Tata to sell EVs to corporate leasing platform

Indian OEM Tata Motors has signed a non-binding memorandum of understanding (MoU) with Vertelo, a integrated fleet electrification platform, for the delivery of 2,000 of its fleet customer-focused EVs.

Tata launched its XPRES brand exclusively for fleet customers in July 2021. The MoU convers delivery of XPRES-T all-electric sedans, the brand's first model.

Vertelo is a new platform providing end-to-end solutions in fleet electrification in India, including leasing and financing, charging infrastructure and energy solutions, fleet management services, and end-of-vehicle-life management. It has been established by Australia’s Macquarie Asset Management and received anchor investment from the Green Climate Fund, which has committed to invest up to $200mn of an overall planned $1.5bn investment over 10 years.

“With over 89pc market share in financial year ‘24, the fleet segment has seen a rapid adoption by corporates and institutions,” says Vivek Srivatsa, chief commercial officer, Tata Passenger Electric Mobility.

“The XPRES-T EV has proven to be an attractive option for both customers and operators in the commercial fleet segment. Such collaborations [as with Vertelo] in the industry will further help strengthen our market position amidst India’s EV revolution.”

“This partnership aims to bring together two business that are at the forefront of fleet electrification and decarbonisation in India. We hope that this partnership will help with accelerating the shift towards a more sustainable India by making bespoke leasing options available to fleet operators that help them onboard EVs in larger numbers,” says Vertelo CEO Sandeep Gambhir.

The Indian EV market has seen a slew of deals in recent weeks, with Tata signing charging network collaborations with oil firms Shell and HPCL. Peer M&M signed a similar agreement with fuel retailer Adani TotalEnergies, while China's Saic recently partnered with Indian steelmaker JSW to sell MG brand EVs locally.