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June 18, 2024

Mahindra Group Eyes Global Partnerships to Manufacture EV Batteries in India

Mahindra Group, a prominent player in India’s automotive industry, is actively seeking partnerships with global companies to locally manufacture electric vehicle (EV) batteries. This strategic move aligns with Mahindra’s broader vision to become a significant player in the electric mobility sector.

During a recent interaction with PTI, Anish Shah, Mahindra Group’s Managing Director and Group Chief Executive Officer, revealed the company’s ambitious plans. He announced that Mahindra Electric Automobile Ltd (MEAL), the EV arm of Mahindra Group, is set to be listed by 2030. Additionally, Mahindra aims to have 20-30% of its vehicle portfolio converted to electric by 2027.

Shah emphasized the importance of cell manufacturing in achieving these goals. “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. He further highlighted the upcoming launch of new electric vehicle models starting in January 2025 as a pivotal step in Mahindra’s EV journey.

This initiative follows Mahindra Group’s recent signing of a memorandum of understanding (MoU) with the Indian government. Under the “Drone Didi” scheme, Mahindra will conduct two pilot projects aimed at training 500 women to operate drones for agricultural purposes. This move underscores Mahindra’s commitment to leveraging technology for societal benefits.

Interestingly, Mahindra’s current strategy marks a significant shift from its previous stance. A report by Inc42 in 2022 noted that Mahindra & Mahindra (M&M) initially did not plan to manufacture EV batteries but intended to invest in a battery cell manufacturing company instead. The recent development indicates a more proactive approach toward local manufacturing and supply chain integration in the EV sector.

While Mahindra Group is accelerating its efforts in the Indian EV market, it faces competition from other major players like Tata Motors. Tata Motors plans to transform its electric concept car, Avinya, into a premium EV brand rather than a single vehicle. This move is part of Tata’s broader strategy to establish a strong foothold in the burgeoning Indian EV market.

According to Inc42, the Indian EV market is a dynamic and rapidly growing sector, housing various startups and established companies. The market is estimated to reach $110.74 billion by 2029. Notable startups such as Ather Energy, Altigreen Propulsion Labs, BluSmart, and Exponent Energy are contributing innovative and sustainable solutions to the mobility landscape.

Mahindra Group’s push for local EV battery manufacturing through global partnerships reflects its commitment to sustainable mobility and technological advancement. As the company gears up to launch new EV models and expand its electric portfolio, its strategic collaborations and investments will play a crucial role in shaping the future of electric mobility in India.

Read more Business related news on R9 News
Jhumpa Lahiri

Jhumpa Lahiri

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