Mumbai, April 26, 2024: Tata Passenger Electric Mobility Ltd. (TPEM), a subsidiary of Tata Motors Ltd., known for pioneering India’s electric vehicle (EV) revolution, has signed a non-binding Memorandum of Understanding with Vertelo, a Macquarie managed integrated fleet electrification platform, for the delivery of 2,000 XPRES-T EVs. This partnership aims to bolster the plans to accelerate India’s transition to sustainable e-mobility. The company will begin deliveries of the cars to Vertelo in a phased manner.
Speaking on the partnership, Mr. Vivek Srivatsa, Chief Commercial Officer, Tata Passenger Electric Mobility Ltd. said, “As market leaders of passenger EVs in India, we are committed to the uptake of sustainable mobility in the country. We are delighted to partner with Vertelo in their effort to increase EV adoption in India. With over 89% market share in FY 24, the fleet segment has seen a rapid adoption by Corporates and Institutions. The XPRES-T EV has proven to be an attractive option for both customers and operators in the commercial fleet segment. Such collaborations in the industry will further help strengthen our market position amidst India’s EV revolution.”
Commenting on the partnership, Sandeep Gambhir, Chief Executive Officer, Vertelo stated that “We are really excited to partner with Tata Motors on this long-term strategic partnership to buy up to 2,000 electric cars. This partnership aims to bring together two business that are at the forefront of fleet electrification and decarbonisation in India. We hope that this partnership will help with accelerating the shift towards a more sustainable India by making bespoke leasing options available to fleet operators that help them onboard EVs in larger numbers.”
In July 2021, Tata Motors launched the ‘XPRES’ brand exclusively for fleet customers, and the XPRES-T EV is the first vehicle under this brand. The new XPRES-T electric sedan comes with 2 range options – 315km and 277km (ARAI certified range under test conditions). It packs a high energy density battery of 26 kWh and 25.5 kWh and be charged from 0- 80% in 59 mins and 110 mins respectively, using fast charging or can also be normally charged from any 15 A plug point, which is easily available and convenient. It comes with zero tail-pipe emission, single speed automatic transmission, dual airbags, and ABS with EBD as standard across variants. The premium interiors with standard automatic climate control and Electric Blue accents across its interior and exterior will give it a differentiated presence from other Tata cars.
Vertelo is a new platform providing end-to-end solutions in fleet electrification in India. The company aims to accelerate the transition of fleets to electric vehicles and build a robust EV ecosystem by offering bespoke solutions to customers including leasing and financing, charging infrastructure and energy solutions, fleet management services, and end of vehicle life management. The new platform has been established by Macquarie Asset Management and has received anchor investment from the Green Climate Fund which has committed to invest up to $US200 million. Overall, Vertelo plans to invest $US1.5 billion over 10 years with the aim to achieve a potential greenhouse gas emissions reduction.
