Mahindra To Explore More Partnerships For Electric Vehicle Parts, CEO Says -by Ecork

Mahindra last week signed a partnership agreement with Volkswagen.

Davos, Switzerland:

Mahindra of India and Mahindra will explore finding more resources from other companies to boost their electric vehicle portfolio (EV), its director told Reuters.

Anish Shah says that Mahindra has focused on time on the development of EV cars at home, but has now changed tack to make partnerships to achieve speed growth in part.

Mahindra last week signed a partnership agreement with Volkswagen in which it will explore the supply of electric cars with cars, battery system components and cells made by German automation.

“The world is moving towards many more partnerships. It is better to be a good source out there, than to do everything ourselves,” Shah said in an interview at the World Trade Center in Davos.

“It’s VW (Volkswagen) at this stage and as we see the same capabilities in other areas, we are open to seeing the different cars we will bring, and doing what we do best at home,” he said. he added. .

Although Mahindra is placing huge bets on the development of its EV portfolio, it will face fierce competition from India’s Tata Motors in a country where the pure transmission sector is growing rapidly.

Prime Minister Narendra Modi is giving companies billions of dollars in incentives to build EVs, as India looks to meet its climate change and carbon reduction targets.

India’s EV market represents only 1% of the country’s annual sales of over 3 million cars, with customers also opting for more affordable fuel-efficient cars.

Tata dominates India’s EV market and last year raised $ 1 billion from TPG for the business. MG Motor India, which is owned by SAIC Motor China, also has plans to raise money to develop its EV business.

Shah said Mahindra would use “significant funds” for EVs and that they were, adding: “We will always be open to the worlds of value”.

Mahindra has developed a portfolio of EV commercial vehicles in India, but the new push is focused on passenger cars, and more importantly, sports utility vehicles (SUVs).

“Our strike zone has been the true SUVs, that’s where we will stop… we will not make EV sedans, no hatchbacks,” Shah said.

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