Mahindra Group Eyes Global Partnerships for Local EV Battery Cell Production

Mahindra Group is pursuing global partnerships to locally produce battery cells, anticipating a surge in demand for electric vehicles. The company targets a 2030 timeline for listing its EV arm and emphasizes the need to develop charging infrastructure in India.

Mahindra Group is actively seeking global partnerships to locally manufacture battery cells, as it forecasts an uptick in future demand for electric vehicles (EVs), revealed Anish Shah, MD and CEO. The company aims for a 2030 timeline to potentially list its EV wing, Mahindra Electric Automobile Ltd (MEAL).

In a conversation with PTI, Shah emphasized that the initiative's primary goal is to indigenize production in India. A global technology partner and private equity partners are crucial to avoid bearing the entire capital burden, he noted. The collaboration would ensure local production, addressing India's need for advanced EV technology.

Shah highlighted several hurdles in the EV sector, such as range anxiety and high costs. He underscored the urgency to develop EV charging infrastructure, pointing out the stark difference between the number of chargers in India and those in leading EV markets like the U.S. and China. Mahindra plans to address these issues by launching new electric models starting January 2025.

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