Mahindra Group is actively exploring collaborations with global players to establish local production of battery cells in India, aiming to meet the anticipated surge in demand for electric vehicles (EVs) in the coming years.
Anish Shah, Managing Director and CEO of Mahindra Group, revealed in an interaction with PTI that the company is evaluating partnerships to ensure robust domestic manufacturing capabilities for critical EV components.
Shah emphasized that the initiative could involve partnering with global technology firms and potentially private equity partners to share the capital investment required for establishing cell manufacturing facilities in India. He underscored the strategic importance of indigenizing production processes to strengthen the country’s EV ecosystem.
Regarding the timeline for such initiatives, Shah mentioned that Mahindra is looking at opportunities in the 2030 timeframe, reflecting the company’s long-term vision for sustainable mobility solutions in the Indian market.
Mahindra Group plans to invest Rs 37,000 crore over the next three years across various business verticals, with a significant portion allocated to the automotive sector. The company aims to introduce a diverse range of vehicles, including nine internal combustion engine (ICE) SUVs, seven battery electric vehicles (BEVs), and seven light commercial vehicles by 2030.
In addressing consumer preferences and market dynamics, Shah highlighted Mahindra’s readiness to adapt its product portfolio to include hybrid models if consumer demand warrants it. However, he emphasized that government incentives should be purpose-driven and justified, particularly concerning hybrids, which may not offer significant environmental advantages over pure EVs.