Jupiter Wagons is stepping into the electric vehicle spotlight. On March 4, 2025, its electric vehicle arm, Jupiter Electric Mobility (JEM), launched the JEM TEZ. This debut coincided with a new factory opening in Indore. The news sent the company’s stock soaring. Here’s what’s happening with this latest move.
Launch Details and Stock Surge
The JEM TEZ is an electric light commercial vehicle (e-LCV). It hit the market on March 3, 2025, in Indore, Madhya Pradesh. Shares of Jupiter Wagons jumped 6.12% on the National Stock Exchange (NSE). The stock reached Rs 301.3 per share during intraday trading on March 4, 2025, per the Business Standard. This rise came despite a weak broader market.
- Launch Date: March 3, 2025.
- Stock Peak: Rs 301.3 on NSE.
- Market Cap: Rs 12,571.51 crore as of March 4, 2025.
The announcement sparked investor interest. It’s a big moment for Jupiter’s push into EVs.
JEM TEZ Specifications
The JEM TEZ is built for performance. It offers a true range of over 190 km. The vehicle has an 80 kW peak motor power. It boasts 23% gradeability. Its certified payload is 1.05 tons. The starting ex-showroom price is Rs 10.35 lakh. These specs position it as a strong player in the e-LCV space.
- Range: 190+ km.
- Motor Power: 80 kW.
- Payload: 1.05 tons.
It’s designed for last-mile logistics. The vehicle aims to meet growing demand in urban freight.
New Manufacturing Facility
JEM opened a state-of-the-art plant in Pithampur, Indore. The facility spans 2.5 acres. It can produce 8,000 to 10,000 e-LCVs annually. Vivek Lohia, Managing Director of Jupiter Group, said, “With an initial annual capacity of 8,000 to 10,000 e-LCVs, JEM has set its sights on ambitious growth, aiming to significantly ramp up production volumes in the future.” This plant supports India’s “Make in India” initiative.
- Capacity: 8,000–10,000 e-LCVs per year.
- Purpose: Boost domestic EV production.
The facility includes an in-house skateboard platform for assembly. It’s a step toward self-reliant manufacturing.
Revenue Goals and Expansion
JEM has big plans. The company targets Rs 100 crore in revenue in its first year. Lohia added, “We are aiming to achieve a revenue of Rs 100 crore in our first year of operations, with a projected year-on-year growth of at least 2X.” Expansion starts with key cities. Bengaluru, Delhi, Hyderabad, Ahmedabad, Mumbai, Kolkata, and Chennai are first in line.
- Revenue Target: Rs 100 crore in year one.
- Key Markets: Seven major Indian cities.
Partnerships with Porter, Pulse Energy, and others are in place. These will build charging networks and after-sales support.
Broader Company Ambitions
Jupiter Wagons isn’t stopping at JEM TEZ. The parent company eyes Rs 10,000 crore in revenue by FY27. That’s with a 27% EBITDA margin, per NDTV Profit. The EV venture builds on their railway wagon success. A recent Rs 600 crore order from Ambuja Cements and ACC adds to their momentum.
- Company Goal: Rs 10,000 crore by FY27.
- Recent Order: Rs 600 crore for railway wagons.
- Segment: Electric and rail mobility.
Market Context
India’s e-LCV market is heating up. It’s roughly a 5 lakh vehicle market annually, Lohia noted. JEM TEZ taps into this space. The launch aligns with national EV adoption trends. Jupiter Wagons is diversifying at the right time.
