Mahindra Eyes Global Battery Partnerships To Power Indian EV Ambitions

In a strategic move to bolster its electric vehicle (EV) capabilities, Mahindra Group is eyeing partnerships with global players for local production of battery cells in India. Anish Shah, MD and CEO of Mahindra Group, highlighted the initiative as part of their efforts to indigenize EV technologies within the country.

Shah emphasized the potential collaboration with global technology firms and private equity partners to facilitate the establishment of a battery cell manufacturing facility in India. This initiative aligns with Mahindra’s broader strategy to ramp up its electric vehicle offerings and cater to the anticipated surge in demand.

“While we consider the 2030 timeframe for the potential listing of Mahindra Electric Automobile Ltd (MEAL), our immediate focus is on enhancing EV infrastructure and consumer adoption,” Shah stated. He underscored the importance of developing robust EV charging infrastructure across India to support the transition towards electric mobility.

Mahindra Group plans to invest ₹37,000 crore over the next three years across its business verticals, with a significant allocation earmarked for the auto sector. This includes introducing 23 new vehicles, comprising nine internal combustion engine (ICE) SUVs, seven battery electric vehicles (BEV), and seven light commercial vehicles by 2030.

Shah also addressed the hybrid vehicle segment, indicating readiness to introduce hybrid models based on consumer demand but stressed against seeking government incentives unless specifically warranted.

The company’s strategy reflects a proactive approach towards leveraging global partnerships and enhancing local manufacturing capabilities to drive India’s EV revolution forward.