India’s leading electric vehicles maker Mahindra & Mahindra (M&M) will work on electrification of South Korean firm SsangYong Motor’s products.
Speaking about the project, Mahindra’s CEO Mahesh Babu said that Mahindra Electric is working with SsangYong and will play a key role in electrification of existing products such as e- Verito and e-Supro for Mahindra’s auto division. The company will supply some electric parts to the South Korean firm.
As part of their strategy in future, Mahindra Electric will sell some of the powertrains and electric parts to the South Korean auto firm, he added.
Mahindra already sells EVs like e-Verito and e2o. It is planning to develop electric three-wheelers using the lithium-ion battery.
“We are now working to develop three wheelers based on lithium-ion batteries,” Babu said. In September, the company had introduced e-rickshaw — e-Alpha Mini – to cater to last mile connectivity.
M&M had inked a pact in 2010 to acquire the majority stake in SsangYong.
M&M has earmarked an investment of Rs 600 crore over the next two-three years to expand its electric vehicle production capacity from 500 to 5,000 units a month.
The capital will also be utilised to develop new technologies and come up with the infrastructure to produce battery components.
The company is also looking to ink joint ventures in the field of power electronics and motors.
Last month, M&M announced a partnership with Ola to supply 40,000 cars in two years and generate a revenue of Rs 2,600 crore for the automobile manufacturers. It will also deliver hundreds of e2oPlus hatch and the eVerito sedan to Uber across several cities.
In the same month, the company won a contract to supply 10,000 electric vehicles to Energy Efficiency Services Limited (EESL).
India’s leading business groups Reliance, Adani, and Hero are also making plans to foray into, battery manufacturing, and battery pack assembly.
The company sold 600 electric vehicles in first seven months of this year, M&M will soon launch two new EVs.