TVS Motor gains 5% on signing MoU with Amazon India

Shares of in Wednesday's trade rallied close to 5% to the day’s high of Rs 1,166 after the automaker announced an agreement with Amazon India to scale up EV deployment.

and Amazon India have signed an MoU for scaling EV deployment and strengthening their commitment to achieving net-zero carbon.

As part of this collaboration, a fleet of electric two-wheelers and three-wheelers from Motor will be deployed for Amazon’s last-mile deliveries. In addition, the two companies will work in tandem to examine EV use cases for various Amazon business groups for its network and logistical requirements.

In order to test solutions, the two companies will pilot TVS Motor’s electric vehicle solutions through partner base and delivery associates across India.

“The collaboration marks another decisive step for Amazon to achieve our goal of becoming net-zero carbon by 2040, as part of our commitment to The Climate Pledge. Electric mobility is a significant component of our business operations and we are resolute in our commitment to transforming our transportation network to serve our customers more sustainably,” said Abhinav Singh, Director –Customer Fulfilment, Supply Chain and Global Specialty Fulfilment, Amazon India.

Last, the shares of TVS Motor traded with a gain of over 3% at Rs 1148.2 apiece on NSE.