M&M on August 15, 2022 announced the following –
- Inauguration of EV design studio in UK – Mahindra Advanced Design Europe (M.A.D.E) at Banbury, Oxfordshire.
- Its primary objective is to conceive the future Mahindra EV portfolio and the advanced vehicle concepts
- M.A.D.E shares the campus with the Mahindra Formula E team and forms a part of the Mahindra Global Design Network which also includes the Mahindra India Design Studio, Mumbai.
- Signing of a Non – Binding Term Sheet with Volkswagen (VW) group for supply of MEB Electric Components for Mahindra’s new Electric SUVs.
- As per the press release, the Term Sheet covers major commercial and technical terms along with a path to the potential localisation of the battery system. The final supply agreement will be negotiated by the end of 2022.
- Both companies will explore further potential opportunities for collaboration in India in the field of e-mobility, including Vehicle Projects, Charging and Energy Solutions and Cell Manufacturing.
- Global Showcase of the Future EV Products
- Launches two EV brands –Brand XUV with the Twin Peak logo in Copper and the all-new electric-only brand called BE.
- Showcases five new electric SUVs based on the modular INGLO (Indian at heart and global in its reach) platform, using VW MEB platform components.
- First of these e-SUVs is targeted to be launched towards end of 2024, starting with the Indian market. Three more of these EVs will be lunched between 2024-26.
At this stage, I really don’t know how to factor in these announcements in my analysis about M&M.
- Term sheet with VW is non binding
- Showcased EVs seem too raw at this stage and the launch is also far away.
I will keep looking for more developments in this regard.
Till then, I am happy to keep analysing M&M’s existing core business.