[Asia Economy Reporter Donghoon Jeong] LG Energy Solution will supply electric vehicle batteries to the first electric sports utility vehicle (SUV) of India's automobile company Mahindra Group.
According to industry sources on the 11th, LG Energy Solution will supply batteries for Mahindra & Mahindra's SUV model 'XUV400.' The XUV400 is a compact electric SUV based on the existing SsangYong Tivoli. Mahindra plans to unveil this model in September. The vehicle delivery is expected to take place in the fourth quarter of this year or January next year.
This is the first time LG Energy Solution's batteries will be installed in a Mahindra electric vehicle. This supply is the result of an agreement made between LG Energy Solution and Mahindra & Mahindra in 2018, before LG Energy Solution was spun off from LG Chem.
LG Energy Solution plans to actively target the Indian electric vehicle battery market starting with the XUV400. Although annual electric vehicle sales in India currently account for about 1% of the total 3 million vehicles, the Indian government aims to increase this to 30% by 2030.
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