- Wednesday, March 12, 2025
By: Shubham Ghosh
The stock of Indian automaker Mahindra & Mahindra Ltd surged to an all-time high a day after it announced with Volkswagen AG expansion of their alliance to accelerate electrification of the Indian auto market, NDTV Profit reported.
It was only on Monday (15) that Mahindra Group chairman Anand Mahindra said that with heightened consumer awareness and government support, time is ripe to enter the electric passenger vehicle segment. The deal was announced the same day but the stock markets were closed due to Independence Day.
Under Mahindra’s deal with Volkswagen AG, the German carmaker would supply electric components to the former’s electric platform INGLO.
On the Bombay Stock Exchange, Mahindra’s stock price closed at a record high of Rs 1,288.40 (£13.41) a share, which is 2.28 per cent more when compared with its previous session’s close. During Tuesday’s session, the stock hit an intra-day high of Rs 1,298.80 (£13.52).
The Indian and the German carmakers said their agreement covers components of Volkswagen’s open platform for electric vehicles (EVs), called MEB, to supply INGLO.
The INGLO platform offers options ranging from 60-80 kilowatt hour (kWh) battery capacity and fast-charging of up to 80 per cent in less than 30 minutes, the carmaker said, without detailing the range of the EVs.
Tata Motors, which currently leads India’s EV market, says its Nexon EV’s 40.5 kWh battery offers a range of more than 430 kilometres.
Mahindra and Volkswagen said their cooperation aims for a volume of more than a million vehicles by 2030 and includes the equipment of five electric sports utility vehicles based on the INGLO platform.
“The partnership not only demonstrates that our platform business is highly competitive, but also that the MEB is well on track to become one of the leading open platforms for e-mobility,” Thomas Schmall, a member of Volkswagen management board, was quoted as saying by NDTV Profit.
