Mahindra Electric in talks with global automakers to supply EV parts
MUMBAI: Mahindra Electric Mobility Ltd, the electric vehicle (EV) arm of Mahindra & Mahindra Ltd, is in talks with at least five to six global vehicle manufacturers for supply of components and integrated powertrain as it looks to sharpen focus on the EV components business.
Mahindra Electric, which achieved Ebitda breakeven in FY20 for the first time in a decade, expects its EV component business to help it achieve scale and profitability in the near to mid term.
The company is looking to supply EV components both to domestic and foreign manufacturers, including M&M’s strategic partner Ford Motor Company and subsidiary SsangYong Motor Company (SYMC). The move to focus on EV parts comes at a time when Mahindra Electric has been struggling with vehicles sales. The company had sold 14,500 EVs, across three-wheelers and cars in FY20, making under 10% of M&M’s total vehicle sales.
