Mahindra’s Game-Changing Move in the EV Market

Mahindra & Mahindra is taking significant steps towards localizing battery production in India, aiming to strengthen its electric vehicle (EV) portfolio. Learn about their strategic plans, partnerships, and the future of EVs at Mahindra.

Mahindra’s Bold Move Towards Battery Localisation: A Game Changer for India’s EV Industry

As the global automotive industry rapidly shifts towards electric vehicles (EVs), Mahindra & Mahindra is making strategic moves to solidify its position in this transformative era. With a keen focus on innovation and sustainability, Mahindra is exploring the localisation of battery production in India—a step that promises to revolutionise the country’s EV landscape. Let’s delve into the details of this ambitious plan and what it means for the future of Mahindra and the Indian automotive industry.

Mahindra Evaluating Battery Localisation: Insights from Rajesh Jejurikar, CEO

Rajesh Jejurikar, CEO and Executive Director of Mahindra’s Auto and Farm business, recently shared significant updates about the company’s electric vehicle (EV) strategy. During a media interaction following the Q4 FY24 earnings, Jejurikar emphasized Mahindra’s proactive stance towards localising battery production, supported by a substantial investment of over Rs 12,000 crore in its EV business. He highlighted that the possibility of localising battery cells is under “very active consideration.”

“We have previously mentioned our active pursuit of cell localisation, and discussions with relevant companies are ongoing. This initiative remains a key focus for us,” Jejurikar added.

Mahindra’s EV Expansion: Ambitious Plans for the Future

In a bid to strengthen its EV portfolio, Mahindra announced plans to launch seven new battery electric vehicles (BEVs) by the end of the decade. The company aims for these BEVs to constitute 20-30 percent of its total sales. To achieve this, Mahindra is in discussions with Volkswagen (VW) about localising battery production. This collaboration is expected to play a crucial role in enhancing Mahindra’s EV capabilities.

Strategic Partnerships and Industry Collaboration

Mahindra has already established partnerships with several leading battery companies, including Volkswagen, BYD, LG Chem, and Farasis. These alliances are pivotal for powering its current and future EV offerings. While Jejurikar did not specify the partner for cell localisation, Volkswagen executives have shown a willingness to localise cells in India in collaboration with Mahindra.

Further showcasing its commitment to advancing battery technology, Mahindra was one of 18 companies that participated in the recent pre-bid meeting for setting up 10 GWh battery manufacturing facilities under the Production Linked Incentive (PLI) Scheme, which offers incentives worth Rs 3,620 crore.

Looking Ahead: Joint Developments and Market Impact

In 2022, Mahindra’s partnership announcement with the VW Group in London marked a significant milestone. The scope of this cooperation extends beyond sourcing and components, indicating potential joint product development. According to Autocar India, Mahindra and Volkswagen are exploring the joint development of a budget EV with Skoda for both the Indian and global markets, building on their robust EV component sourcing partnership.

Conclusion: Mahindra’s Vision for a Sustainable Future

Mahindra & Mahindra’s efforts towards battery localisation and its ambitious EV plans are set to transform the Indian automotive industry. By investing in local production and forging strategic partnerships, Mahindra is not only driving innovation but also contributing to a more sustainable future. As the company moves forward with its plans, it is poised to become a major player in the global EV market, setting new benchmarks for the industry.

Mahindra’s proactive approach and strategic initiatives highlight its commitment to sustainability and innovation. The future of mobility in India looks promising, with Mahindra leading the charge towards a greener, more efficient automotive landscape.

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