Uber Deal: Why Tata Motors' Shares Are Buoyant Today

Tata Motors on Monday said that it signed an MoU with Uber, to provide 25,000 XPRES–T EVs to the ride-sharing giant’s premium category service.

What Happened? The automobile giant said that it will help Uber in electrifying its services across Delhi NCR, Mumbai, Kolkata, Chennai, Hyderabad, Bengaluru, and Ahmedabad. 

Deliveries of the cars to Uber fleet partners will be done in a phased manner, starting this month, the company added in a press note.

See Also: Hero MotoCorp Analyst Bullish Even As Shares Continue To Slump

The XPRES-T EV is the first vehicle under the company’s ‘XPRES' brand that was launched in July 2021 for fleet customers.

According to the company, the new electric sedan comes with 2 range options – 315km and 277km. The car also has two battery options of 26 kWh and 25.5 kWh that can be charged from 0- 80% in 59 mins and 110 mins respectively.

Talking about the partnership, Shailesh Chandra, MD, Tata Motors Passenger Vehicles, and Tata Passenger Electric Mobility said, that the partnership was in line with the company’s commitment to growing sustainable mobility in the country.

Chandra further added that the partnership will accelerate the adoption of green and clean personal ride-sharing and also strengthen Tata Motors’ market position in the fleet segment.

Price Action: Shares of Tata Motors were up 0.81% to trade at ₹443.45 in the late hours of trading on Monday.

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