Mahindra & Mahindra Partners with Volkswagen for EV Components, Drives Shares Up by 6%

16 Feb 2024 , 03:10 PM

Mahindra and Mahindra Limited shares rose by nearly 6% to ₹1,865 on February 16 after signing an agreement with Volkswagen for electric vehicle components.  At the time of writing, the stock was trading at ₹1836 which is a 4.02% hike than previous close. The collaboration involves equipping Mahindra's INGLO electric platform with Volkswagen’s MEB and unified cells, as outlined in a 2022 partnering deal.

Volkswagen's unified cells concept, a key element in their battery strategy, is central to the agreement, spanning several years and reaching a total volume of about 50 GWh.

Mahindra plans to launch five all-electric SUVs in India from December 2024, leveraging the INGLO platform. Mahindra is set to become the first external partner to use Volkswagen's groundbreaking unified cell concept, emphasizing this achievement in the exchange filing.

India's significant automotive market, with over five million new vehicles annually in 2023, is expected to witness substantial electrification in the passenger car segment.

Volkswagen's MEB platform and components, utilized by various brands, including Audi, Škoda, and SEAT/CUPRA, are part of the collaboration. The partnership between Mahindra and Volkswagen is led by Volkswagen Group Technology, showcasing a technological alliance.

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