German automotive giant Volkswagen is suspending investments in its Indian EV project for the time being, pending clarity on a possible partnership with JSW Group. Bloomberg News reports, citing sources.
Volkswagen has completed the development work required to quickly resume the project, but wants to see a clearer business plan before committing additional capital.
The decision comes as the group is also seeking to reduce its investments by around 15 percent.
The companies are exploring opportunities to jointly develop and manufacture vehicles for the Indian market and for export.
Volkswagen currently has no EVs for sale in India, where competition is increasing and demand for EVs is growing.
