According to sources, South Korean battery maker LG Energy Solution will supply batteries to Mahindra & Mahindra's. These batteries will be used in Mahindra's first electric sports utility vehicle (SUV). The batteries acquired by the automotive company from LG Energy Solutions will power the Indian automaker's XUV400 SUVs, likely scheduled for delivery between the fourth quarter and January, the source said.
According to a statement released by Mahindra, Before LG Energy Solution was split off from its parent company LG Chem, Mahindra in 2018 signed a deal with LG Chem to collaborate on the supply and technology of lithium-ion batteries based on nickel, cobalt, and manganese chemistry.
Other than this, last week, Mahindra 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 five electric SUVs over the next few years starting with the XUV400 in September. These models are expected to contribute up to 30%, or about 200,000 units, of its total annual SUV sales by March 2027.