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Mahindra unfazed by proposed Volkswagen-JSW alliance, says its EV supply deal with VW is safe
Mahindra registered 6,464 retail EVs in August, a 21.06 percent share per FADA, and does not expect Volkswagen's proposed JSW alliance to affect its EV supply agreement. The VW-JSW MoU is non-binding and its scope is still being negotiated.
The numbers
Figures from Moneycontrol,
| Tata Motors August EV registrations: | 13,158 |
|---|---|
| JSW MG Motor India August EV registrations: | 4,622 |
| Mahindra XEV 9S August registrations: | 4,508 |
| Binding VW-Mahindra agreement signed: | February 2024 |
Why it matters to operators and investors
The VW-JSW MoU is non-binding and its scope is unsettled, so the thing to watch is whether the final terms overlap with Mahindra's binding VW deal, especially given JSW MG Motor India's 4,622 retail EVs against Mahindra's 6,464.
What to watch next
- VW and JSW announcing a definitive, binding agreement or a defined scope for the MoU
- Any Volkswagen or Mahindra statement changing volumes, timelines or exclusivity under the February 2024 agreement
- Next FADA monthly data showing whether Mahindra holds its 21.06% EV share
- JSW MG Motor India closing the gap with Mahindra from 4,622 versus 6,464 registrations
- Tata Motors extending its lead beyond 13,158 retail EVs
Likely next moves
Our read of what comes next — analysis, not reported by the source.
- Mahindra is likely to keep publicly stressing that its binding VW agreement is unaffected, and to avoid any open dispute with Volkswagen.
- Volkswagen is likely to keep both relationships open, treating the Mahindra contract as settled supply while it tests the JSW MoU.
- JSW may use the VW talks to strengthen the JSW MG Motor India EV story, building on its 4,622 retail registrations.
- Tata Motors, the segment leader with 13,158 retail EVs, is likely to keep leaning on its volume lead and to treat the Mahindra-VW and VW-JSW moves as secondary.
- Mahindra may try to widen its EV lead over JSW MG from its current base of 6,464 registrations, in order to counter any perception of weakness from the VW-JSW news.
The source
First seen