{"id":29798,"date":"2022-07-11T17:07:19","date_gmt":"2022-07-11T17:07:19","guid":{"rendered":"http:\/\/www.biggaddi.com\/blog\/?post_type=electricvehicles&#038;p=29798"},"modified":"2022-07-11T17:08:57","modified_gmt":"2022-07-11T17:08:57","slug":"mm-and-bii-to-build-of-five-e-suvs","status":"publish","type":"electricvehicles","link":"http:\/\/www.biggaddi.com\/blog\/electricvehicles\/mm-and-bii-to-build-of-five-e-suvs\/","title":{"rendered":"M&#038;M &#038; BII to build portfolio of five e-SUVs"},"content":{"rendered":"<p><span style=\"color: #0000ff;\"><strong>M&amp;M, British Int&#8217;l Investment to build portfolio of five e-SUVs<\/strong><\/span><\/p>\n<p>Mahindra and Mahindra and British International Investment -backed EV Co have charted out plans to co-develop a portfolio of five electric SUVs through the former\u2019s wholly-owned subsidiary, into which the two firms shall invest around Rs 10,000 crore over the next four years. The agreement marks one of the major investments in the e-mobility space. Mahindra is the latest among the legacy auto firms to tap the green fund. The aforementioned <strong>e-SUV portfolio will include the electrified version of the XUV3OO (to be called XUV4OO) to be unveiled in September 2022 and available for sale in January 2023<\/strong> and four pure electric SUV platforms<\/p>\n<p><span style=\"color: #0000ff;\"><strong><div id='Responsive_Ad_Banner_4' class='widgets_on_page wop_tiny1  wop_small1  wop_medium1  wop_large1  wop_wide1'>\n\t\t\t<ul><!-- ERROR NO TURBO SIDEBAR FOUND WITH ID Responsive Ad Banner 4--><\/ul><\/div><!-- widgets_on_page --><\/strong><\/span><\/p>\n<p>BII and M&amp;M have reached a binding agreement to co-invest Rs 3,850 crore (Rs 1,925 crore each) at a valuation of Rs 70,070 crore ($9.1 billion) in the yet-to-be-named EV company, M&amp;M informed the stock exchanges . The Indian company would invest Rs 1,925 crore in two tranches &#8212; Rs 1,200 crore by June 2023 and Rs 725 crore on certain pre-decided company milestones.<\/p>\n<p>The company has taken a leaf out of Tata Motors\u2019 playbook. In October 2021, the Tata Group flagship sought an investment of $1 billion (then Rs 7,500 crore) from TPG Rise Climate for its EV arm, Tata Passenger Electric Mobility , at a valuation of $9.1 billion.<\/p>\n<p><span style=\"color: #0000ff;\"><strong><div id='Responsive_Ad_Banner_4' class='widgets_on_page wop_tiny1  wop_small1  wop_medium1  wop_large1  wop_wide1'>\n\t\t\t<ul><!-- ERROR NO TURBO SIDEBAR FOUND WITH ID Responsive Ad Banner 4--><\/ul><\/div><!-- widgets_on_page --><\/strong><\/span><\/p>\n<p>&#8220;We are very confident that we will take leadership in this (EV) space,\u201d said Anish Shah, MD &amp; CEO, Mahindra and Mahindra, during an investor-analyst meeting on Friday.<\/p>\n<p>Mahindra would work jointly with BII to bring other investors into the EV company to match the funding requirement in a phased manner, said Shah.<strong>By 2026-27, M&amp;M expects its e-SUVs\u2019 share to be 20-30 per cent of its overall SUV portfolio.<\/strong><\/p>\n<p>The supposed high valuation for an entity that is currently on paper &#8212; with no products has failed to enthuse the Street. This is in contrast with Tata Motors.<\/p>\n<p><span style=\"color: #0000ff;\"><strong><div id='Responsive_Ad_Banner_4' class='widgets_on_page wop_tiny1  wop_small1  wop_medium1  wop_large1  wop_wide1'>\n\t\t\t<ul><!-- ERROR NO TURBO SIDEBAR FOUND WITH ID Responsive Ad Banner 4--><\/ul><\/div><!-- widgets_on_page --><\/strong><\/span><\/p>\n<p>When Tata Motors stitched the deal with TPG, it had products and a share of 75 per cent in the e-passenger vehicle market. \u201cTherefore, investors are looking at the whole (M&amp;M-BII) deal with scepticism.<\/p>\n<p>The company will unveil its \u201cborn electric\u201d strategy in its newly opened design studio in Oxfordshire, the UK, which has been instrumental in designing these concepts. Mahindra is also exploring a partnership with Germany&#8217;s Volkswagen to source EV components .<\/p>\n<p>The EV company will utilise Mahindra\u2019s product development set-ups in Detroit, Bengaluru, and Chennai. Besides manufacturing, Mahindra would also engage in non-EV part sourcing.<\/p>\n<p>\u201cFor BII, it\u2019s a long-term commitment with Mahindra,\u201d said Samir Abhyankar, MD and head of direct private equity at BII. The British Government-backed fund is not planning any investment in a rival company, as of now.<\/p>\n<p><span style=\"color: #0000ff;\"><strong><div id='Responsive_Ad_Banner_4' class='widgets_on_page wop_tiny1  wop_small1  wop_medium1  wop_large1  wop_wide1'>\n\t\t\t<ul><!