Mahindra Electric in talks with Japan’s Softbank & other investors to raise funds

Mahindra Electric is in talks with Japan’s Softbank and other potential investors that include original equipment manufacturers (OEMs) for strategic investment in the company.

Softbank may pick up a minority stake in Mahindra Electric according to a report from Mahindra & Mahindra, which owns the Mahindra Electric, has announced a few days ago that it is looking for alliances including equity partnership.

Global sales volume for EVs is still low, while the number of companies entering the segment is fairly large, and these include traditional automakers as well as start-ups. Therefore, collaboration will be the key in powertrain, which means the battery, the motor, power electronics and the charger. That’s the reason we have set up Mahindra Electric as a separate company, but now we have started to see how we can get strategic partners, so that we can pool in our volumes and create an electric powertrain supply company. The company would function like a consortium of manufacturers. We are talking to various OEMs who are interested… take equity in Mahindra Electric and become partners.

Mr Pawan Goenka, Managing Director, Mahindra & Mahindra

Mahindra Electric showcased the 350V MESMA platform and several electric vehicles at the Auto Expo 2020 that included Funster concept, Atom electric quadricycle, eXUV300 and eKUV100 electric SUVs, Treo electric three-wheeler and Treo Zor electric load carrier.