Indian automaker Mahindra & Mahindra says it is seeking financial or strategic investors for Mahindra Electric, its domestic electric vehicles business, and is also looking into investment plans for its Automobili Pininfarina unit, Reuters reports.

The company, which reported a sharp fall in profit for the April-June quarter to 1.12 billion rupees ($15 million), compared with 23.14 billion rupees last year, due to the effects of Covid-19, is aiming to become a key player in mass-market electric vehicles through Mahindra Electric and compete in the high-end segment through Pininfarina and its Battista pure electric hyper car, according to MD Pawan Goenka.

In the case of Pininfarina, the company is finalising how much investment it needs for future projects and then work on funding for these, Goenka said. This could involve taking on a strategic partner. First deliveries of the Battista, which was unveiled last year in Geneva, was initially targeted for the end of 2020, but it isn’t known if the Covid-19 pandemic has shifted that date.

In June, Mahindra said that it was evaluating all its businesses and would continue to invest only in those where it sees a strategic advantage or where it is possible to obtain an 18% return of investment. The company says that EVs are key to its growth.

It said its North America business is under review, and that it was not proceeding with the bid made by its US unit to supply vehicles to the US Postal Service, because the expected investment of close to US$500 million (RM2.09 billion) would not meet the company’s targeted ROI given the current economic environment.

It has already indicated that it is looking to let go of its 74.65% ownership stake in SsangYong, and has stated that it will no longer invest in the Korean automaker. Late last month, the ailing company reported a net loss for the second quarter, its 14th straight quarter of losses.