EV Battery Business in India
According to related industries on February 26, LG Chem will cooperate with Mahindra & Mahindra, an automobile affiliate of India’s Mahindra Group, on lithium-ion battery technology for electric vehicles.
Through this collaboration, LG Chem will develop high-density energy batteries based on NCM (nickel, cobalt, manganese) cathode materials and supply them to Mahindra. This time, the batteries will be supplied to Mahindra and Ssangyong Motors, a subsidiary of Mahindra.
LG Chem will also develop lithium-ion battery modules for Mahindra Electric. Mahindra Electric is a manufacturer of battery packs for the Mahindra Group and other automakers. LG Chemical and Mahindra will be bound by the contract for a total of seven years.
Mahindra is planning to secure a capacity to produce half a million battery modules in the future, and to build a production line to assemble battery packs. The battery module and pack assembly facility will be put into operation starting in the first quarter of 2020.