South Korean LG Energy Solutions to supply EV batteries to India’s Mahindra

lg energy solutions ev batteries mahindra

South Korean battery maker, LG Energy Solution, is set to supply batteries to Mahindra & Mahindra’s first electric sports utility vehicle (SUV), a source familiar with the matter said.

According to the source, the batteries will power the Indian carmaker’s XUV400 SUV line, likely scheduled for delivery between the fourth quarter and January.

Before LG Energy Solution was split off from its parent company LG Chem in 2018, Mahindra signed a deal with LG Chem to collaborate on the supply and technology of lithium-ion batteries based on cobalt, nickel, and manganese chemistry, according to a Mahindra statement.

LG Energy Solutions and Mahindra both declined to comment.

Last week, Mahindra raised $250 million from British International Investment for its new EV unit at a valuation of $9.1 billion.

The Indian automobile giant has plans to launch five electric SUV models over the next few years, starting with the XUV400 in September. These models are expected to contribute almost 30%, or nearly 200,000 units, of its total annual SUV sales by March 2027.

Mahindra & Mahindra’s CEO, Anish Shah, said the automaker could consider investing in a battery-cell firm to meet future electrification needs after it raised funds for its new electric vehicle (EV) unit at $9.1 billion valuations.