Siemens gains 4% on signing MoU with Ashok Leyland for E-Mobility solutions

Shares of Siemens surged as much as 3.8 per cent and hit an intra-day high of Rs 1,912 on the BSE on Friday after the firm signed a memorandum of understanding (MoU) with Ashok Leyland's Switch Mobility Automotive to address need of electric commercial vehicle customers and execute EMobility Projects in India.

The MoU is aimed at delivering efficient, cost-effective and sustainable E-Mobility solutions to various commercial vehicle customers in India, the firms said in a joint statement.

"Switch Mobility will bring its electric commercial vehicle industry experience while Siemens will provide the charging infrastructure technology and charging infrastructure management software solution to enhance the energy-efficient operations of the chargers," it added.

At 10:09 am, Siemens was quoting at Rs 1,886, up 2.5 per cent, on the BSE while the stock was Ashok Leyland was trading flat at Rs 123, after hitting an intra-day high of 125 per share. In comparison, the S&P BSE Sensex was at 49,786, up 39 points or 0.08 per cent.

According to the deal terms, the two companies will collaborate on new business models such as eMobility-as-a-Service (eMaas), integrated depot energy management, Vehicle-to-Grid (V2G) as well as on-site / off-site renewable energy sources by leveraging batteries from commercial vehicles.

"Siemens is a global leader in E-Mobility solutions for commercial vehicles. We have been implementing projects for electric commercial vehicles across the globe. Together with Switch Mobility, we intend to implement high-quality techno-commercial solutions to address the needs of the growing E-mobility market in India," Sunil Mathur, managing director and chief executive officer at Siemens Limited said in his statement.