S.Korea's LG Energy Solution to supply batteries to India's Mahindra -source

CIE Automotive India

11/07/2022 09:21

SEOUL, July 11 (Reuters) - South Korean battery maker LG
Energy Solution  373220.KS  is set to supply batteries to
Mahindra & Mahindra's  MAHN.NS  first electric sports utility
vehicle (SUV), a source familiar with the matter said on Monday.
    The batteries will power the Indian automaker's XUV400 SUVs,
 likely scheduled for delivery between the fourth quarter and
January, the source said. 
    The source, who did not confirm the size of the supply deal,
declined to be identified as the plans were not yet public. 
    Before LG Energy Solution was split off from its parent
company LG Chem  051910.KS , 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, according to a Mahindra statement.  
    LG Energy Solution declined to comment. Mahindra did not
immediately respond. 
    Mahindra last week raised $250 million from British
International Investment for its new EV unit at a valuation of
$9.1 billion.  urn:newsml:reuters.com:*:nL4N2YP1TB
    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.
    Its chief executive told Reuters in an interview that
Mahindra could consider investing in a battery-cell company to
meet future electrification needs.  urn:newsml:reuters.com:*:nL1N2YS07E

 (Reporting by Byungwook Kim and Aditi Shah, Editing by Louise
Heavens)
 ((Byungwook.Kim@thomsonreuters.com;))