Tata Motors gains on deal with Lithium Urban

Today, Tata Motors informed the bourses about its tie-up with Lithium Urban for its EV division.

The company has signed a pact with Lithium Urban Technologies, a commercial EV fleet provider, to address mobility solutions across the passenger, mass transit, and the freight segments.

As part of the agreement, the company will supply 400 Tigor EV units to Lithium Urban by the end of the FY20.

The partnership also involves the supply of 100 more electric vehicles, such as the upcoming Nexon EV, from the company's stable. This is not just the most significant milestone for company’s e-mobility business, but also a big turning point in the EV market, which is now expected to see fleets electrify faster than ever before.

Today, the stock of Tata Motors opened at Rs. 171.10 and made an intraday high of Rs. 171.90, gaining 2 per cent. The stock had hit 52-week high of Rs. 239.30 on April 18, 2019 and 52-week low of Rs. 106 on September 04, 2019.