TVS Motor Company signs MoU with ALT Mobility to deploy 3000 electric three-wheelers in FY26; shares decline

Shares of TVS Motor Company were trading 0.51% lower at ₹3,474.60 apiece, as of 1:22 pm.

As per the agreement, TVS Motor Company will provide the electric three-wheelers, both passenger and cargo, while ALT Mobility will procure, lease, and finance them through its ecosystem, the automaker said in a regulatory filing.

The models, variants, and specifications will be jointly finalised, and the vehicles will be rolled out through TVS Motor’s extensive network authorised dealers and ALT’s point of sales across the country.

The EVs will be deployed under ALT’s drive-to-own leasing model to individual drivers and fleet operators for cargo and passenger transportation, it added.

Commenting on the partnership, Rajat Gupta, Business Head – Commercial Mobility of TVS Motor Company, said: “This collaboration with ALT Mobility is a significant step towards enabling sustainable urban and last-mile mobility at scale.”

“Our advanced electric three-wheeler portfolio, engineered for superior range, faster charging, and durability, is designed to empower businesses and drivers with reliable, clean, and cost-efficient solutions,” Gupta added.

ALT’s lease plan covers key expense areas, including maintenance, insurance, roadside assistance, servicing, challan, and fitness management, the filing stated.

“We are committed to building scalable solutions that integrate sustainable mobility with financial inclusion. Partnering with TVS Motor Company gives us access to industry-leading vehicles and technology, which will help us scale our leasing and fleet operations effectively,” commented Anuj Gupta, Co-founder & CBO of ALT Mobility.

“Through the Drive-to-own model and our integrated lease offerings, we are making electric vehicle adoption seamless for drivers and fleets — ensuring uptime, assured earnings, and a sustainable livelihood, while building a stronger zero-emission logistics ecosystem for the country,” he stated.

TVS Motor to pass on full benefit of GST rate cut to customers

In a separate regulatory filing dated September 8, the two-wheeler manufacturer announced that it will pass the full benefit of the goods and services tax (GST) rationalisation to customers across its internal combustion engine (ICE) portfolio. TVS Motor did not divulge the details of the price cut.

A few weeks ago, the GST council had announced sweeping rate cuts across a range of products and services, including ICE vehicles, for which it reduced the rate from 28% to 18%.

The automaker, along with most of its peers, declared price cuts across a range of its products, with the benefits available to its customers starting September 22, 2025.

Electric vehicles remain unaffected and continue to enjoy the concessional rate of 5% GST, the regulatory filing added.