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Volkswagen AG is reworking its electric vehicle (EV) ambitions for India, trimming development costs and hunting for a domestic partner as it reassesses its long-term prospects in one of the world’s most competitive auto markets, according to an exclusive report by Bloomberg.

According to people familiar with the matter, the German automaker has sharply reduced the budget for its India-focused EV platform to around $700 million, down from the earlier estimate of $1 billion. The cost rationalisation reflects Volkswagen’s reluctance to commit large investments in a country where its combined market share — through Volkswagen and Skoda — has stagnated at roughly 2%, despite nearly two decades of operations.

To improve its footing,

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