FRANKFURT, Aug 15 (Reuters) – Volkswagen AG ( VOWG_p.DE ) and Mahindra & Mahindra ( MAHM.NS ) on Monday expanded their cooperation and signed a term sheet under which the German carmaker will give its Indian partner Will provide electrical components.
The companies said the deal includes components from Volkswagen’s open platform electric vehicles (EVs), known as MEB, which will be supplied to Mahindra’s new electric platform INGLO.
The INGLO platform, which will power all Mahindra EVs, offers 60-80 kilowatt-hour (kWh) battery capacity and fast charging options up to 80% in less than 30 minutes, Mahindra said. said, without specifying its range. E.V
Tata Motors ( TAMO.NS ), which currently dominates India’s EV market, says its Nexon EV’s 40.5 kWh battery offers a range of 437 km.
The companies said the collaboration aims for a volume of more than one million vehicles by 2030 and includes the supply of five electric sports utility vehicles (SUVs) based on INGLO.
“The partnership not only shows that our platform business is highly competitive, but also that MEB is on the way to becoming a leading open platform for e-mobility,” said Volkswagen Management Board Member Thomas Schmal. .
Schmal declined to provide firm numbers but said the deal would translate into a significant operating result that he said would be comparable to a mid-sized brand in the Volkswagen Group.
Volkswagen and Mahindra said in May that they were exploring a partnership in the supply of electric components, making Mahindra the second largest customer for the MEB platform after Ford ( FN ). Read more
He had said at the time that he would finalize the deal by the end of 2022.
Mahindra has said it expects electric models to account for between 20% and 30% of its total SUV sales by March 2027. The company sells some of India’s most popular combustion engine SUVs, including the Scorpio and the Thar. Read more
Reporting by Christoph Stitz and Chris Thomas in Bengaluru; Edited by Ludwig Berger, Maria Sheehan, Krishnachandra Elori and David Evans
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