Our joint venture investment is helping to grow India’s sustainable electric vehicle market while creating green jobs for women.
India’s transport sector is a major contributor to the country’s greenhouse gas emissions and urban air pollution. It’s not surprising, therefore, that India’s Government has set ambitious clean energy targets, such as 30 per cent electric vehicle (EV) market penetration by 2030. However, India’s EV market is still in its early stages, representing just 3.1 per cent of sports utility vehicle (SUVs) sold in 2024-25.
In 2022, we partnered with Mahindra Group and committed up to $250 million in a new EV venture. Mahindra Electric Automobile Limited is developing four-wheel passenger EVs for Indian consumers and other markets around the world. It will contribute towards 2.1 million tonnes of CO2 equivalent emission avoidance. Together, we have attracted a further $230 million of investment from like-minded investors. As a result, Mahindra EVs are now being manufactured and driven in various cities across India.
Our investment has also supported green jobs for women. As part of our investment, Mahindra’s EV entity is committed to improving female representation in the workforce and at board level. The company is currently meeting all its 2X targets, including employing 29 per cent women in its shopfloor operations and assembly lines. To date the company has created over 2,000 jobs, of which 600 employ women.
