Shares of Jupiter Wagons Ltd soared 6% on Tuesday, 4 March, after the company’s e-mobility subsidiary, Jupiter Electric Mobility (JEM), announced launching a new manufacturing factory in Indore, Madhya Pradesh.
The launch of this new facility strengthens Pithampur’s position as a rapidly growing hub for automotive and electric vehicles, establishing it as a key player in India’s expanding electric mobility landscape. To commemorate this achievement, Jupiter Electric Mobility introduced its flagship electric light commercial vehicle (e-LCV), the JEM TEZ, which aims to set new benchmarks in electric last-mile logistics.
Spanning 2.5 acres, the newly inaugurated Pithampur manufacturing plant features a fully integrated production line, covering everything from skateboard platform development to complete vehicle assembly. With an initial capacity to produce 8,000 to 10,000 e-LCVs annually, the facility is designed for phased expansion to meet the increasing demand for sustainable, efficient, and cost-effective last-mile delivery solutions.
Vivek Lohia, Managing Director, Jupiter Group spoke about the new unit and said, “With an initial annual capacity of 8,000 to 10,000 e-LCVs, JEM has set its sights on ambitious growth, aiming to significantly ramp up production volumes in the future.”
The company aims to generate a revenue of Rs 100 crore in its first year of operations, stated Vivek Lohia, Managing Director of the Group.
In a significant development last month, Jupiter Wagons, a leading manufacturer of railway wagons, components, and castings, received a Letter of Acceptance (LoA) from Ambuja Cements and ACC, both subsidiaries of the Adani Cement Group.
The LoA covers the manufacturing and supply of rakes and wagons, with the contract valued at approximately Rs 600 crore. The company confirmed that the formal agreement was awarded on 10 February.
At 2:31 pm, the shares of Jupiter Wagons were trading 3.54% higher at Rs 293.95 on NSE.
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