Homegrown auto major Mahindra and Mahindra (M&M) is looking for strategic partners for its electric vehicles business in order to further scale it up, a top company official said on Friday.
The auto major, which reported a 94 per cent decline in consolidated profit at Rs 54.64 crore for the June quarter, also said there is no impact of Covid-19 on its EV launch plans.
The automaker has invested significant capital in the segment and that gives it confidence to find partners, M&M Managing Director Pawan Goenka told reporters in a conference call.
To a query on whether it was open to partnerships in the EV business, Goenka said, “We are open to it and working on it. We currently are engaged with multiple interested parties to invest in Mahindra Electric and the process is going on.”
