Creating a historic land mark in Sri Lanka’s automobile industry, Mahindra & Mahindra India and Ideal Motors would initiate the assembly of Mahindra Treo electric three-wheelers in their newly built factory in Matugama.
Founder and Executive Chairman, Ideal Group, Nalin Welgama, said that Ideal Motors along with global brand Mahindra, have already inaugurated its first completely knocked down facility towards the assembly of automotive vehicles in Sri Lanka by Prime Minister Ranil Wickremesinghe. The investment is USD 50 million. The Mahindra Ideal Lanka Private Limited plant, is a 65:35 joint venture between M&M and Ideal Motors, Sri Lanka.
“Ideal Motors is proud to be a pioneer in setting up the first automotive assembly in direct partnership with automobile Mahindra to assemble KUV100, a compact SUV, with a production capacity of 5,000 units per annum,” he said.
Spread over 10 acres, Mahindra Ideal Lanka would localise 4 components, namely battery (Exide), tyres (Ceat), seats and exhaust. The plant is expected to provide employment in the tune of 200 people directly and indirectly over the next 2 years. “We hope to release the first locally assemble car by the end of the year.”
“This new partnership would enable Sri Lanka to rise and manifest its glory through the ‘Made in Sri Lanka’ route.
“Import substitution is what we need for this market. Our focus is on locally sourcing more components and build a local industry,” Welgama said.
“We have at present, taken another step forward and will start the assembly of Mahindra Treo electric three-wheelers at this plant at its earliest and release them to the local market by December 2019.
Chief of International Operations Mahindra & Mahindra, Arvind Mathew, said earlier, that over the past two decades, Mahindra established a strong presence in Sri Lanka.
He said, they were the first automobile company to unveil an electric powered three-wheeler.
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