Mahindra Group inks pact with Volkswagen to expand EV range
Equipment

Mahindra Group inks pact with Volkswagen to expand EV range

India's Mahindra & Mahindra has planned to get additional components from other firms to expand its electric vehicle (EV) range.

Mahindra previously focused on creating EV components in-house but has now switched gears to build partnerships to achieve quicker development in the category.

Mahindra signed a collaboration agreement with Volkswagen to explore using Volkswagen motors, battery system components, and cells in its EVs.

Although Mahindra is betting big on building its electric vehicle portfolio, it will face stiff competition from Tata Motors in India, where the clean mobility sector is booming.

Anish Shah, the Managing Director and CEO of Mahindra Group, told the media that the world is becoming more partnership-oriented. Rather than doing everything ourselves, it's preferable to choose the best available.

He said at this point, it's Volkswagen (VW), and they have comparable capabilities in other areas.

Shah said they are open to looking at other components that they would bring in, as well as doing what they are extremely strong at in-house.

As India strives to reach its climate change and carbon reduction targets, Prime Minister Narendra Modi is offering companies billions of dollars in incentives to manufacture EVs.

India's EV industry accounts for barely 1% of the country's yearly vehicle sales of over 3 million automobiles, with consumers continuing to prefer fuel-guzzling vehicles that are significantly more economical.

Tata Motors controls India's EV sector and got $1 billion in funding from TPG last year. MG Motor India, which is owned by SAIC Motor of China, is also planning to raise funding to expand its EV business.

Shah said that they will always be open to value creation possibilities and that Mahindra will utilise substantial sums for EVs and has them ready.

Mahindra maintains a portfolio of electric commercial vehicles in India, but the company's most recent push is on passenger automobiles, notably sports utility vehicles (SUVs).

Image Source

Also read: Tata Motors anticipates PV industry to exceed FY19 volumes this year

India's Mahindra & Mahindra has planned to get additional components from other firms to expand its electric vehicle (EV) range. Mahindra previously focused on creating EV components in-house but has now switched gears to build partnerships to achieve quicker development in the category. Mahindra signed a collaboration agreement with Volkswagen to explore using Volkswagen motors, battery system components, and cells in its EVs. Although Mahindra is betting big on building its electric vehicle portfolio, it will face stiff competition from Tata Motors in India, where the clean mobility sector is booming. Anish Shah, the Managing Director and CEO of Mahindra Group, told the media that the world is becoming more partnership-oriented. Rather than doing everything ourselves, it's preferable to choose the best available. He said at this point, it's Volkswagen (VW), and they have comparable capabilities in other areas. Shah said they are open to looking at other components that they would bring in, as well as doing what they are extremely strong at in-house. As India strives to reach its climate change and carbon reduction targets, Prime Minister Narendra Modi is offering companies billions of dollars in incentives to manufacture EVs. India's EV industry accounts for barely 1% of the country's yearly vehicle sales of over 3 million automobiles, with consumers continuing to prefer fuel-guzzling vehicles that are significantly more economical. Tata Motors controls India's EV sector and got $1 billion in funding from TPG last year. MG Motor India, which is owned by SAIC Motor of China, is also planning to raise funding to expand its EV business. Shah said that they will always be open to value creation possibilities and that Mahindra will utilise substantial sums for EVs and has them ready. Mahindra maintains a portfolio of electric commercial vehicles in India, but the company's most recent push is on passenger automobiles, notably sports utility vehicles (SUVs). Image Source Also read: Tata Motors anticipates PV industry to exceed FY19 volumes this year

Next Story
Building Material

Ambuja plans expansion through acquisitions

Ambuja Cements, a subsidiary of the Adani Group, is strategically positioning itself for substantial growth with plans to expand its production capacity to 140 million tonnes per annum (MTPA). This ambitious target will be pursued primarily through a series of acquisitions, reflecting the company’s intent to strengthen its foothold in the Indian cement market. The company aims to tap into the growing demand for cement driven by ongoing infrastructure projects and urbanization across India. Ambuja Cements has identified several potential acquisition targets that align with its long-term growt..

Next Story
Infrastructure Urban

Sitharaman urges G7/G20 support for Africa

Finance Minister Nirmala Sitharaman has called on G7 and G20 nations to intensify their support for African nations, emphasizing the importance of international cooperation in addressing the continent's challenges. Speaking at a recent forum, Sitharaman highlighted the pressing need for financial assistance and sustainable development initiatives to bolster economic growth in Africa. Sitharaman's appeal comes amid ongoing discussions about the global economic landscape, where African countries face significant hurdles, including debt distress, climate change impacts, and limited access to esse..

Next Story
Building Material

JSW and POSCO collaborate for steel plant

JSW Group has signed a Memorandum of Understanding (MoU) with South Korea's POSCO Group to develop an integrated steel plant in India. This collaboration aims to enhance India's steel production capacity and contribute to the country's growing manufacturing sector. The agreement was formalized during a recent meeting between executives from both companies, highlighting their commitment to sustainable development and technological innovation in the steel industry. The planned facility will incorporate advanced manufacturing processes and adhere to environmentally friendly practices, aligning wi..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000