Through this partnership, both organisations will leverage their mutual strengths to expand the development and manufacturing of electric vehicles (EVs), powertrain, advanced driver assistance systems, and other systems in India and other emerging markets, the company said in a statement.
Both parties will work together across a number of programmes inclusive of 'proof-of-concept' systems for both racing and road cars, it added.
Commenting on the development, Mahindra & Mahindra (M&M) Managing Director Pawan Goenka said, "Formula E is helping to grow Mahindra's EV technology and expertise, and this new strategic partnership with Renesas will only help to accelerate our learning curve."
M&M is looking forward to leveraging on the automotive semiconductor expertise of Renesas as it increases thrust in Formula-E and continue to play a pioneering role in the fast growing Indian EV market, he added.
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Omura further said the Indian government's a scheme to limit cars sold in India to only electric vehicles by 2030 would open tremendous opportunities for the EV market.
M&M had recently won tender to supply 150 electric cars to state-owned Energy Efficiency Services.
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