TimesEV
TimesEV
TimesEV
TimesEV
TimesEV
TimesEV
More
    HomeEV BusinessIndia's Mahindra to Explore More Partnerships for EV parts

    India’s Mahindra to Explore More Partnerships for EV parts

    India’s Mahindra and Mahindra will explore sourcing more components from other companies to boost its electric vehicle (EV) portfolio, its chief executive told Reuters.

    Anish Shah said Mahindra had over time focussed on developing EV components in-house, but now changed tack to forge partnerships to achieve faster growth in the segment.

    Mahindra last week signed a partnership agreement with Volkswagen in which it will explore equipping its electric cars with motors, battery system components and cells made by the German automaker.

    “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 said in an interview at the World Economic Forum summit at Davos.

    “It’s VW (Volkswagen) at this stage and as we see similar strengths in other areas, we are open to looking at various components that we would bring in, and do what we are very good at in-house as well,” he added.

    Although Mahindra is placing big bets on developing its EV portfolio, it will face fierce competition from India’s Tata Motors in a country where the clean mobility sector is picking up fast.

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

    India’s EV market represents only 1% of the country’s annual sales of about 3 million vehicles, with consumers still opting for fuel-guzzling cars that are far more affordable.

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

    Shah said Mahindra will use “significant funds” for EVs and had them available, adding: “We always will be open to value creation opportunities”.

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

    “Our strike zone has been authentic SUVs, that’s where we are going to stay … we are not going to make EV sedans, no hatchbacks,” Shah said.

    Related Post

    Most Popular

    Best Picks

    Veridify, Overcoming the challenges of OT security in building automation with an STM32

    Despite popular belief, it is possible to secure legacy embedded systems properly, even if they lack today’s iron-clad cryptographic capabilities, the latest protections, or...

    Tsuyo’s Vision for Future Manufacturing: Incorporating Emerging Technologies and...

    Tsuyo Manufacturing is deeply committed to offering highly reliable, robust, and durable products designed to withstand a wide range of exposure and service conditions...

    Revamp Moto’s Vision for Advanced EV Features and Industry...

    Revamp Moto is a dynamic and forward-thinking electric vehicle (EV) startup, firmly committed to providing sustainable and adaptive E-mobility solutions. Their primary focus centres...

    ST and ZF sign multi-year supply agreement for Silicon...

    Silicon Carbide technology is widely used in semiconductor material which are easy to fabricate and provides good general electrical and mechanical properties. However, it...

    Exploring Electrochemical Properties: Unraveling Battery Performance and Behavior

    Automotive Test Systems stands as a trailblazing company with an extensive and diverse background in Product Validation, Structural Testing, Data Acquisition and Analysis, Vehicle...

    WISE Testing Solutions: Comprehensive Products and Services for Vehicle...

    WISE Testing Solutions Pvt. Ltd., a privately held company registered as a limited company, aims to provide a comprehensive range of products and services...

    Anton Paar: Revolutionizing EV Battery Testing with Standardization Initiatives

    Anton Paar, a distinguished company specializing in the development, production, and distribution of precision laboratory instruments and process measuring systems, alongside delivering customized automation...

    Exploring the Challenges and Testing Methods for Electric Vehicle...

    Aimil Ltd. is an esteemed organization celebrated for its exceptional expertise spanning multiple domains such as electric vehicle battery testing (both electrical and mechanical),...

    “The core idea behind u-blox has always been to...

    u-blox develops some of the world’s leading IoT communication and GNSS modules, chips and services supporting the industrial, automotive and consumer markets. Recently Andreas...

    Must Read