IBEF: August 27, 2020
Mahindra & Mahindra (M&M) entered in a partnership with Tel Aviv-based REE Automotive to explore production of electric commercial vehicles.
A memorandum of understanding (MOU) was signed between the two companies to explore development and manufacturing of electric commercial vehicles for global markets, said M&M.
Under this collaboration, the company will use REE's revolutionary electric vehicle corner module and platform technology of integrating powertrain, suspension, and steering components in the arch of a vehicle wheel. Along with Mahindra's well-established vehicle design, engineering, sourcing capability and manufacturing assets, is set to be a win-win strategic partnership for both companies it added.
It is expected that the partnership will support REE's global customer need for up to 250,000 electric commercial vehicle units over a few years, including any volumes for Mahindra's domestic and international markets, it added.
"Our collaboration with REE has the potential to bring a disruptive approach to a new age of vehicles capitalising on our respective strengths," said M&M Executive Director (Auto and Farm Sectors) Mr Rajesh Jejurikar.
REE Co-founder and Chief Executive Officer Mr Daniel Barel said, “Mahindra's unique cost structure, design and engineering capabilities and volume flexibility will be key to the company's ability to address the majority of the commercial EV market with both large volume vehicles as well as more targeted mission-specific vehicles.”
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.