16 Feb , 2024 By : Debdeep Gupta
M&M shares rise 3% to 52-week high on supply deal with Volkswagen.
Mahindra will be the first external partner to use the groundbreaking unified cell concept, the core element of Volkswagen's battery strategy.
Shares of Mahindra and Mahindra Limited gained 3 percent to Rs 1,818 on February 16 after the company signed an agreement for Volkswagen components to be used in its electric vehicles.
Mahindra will equip a certain range of its INGLO electric platform with Volkswagen’s MEB and unified cells, according to a statement from M&M. The two companies had signed a partnering deal and term sheet back in 2022.
The unified cells concept is the core element of Volkswagen's battery strategy. The supply deal will run over several years and will have a total volume of about 50 GWh over a lifetime. Mahindra plans to launch five all-electric SUVs in India based on its new, purpose-built electric platform INGLO, starting December 2024, the statement said.
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