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After many meetings and discussions, Mahindra & Mahindra and Japan's Renesas Electronic Corporation are joining hands to co-develop the Mahindra Formula E team. The partnership also aims to bring technologies from Formula E to Mahindra Electric's road cars.
Mahindra and Renesas also stated that they would be working together in the development and manufacturing of EV powertrains, Driver Assists and other sophisticated components for potential markets.
Dr.Pawan Goenka, Managing Director, Mahindra & Mahindra said, "We are delighted to welcome Renesas as a key technical partner of the Mahindra Racing Formula E team as we start the fourth season of racing. Formula E is helping to grow Mahindra's EV technology and expertise, and this new strategic partnership with Renesas will only help to accelerate our learning curve. We look forward to working with Renesas and leveraging their automotive semiconductor expertise as we increase our thrust in Formula-E and continue to play a pioneering role in the fast-growing Indian EV market."
Renesas have got a good experience profile when it comes to component supplies for EVs. They are currently working on technologies related to Autonomous Driving and their Connectivity also.
The Executive Vice President of Renesas, Ryuji Omura said, " India is one of our focus markets and is expected to bring about significant business growth for Renesas, particularly for the EV segment. The Indian government is working on a scheme to limit the cars sold in India to only electric vehicles by 2030, opening tremendous opportunities for the EV market."
Mahindra Electric have seen success in Electric car sales, both in India and abroad. The brand had also announced that they would be launching two new EVs in the country by 2019. Sources also revealed that they are developing a Tesla rival, most probably in the Model 3 segment.
Mahindra Electric's EVs are gaining acceptance all over India, slowly but steadily. Right now, they are meant for city commute predominantly. With the partnership of Renesas in their Formula E team, we can hope for performance-focussed Mahindra EVs in the future.