According to foreign media reports, Mahindra & Mahindra Group (M & M), a subsidiary of Mahindra Group, has signed an agreement with LG Chem to work together on advanced lithium-ion battery technologies.
LG Chem will provide a lithium-ion battery based on nickel-cobalt-manganese (NMC) chemistry with high energy density for use in the Indian market, which will be deployed on Mahindra Electric and Ssangyong Electric. Design lithium-ion battery modules for Mahindra Electric and create battery packs for use in Mahindra Group and other customers' products.
Henda Sikka, Chief Procurement Officer of Mahindra said: "The EV revolution is sweeping the country and Mahindra is very pleased to be at the forefront of this change." The cooperation with LG Chem will enable Mahindra to have advanced battery technology and provide globally competitive Products. "Mahindra is preparing to expand its size to meet future needs and we look forward to a close and fruitful cooperation with LG Chem."
As part of Mahindra's investment plan announced last year, Mahindra is building a battery module plant, which is expected to produce 500,000 battery modules a year and is expected to begin production in FY2017.