NEW DELHI, July 10 (Reuters) – India’s Mahindra & Mahindra may invest in a battery cell business to ensure its future electrification needs are met, its chief executive has said, after the group raised funds for its new electric vehicle entity valued at 9.1 billion dollars (8.9 billion euros).
Mahindra raised $250 million from British International Investment on Thursday and is exploring a partnership with Volkswagen AG to source electrical components such as batteries and motors.
The agreement with the German manufacturer will enable Mahindra to cover its “short and medium term” battery needs, added Anish Shah, but the group is open to the idea of an “investment with a global leader” in the cell sphere. of batteries for its longer-term supplies.
Mahindra plans to launch five electric SUVs over the next few years. (Aditi Shah, Gilles Guillaume for the French version)