Volkswagen Group will supply electric vehicle components and battery cell technology to Mahinda

2024-02-26

According to Reuters, on February 16th, Volkswagen Group of Germany and Mahindra&Mahindra of India stated in a statement that the two companies have signed a supply agreement, and Mahindra will use key components from Volkswagen Group's open platform for electric vehicles.

According to the agreement signed between the two companies, Mahengda plans to use some of Volkswagen Group's platform components and standardized battery cells for its electric platform INGLO. Volkswagen Group stated that the agreement will last for several years, with a total capacity of 50GWh.

It is reported that Mahengda will become the first external partner to use Volkswagen Group's standardized battery cells. Standardized battery cells are a new battery cell technology that Volkswagen plans to use for 80% of its batteries and promises to cut costs in half.

In addition, Volkswagen Group and Mahinda also stated in a statement that the two companies are evaluating opportunities for further cooperation. After the news came out, the stock price of Mahinda climbed 5.6%, setting a new historical high.

The MEB modular open electric vehicle platform under Volkswagen is used to manufacture cars for brands such as Volkswagen, Skoda, and Audi. In addition, the Volkswagen Group can also supply electric technology and components to other car manufacturers. However, the agreement between Volkswagen Group and Mahinda is the first time they have signed such a supply agreement.

In September last year, Volkswagen Group stated that it was in talks with other car manufacturers for similar deals, including Asian internal combustion engine car manufacturers hoping to produce cars for the European market.

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