Volkswagen AG, M&M deepen EV component co-operation, sign term sheet

The agreement covers components of Volkswagen's open platform for electric vehicles (EVs), called MEB, to be supplied to Mahindra's new electric platform INGLO, the companies said in a joint statement

Volkswagen, Mahindra, Electric vehicles, EVs
The cooperation aims for a volume of more than 1 million units over lifetime and includes the equipment of five all-electric sports utility vehicles (SUV) based on INGLO, the companies said.
Reuters FRANKFURT
2 min read Last Updated : Aug 15 2022 | 7:40 PM IST

FRANKFURT (Reuters) - Volkswagen AG and Mahindra and Mahindra on Monday expanded their cooperation and signed a term sheet under which the German carmaker will supply electric components to its Indian peer.

The agreement covers components of Volkswagen's open platform for electric vehicles (EVs), called MEB, to be supplied to Mahindra's new electric platform INGLO, the companies said in a joint statement.

The cooperation aims for a volume of more than 1 million units over lifetime and includes the equipment of five all-electric sports utility vehicles (SUV) based on INGLO, the companies said.

"The MEB Electric Platform and its components are key to affordable sustainable mobility around the globe," Volkswagen management board member Thomas Schmall said.

"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."

Volkswagen and Mahindra in May said they were exploring a partnership in the supply of electric components, making Mahindra the second large customer for the MEB platform after Ford.

They said at the time that they would finalise the agreement by the end of 2022.

 

(Reporting by Christoph Steitz; Editing by Ludwig Burger and Editing by Maria Sheahan)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Subscribe to Business Standard digital and get complimentary access to The New York Times

Quarterly Starter

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

Save 46%

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Access to Exclusive Premium Stories Online

  • Over 30 behind the paywall stories daily, handpicked by our editors for subscribers

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

Topics :Volkswagen AGMahindra & MahindraElectric Vehicles

First Published: Aug 15 2022 | 7:40 PM IST

Next Story