Tesla Group has reportedly joined forces with SRAM & MRAM Group, a technology and sustainable development-focused entity, in a $1bn partnership.
The collaboration is set to establish electric vehicle (EV) battery production facilities across India and several other nations, reported the Economic Times, citing The Press Trust of India.
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SRAM & MRAM Group chairman Sailesh Hiranandani said in a statement that the project entails the construction of five EV battery “gigafactories” within India, with an additional 15 plants spread across various countries, including Malaysia, the US, Oman, the United Arab Emirates (UAE), Cambodia, and Brazil.
Under the agreement, SRAM & MRAM Group will take the helm in acquiring single-window clearances, as well as pursuing grants, subsidies, tax benefits, and forging local collaborations.
Meanwhile, Tesla Group will be responsible for the engineering, design, as well as construction aspects of these gigafactories.
Hiranandani added that each gigafactory will span approximately 500 acres and is said to serve as a hub for the entire battery manufacturing and storage supply chain.
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By GlobalDataTesla Group president Nanda Bhagi stated: “By combining our advanced BESS technology with SRAM’s global expertise, we are not only building factories but also fostering vibrant communities that will drive the future of sustainable energy.”
In related industry developments, VinFast Auto, a Vietnamese battery EV manufacturer, inaugurated its new assembly plant in the Indian state of Tamil Nadu last month.
Located in the Sipcot Industrial Park in Thoothukudi, this facility represents VinFast’s third operational vehicle assembly site worldwide and signifies a significant step in the company’s international growth strategy.
Additionally, in June, Chinese battery maker, Contemporary Amperex Technology Co Ltd (CATL), commenced the construction of a new EV battery plant in Indonesia.
This venture is in collaboration with Indonesia Battery Corporation (IBC), with the two companies establishing a joint venture named PT Contemporary Amperex Technology Indonesia Battery (CATIB).
The Karawang-based facility in West Java Province represents an investment of $1.2bn.
