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Mahindra & Mahindra Ltd is currently in talks with Volkswagen to use "key electric components" of the German car manufacturer's open platform for electric vehicles, known as the modular electric drive matrix (MEB), according to a report by Reuters.
Mahindra was to use components such as the e-drive and unit cells for its own electric vehicles, added the report.
Volkswagen's MEB platform is a modular car platform for electric vehicles. It is used for models of the Audi, Cupra, Skoda, and Volkswagen, along with Ford through partnership.
Reportedly, M&M Ltd and Volkswagen signed a term sheet in August. According to this, the German automaker will supply Mahindra electric components.
According to Mahindra's capital expenditure, as reproted by the Economic Times, around Rs 10,000 crore is expected to be invested towards its EV subsidiaries between the financial year 2021-22 (FY22) to FY27. Between FY22 to FY24, Rs 4,000 crore of the balance will be invested.
Moreover, Mahindra plans to launch around five new EV models between April and October 2025. Mahindra also expects e-SUV to make up 20-30 per cent of its SUV portfolio, which could be up to 200,000 units of SUVs.
In addition, Mahindra has set its sights on producing 200,000 units of EVs every year from 2027 to 2029 at its Chakan plant in Maharashtra.
