Jitendra New EV Tech to Supply 12,000 EVs Worth Rs. 120 crore to FAE Bikes
Jitendra New EV Tech has announced that it has signed a Memorandum of Understanding (MoU) with FAE Bikes, the last mile logistics company, to supply 12,000 electric two-wheelers.
According to this new deal, the Nashik-based EV maker will provide the aforementioned number of units of the JMT 1000 3K e-scooter to FAE Bikes over one year. The value of the deal is estimated to be approximately ₹120 crore.
The JMT 1000 3K makes use of a 1000 W motor that is powered by a 3.12 kWh battery. The electric scooter claims to deliver a riding range of 126 km on a single charge and is capable of achieving a maximum speed of up to 52 km/h.
This partnership between Jitendra New EV Tech and FAE Bikes, both renowned for their significant contributions to India's electric mobility movement, seeks to provide electric scooters for rent to customers who wish to either simply do a trial run of the scooter before committing to a purchase or those who want to embrace EVs albeit without acquiring a permanent new asset. Initially, FAE Bikes will offer these new JEV scooters to its customers across Bengaluru, Delhi NCR, and Hyderabad.
Commenting on this new deal, Samkit Shah, co-founder, of Jitendra New EV Tech, said, "Enabling the increased adoption of electric vehicles has been a key driver for Jitendra New EV Tech and this MoU with FAE Bikes is in service of this goal. We look at this not only as a strategic business deal but also an opportunity to make electric vehicles accessible for more and more Indians."
Nigam Krishna, Co-founder, of FAE Bikes, said, "Jitendra EV has been in the industry for a while now and we couldn't be happier to partner with the brand. This deal with the indigenous EV brand is a crucial step in FAE Bikes' endeavor to expand the availability of its offerings to a larger customer base and also boosts our goal to drive increased EV usage in India."