Mahindra Open to Investing in EV Battery Cell Maker
Mahindra & Mahindra could consider investing in a battery-cell company to meet future electrification needs,says CEO, after the company raised funds for its new electric vehicle (EV) unit at a $9.1 billion valuation.
July 12, 2022. By News Bureau
Mahindra raised $250 million from British International Investment for the unit and is exploring a partnership with Volkswagen AG to source such EV components as batteries and motors.
While the Volkswagen deal would meet Mahindra’s “short to medium term” battery needs, Mahindra CEO Anish Shah said the company was open to looking at some sort of “investment with a global leader” in the battery-cell space if it needed to secure future supplies.
“Our intent is not to get into (manufacturing) batteries,” Shah said in an interview. “There are people who do it very well. We can partner with them; we could be a co-investor in some form. We don’t need to own it and run it.”
Mahindra plans to launch five electric sport-utility vehicles (SUVs) over the next few years. These models are expected to contribute up to 30%, or about 200,000 units, of its total annual SUV sales by March 2027.
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