Mahindra & Mahindra (M&M) on Wednesday said it has inked a pact with Tel Aviv-based REE Automotive to explore production of electric commercial vehicles.
The Mumbai-based firm has signed a memorandum of understanding (MOU) with the start-up to explore development and manufacturing of electric commercial vehicles for global markets, M&M said in a statement.
The strategic collaboration will leverage REE’s revolutionary electric vehicle corner module and platform technology of integrating powertrain, suspension and steering components in the arch of a vehicle wheel, it added.
This, coupled 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, M&M noted.
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,” M&M Executive Director (Auto and Farm Sectors) Rajesh Jejurikar said.
REE Co-founder and Chief Executive Officer 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.
Source: Business-Standard