TVS Motor Company has signed a Memorandum of Understanding with Rapido, an on-demand delivery and mobility platform, to collaborate by leveraging synergies of their respective businesses in the fast-moving mobility market in India.

Buoyed by an increasingly urban population with ready access to smartphones and increasing penetration of e-commerce and on-demand services across India, the hyperlocal mobility segments bike-taxi, auto-taxi, and delivery have experienced a significant boom and now represent a potentially USD 15 billion opportunity, the release pointed out.

The partnership will cover both two-wheeler and three-wheeler vehicles and extend across ICE and EV segments. 

Sudarshan Venu, Joint Managing Director, TVS, said, “TVS Motor firmly believes in the future of mobility and the strength of partnerships in this global transformation. We have always been at the forefront of driving electrification in the industry with our continued focus on EVs and Future mobility. Rapido has built a strong user base of Captains and Riders and is the leading bike-taxi platform in India today. We believe we can expand our reach in the mobility and hyper-local segments using high-quality, connected products from the TVS Electric portfolio and financing from our group. We believe that TVS Motor, TVS Credit and Rapido can be long term strategic partners as this ecosystem matures further.”

Aravind Sanka, Co-founder at Rapido, said, “Rapido has envisaged plugging first and last-mile daily commuting gaps in India, not just in metros, but beyond in tier 2 and 3, as well. We are delighted with this strategic partnership with TVS Motor Company, which is an extension of our vision and will bring us a step closer to our goals. There is a collective and shared passion for transforming and establishing the foundation stone of sustainable mobility in India. This association will help us strengthen our capabilities and expand our electric bikes fleet. The ultimate objective is to help millions of more Indians commute through an affordable, comfortable, convenient and safe alternative mode of transport.”  

The release said the MoU is in line with TVS Motor announcements in the past of expanding its electric product portfolio which spreads across 5-25kW two and three-wheelers portfolio, launching all of them by mid-2023.

TVS Motor added that it aims to have electric vehicles across segments like delivery, commuter premium, high-performance sports, and electric three-wheelers while expanding the presence of TVS iQube Electric across all major cities in India. (MT)

JSW MG Motor India is set to expand its EV portfolio with the MG Windsor Pro, which is set to be introduced on 6 May 2025.

The MG Windsor Pro is expected to offer a higher range, more features, improved safety and minor design tweaks. While technical details are yet to be released, it is safe to understand that the company is looking to further drive sales of its popular EV, targeting a new set of customers.

Launched on 11 September 2024, the company positioned the Windsor as a CUV (crossover utility vehicle) and the most comfortable EV in its segment.

The Windsor EV has already surpassed 20,000 units sales since launch, and has been the highest selling electric passenger vehicle for the last several months in a row.

Gujarat-headquartered electric vehicle maker Wardwizard Innovations & Mobility, the maker of ‘Joy e-bike’ and ‘Joy e-rik’ brand, has reported a consolidated net profit of INR 63.6 million for FY2025, maintaining profitability for the fifth consecutive year despite industry headwinds and a 5.1 percent drop in annual revenue.

The company’s total consolidated revenue stood at INR 3.04 billion, down from INR 3.2 billion last year. However, EBITDA rose 13.9 percent YoY to INR 3.6 billion, and EBITDA margins improved by 222 basis points to 12.11 percent, reflecting strong cost discipline and operational efficiency.

Despite a 52.7 percent YoY dip in PAT, largely due to a high base in FY2024, Wardwizard remained in the black – underscoring resilience amid a challenging EV market environment.

Yatin Sanjay Gupte, Chairman & MD, Wardwizard Innovations & Mobility, said, “While annual revenues saw a slight decline, EBITDA rose 14 percent YoY. Our profitable performance, sustained for five consecutive years, sets us apart and reinforces the strength of our strategy.”

In Q4 FY25 (Jan–Mar 2025), the company recorded a 62.2 percent YoY rise in PAT to INR 64.5 million, with EBITDA nearly doubling to INR 1.8 billion. PAT margins for the quarter expanded to 5.91 percent, and EBITDA margins reached 17.26 percent, reflecting improved product mix and cost optimisation.

During the last fiscal, the company deployed over 400 electric two-wheelers across major cities like Kolkata, Pune, and Ahmedabad as well as the launch of L5 electric rickshaws in Maharashtra. Ongoing partnerships and a USD 1.29 billion EV initiative in the Philippines are expected to drive future growth.

“With continued innovation and targeted execution, we are building a stronger foundation for long-term growth,” Gupte added.

OPG Mobility (formerly Okaya EV) has appointed Ajay Dhiman as the new President – Chief Operating Officer (COO) and Chief Technology Officer (CTO) to lead its electric vehicle and EV components business.

In this strategic leadership role, Dhiman will be responsible for operations and technology functions spanning manufacturing, R&D, product development, quality, sourcing, supply chain and business strategy.

He joins OPG Mobility with over 20 years of experience in the automotive and EV sectors. He previously served as Senior Vice-President at Revolt Motors, where he is said to play a key role across CXO-level functions and was instrumental in accelerating product development and delivering high-quality electric mobility solutions. His career includes leadership stints at Honda, Renault-Nissan, Subros and Sonalika Group, contributing across two-wheeler, three-wheeler, and four-wheeler segments.

Anshul Gupta, Managing Director, OPG Mobility, said, “We are delighted to have Ajay Dhiman join our leadership team at a pivotal moment in OPG Mobility's journey. As we step up our presence in the EV ecosystem, Ajay’s deep experience in product development and operations will be invaluable in scaling our EV and components business. His thorough knowledge of both legacy systems and new mobility technologies will drive value, innovation, and faster execution across our transformation journey.”

Ajay Dhiman, added, “It’s an honour to join OPG Mobility at such a transformative time. The brand’s vision of delivering inclusive and innovative electric mobility solutions aligns strongly with my passion for engineering excellence, innovative products and future-focused manufacturing. I look forward to working closely with the leadership and teams to strengthen our product pipeline, accelerate product innovation, strengthen our technological edge, enhance operational excellence, and scale solutions that support India’s evolving mobility needs. We aim to position OPG Mobility as a frontrunner in shaping India’s electric mobility revolution.”

The Maharashtra government has given rolled out the Electric Vehicle Policy 2025 for a period of five years (till 2030) with an estimated outlay of INR 19.93 billion.

The forward-looking policy aims to not only incentivise purchase of electric vehicles, but also aims to boost adoption and real-world usage.

As per the policy, certain EVs plying on highways will be given a toll waiver, EV charging infrastructure strengthened with an ambition have charging facilities every 25km on the national highways.

Electric two-wheelers, three-wheelers, private four-wheelers, state transport corporation buses, private buses and transport undertaking under civic bodies will get concession of 10 percent on purchase of an EV on the original cost. For goods carrying three-wheelers, four-wheelers and electric tractors will be eligible to a concession of 15 percent.

The government has also waived off registration fee on EVs. Lastly, electric four-wheelers and buses will also get toll exemption on Mumbai-Pune Expressway, Atal Setu, Samruddhi Mahamarg, along with 50 percent concession on state and other national highways.

Devendra Fadnavis, Chief Minister of Maharashtra, said, "The state government has approved a new Electric Vehicle (EV) policy, under which passenger EVs will be given subsidies. EV manufacturing and their use should increase in the state."