The auto major said that its electric mobility unit, Tata Passenger Electric Mobility (TEPM) has signed a memorandum of understanding (MoU) with Hindustan Petroleum Corporation (HPCL) to set up 5,000 electric vehicle charging stations across India.
The collaboration will leverage HPCLs widespread fuel station network and TPEMs insights from over 1.2 lakh Tata EVs on Indian roads, to set up chargers at locations frequently visited by Tata EV owners. Additionally, HPCL will gather insights on charger usage to improve the customer experience.
The agreement between TPEM and HPCL aims to explore synergies between the two companies to encourage more people to adopt electric vehicles in the country. The two companies are also exploring the introduction of a convenient payment system through a co-branded RFID card, which will make the charging experience hassle-free, the company stated.
While TPEM commands a market share of over 68% in electric passenger vehicles, HPCL boasts a nationwide network of over 21,500 fuel stations and is committed to a sustainable future, it added.
Furthermore, HPCL aims to install 5,000 electric vehicle charging stations by December 2024. With four products in its portfolio, TPEM has led the rise of the EV ecosystem in the country. On the other side, HPCL has installed a total of 3,050 EV charging stations, including battery swapping stations, across the country.
Balaje Rajan, chief strategy officer, Tata Passenger Electric Mobility and Tata Motors Passenger Vehicles, said, This strategic partnership with HPCL emphasizes our dedication to advancing Indias EV ecosystem in which the growth of charging infrastructure plays a pivotal role. This collaboration is essential for facilitating infrastructure development to support the expanding EV customer base. Leveraging TPEMs extensive insights into EV usage and HPCLs extensive nationwide network, this partnership has the potential to transform the charging infrastructure landscape in the country.
Debashis Chakraverty, chief general manager, Retail Strategy & BD, HPCL, Through this alliance, HPCL shall leverage Tata Motors vehicle base to enable our strategic expansion in EV charging infrastructure at places with higher charging demand and will help in reducing range anxiety of EV customers.
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Tata Motors, a global automaker, is a leader in cars, trucks, buses and electric vehicles. The company has a strong presence in India, UK and other international markets.
The auto major reported a consolidated net profit of Rs 7,025.11 crore in Q3 FY24, steeply higher than Rs 2,957.71 crore in Q3 FY23. Revenue from operations rose 25.07% YoY stood to Rs 1,09,799.22 crore in the quarter ended 31 December 2023.
Shares of Tata Motors fell 0.73% to Rs 978.85 on the BSE.
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