Thursday, August 18, 2022
HomegooglenewsM&M, Volkswagen sign pact for MEB electric components

M&M, Volkswagen sign pact for MEB electric components

Volkswagen and Mahindra & Mahindra are exploring the use of modular electric drive matrix (MEB) components for the latter’s new ‘Born Electric Platform’ and have signed a pact in this regard.

M&M intends to equip its Born Electric Platform with MEB electric components such as electric motors, battery system components and battery cells, M&M said in a release on Thursday.

The binding supply contract is planned to be concluded by the end of 2022, it said.

MEB electric platform and its components allow car manufacturers to build their portfolio of electrified vehicles, quickly and cost-effectively.

“Together with Mahindra, we want to contribute significantly to the electrification of India, a huge automotive market with enormous growth potential and high relevance for climate protection,” said Thomas Schmall, Volkswagen Group Board of Management member for Technology and CEO of Volkswagen Group Components .

Stating that MEB is both technologically state-of-the-art and highly competitive in terms of cost, he said it is progressively developing into the leading open platform for e-mobility, generating significant volume and economies of scale.

“That’s crucial for every company in the EV world and the key to competitive solutions for our customers,” Schmall added.

India is one of the global top 5 automotive markets with about 3 million vehicles per year, M&M said.

The market is expected to grow to 5 million vehicles by 2030, it said, adding so far, the market has been dominated by vehicles with diesel or petrol engines.

Industry experts anticipate that in 2030 more than half of all new vehicles will be fully electric, as per the release.

“The complementarity of their extensive technology, innovation, and vertical integration in supply chains, will provide a framework to develop our next gen Born Electric Platform, to be revealed soon in Oxfordshire UK,” said Rajesh Jejurikar, Executive Director, Auto and Farm Sectors , M&M.

At present, Volkswagen’s MEB electric platform is used by the group brands Volkswagen, Audi, Skoda and SEAT/CUPRA as well as external partners. PTI IAS ANU ANU

To stay updated with the latest Stock Market news, download our app here!

For editorial purposes, contact [email protected]

Disclaimer: The Stocks mentioned on this website or any segment are not recommendations. Tradebrains.in advises users to check with certified experts before taking any investment decisions.

Html code here! Replace this with any non empty raw html code and that's it.
AUTO
MOBILE
TECH NEWS

Entertainment

Most Popular