-- ERROR NO TURBO SIDEBAR FOUND WITH ID Responsive Ad Banner 4--><\/ul><\/div><!-- widgets_on_page --><\/strong><\/span><\/p>\n<p>Investment plan-out for the proposed EV subsidiary<\/p>\n<p>BII to invest up to Rs 1925 cr in two tranches (Rs.1,200 cr &amp; Rs 725 cr)<br \/>\nM&amp;M to co-invest Rs 1925 crore<br \/>\nBII Ownership: 2.75% to 4.76%<br \/>\nEV Co valuation-Rs70,070 crore ($9.1 billion)<br \/>\nEV Co to invest approx. Rs 8,000 cr between F24-F27<\/p>\n<p>The <strong>new entity to be asset light<\/strong><br \/>\nM&amp;M&#8217;s ED (farm &amp; auto biz) will dual-hat by leading the EV Co and shall report to Board<br \/>\nM&amp;M to provide design, product development, technology &amp; sourcing services<br \/>\nM&amp;M and BII will work jointly to bring other investors in the EV Co<br \/>\nEV Co will house all the EV brands, IP for 4-wheeler e-PVs<br \/>\nICE specific brands like \u2018XUV\u2019 to be licensed<br \/>\nBy F27 SUV portfolio likely to have volumes of 200,000 units\/annum<\/p>\n<p>Study Car-world updates @ <a href=\"http:\/\/www.biggaddi.com\/blog\/cars\/\">http:\/\/www.biggaddi.com\/blog\/cars\/<\/a><\/p>\n<p>To buy Used EVs, click <a href=\"http:\/\/www.biggaddi.com\/used-cars\">http:\/\/www.biggaddi.com\/used-cars<\/a><\/p>\n<p>To study about Investments click <a href=\"http:\/\/chanakyanipothi.com\">chanakyanipothi.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>M&amp;M, British Int&#8217;l Investment to build portfolio of five e-SUVs Mahindra and Mahindra and British International Investment -backed EV Co have charted out plans to co-develop a portfolio of five electric SUVs through the former\u2019s wholly-owned subsidiary, into which the two firms shall invest around Rs 10,000 crore over the next four years. The agreement [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"comment_status":"open","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":""},"tags":[550,548,551,549],"electricvehicles_cat":[],"class_list":["post-29798","electricvehicles","type-electricvehicles","status-publish","hentry","tag-850-crore","tag-mm-and-bii-to-build-of-five-e-suvs","tag-new-entity-to-be-asset-light","tag-reached-a-binding-agreement-to-co-invest-rs-3"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\r\n<title>M&amp;M and BII to build of five e-SUVs<\/title>\r\n<meta name=\"description\" content=\"M&amp;M and BII to build of five e-SUVs, reached a binding agreement to co-invest Rs 3,850 crore, new entity to be asset light,\" \/>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"http:\/\/www.biggaddi.com\/blog\/electricvehicles\/mm-and-bii-to-build-of-five-e-suvs\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"M&amp;M and BII to build of five e-SUVs\" \/>\r\n<meta property=\"og:description\" content=\"M&amp;M and BII to build of five e-SUVs, reached a binding agreement to co-invest Rs 3,850 crore, new entity to be asset light,\" \/>\r\n<meta property=\"og:url\" content=\"http:\/\/www.biggaddi.com\/blog\/electricvehicles\/mm-and-bii-to-build-of-five-e-suvs\/\" \/>\r\n<meta property=\"og:site_name\" content=\"Bigguddi Blog\" \/>\r\n<meta property=\"article:modified_time\" content=\"2022-07-11T17:08:57+00:00\" \/>\r\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\r\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"3 minutes\" \/>\r\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/www.biggaddi.com\\\/blog\\\/electricvehicles\\\/mm-and-bii-to-build-of-five-e-suvs\\\/\",\"url\":\"http:\\\/\\\/www.biggaddi.com\\\/blog\\\/electricvehicles\\\/mm-and-bii-to-build-of-five-e-suvs\\\/\",\"name\":\"M&M and BII to build of five e-SUVs\",\"isPartOf\":{\"@id\":\"http:\\\/\\\/www.biggaddi.com\\\/blog\\\/#website\"},\"datePublished\":\"2022-07-11T17:07:19+00:00\",\"dateModified\":\"2022-07-11T17:08:57+00:00\",\"description\":\"M&M and BII to build of five e-SUVs, reached a binding agreement to co-invest Rs 3,850 crore, new entity to be asset light,\",\"breadcrumb\":{\"@id\":\"http:\\\/\\\/www.biggaddi.com\\\/blog\\\/electricvehicles\\\/mm-and-bii-to-build-of-five-e-suvs\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"http:\\\/\\\/www.biggaddi.com\\\/blog\\\/electricvehicles\\\/mm-and-bii-to-build-of-five-e-suvs\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"http:\\\/\\\/www.biggaddi.com\\\/blog\\\/electricvehicles\\\/mm-and-bii-to-build-of-five-e-suvs\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Electric Vehicles\",\"item\":\"http:\\\/\\\/www.biggaddi.com\\\/blog\\\/electricvehicles\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"M&#038;M &#038; 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