Mahindra open to investing in EV battery cell maker to secure supplies - CEO
While the Volkswagen deal would meet Mahindra's "short to medium term" battery needs, Mahindra CEO Anish Shah said the company was open to looking at some sort of "investment with a global leader" in the battery-cell space if it needed to secure future supplies."Our intent is not to get into batteries," Shah said in an interview. "There are people who do it very well. We can partner with them; we could be a co-investor in some form.
Growing demand for EVs and disruption of supply chains across the globe are pushing automakers to look at ways of having greater control over supplies and costs. Some carmakers are spending billions of dollars on mines and factories for motors and batteries - a departure from years of relying solely on suppliers.
Shah said that, except for batteries and motors, most of components for EVs were not very different from those of combustion-engine cars and Mahindra produced a majority of those parts in-house.
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