Jupiter Wagons subsidiary gets ARAI nod to make battery operated LCV

Jupiter Wagons has posted an over two-fold jump in its standalone net profit to Rs 104.22 crore in the March quarter, on account of higher income.

Wagon maker Jupiter Wagons' subsidiary Jupiter Electric Mobility Private Limited (JEM) has got the approval from Automotive Research Association of India (ARAI) to start manufacturing battery-operated light commercial vehicle (LCV), the company informed stock exchanges on May 31.

The battery-operated light commercial vehicle will be manufactured under the JEM TEZ brand name.

Following the announcement at 12.05pm on May 31, shares of Jupiter Wagons were up more than 2 percent trading at Rs 5833.45 apiece.

"We see a huge potential for the EV business in India, considering the rapid growth we all are witnessing across sectors. Looking at the cost benefits of EVs and sustainable approach, EVs will eventually take over the ICE market," Vivek Lohia, managing director of Jupiter Wagons, said.

About JEM TEZ

JEM TEZ can charge the vehicle from 0 percent to 100 percent in almost 20 minutes at combined charging stations, which is the fastest charging time in the industry.

The onboard charger allows the vehicle to be fully charged in less than 2 hours.

JEM will be the first to launch a 1-tonne commercial electric vehicle (EV). The JEM TEZ is equipped with Telematics to monitor the health and performance of all its EVs.

Also Read | Jupiter Wagons to invest Rs 1,500 crore over two years to upgrade wagon manufacturing and wheel plants

“With the JEM TEZ, we are setting new benchmarks in the commercial EV segment. Our focus has been on delivering a product that not only meets the highest standards of quality and performance but also supports the nation’s goals of reducing pollution and emissions. We are excited to lead the charge in transforming India’s transportation landscape and aim to lead the way for a cleaner and greener mobility solutions,” Gaurav Jalota, Chief Executive Officer of JEM, said.

Jupiter Wagons has posted an over two-fold jump in its standalone net profit to Rs 104.22 crore in the March quarter, on account of higher income.