Mahindra signs EV components supply deal with Volkswagen
Mahindra & Mahindra Ltd. (M&M) and Volkswagen Group have signed the first supply agreement for components of Volkswagen's MEB to be used in Mahindra's electric platform INGLO. This comes after Mahindra and Volkswagen Group had signed a partnering agreement and a term sheet on 15 August, 2022. The supply agreement will span over several years and will have a total volume of about 50GWh over a lifetime. That being said, Mahindra is the first external partner to use the unified cell concept, the key element of Volkswagen's battery strategy.
The MEB is an open vehicle platform made specially for electric vehicles, called MEB, which is utilised to build not only VW cars but also cars from Audi and Skoda. Mahindra aims to introduce five all-electric SUVs in India, based on its new INGLO platform, starting from December 2024. The SUVs will be launched under two sub-brands, called XUV and BE. The partnership with Mahindra is led by Volkswagen Group Technology and its "Platform Business" unit in close cooperation with Skoda Auto Volkswagen India Pvt. Ltd, the press release said.
The INGLO (IN for India and GLO for Global) platform is a scalable platform and can be used for a variety of models of different sizes for varying segments, ranging from 4.3-metres to about 5-metre-long. This architecture can accommodate two battery packs: 60kWh and 80kWh with two different cell architectures: 'Prismatic' for the small battery pack and 'Blade' for the larger unit.
Mahindra share price surged more than 5 per cent to a record-high following the announcement of the supply agreement with Volkswagen for electric vehicle components. On the BSE, M&M shares soared by as much as 5.6 per cent to reach Rs 1864.65 per share. At 12:45 pm, Mahindra shares were trading 4.64 per cent higher at Rs 1,847.55 apiece, with its market capitalisation near Rs 2.3 lakh crore on the BSE.
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