Mahindra Group inks deal with Jio-BP to accelerate EV adoption in India
The Mahindra Group has inked a partnership with Reliance Industries' Jio-BP to accelerate the adoption of electric vehicles in the country. Jio-BP will support Mahindra Group with battery swapping and setting up charging infrastructure, Anish Shah MD, Mahindra Group told CNBC-TV18 in an exclusive interview Wednesday.
The Mahindra Group has inked a partnership with Jio-BP — a joint venture of Reliance Industries and BP of the UK — to explore EV and low-carbon solutions, including battery swapping technology options, for electric 3-wheelers, Anish Shah MD, Mahindra Group told CNBC-TV18 in an exclusive interview Wednesday.
The two have signed a memorandum of understanding (MoU) and would first focus on electric three-wheelers. The MoU will help three-wheeler owners find solutions on battery swapping, he said. "We will eventually look to the four-wheeler and other categories," Shah added.
This deal aims to leverage the strengths of both companies to accelerate EV adoption in India. Jio-BP will support Mahindra Group with battery swapping and setting up charging infrastructure, Shah said. Jio-bp has recently launched its first mobility station in Maharastra, with multiple fueling choices.
Adding that the company will look at joint investments with Jio-BP, he added Mahindra and Jio-bp MoU will be implemented across the country in a phased manner. Jio-bp will also evaluate charging solutions for Mahindra vehicles like electric three and four-wheelers, small commercial vehicles, and quadricycles.
The two companies will also work together to identify synergies in low-carbon and conventional fuels. Low carbon fuels release little to no carbon in the environment during production stages.
Besides, exploring EV opportunities, the two companies will work together to explore Battery as a Service (BaaS) and Mobility as a Service (MaaS).
Electric vehicles are good for the environment but they are costlier than commercial ones due to costly batteries. BaaS aims to solve this problem by offering batteries on a lease, thus reducing the cost of an overall electric vehicle. MaaS, on the other hand, works by integrating different modes of transport into a single service that can be accessed on-demand.
(With inputs from PTI)
Disclosure: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
(Edited by : Abhishek Jha)
First Published: Dec 9, 2021 4:35 PM IST
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