The company is aiming to list its electric vehicle arm Mahindra Electric Automobile Ltd (MEAL) by 2030, CEO Anish Shah told PTI
In 2022, Mahindra & Mahindra (M&M) did not intend to manufacture EV batteries but instead looked forward to invest in a battery cell manufacturing company
The Indian EV market houses various small as well as large EV startups and is estimated to reach $110.74 Bn by 2029
Mahindra Group, a prominent player in India’s automotive sector, is seeking partnerships with global companies to locally manufacture electric vehicle batteries in India.
In a recent interaction with PTI, Mahindra Group’s managing director and group chief executive officer Anish Shah said that the company is to list its EV arm Mahindra Electric Automobile Ltd (MEAL) by 2030.
Meanwhile, the company expects 20-30% of its portfolio to turn electric by 2027.
“One area that we continue to look at more closely is cell manufacturing and that is something where there are various considerations… if we feel it’s essential for us, we will look at a partnership for cell manufacturing,” Shah told PTI.
“We believe that the launch of our new electric vehicle models starting January 2025 would play a key role in this aspect” he added.
This comes at a time when Mahindra Group recently signed a memorandum of understanding (MoU) with the union government to conduct two pilot projects under “Drone Didi” scheme to train 500 women in operating drones for agricultural purposes.
The recent development indicates a U-turn taken by the company. According to a report by Inc42 published in 2022, Mahindra & Mahindra (M&M) did not intend to manufacture EV batteries but instead looked forward to investing in a battery cell manufacturing company.
While Mahindra Group is seeking expansion in the Indian EV market, one of its competitors, Tata Motors is planning to convert its existing electric concept car Avinya into a premium EV brand, rather than a single vehicle.
As per Inc42’s report, the Indian EV market houses various small as well as large EV startups and is estimated to reach $110.74 Bn by 2029. Startups like Ather Energy, Altigreen Propulsion Labs, BluSmart, and Exponent Energy have now come up with sustainable solutions for mobility.
