M&M, Volkswagen sign term sheet for supply of EV components

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, electric platform INGLO, building upon the partnering agreement signed 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,” both companies said in a joint statement. 

The Term Sheet covers all major commercial and technical terms along with a path to the potential localisation of the battery system. The final supply agreement will be negotiated in a continued constructive and legally compliant way by the end of 2022, the companies added.

“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 localisation of battery cell manufacturing and charging, and energy solutions for the electric ecosystem in India,” they said.

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Printable version | Aug 28, 2022 2:57:18 am |