As the entire world has realized the importance of going green, India pushes stronger for electric vehicles in its bid to reduce carbon emission. To ensure a cleaner and greener planet, a host of EV or electric vehicles are waiting to be launched this year.
While some of the Mahindra and Tata Motors electric cars have already been showcased, US-based Tesla will be the latest entrant to join the list. Though the news is yet to be confirmed, the shares of Tata Motors surged further by 11% on Tuesday.
The buzz over the Tata-Tesla partnership is the reason behind the surge in the share market. The sales numbers also have seen a growth from Jaguar Land Rover (JLR) for the third quarter.
According to ‘Businesstoday’, Tata Motors’ share has rallied over 13% in intraday trade to hit a fresh 52-week high of Rs. 249.50 on the Bombay Stock Exchange on Tuesday on the back of the strong volume. The Tata Group stock has soared 26 percent in two sessions amid the buzzing reports of the Tata Tesla joint venture.
Tata Motors shares have gained 23.27% in one year and have risen 31.79% since the beginning of the year. The stock has surged to 35.4% in a single month. The rise in stock is due to the recovery of JLR sales in China, according to the reports published by ‘Businesstoday’.
The share price of Tata Motors has delivered a massive return of 292 percent from its 52-week low of Rs. 63.60 as of March 24, 2020. It has gained 23.27 percent in one year and has risen 31.7% since the beginning of the year.
There have been various factors that boosted Tata Motors` stock, such as increased sales of its overseas subsidiary, Jaguar Land Rover (JLR), along with the partnership between Tesla Inc. and Tata cars. Unfortunately, there is no truth behind those reports. However, Tesla cars are planning to begin their operations in India.
The US-based EV maker Tesla cars is planning to make an official entry into the Indian automotive market. A local entity called Tesla Motors India and Energy Private Limited will be set-up with it`s registered office in Bengaluru.
A statement released by Tata Motors states, “Tata Motors has not taken any decision regarding a strategic partner for its PV business and categorically denies any, and all rumors suggesting the same.”
Earlier on January, 15, Tata Motors announced the sales figures of Jaguar Land Rover, which was earlier hit by the COVID-19 pandemic. However, it is showing a sign of recovery as sales in China remained strong.
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