Monday, September 07
Volkswagen AG is slashing costs of developing electric vehicles in India by a third and scouting for a local partner to help boost its tiny market share, according to people familiar with the matter.The local unit of Europe’s biggest automaker has cut costs to about $700 million from $1 billion for a platform it is developing to build EVs, said people familiar with the matter who spoke on the condition of anonymity.Volkswagen is unwilling to continue pouring billions of dollars in a market where it has managed to eke out only a 2% market share after nearly two decades. The automaker is on a hunt for an India partner to share costs and risk, after talks with Mahindra & Mahindra Ltd. broke down last year, the people said. Finding an ally is crucial for securing further internal funding
