New Delhi. Indian carmaker Mahindra & Mahindra Ltd.’s South Korean unit SsangYong Motor Company has entered into an agreement with Chinese electric vehicle maker BYD Auto Company for the development of EV batteries. The company said in a statement that SsangYong Motor has signed an MoU with BYD Auto to develop car batteries and manufacture battery packs for its models.
Court-appointed administrator Chung Yong-won said the partnership with BYD will pave the way for the company’s plan to transform itself into an EV manufacturer in the era of electrification.
Ssangyong said, BYD wholly-owned battery maker Findream Industry Co. will participate in the battery development project.
SsangYong plans to install the partnership-developed car battery on the U100 EV, which is under development for mass production in 2023, Yonhap news agency reports.
The two companies plan to expand the partnership to jointly develop an EV-only platform in the long term. (IANS)
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