Mahindra, a domestic automaker, recently obtained money for its new electric vehicle (EV) unit at a $9.1 billion valuation and is looking to invest in an EV battery cell manufacturer to fulfil the company's future electrification needs. The manufacturer is trying to form collaborations with Volkswagen to obtain EV components and raised $250 million from British International Investment for the unit.
Anish Shah, CEO of Mahindra, told Reuters that the business was open to looking at some form of investment with a global leader in the battery-cell market in order to secure future supplies. Cooperation with Volkswagen will help the manufacturer satisfy its short to medium-term battery needs. We have no desire to engage in the production of batteries. There are those that excel at it. He said We can collaborate with them.
According to Mahindra's ambitions for electrification, the company hopes to sell 200,000 units of five electric sport utility vehicles annually by the end of 2027, or up to 30% of all of its SUV sales. The demand for battery-powered vehicles is rising, yet there is a global shortage of auto parts, so automakers are looking for ways to better manage costs and supplies. Some even invest billions of dollars in mining and companies that produce batteries and motors. Shah claimed that, with the exception of batteries and motors, the majority of the components used in electric vehicles were similar to those used in combustion-engine vehicles, and Mahindra produced most of those components on-site. To secure (battery) supplies, we will take that action if we can reach an arrangement similar to the one we have with Volkswagen. We will make whatever investment is necessary to obtain such supplies, according to Shah.
Mahindra & Mahindra has recalled over 100,000 units of the XUV700 SUV due to a possible wiring issue. The Indian automaker revealed in a regulatory filing that technicians at authorized dealerships will inspect.More