To boost its electric vehicle (EV) portfolio, India’s Mahindra and Mahindra NSE 1.86 % will explore sourcing more components from other companies.

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. To focus on the objective of PM Narendra Modi Mahindra is placing big bets on developing its EV portfolio, it will face fierce competition from India’s Tata Motors NSE 0.11 % in a country where the clean mobility sector is picking up fast.

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

Leave a Reply

Your email address will not be published. Required fields are marked *