Tesla and SRAM & MRAM's $1B Gigafactory Blitz

Battery energy storage systems (BESS) manufacturer Tesla Group and global tech conglomerate SRAM & MRAM Group have signed a $1 billion agreement to establish five gigafactories for electric vehicle (EV) battery production across India and 15 other countries, including the US, UAE, Malaysia, Brazil, Oman, and Cambodia.

Each facility, covering approximately 500 acres, will house end-to-end battery manufacturing and storage infrastructure. According to Sailesh Hiranandani, Chairman of SRAM & MRAM Group, the collaboration will result in one of the world’s largest EV battery manufacturing and storage supply chains.

Under the partnership:

SRAM & MRAM will handle local partnerships, approvals, and subsidies.

Tesla Group will oversee the design, engineering, and construction of the facilities.

“Our aim is not just to build factories, but to create thriving ecosystems that power the future of sustainable energy,” said Nanda K Bhagi, President of Tesla Group.

News by Rahul Yelligetti.