Mahindra and REE Automotive sign MOU for electric CV development

Mahindra & Mahindra, a part of Mahindra Group (M&M) announced that it has signed a memorandum of understanding (MOU) with REE Automotive, the company informed via a BSE filing on Wednesday.  

Indian multinational vehicle manufacturer, Mahindra & Mahindra, signed the deal to explore the development and manufacturing of electric commercial vehicles for the global markets.

This strategic partnership will leverage on Mahindra’s vehicle design, engineering, sourcing capability, and manufacturing assets, coupled with REE’s electric vehicle corner module as well as a modular platform technology.

With this collaboration, REE will cater to its global consumer demand for 2 lakh to 2.5 lakh electric commercial vehicle units over a few years along with comprising prospective Mahindra’s domestic and international volumes. The production will be further scaled up to support additional volume in the global as well as Indian market.

On Thursday, at around 9.21 am, the share of M&M was trading at Rs 621.3 with gains of 1.32 per cent or Rs 8.1 on BSE. The share recorded a 52-week high of Rs 648.55 and a 52-week low of Rs 245.8 on BSE.