Jupiter Electric receives approval for manufacturing of light commercial EVs

31 May 2024 , 03:08 PM

Jupiter Wagons’ subsidiary, Jupiter Electric Mobility Private Limited (JEM), has received approval from the Automotive Research Association of India (ARAI) to commence manufacturing of a battery-operated light commercial vehicle (LCV).

The LCV will bear the brand name JEM TEZ and will be produced by JEM. After the announcement on May 31, Jupiter Wagons’ shares surged over 2.97%, trading at ₹587.95 per share.

JEM TEZ boasts rapid charging capabilities, able to charge from 0 to 100% in around 20 minutes at combined charging stations, and fully charging in less than 2 hours with the onboard charger.

JEM will pioneer the launch of a 1-tonne commercial EV, equipped with Telematics for monitoring EV health and performance.

In the March quarter, Jupiter Wagons recorded a significant increase in standalone net profit to ₹104.22 Crore, attributed to higher income.

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