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VW-Mahindra Deal; Affirmation Of Platform Business A Minor Positive

CONSUMER CYCLICALS

Volkswagen (VOW GY) has signed a multi-year deal with Mahindra (MM IN) to supply its MEB (modular electric drive matrix) to underpin Mahindra's INGLO EV line. Looks like positive news, if very small in initial stages for VW.


  • VW specifically designed the MEB to sell drive third party sales, as well as underpin its own lines of EVs and India can obviously be a high volume, if low margin, market.
  • INGLO is set to launch in Dec-24 and the deal includes unified cells with volume over 50 GWh over its lifetime. There are no further financial details, but this appears an initially positive indicator for the MEB platform business for VW and therefore likely a credit positive, if very small.
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