Tesla and SRAM & MRAM Join Forces for Global EV Battery Expansion

Tesla Group a.s. and SRAM & MRAM Group have signed a USD 1 billion deal to establish EV battery factories in India and 15 other countries. This partnership will boost global battery manufacturing and storage, combining Tesla's expertise with SRAM's local collaborations and regulatory navigation.

Tesla Group a.s., a leader in battery energy storage systems, has partnered with SRAM & MRAM Group to advance electric vehicle technology. The companies have secured a USD 1 billion agreement to develop EV battery facilities across multiple nations, including India, the US, and Malaysia.

The ambitious plan involves constructing five gigafactories in India and an additional 15 in countries like Oman, Brazil, and Cambodia. According to Sailesh L Hiranandani, Chairman of SRAM & MRAM Group, this collaboration is set to create one of the world's largest supply chains for EV batteries.

Each gigafactory, spanning around 500 acres, will focus on comprehensive battery manufacturing and storage solutions. TESLA Group a.s. will manage the design and construction, while SRAM & MRAM will handle approvals and partnerships, aiming to foster sustainable energy development globally.

(With inputs from agencies.)