Mahindra & Mahindra (M&M) gained 1.71% to Rs 623.70 after the auto major signed a memorandum of understanding with Israel-based REE Automotive to explore development and manufacturing of electric commercial vehicles for global markets.
The partnership will leverage REE's corner module and modular platform technology and M&M's vehicle design, engineering, sourcing capability and manufacturing assets. The MoU is primarily aimed at global markets with current global volume estimated over time at 200,000-250,000 units. Production would be scaled further to support additional volume in the global as well as Indian market. The announcement was made after market hours yesterday, 26 August 2020.M&M's consolidated net profit slumped 93.9% to Rs 54.64 crore on a 37.3% decline in net sales to Rs 16,321.34 crore in Q1 June 2020 over Q1 June 2019.
M&M's business is diversified across farm equipment, auto and automotive components, real estate, hospitality, information technology, defence and aerospace and financial services.
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