Mahindra and Mahindra shares were up 0.5 percent at Rs 1,554 on July 17 at 9: 15 am, with 3 lakh shares changing hands on NSE. The company has signed a memorandum of understanding (MoU) with NXP Semiconductors to explore the electric and connected vehicle landscape in India.
The MoU will cover a wide range of vehicles including utility vehicles, light commercial vehicles, farm equipment, and tractors.
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Mahindra intends to explore NXP's extensive portfolio, innovative automotive system solutions, and expertise in zonal and domain controllers, electrification, advanced vehicle networks, and secure car access technologies for their upcoming platforms.
In addition, the automobile major will gain entry into NXP's strong network of partners, including Tier 1, original design manufacturing (ODM), IDH, module vendors, and integrators. This collaboration will offer insights into NXP's technology roadmap, which extends to complementary domains such as the Smart Home and Industrial sectors.
"The step is in line with Mahindra’s commitment to deliver innovative solutions that enhance the safety, eco-friendliness, and overall enjoyment of the commuting experience for its customers", the company said in a regulatory filing on July 14.
Also read: M&M looking to offload up to 3% stake in EV business, says CEO Anish Shah
In late June, the company became the first company to receive the eligibility certificate under the production-linked incentive (PLI) scheme for automobiles.
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