestic value addition in advanced automotive technologies.
- Reducing India’s carbon emissions through sustainable transportation.
As the first disbursement of PLI incentives is expected in FY 2024-25, M&M’s achievements position it as a key player in shaping India’s green mobility future.
