In a significant move to accelerate the adoption of electric vehicles (EVs) in India, Tata Passenger Electric Mobility Ltd (TPEM) has entered into a strategic partnership with Vertelo, a Macquarie managed integrated fleet electrification platform. This non-binding Memorandum of Understanding (MOU) involves the delivery of 2,000 XPRES-T EVs, marking a major step forward in India's e-mobility landscape.
This alliance between TPEM and Vertelo is set to catalyse the transition to sustainable mobility, reflecting a shared commitment to environmental responsibility and innovation. Tata Motors, holding over 89% market share in the fleet segment for FY 2024, views this collaboration as an opportunity to solidify its leadership in India's burgeoning EV market. The XPRES-T EV, known for its appeal among commercial fleet operators, will be provided in phases to Vertelo.
Vivek Srivatsa, Chief Commercial Officer at Tata Passenger Electric Mobility, expressed enthusiasm about the partnership, “Our collaboration with Vertelo is a testament to Tata Motors' dedication to fostering sustainable mobility solutions in India. By joining forces, we aim to facilitate a larger scale transition to electric vehicles, enhancing our robust market presence and leading the charge in the nation’s EV revolution.”
Vertelo, established by Macquarie Asset Management with significant backing from the Green Climate Fund, plans to invest $1.5 billion over the next decade to promote fleet electrification. This investment aims to significantly reduce greenhouse gas emissions, furthering the global fight against climate change.
Sandeep Gambhir, CEO of Vertelo, highlighted the strategic nature of the partnership, “We are thrilled to partner with Tata Motors to promote fleet electrification and decarbonisation in India. Our goal is to make it easier for fleet operators to adopt EVs through tailored leasing options, thereby accelerating the shift towards a more sustainable and environmentally friendly transportation ecosystem.”
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