Volkswagen and Mahindra sign Term Sheet on supply of MEB Electric Components for Mahindra’s new Electric SUV family
Biznextindia : Mahindra & Mahindra Ltd. (M&M) and The Volkswagen Group have signed a Term Sheet on the supply of MEB electric components for Mahindra’s new, purpose-built electric platform INGLO, deepening the Partnering Agreement from earlier this year. The cooperation intends to have a volume of more than one million units over lifetime and includes the equipment of five all-electric SUVs with MEB components. In addition, the two companies will explore further opportunities for collaboration, opening the perspective towards a broader strategic alliance to accelerate the electrification of the Indian automotive market.
Mahindra today showcased their new electric SUV family at the Mahindra Born EV vision unveil event in Banbury, United Kingdom. The electric SUVs will be launched on the all new INGLO platform architecture and envisaged to be equipped with MEB components including the electric drivetrain, the battery system and battery cells. The Term Sheet covers all major commercial and technical terms along with a path to the potential localization of the battery system. The final supply agreement will be negotiated in a continued constructive and legally compliant way by the end of 2022. Regarding the next step towards a possible strategic alliance for India, both companies agree to explore further potential areas of collaboration in the field of e-mobility, including vehicle projects, the localization of battery cell manufacturing and charging and energy solutions for the electric ecosystem in India.
“We are happy that we have identified a larger scope of collaboration between our two companies. Together, Volkswagen and Mahindra can contribute significantly to the electrification of India, a huge automotive market with ambitious climate protection commitments. The MEB Electric Platform and its components are key to affordable sustainable mobility around the globe. The partnership not only demonstrates that our platform business is highly competitive, but also that the MEB is well on track to become one of the leading open platforms for e-mobility. We are thus delivering on the focus of our Volkswagen NEW AUTO strategy to make the platform business a strong pillar of our Group and to unlock future profit pools through economies of scale” Thomas Schmall, Volkswagen Group Board of Management member for Technology and CEO of Volkswagen Group Components, said.