For EV exports, Hindustan Motor signs an agreement.
The prospect of selling electric cars in foreign markets is being looked at by Hindustan Motors (HM). The legendary Ambassador's manufacturer intended to produce electric vehicles at its Uttarpara facility. The signing of a Memorandum of Understanding (MoU) on EV. The partnership is now used to export autos. Later, the assembly may also be taken into account, said the sources.
Tuesday, HM announced that it has signed a Memorandum of Understanding (MoU) to expand the EV market across the border in order to increase the manufacturing of environmentally friendly EVs.
However, the business remained mum over the MoU. On the BSE on Wednesday, shares of the carmaker increased by 9.8% to Rs 18.4. The stock price ended up being above the circuit limit. The firm will likely provide further details regarding the partnership in the coming days, according to the sources.
The first automaker in India, Hindustan Motors, had previously signed an MoU and was in the early stages of negotiations for a joint venture with a European automaker active in the EV market for the production of electric vehicles.
Two-wheelers will be introduced at first, and depending on how well the initiative goes, four-wheelers will follow.
Due to declining sales, the financially troubled automaker discontinued making Ambassador vehicles in 2014. Eventually, Peugeot, a French carmaker, purchased the brand.
