Wednesday, May 21, 2025

Companies are seeking investors for electric vehicle business

Mahindra & Mahindra, an Indian multinational vehicle manufacturing corporation, 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 high-end 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 & Mahindra said in June that it was evaluating all its businesses and would continue to invest only in those where it sees a strategic advantage or can get an 18% return. It has said that EVs are strategic to its growth. 

As part of this evaluation, Mahindra has also decided not to proceed with the bid made by its North American unit to supply vehicles to the U.S. Postal Service, group CFO Anish Shah told the same press conference, conducted online. 

The project would have required an investment of close to $500 million and given “the current environment and the focus on capital allocation” it would not have met the company’s targeted return on investment, he said. 

Shah said the North America business is also under review and Mahindra will have more clarity on its future once litigation with carmaker Fiat Chrysler Automobiles NV (FCA) in that region ends. 

Mahindra reported a sharp fall in profit for the April-June quarter to 1.12 billion rupees ($15 million), compared with 23.14 billion rupees a year earlier, due to lockdowns and disruptions caused by the coronavirus pandemic. 

The automakers’ shares have risen around 18% since the group announced on June 12 that it was re-evaluating its businesses. 

 

Reported by Aditi Shah 

Sourced Reuters 

For more Technology news follow i-invest Online. 

Latest

Governments may wave AI through if win-win with workers can be achieved

Governments may approve artificial intelligence taking human jobs where...

Branded residences in Portugal: The best of both worlds

Combining luxury living with 5-star hotel-style amenities, Portugal’s branded...

How trade wars impact digital economies

Digital economies must expand for countries to stay globally...

Turning HR green can boost innovation within organisations

Embedding a green culture within the ethos of an...

Subscribe To Our Content

Don't miss

Governments may wave AI through if win-win with workers can be achieved

Governments may approve artificial intelligence taking human jobs where...

Branded residences in Portugal: The best of both worlds

Combining luxury living with 5-star hotel-style amenities, Portugal’s branded...

How trade wars impact digital economies

Digital economies must expand for countries to stay globally...

Turning HR green can boost innovation within organisations

Embedding a green culture within the ethos of an...

‘Neuroforecasting’ outperforms more common consumer behaviour predictions

According to new research, brain activity data can predict...

Governments may wave AI through if win-win with workers can be achieved

Governments may approve artificial intelligence taking human jobs where profits soar and can be shared with workers, new research has revealed Democratically elected governments may...

Branded residences in Portugal: The best of both worlds

Combining luxury living with 5-star hotel-style amenities, Portugal’s branded residences are perfect not only for those with global lifestyles, but for investors too Portugal’s branded...

How trade wars impact digital economies

Digital economies must expand for countries to stay globally competitive – a situation that gets highly complicated in a global trade war. Mehdi Paryavi,...

LEAVE A REPLY

Please enter your comment!
Please enter your name here