You are here: Home » Markets » News
Business Standard

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

The MoU is aimed at delivering efficient, cost-effective and sustainable E-Mobility solutions to various commercial vehicle customers in India

Topics
Buzzing stocks | Siemens | Markets

SI Reporter  |  New Delhi 

The two companies will collaborate on new business models such as eMobility-as-a-Service (eMaas)
The two companies will collaborate on new business models such as eMobility-as-a-Service (eMaas)

Shares of 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 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, was quoting at Rs 1,886, up 2.5 per cent, on the BSE while the stock was 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.

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Fri, April 09 2021. 10:17 IST
RECOMMENDED FOR YOU
.