Mahindra Electric to Support SsangYong Motor in Electrification Drive
Mahindra and Mahindra had signed a pact in 2010 to acquire major stakes in SsangYong company.
Mahindra & Mahindra, a leading car manufacturer from the country has decided to concentrate on helping its South Korean arm SsangYong in the electrification of some of their products. The company already has electric vehicles like e-Verito and e20 in the market. It is now working on developing three-wheelers with the lithium-ion battery. "Mahindra Electric is working with SsangYong to electrify some of their products," the CEO Mahesh Babu informed.
Mahindra Electric the manufacturer of these electric vehicles will play an important role in the electrification of the existing products for Mahindra’s auto division. The company will be selling some powertrains and electric parts to the South Korean firm. Mahindra and Mahindra had signed a pact in 2010 to acquire major stakes in SsangYong company.
The company already has some electronic products focuses on expanding by getting newer products with quality performance and of a higher range. But talking about electric vehicles in the domestic market Mahesh Babu says, “We have now products in the mass market segment...as part of our strategy going ahead we will get into new technologies with higher power voltage powertrains and higher range products.” The company introduced e-rickshaw e-Alpha Mini in September 2017.
M&M plans to expand its electric vehicle production capacity from 500 to 5000 units per month. They will utilise their capital for development of new technologies and build infrastructure to produce battery components. They are working on starting joint ventures in the field of power electronics and motors, but haven’t finalized on anyone yet. As of now, they will help an arm to SsangYong.
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(The above story first appeared on LatestLY on Dec 26, 2017 06:25 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).