M&M, Renesas drive tech pact for electric cars and Formula E

Through this partnership, both organisations will leverage their mutual strengths to expand the development and manufacturing of electric vehicles (EVs), powertrain, advanced driver assistance systems, and other systems in India and other emerging markets, the company said in a statement.

Both parties will work together across a number of programmes inclusive of 'proof-of-concept' systems for both racing and road cars, it added.

This will be in line with Mahindra's 'race to road' story of the electric vehicle development that the Formula E platform delivers, the statement said. Commenting on the development, Mahindra & Mahindra (M&M) Managing Director Pawan Goenka said, "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."

M&M is looking forward to leveraging on the automotive semiconductor expertise of Renesas as it increases thrust in Formula-E and continue to play a pioneering role in the fast growing Indian EV market, he added. Renesas Electronics Corporation Executive Vice President Ryuji Omura said India is one of the company's focus markets and is expected to bring about significant business growth for it, particularly for the EV segment.

"Through our new partnership with Mahindra, we look forward to bringing our design expertise based on our open and comprehensive Renesas autonomy Platform, to the Indian market," he added.

Omura further said the Indian government's a scheme to limit cars sold in India to only electric vehicles by 2030 would open tremendous opportunities for the EV market.