By Aditya Kalra

DAVOS, Switzerland (Reuters] – India’s Mahindra & Mahindra said that they will look into sourcing components from other companies, to expand its electric vehicle portfolio.

Anish Shah stated that Mahindra used to concentrate on the development of EV components internally, but has now switched to forging partnerships in order to grow the sector faster.

Mahindra, which last week entered into a partnership agreement (ETR:), with Volkswagen to explore the possibility of equipping electric cars with battery systems components, motors and batteries made by Volkswagen.

The world is shifting towards more partnerships. Shah stated that it is better to find the best available rather than trying to do everything yourself at Davos’ World Economic Forum Summit.

He said, “It is VW (Volkswagen), at this stage, and as we have similar strengths in others areas, we are open-minded to looking at other components that we could bring in, as well as doing what we’re very good at internally.”

Mahindra has made big investments in developing its EV collection, but India will have fierce competition. Tata Motors In a country that is seeing a rapid growth in clean mobility, (NYSE:).

In India’s quest to reduce carbon emissions and climate change, Narendra Modi, the Prime Minister of India offers billions in incentives for EV builders.

India’s electric vehicle market is only about 1% of its annual car sales, which amounts to approximately 3,000,000 vehicles. However, Indian consumers continue to choose fuel-guzzling cars because they are much more affordable.

India’s largest EV manufacturer, Tata Motors, raised $1 billion last year from TPG to support the company. MG Motor India, owned by China’s SAIC Motor has also plans to raise funds for its EV-business development.

Shah claimed that Mahindra will spend “significant funds” on EVs. She also stated, “We are always open to value creation opportunities.”

Mahindra is the inventor of EV commercial vehicles. But, this latest effort is focused on passenger cars.

Shah explained that “our strike zone had been authentic SUVs. This is where we will stay…we are not going make EV sedans and no hatchbacks.”