Tata Motors shares rise; here's an Uber connection

Tata Motors shares rose on Monday after the Tata group auto maker said it would supply 25,000 XPREST electric vehicles to Uber in one of the largest-ever deals in the green mobility space. The Tata Motors stock gained by as much as Rs 5.3 or 1.2 per cent to Rs 445.2 apiece on BSE after the news. 

Uber will utilise the electric sedan vehicles as part of its premium category fleet under the memorandum of understanding (MoU) between the ride-hailing company and the Tata Group carmaker, according to a joint company statement.

The financial details of the Tata Motors-Uber deal could not be ascertained.

Tata Motors-Uber sign MoU: Here are the key details

The electric fleet would be operational across the National Capital Region (NCR), Mumbai, Kolkata, Chennai, Hyderabad, Bengaluru and Ahmedabad, the statement said.

Mumbai-based Tata Motors will start delivering the cars to Uber fleet partners in a phased manner this month.

Currently, the starting price of of the XPREST stands at Rs 13.04 lakh (ex-showroom Delhi).

What Tata Motors and Uber managements said on XPREST MoU

"In line with our commitment to grow sustainable mobility in the country, we are delighted to partner with Uber, India's leading ride-sharing platform," said Shailesh Chandra, Passenger Vehicles and Tata Passenger Electric Mobility MD, Tata Motors. 

He also said that offering passengers an environment-friendly electric vehicle ride experience through Uber Premium will accelerate the adoption of green and clean personal ride-sharing.

The partnership with Tata Motors is the largest such in the segment, said Prabhjeet Singh, President, India and South Asia, Uber. "It will supercharge the transition to zero emissions on the Uber platform as we work towards building a sustainable future," he said. 

Tata Motors has so far over 50,000 EV units from its plant in the personal and fleet segment.

What is Tata Motors XPRES?

In July 2021, Tata Motors rolled out the XPRES brand exclusively for fleet customers. The XPREST is the first vehicle under the XPRES range.

The XPREST electric sedan comes in two range options: 315km and 277 km.

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