TVS partners with Jio-bp for EV solutions
The stock price of TVS Motors has rallied after it announced collaborations with Jio-bp for installations of EV charging stations on Tuesday.
TVS Motor Company is a reputed two and three-wheeler manufacturer globally, championing progress through Mobility with a focus on sustainability. Operating under the brand ‘Jio-bp’, Reliance BP Mobility Limited (RBML) is an Indian fuels and mobility joint venture between Reliance Industries Limited (RIL) and bp. These two have finally entered the EV segment to provide EV charging infrastructure for electric two-wheelers and three-wheelers in the country.
Under this proposed partnership, the customers of TVS are going to get access to the widespread network of Jio-bp, which is open to other vehicles. They said the partnership aims at creating a regular AC charging network and a DC fast-charging network. Both companies will bring their expertise and their global learnings in electrification and apply them to create a differentiated experience for the customer.
Even after facing a major setback during the pandemic, TVS Motor Company has made significant strides toward developing new electric mobility products and related technologies. Since the launch of its high-speed electric scooter TVS iQube the company has already made a sale of more than 12,000 units.
The company has committed Rs. 1,000 crores towards EV business, a good portion of which has already been invested. To lead the way to electrification, the company is readying a complete portfolio of two and three-wheelers in the range of 5-25kW, all of which will be on the market within the next 24 months. The partnership will definitely be beneficial for TVS to succeed in its mission of going electric. It will also broaden both the companies' horizons and expedite India’s net-zero emission goals.
In today’s session, the stock rallied by 2.47% and closed at Rs 653.15. The intra-day high was Rs 655.90 and the intra-day low was Rs 640.20.
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