JBM Auto Rises 3% as EV Arm Signs 500 Bus Deal

Shares of JBM Auto surged 3% on NSE on Monday after its EV arm signed a deal to supply 500 electric buses to Drivn.

Structured as a memorandum of understanding, the deal will see buses rolled out in phases over the next year. The first phase targets intercity coach operators across India.

Instead of buying buses outright, operators get vehicle financing, maintenance and charging infrastructure bundled into one package.

The two companies said they are also looking at other areas down the line, including school transport, employee mobility and airport transit.

Nishant Arya, Chairman of JBM Electric Vehicles, said clean mobility only works if it can scale and make financial sense at the same time.

He said pairing the company’s bus technology with Drivn’s leasing platform should help fleet operators get past the capital barriers that usually slow down electric adoption.

Alpna Jain, Co-founder and Chief Business Officer at Drivn, said fleet electrification needs an ecosystem that works both operationally and financially.

JBM Electric Vehicles has put more than 3,500 electric buses on the road since entering the segment in 2018, and expects to cross 5,000 within the next year.

Its buses have covered over 450 million kilometres and carried more than 1.5 billion passengers so far, the company said. By close, JBM Auto shares settled at Rs 696.55 on the NSE, up 1.73% for the day.

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