Mahindra & Mahindra, an Indian automotive giant, has recently sealed a significant supply agreement with Germany’s Volkswagen Group, marking a pivotal moment in the electric vehicle industry. The collaboration involves the integration of Volkswagen’s cutting-edge electric components and unified cell technology into Mahindra’s INGLO platform, a move set to revolutionise the landscape of electric mobility.
As outlined in a stock exchange filing on Friday, Mahindra & Mahindra disclosed its plans to incorporate Volkswagen’s MEB and unified cells into a specified range of electric vehicles under its INGLO portfolio. Volkswagen’s innovative unified cell concept, slated for adoption in 80% of its battery cells, is projected to slash production costs by half.
This landmark agreement positions Mahindra & Mahindra as the inaugural external partner to leverage Volkswagen’s revolutionary unified cell technology, a cornerstone of Volkswagen’s overarching battery strategy. Notably, Volkswagen’s MEB platform currently underpins models from prestigious brands like Audi, Skoda, SEAT/CUPRA, and Ford.
The supply pact, spanning multiple years, encompasses a substantial cumulative volume of approximately 50 GWh, indicative of the magnitude of this strategic alliance. The market response was immediate, with Mahindra & Mahindra’s shares soaring by as much as 5.6% to attain a record high, buoyed by broader market indices which saw a 0.5% uptick as of 12:00 pm.
In a joint statement, Mahindra and Volkswagen underscored their commitment to further deepen their collaboration, building upon the foundation laid by a prior partnering agreement and term sheet established in 2022. Both entities expressed openness to exploring additional avenues for collaboration in the future.
Looking ahead, Mahindra is gearing up to introduce five all-electric SUVs in India through its INGLO platform starting December 2024, signaling a strategic shift towards sustainable mobility. Chairman Anand Mahindra previously characterized the INGLO platform as a ‘disruptive new electric platform,’ embodying the company’s forward-looking ethos.
Mahindra & Mahindra’s third-quarter financial performance reflects its robust operational performance, with a notable 34% year-on-year increase in profit after tax, reaching Rs 2,658 crore, coupled with a 15% surge in revenue to Rs 35,299 crore. Anish Shah, Managing Director & CEO of Mahindra & Mahindra, lauded the company’s solid performance across its automotive and farm segments, highlighting significant market share gains amidst challenging market dynamics.
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