Mahindra Electric, which has recently announced an investment of Rs 1000 crore in the next three years, for increasing its manufacturing capacity to 70,000 units from the current 15,000 units, is going to supply electric vehicle powertrains to group firm Ssangyong Motors. The company, which is currently setting up a state-of-the-art global R&D centre in Bangaluru for battery, motors, power electronics with investments of up to Rs 400 crore, will ensure that the supplies to Ssangyong will commence by early 2021.
Mahindra Electric CEO, Mahesh Babu said that the company is investing in aggregates for the electric vehicles which is the battery packs, motor transmission and power electronics. He added that the electric vehicle is at a very nascent stage and that the company is happy to supply those parts to anybody, any original equipment manufacturer (OEM), whether it is in India or abroad. Babu said that for now, Mahindra Electric manufacturing is going to supply powertrain to Ssangyong and that the company is also talking to a few global partners to supply. There was no elaboration of the global partners with which the company is currently in talks with.
Mahindra is currently working with Ford for the development of an electric vehicle which will be based on Ford’s platform as part of a partnership between the two companies. Mahesh Babu said that the company’s aim is India becoming a hub for electric vehicle manufacturing or a technology facility, not only to India but to the world. He said the company is fully aligned with the government’s focus on Make in India and development of technology in the country. He further added that the company strongly believe not in just collaborating with a foreign company and Make in India but also in developing R&D, developing Intellectual Property Rights (IPR) in India and hence it is investing on both.
Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.