Tata Motors EV arm signs MoU with Shell India to establish charging stations across India; stock soars
Tata Motors share price: At around 10:17 a.m., shares of Tata Motors traded 1.12 per cent, or Rs 11.35, higher on BSE at 1,024.5 apiece. The market capitalisation of the company stood at Rs 3,40,517.06 crore at around the same time.
Tata Motors share price: Tata Motors shares gained over 1 per cent in Friday's (April 12) trade on BSE, a day after its subsidiary Tata Passenger Electric Mobility (TPEML) inked a memorandum of understanding (MoU) with Shell India Markets Private Limited to establish public charging stations across India.
At around 10:17 a.m., shares of Tata Motors traded 1.12 per cent, or Rs 11.35, higher on BSE at 1,024.5 apiece. The market capitalisation of the company stood at Rs 3,40,517.06 crore at around the same time.
On Thursday (April 11), the Tata Group company Tata Passenger Electric Mobility said the collaboration with Shell India will leverage Shell’s widespread fuel station network and TPEM’s insights from over 1.4 lakh Tata Electric Vehicles (EV) on Indian roads to set up chargers at locations frequently visited by Tata EV owners. Additionally, both companies will work towards delivering superior charging experiences.
The MoU aims to improve the experience of Electric owners across India, and explore synergies between the two companies to encourage more people to adopt EVs in the country. The two companies are also exploring introducing convenient payment systems and loyalty programs.
TPEM is the market leader of EVs in India, commanding a market share of 71 per cent in electric passenger vehicles with four products in its portfolio.
Shell EV Recharge locations provide reliable and ultra-fast charging, with a 98 per cent to 99 per cent charger uptime. These locations also offer convenient retail, including fresh food and beverage options. All these factors help enhance the overall customer experience and provide added value and convenience.
Tata Motors share price: Past performance
In a year, shares of Tata Motors have given a multi-bagger return of over 119 per cent against Nifty50's rise of over 27 per cent.
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