Indian Mahindra Seeks Investors For Electric Vehicle ProductionAugust 8, 2020
According to Indian media reports, the car company Mahindra is now actively seeking investors to start producing electric vehicles. Investment plans are also being finalized for Automobili Pininfarina’s electric vehicle division.
Indian automaker Mahindra & Mahindra is seeking investment partners for electric vehicles and is finalizing investment plans for its German electric vehicle division Automobili Pininfarina. This was announced by the managing director of the automaker Pavan Goenka.
The Indian automaker wants to become a key player in the mass market for electric vehicles through its Mahindra Electric division, as well as lead the luxury car segment through European company Pininfarina, which is building the Battista electric hypercar, he said.
The Indian company Mahindra & Mahindra is looking for financial or strategic investors for Mahindra Electric, Mr Goenka said at a press conference.
Pininfarina is finalizing how much investment it needs for future projects and then deciding how to raise the necessary funds, adding that this could include choosing a strategic partner, Goenk said.
In June, Mahindra & Mahindra announced that it is evaluating all of its businesses and will continue to invest only in those that it sees as a strategic advantage or can generate an 18% return. He said electric vehicles are strategically important for its growth.
As part of this assessment, Mahindra also decided not to continue to develop a previously submitted application made by its North American division for the supply of vehicles for the US Postal Service, Group CFO Anish Shah said in the same press conference held online.
Mahindra reported a sharp drop in profits from April to June to $ 15 million from last year due to supply chain restrictions and disruptions caused by the coronavirus pandemic.
Not so long ago, our publication wrote that Mahindra will present five electric cars. The presentation will take place at the Auto Expo, home for the brand.
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