Volkswagen is on the hunt for an Indian partner. (Photo: Bloomberg) Show Quick Read Summary is AI Generated. Newsroom Reviewed

Volkswagen AG is slashing the 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 talk

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