Zoomcar and SPARKCARS Forge Transformative Partnership to Raise EV Car Adoption in Self-Drive Space

Zoomcar and SPARKCARS Aim to Electrify India’s Shared Mobility Landscape to Create Robust and Accessible EV Ecosystem

BANGALORE, India, Feb. 20, 2024 (GLOBE NEWSWIRE) -- Zoomcar Holdings, Inc. (“Zoomcar” or the “Company”) (Nasdaq: ZCAR), the leading marketplace for car sharing in emerging markets, which recently went public on the NASDAQ, today announced a strategic partnership with SPARKCARS, a pioneering EV self-drive rental company, to further India's electric vehicle (EV) revolution. As the region’s rental market continues to evolve, this partnership aims to help increase the supply of EV cars available for self-drive to meet the growing needs of convenient and independent travel, and also demonstrates a strategic move to increase awareness of higher economic value to EV hosts in the burgeoning rental economy.

With a commitment to rapid expansion, Zoomcar and SPARKCARS plan to introduce over 1,000 electric vehicles to Zoomcar's platform across India within the next two years. These additions will include popular models such as the TATA Nexon, Mahindra XUV 400, Citroen eC3, and others, offering users a diverse array of eco-friendly options for mobility needs. Unlike hosts who offer vehicles with conventional Internal Combustion Engines (ICE), hosts providing EV rentals yield a higher economic benefit by capitalizing on high-demand, special pricing and low operating costs due to minimal maintenance requirements. These EVs can be easily booked directly on the Zoomcar app without any security deposit or KM limit.

As India grapples with the urgent need to address environmental challenges and reduce dependency on fossil fuels, Zoomcar and SPARKCARS are proud to lead the charge towards a more sustainable transportation ecosystem. United by a shared vision to tackle infrastructure challenges, increase EV adoption and cultivate a vibrant EV community, this collaboration marks a significant milestone in India's journey towards sustainable transportation solutions.

“In response to the government’s growing focus on boosting the EV ecosystem, we are proud to grow in the same direction facilitating this evolution together with SPARKCARS to foster a cleaner, greener future,” said Greg Moran, CEO and Co-Founder Zoomcar. “We are not just adding EVs to our platform; we are empowering our guests with a variety of sustainable choices and opening the doors to disproportionate economic value that EV hosts can earn as compared to ICE.”