Mahindra & Mahindra, which has placed strong bets on electric mobility, is scouting for partners for its electric vehicle (EV) businesses in India and overseas.
In talks with multiple parties for investment in Mahindra Electric.
Seeking strategic investors for high-end EV brand Automobili Pininfarina.
Mahindra Electric’s range to expand with the upcoming eXUV300.
M&M’s managing director, Dr Pawan Goenka, who has earlier stated the necessity for collaboration in the EV industry to primarily gain the critical scale, said, “We are engaged in discussions with multiple parties.” These discussions are regarding new investors in Mahindra Electric. He adds that there is a “lot of interest” among investors to invest in “gems” of the EV industry. This was stated at Mahindra’s 74th annual general meeting, held recently.
Automobili Pininfarina seeks partners
As the global collaboration trend grows, Automobili Pininfarina, Mahindra’s high-end EV brand, is also seeking partners. “We are looking at strategic investment, not just financial investment,” said Dr Goenka.
The investment will be mainly for Automobili Pininfarina’s phase after its debut model, the Battista. The company is in the process of finalising plans for the second model, which includes a new manufacturing plant. Dr Goenka says that the second model will be a lower-priced and, therefore, higher-volume model than the Battista ‘halo car’, though still not a mass-market product. The Battista is priced at over $2 million (around Rs 15 crore).
Automobili Pininfarina was launched in 2018, and the Battista was originally scheduled for launch in 2020. The COVID-19 pandemic has pushed the launch now to the “end of FY2021”. The Battista, which derives technology from Formula E, claims to deliver power that is nearly twice that of a Formula 1 race car. What’s required for M&M now is the power to sustainably grow its EV businesses. A partnership or two could be key in providing that.
What models does Mahindra Electric currently have?
As things stand, there is only one model on offer in our market – the Mahindra Electric eVerito electric sedan which has a 41hp electric motor and a claimed range of 140km. However, the brand showcased the eXUV300 compact SUV at the 2020 Auto Expo and is set to launch the production-spec version in the second half of 2021.