TVS Motor Company announces its partnership with Rapido, a mobility company. As a part of this MoU, both the companies will collaborate by leveraging synergies of their respective businesses in the fast-moving mobility market in India. The steep increase in population, along with better access to smartphones, has led to the demand for hyperlocal mobility segments like bike-taxi, auto-taxi, and delivery. Reports suggest that this segment represents a potential business of USD 15 Billion. This MoU will include both two-wheeler and three-wheeler vehicles and extend across ICE and EV segments.
Primary Targets Under This MoU
Currently, Rapido is the leading bike-taxi platform in India that holds a very large user base. Now, leveraging this partnership with TVS, Rapido aims to expand its reach in the mobility and hyper-local segments. This MoU will also help Rapido and TVS realise their shift to the EV segment. Both the companies expressed positive feelings regarding the MoU and aimed for a long term strategic partnership in the ecosystem.
Rapido has already envisaged a viable network not only for the metro cities but also in tier 2 and tier 3 towns. This MoU will also transform and establish the foundation stone of sustainable mobility in India. The main aim is to help millions more Indians commute through an affordable, comfortable, convenient and safe alternative mode of transport. TVS recently announced its plans for the electric segment. The two-wheeler maker will launch new electric models across the 5-25 kW two- and three-wheelers portfolio.
The chances are high that these models will start to arrive sometime by mid-2023. TVS Motors also expressed its interest to have electric vehicles across segments like delivery, premium commuter, high-performance sports, and electric three-wheelers. As it stands, the partnership looks quite promising with a lot of potential. TVS, along with Rapido, can single-handedly impact the hyper-local segment and boost their electrification conquest.
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