Mumbai, 24th April 2024 – In a major push towards electrifying India’s transportation sector, Tata Passenger Electric Mobility Ltd. (TPEM), a branch of the renowned Tata Motors Ltd., has inked a groundbreaking Memorandum of Understanding with Vertelo, an entity managed by Macquarie specializing in fleet electrification. The agreement involves the delivery of 2,000 Xpres-T electric vehicles (EVs), marking a significant milestone in India’s journey towards sustainable e-mobility.
The strategic partnership will see TPEM commencing the phased delivery of their Xpres-T EVs to Vertelo, bolstering the nation’s e-mobility landscape. Vivek Srivatsa, Chief Commercial Officer at TPEM, expressed his enthusiasm about leading the passenger EV market in India. “With over 89% market share in FY 24 in the fleet segment, we are thrilled to support Vertelo’s initiative to enhance EV adoption across the country. This collaboration is not just about increasing numbers but strengthening our position in the ongoing electric revolution in India,” Srivatsa said.
Sandeep Gambhir, CEO of Vertelo, echoed this sentiment, highlighting the partnership’s potential to integrate leading-edge fleet electrification and decarbonization practices in India. “We are eager to set a precedent with Tata Motors by integrating up to 2,000 electric cars. This is a significant step towards crafting a sustainable future for India, offering tailored leasing options to fleet operators to embrace EVs extensively,” stated Gambhir.
Launched in July 2021, the Xpres brand by Tata is tailored for fleet customers, with Xpres-T EV being its flagship model. The vehicle boasts impressive specifications such as two range options of 315km and 277km, fast charging capabilities, and high energy density batteries. Its eco-friendly design is complemented by premium interiors, characterized by Electric Blue accents, ensuring a stylish yet sustainable ride.
Vertelo, powered by Macquarie Asset Management and supported by a substantial investment from the Green Climate Fund, is dedicated to transforming the fleet industry by providing comprehensive solutions including leasing, charging infrastructure, and fleet management services. Their ambitious plan involves a $US1.5 billion investment over the next decade to facilitate a robust EV ecosystem and achieve significant reductions in greenhouse gas emissions.
This partnership between Tata Motors and Vertelo is more than just a business deal; it is a visionary stride towards realizing a greener, more sustainable India.
