Mahindra & Mahindra, a leading player in electric vehicles in the country, has now set eyes on electrification of some of the models of its South Korean arm SsangYong Motor, a top company official said.
"Mahindra Electric is working with SsangYong to electrify some of their products," the company's CEO Mahesh Babu told.
Mahindra Electric, the manufacturer of electric vehicles of the diversified USD 17.8 billion Mahindra Group, will play a key role in the electrification of existing products such as e- Verito and e-Supro for Mahindra's auto division.
"We will play a similar role for SsangYong," Babu said.
Elaborating on the SsangYong project, he said Mahindra Electric will sell some of the powertrains and electric parts to the South Korean auto firm.
"We will supply some electric parts to them and also to Mahindra and they will sell the cars," Babu said.
Mahindra & Mahindra (M&M) had inked a pact in 2010 to acquire a majority stake in SsangYong. When asked about the company's strategy regarding electric vehicles in the domestic market, Babu said: "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".
With already few electric products under its kitty, the company will now focus at expanding its base on the back of new products with higher range and performance, he added.
"We are now working to develop three wheelers based on lithium-ion batteries," Babu said.
In September, the company had introduced e-rickshaw — e-Alpha Mini - to cater to last mile connectivity.
M&M has earmarked an investment of Rs 600 crore over the next two-three years to expand its electric vehicle production capacity from 500 to 5,000 units a month.
The capital will also be utilised to develop new technologies and come up with the infrastructure to produce battery components.
The company is also looking to ink joint ventures in the field of power electronics and motors. When asked about the proposed joint ventures, Babu said: "The process is going on. It hasn't yet concluded."