Mahindra would import batteries from South Korea for India’s first electric SUV: Report

The first electric sports utility vehicle from Mahindra will be equipped with batteries from the South Korean battery manufacturer LG Energy Solution (SUV).

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According to a person acquainted with the situation on Monday, the first electric sports utility vehicle (SUV) from Mahindra & Mahindra would use batteries from the South Korean company LG Energy Solution.

According to the source, the batteries will power the Indian automaker’s XUV400 SUVs, which should arrive between the fourth quarter and January.

Despite not being able to confirm the magnitude of the supply agreement, the source declined to be named because the plans had not yet been made public.

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According to a Mahindra statement, LG Energy Solution and Mahindra collaborated on the supply and technology of lithium-ion batteries based on nickel, cobalt, and manganese chemistry before LG Energy Solution was separated from its parent firm LG Chem.

A statement from LG Energy Solution was rejected. Mahindra didn’t answer right away.

For its new EV company, Mahindra last week raised $250 million from British International Investment, valued at $9.1 billion.

Over the following few years, the automaker intends to introduce five electric SUVs, beginning with the XUV400 in September. By March 2027, these vehicles are anticipated to account for up to 30%, or over 200,000 units, of the company’s annual SUV sales.

Mahindra may think about investing in a battery-cell business to satisfy future electrification needs, the company’s top executive told Reuters in an interview.