M&M Volkswagen: M&M signs supply agreement with Volkswagen Group for e-mobility push

Indian automaker Mahindra & Mahindra has signed a supply agreement with Germany-based Volkswagen Group on components for M&M’s INGLO platform, the company said in a stock exchange filing on Friday.

As a part of this agreement, M&M will equip certain range of its electric platform INGLO with electric components of Volkswagen’s MEB and unified cells, the company said. The supply deal will span a number of years and have a lifetime total volume of roughly 50 GWh.

Shares of M&M saw a mild uptick following the announcement and were trading with gains of 3 per cent as on 11:20 am. Meanwhile, benchmark indices were up 0.5 per cent.

M&M will become the first external partner to use Volkswagen’s unified cell concept which is a core element of Volkswagen’s battery strategy. Volkswagen’s MEB platform is currently used by Audi, Skoda, SEAT/CUPRA, and Ford.

“With the agreement, Volkswagen and Mahindra are further deepening their collaboration which started with a partnering agreement and a term sheet in 2022. Both companies will continue to evaluate a potential expansion of the collaboration,” it said in a statement.

Mahindra is looking to launch five all-electric SUVs in India through INGLO December 2024 onwards. While announcing the INGLO platform back in 2022, Chairman Anand Mahindra said it was a ‘disruptive new electric platform’.M&M’s Q3 profit after tax saw an increase of 34 per cent on a year-on-year basis at Rs 2,658 crore while revenue rose 15 per cent to Rs 35,299 crore. “Our businesses have delivered a solid operating performance this quarter. Auto continues to gain market share and grew rapidly to double its profit. Farm has gained market share despite tough market conditions,” M&M Managing Director & CEO Anish Shah said.

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