Jupiter Wagons Ltd. (JWL) enters the electric mobility market with the launch of ‘Jupiter Electric Mobility’ (JEM) focusing on commercial EV vehicles. The company has formed a joint venture with EA GreenPower Private Limited, a wholly-owned subsidiary of GreenPower Motor Company Inc. The joint venture will mark GreenPower Motor’s entry into India, focus on ECVs for Indian and other markets, and plans to launch products in the passenger transit and cargo market in the next two years. They also intend to shift their manufacturing hub to India from China and export from there to the global markets. The Indian automobile industry has undergone significant changes in recent years, and it now contributes to 49% of the country’s manufactured GDP and nearly 7.1% of the total GDP. The electric vehicle market in India appears to be picking up steam, with a CAGR of 90 pper centexpected between 2021 and 2030. JEM will work with GreenPower Motor to undertake end-to-end production in India and establish service facilities in key markets.
Owing to this partnership, the Indian market will see the rolling out of LCV (Light Commercial Vehicles), MCV (Manufacturing Commercial Vehicles), and HCV (Heavy Commercial Vehicles) categories from 3 to 20 tonnes. The company’s distribution network will focus on B2B with logistics businesses, E-commerce companies, and FMCG. On the other hand, the secondary market will examine the retail channels as a B2C market. In the following three years, the corporation intends to invest Rs 200 crores.