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.
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).