Mahindra is looking at partnerships to source EV parts and expand its electric vehicle portfolio, as Reuters reports. Previously, the carmaker explored the possibility of making these electric vehicle components in-house but has now decided to explore partnerships to speed up the process.
This announcement follows Mahindra’s recent partnership with Volkswagen, in which the former will use the German carmaker’s MEB (modular electric drive matrix) electric components such as electric motors, battery system components, and battery cells for its electric vehicles.
Anish Shah, the MD and CEO of the Mahindra Group, said in an interview at the World Economic Forum summit at Davos, “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.”
Mahindra is looking to expand its electric vehicle offerings in the passenger segment, which put the carmaker in direct sight of India’s largest electric passenger vehicle maker, Tata Motors. Currently, Tata Motors sits at the helm of four-wheeler EV sales in India with the Nexon EV and Tigor EV. Mahindra is looking at new electric SUVs, a segment (SUV) the carmaker is well-known for.
Although EVs have seen a steady increase in sales over the last year, it still accounts for just 1 percent of annual automotive sales, as customers still prefer fossil-fuel-powered vehicles. The EV infrastructure has a long way to go in order for vehicle buyers to transition completely to EVs.