Daijiworld Media Network - Mumbai

Mumbai, Nov 19: In a strategic move to strengthen its foothold in the world’s third-largest automobile market, Volkswagen AG has significantly slashed the cost of developing electric vehicles (EVs) in India by nearly one-third, bringing the investment down to around $700 million from the earlier $1 billion, sources familiar with the development said.

Despite being Europe’s largest automaker, Volkswagen has struggled to gain momentum in India, holding just 2% market share even after almost two decades of operations. With the company unwilling to commit billions more without strong local backing, it is now actively scouting for an Indian partner to share financial risks and accelerate EV expansion.

According to sources, Skoda Auto Volkswagen India—the co

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