Tata Motors, Volkswagen Group signed MoU for exploring joint development projects
The Memorandum of Understanding (MoU) will help Tata Motors become "FutuReady" by embracing new technologies.
Tata Motors on 10 March 2017 announced the signing of a MoU for a long-term partnership with Volkswagen Group and Skoda to explore strategic alliance opportunities for joint development of products.
The Memorandum of Understanding (MoU) was signed by Guenter Butschek, CEO & MD of Tata Motors, Matthias Mueller, CEO of Volkswagen AG and Bernhard Maier, CEO of Skoda Auto.
Features of the MoU
• The MoU lays down the scope and objectives in order to reach agreement on the modalities and terms of a long-term cooperation in identified areas of partnership.
• As part of the MoU, the Skoda Auto will take the lead on behalf of the Volkswagen Group to drive forward work towards development of vehicle concepts in the economy segment.
• In the next few months, Tata Motors and SKODA Auto, representing the Volkswagen Group, will detail out the guiding principles and terms of cooperation under the agreement.
• After the successful completion of definitive agreements, the two parties will start joint development work and joint value-chain activities.
• Based on this joint work, Tata Motors will launch products in the Indian market in 2019.
About Tata Motors
• Tata Motors Limited is India’s largest automobile company, with consolidated revenues of Rs 2,75,561 crore in 2015-16.
• Tata Motors has operations in the UK, South Korea, Thailand, South Africa and Indonesia through its subsidiaries and associate companies. Among them is Jaguar Land Rover, the business comprising the two iconic British brands.
• At present, Tata Motors is the country’s market leader in commercial vehicles and among the top in passenger vehicles.
• Tata cars, buses and trucks are being marketed in several countries in Europe, Africa, the Middle East, South Asia, South East Asia, South America, Australia, CIS and Russia.
About Volkswagen Group
• The Volkswagen Group with its headquarters in Wolfsburg is one of the world’s leading automobile manufacturers and the largest carmaker in Europe.
• The Group comprises twelve brands from seven European countries, namely, Volkswagen Passenger Cars, Audi, SEAT, SKODA, Bentley, Bugatti, Lamborghini, Porsche, Ducati, Volkswagen Commercial Vehicles, Scania and MAN.
• The group operates 120 production plants in 20 European countries and a further 11 countries in the Americas, Asia and Africa.
• Every weekday, over 6,10,000 employees worldwide produce nearly 42,000 vehicles, and work in vehicle-related services or other fields of business.