In a move to revolutionize the electric four-wheel commercial vehicle market, Tata Motors (NYSE:TTM) and Magenta Mobility have formed a partnership. The collaboration will see the addition of the Tata Ace EV to Magenta's fleet, marking a significant stride towards sustainable transportation and green logistics. The initiative is supported by industry heavyweights like Morgan Stanley and BP (NYSE:BP) Ventures.
The partnership aims to roll out 500 units of the eco-friendly Tata Ace EV, designed for diverse intra-city applications. This move is part of Magenta's broader 'Decarbonising Logistics' initiative, which targets sustainable mobility solutions and carbon reduction.
Magenta's founder Maxson Lewis and Tata Motors' Vinay Pathak emphasized their shared commitment to sustainability in intra-city logistics across India. The introduction of the Tata Ace EV into Magenta's fleet will promote electric vehicle (EV) adoption for urban deliveries within the last-mile and mid-mile ecosystems.
Magenta currently operates over 1,200 electric vehicles in cities such as Bengaluru, Mysuru, Hyderabad, Mumbai, Pune, Delhi, Noida, Gurugram, and Surat, serving various sectors including e-commerce. With an ambitious target of 10k electric vehicles by 2024, this partnership with Tata Motors further strengthens Magenta's position in the EV market.
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