Mahindra seeks investors for electric vehicle business

New Delhi

Indian automaker Mahindra & Mahindra is looking for investment partners for its domestic electric vehicles business and is finalising investment plans for its Automobili Pininfarina unit, the group’s managing director said on Friday.

The automaker wants to be a key player in mass-market electric vehicles (EVs) through its unit Mahindra Electric and in the highend segment through Europe-based Pininfarina, which is building an electric hyper car Battista, Pawan Goenka said. Mahindra & Mahindra is seeking financial or strategic investors for Mahindra Electric, Goenka told a news conference after the group’s quarterly earnings.

For Pininfarina, it is finalising how much investment it needs for future projects and will then decide how to raise funds, Goenka said, adding that this could include taking a strategic partner. Mahindra has also decided not to proceed with the bid made by its North American unit to supply vehicles to the US Postal Service.