TVS Motor gains on signing MoU with Amazon India

TVS Motor Company advanced 3.85% to Rs 1,154.60 after the company signed memorandum of understanding (MoU) with Amazon India to scale EV deployment.

Under this collaboration, a fleet of electric two-wheelers and three-wheelers from TVS Motor will be deployed for Amazon's last-mile deliveries.

In addition, the two companies will examine EV use cases for various Amazon business groups for its network and logistical requirements. In 2020, Amazon India announced that it would include 10,000 EVs in its delivery fleet by 2025.

Abhinav Singh, Director of customer fulfilment, supply chain and global specialty fulfillment at Amazon India said, The collaboration marks another decisive step for Amazon to achieve our goal of becoming net-zero carbon by 2040. This will support our supply chain in minimising the environmental impact of our operations and contribute to Amazon India's goal of inducting 10,000 EVs into our fleet by 2025.

Manu Saxena, senior vice president, future mobility, TVS Motor Company said, With the great success of TVS iQube Electric, we now intend to expand our electric offering across multiple segments and commercial mobility stands at the opportune inflection point. TVS Motor is now ready with electric two-wheeler and three-wheeler product options for B2B along with an ecosystem of connected service and alternate ownership.

TVS Motor Company is a reputed two and three-wheeler manufacturer globally. The company has four manufacturing facilities in Hosur, Mysuru and Nalagarh in India and Karawang in Indonesia.

The two-wheeler manufacturer reported 47% rise in net profit to Rs 407 crore on a 28% increase in revenue to Rs 7,219 crore in Q2 FY23 over Q2 FY22.

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