Mahindra & Mahindra (M&M) jumped 4.23% to Rs 1840.30 after the company and the Volkswagen Group announced the signing of the first supply agreement on components of Volkswagen?s MEB for M&M's purpose-built electric platform INGLO.
The deal covers the supply of certain electric components as well as unified cells.
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 ofthe collaboration.
Mahindra will be the first external partner to use the unified cell concept, the core element of Volkswagens battery strategy. The supply agreement will run over several years and will have total volume of about 50 GWh over lifetime.
Volkswagen Group and Mahindra aim to strengthen their e-mobility footprint in the Indian automotive market and to accelerate the electrification in the region.
With more than five million new vehicles per year in 2023, India is one of the largest automotive markets in the world. The electrification of the passenger car segment is expected to gain significant momentum in the coming years.
The Mahindra Group is one of the largest multinational federation of companies. It enjoys a leadership position in farm equipment, utility vehicles, information technology and financial services in India and is the worlds largest tractor company by volume. It has a strong presence in renewable energy, agriculture, logistics, hospitality and real estate.
The auto major's standalone net profit surged 60.59% to Rs 2,453.98 crore in Q3 FY24 as against Rs 1,528.06 crore recorded in Q3 FY23. Revenue from operations increased 16.7% year on year (YoY) to Rs 25,288.51 crore in the quarter ended 31 December 2023.
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