Mahindra Group is looking for partnerships with global players for local production of battery cells in order to cater to expected increase in demand for electric vehicles, according to a top company executive.

Mahindra Group managing director and chief executive officer Anish Shah said the company is looking at a 2030 timeframe for the possible listing of its electric vehicle arm Mahindra Electric Automobile Ltd (MEAL).

“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,” he stated.

He further said: “We will look at a global technology partner, and potentially at private equity partners as well because we will not put the entire capital.”

“..the only reason for us to do it is to indigenise in India. Therefore, if we go down that path, it will be in India,” he said when asked if the production facility would come up in the country.

On plans to list MEAL, Shah stated that it is not going to happen in the next three-five years at least.

“So this is something that we will probably look at in the 2030 timeframe or so,” Shah noted.

He noted that the country has shown the ability to leapfrog when it comes to shift to new technologies especially in the automotive segment.

Shah said that EV products need to excite the customers at large.

“We believe that the launch of our new electric vehicle models starting January 2025 would play a key role in this aspect,” he said.

He also listed range anxiety and high cost of EVs as some of the factors impacting the growth of the segment.

“What is not in place today is EV charging and that has to develop now,” Shah said.

“It’s the right time to do it because as we start seeing the demand coming for electrics, EV charging infrastructure has to grow at a much higher scale.”

PTI