Mahindra-Volkswagen Forge India's Electric Future
In a landmark move for the automotive industry, Mahindra & Mahindra Ltd. (M&M) and Volkswagen Group have announced the signing of a pivotal supply agreement. This agreement signifies a significant step forward in their collaboration to advance electric mobility. Under this new deal, Volkswagen will provide Mahindra with essential electric components and unified cells for Mahindra's innovative electric platform, INGLO. This collaboration underscores both companies' commitment to e-mobility and marks Mahindra as the inaugural external partner to utilize Volkswagen's unified cell concept, a cornerstone of its battery strategy.
The partnership, which originated from an agreement in 2022, is set to expand further as both entities explore additional avenues for collaboration, particularly in India's burgeoning e-mobility field. The agreement, spanning several years, involves the supply of components equivalent to about 50 GWh over its duration, aiming to bolster the e-mobility landscape in the Indian market.
Mahindra has ambitious plans to launch five all-electric SUVs in India by December 2024. These vehicles will be built on the INGLO platform, which is designed exclusively for electric mobility. This move is expected to significantly accelerate the adoption of electric vehicles (EVs) in India, one of the world's largest automotive markets, which saw over five million new vehicles in 2023 alone. The electrification of the passenger car segment in India is anticipated to surge in the coming years.
Volkswagen's MEB platform, known for its adaptability and efficiency, has already been utilized by several of the Group's brands, including Volkswagen, Audi, Škoda, and SEAT/CUPRA. The platform has also found partners in Ford and now Mahindra, showcasing its versatility and appeal across the automotive industry.
Founded in 1945, the Mahindra Group has grown into a highly respected multinational federation of 260,000 employees across more than 100 countries. The conglomerate holds leadership positions in various sectors in India, including farm equipment, utility vehicles, information technology, and financial services. With a robust presence in renewable energy, agriculture, logistics, hospitality, and real estate, Mahindra is dedicated to driving positive change globally, guided by its commitment to Environmental, Social, and Governance (ESG) principles.
Headquartered in Wolfsburg, Germany, the Volkswagen Group is a global automotive industry leader. With around 676,000 employees worldwide and 115 production facilities spread across Europe, the Americas, Asia, and Africa, the Group's vehicles are marketed in over 150 countries. Volkswagen is renowned for its strong portfolio of global brands, cutting-edge technologies, and a forward-looking stance on electric and autonomous vehicles, digitalization, and sustainability. In 2022, the Group delivered 8.3 million cars to customers worldwide, with sales revenue reaching EUR 279.2 billion.
This collaboration between Mahindra and Volkswagen signifies a pivotal moment in the automotive industry's shift towards sustainable transportation solutions, setting a promising trajectory for the future of e-mobility in India and beyond.
