Mahindra to explore more partnerships for EV components, says CEO
Mahindra and Mahindra CEO Anish Shah announced on Monday that the company will explore more partnerships with other companies to secure components for electric vehicles to boost its EV profile. Mahindra's Shah informed the automaker had focused on developing in-house components for electric vehicles, however, now changed plans and hence is stressing collaborations for faster growth in the EV segment.
Previously it has been reported that Mahindra signed an agreement with Volkswagen in which Mahindra plans to explore equipping its electric cars with motors, battery system components and cells made by the German auto major. “The world is moving towards a lot more partnerships. It's better to source the best that's out there, rather than do everything ourselves," Shah was quoted.
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Mahindra, earlier this year, announced that it is going to introduce three concept electric vehicles this year. The automaker teased these three EV models stating, “Welcome to a reimagined world of Born Electric vehicles. Electrifying presence and Exhilarating performance brought to you by Mahindra's team of global designers, engineers and experts."
As per a Reuters report, Shah also mentioned Mahindra will use ‘significant funds’ for electric vehicles and have them available. “We always will be open to value creation opportunities," he further added. Mahindra has developed a portfolio of EV commercial vehicles in the country, but the latest push is focused on passenger cars, and more particularly, sports utility vehicles (SUVs).
Currently, Tata Motors dominates India's EV market and last year raised $1 billion from TPG for the business. MG Motor India, owned by China's SAIC Motor, also has plans to raise funds to develop its electric vehicle business.