SEOUL (Reuters) – South Korean battery maker LG Energy Solution is about to supply batteries to Mahindra & Mahindra’s first electrical sports activities utility automobile (SUV), a supply acquainted with the matter mentioned on Monday.
The batteries will energy the Indian automaker’s XUV400 SUVs, probably scheduled for supply between the fourth quarter and January, the supply mentioned.
The supply, who didn’t verify the dimensions of the supply deal, declined to be recognized because the plans weren’t but public.
Before LG Energy Solution was break up off from its father or mother firm LG Chem, Mahindra in 2018 signed a take care of LG Chem to collaborate on the supply and expertise of lithium-ion batteries based mostly on nickel, cobalt and manganese chemistry, in accordance to a Mahindra assertion.
LG Energy Solution declined to remark. Mahindra didn’t instantly reply.
Mahindra final week raised $250 million from British International Investment for its new EV unit at a valuation of $9.1 billion.
The automaker has plans to launch 5 electrical SUVs over the subsequent few years beginning with the XUV400 in September. These fashions are anticipated to contribute up to 30%, or about 200,000 items, of its whole annual SUV gross sales by March 2027.
Its chief govt advised Reuters in an interview that Mahindra might contemplate investing in a battery-cell firm to meet future electrification wants.
(Reporting by Byungwook Kim and Aditi Shah, Editing by Louise Heavens)
