Volkswagen, Mahindra explore partnership for electric vehicle components
Reuters
Published May 19, 2022 12:41
By Aditi Shah
NEW DELHI (Reuters) - Germany's Volkswagen (ETR:VOWG_p) AG is exploring a partnership to supply electric components to Indian automaker Mahindra and Mahindra, the companies said on Thursday.
Volkswagen and Mahindra are evaluating the scope of the collaboration and expect to finalise the supply agreement by the end of 2022, they said.
Mahindra is building a ground-up electric vehicle (EV) platform called "Born Electric", in which it plans to use components such as electric motors, battery system parts and battery cells sourced from Volkswagen.
The partnership comes at a time when Prime Minister Narendra Modi's administration is offering companies billions of dollars in incentives to build EVs and their parts locally, as India looks to meet its climate change and carbon reduction goals.
"Together with Mahindra, we want to contribute significantly to the electrification of India," said Thomas Schmall, chief executive of Volkswagen Group Components.
Volkswagen has developed a modular, open vehicle platform for EVs, called MEB, which is used to build to its own cars and those of other group companies including Skoda and Audi. This also allows Volkswagen to be a supplier of electric technology and parts to other automakers.
Rajesh Jejurikar, executive director for the auto and farm sectors at Mahindra, said Volkswagen's "extensive technology, innovation, and vertical integration in supply chains" will provide a framework to develop Mahindra's EV platform which the company will reveal soon.
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.