Mahindra plans to manufacture EV batteries in India
Mahindra & Mahindra is considering the local production of electric vehicle (EV) batteries, as revealed by the company's CEO, Anish Shah. The move is part of the automaker's broader strategy to regain its foothold in the Indian electric car market. "One area that we continue to look at more closely is cell manufacturing and that is something where there are various considerations... if we feel it's essential for us, we will look at a partnership for cell manufacturing," Shah stated.
Mahindra's search for global technology and equity partners
Shah further elaborated on the company's strategy, stating that they are looking at cell manufacturing locally in India. He also mentioned that they are seeking a global technology partner and potentially private equity partners as well. "We will look at a global technology partner, and potentially at private equity partners as well because we will not put the entire capital," he said.
Mahindra's strategy to reclaim market share in EV segment
Despite being an early entrant in the Indian electric car market, Mahindra has lost its leading position to Tata Motors. The company currently offers only one model, the XUV400, in a segment dominated by Tata Motors. However, Mahindra plans to launch a series of new products and aims to create a comprehensive ecosystem for its upcoming electric cars, which includes local production of EV batteries.
Mahindra Electric's potential listing and investment plans
The CEO also revealed plans for a possible listing of its electric vehicle arm, Mahindra Electric, around 2030. This move is seen as a key part of their strategy to indigenously produce electric vehicle battery packs in India. However, Shah clarified that this listing won't happen in the next three to five years as the electric vehicle segment needs time to take off. The company plans to introduce nine ICE SUVs, seven EVs and seven light commercial vehicles by 2030.
