Shares of Atul Auto jumped over 10% on Friday, April 24 after the company announced partnership with Exponent Energy to launch minimum 15,000 units of 15-minute rapid charging passenger three-wheelers.
Atul Auto shares advanced 10.6% intraday to Rs 523.8 apiece. The scrip was trading 4.91% higher by 10:22 a.m. The benchmark NSE Nifty 50 was down 1.31%.
On Friday, Atul Auto informed the exchanges regarding a strategic partnership with Exponent Energy to develop and deploy rapid charging electric three-wheelers. The companies have also committed to a minimum of 15,000 exponent powered three wheeler passenger vehicles over three years.
As per the three agreement, Atul Auto's vehicles will be integrated with Exponent Energy OTO three wheeler mobility platform, a unified a architecture to bring battery technology, powertrainsystens and vehicle software.
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Propriety technology by Exponent will enable 15 minutes rapid charging, while teh system is backed by 2 lakh km warranty addressing conerns about battery life and resale value in commercial EVs.
" For Atul Auto customers, this translates into more freedom and flexibility with better earnings driven by faster turnaround times, higher vehicle availability, and reduced operating costs compared to conventional electric three-wheelers," the exchange filing read.
Speaking on the development, Arun Vinayak, CEO and founder of Exponent Energy said, “With Atul Auto, we are bringing rapid charging, financing access, and proven vehicle platform technology together at scale. Our mission is to make electric the better choice, which means addressing the real barriers to adoption. Atul Auto's strong manufacturing legacy and deep understanding of the threewheeler market make them a natural partner as we scale our mobility platform into OEM-integrated vehicles and enable adoption at a much larger scale."
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