PNN

New Delhi [India], February 24: Victory Electric Vehicles International Limited (NSE: VICTORYEV | INE0F8901022), along with AITMC Ventures Limited (AVPL) and Startup Stairs Private Limited, has entered into a Memorandum of Understanding (MoU) to evaluate potential opportunities within India's electric vehicle (EV) ecosystem.

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Key Highlights of the MoU

- Establishes a Framework to evaluate EV-related Opportunities in India- Exploratory & Non-binding in Nature- No Commitment towards Capital Investment, Joint Venture Formation, or- Commercial Execution

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Areas Under Evaluation (Scope of MoU)

- EV Manufacturing & Assembly- Charging Infrastructure- Skilling & Training Initiatives- Centres of Excellence- Pilot & Proof- of-concept Projects- Ecosystem & Franchise-led Models

Indicative Roles of the Parties

Victory Electric Vehicles International Limited- EV technology leadership and manufacturing know-how- Technical inputs for pilots, training, and ecosystem design

AITMC Ventures Limited (AVPL)

- Evaluation of access to infrastructure, training facilities, and Centres of Excellence- Support for capacity-building and ecosystem development initiatives

Startup Stairs Private Limited

- Ecosystem structuring, coordination, and implementation support- Engagement with relevant stakeholders and institutions

Other Key Terms

- Any pilot, infrastructure usage, or commercial arrangement will be subject to separate definitive agreements- Each party will bear its own costs- Includes binding provisions relating to confidentiality, intellectual property protection, data protection, and governance- This disclosure is made in accordance with applicable regulatory requirements.

Commenting on the MoU, Mr. Sanjay Kumar Popli, Managing Director, Victory Electric Vehicles International Limited, said, "This Memorandum of Understanding represents an exploratory step aligned with Victory Electric Vehicles' long-term focus on evaluating opportunities within India's evolving electric mobility ecosystem. The proposed framework allows the parties to assess feasibility across technology, infrastructure, and skill development in a structured manner, without any binding commercial commitments at this stage. We believe such evaluations are important for identifying scalable and sustainable pathways, while maintaining financial and operational discipline."

About Victory Electric Vehicles International Limited

Victory Electric Vehicles International Limited, is engaged in the manufacturing of electric vehicles, including E-Rickshaws, E-Cargo/Loader E-Rickshaws, and Electric Scooters. Product portfolio of the company extends beyond conventional models to include customized Electric 3-Wheelers designed for specific applications such as food delivery and ice cream vending. Among the first few enterprises to secure the Indian Government's ICAT license to sell L5 E-Rickshaws. The company's business strategy focuses on leveraging the growing electrification of mobility in India, while also exploring opportunities to export its EVs to select international markets in the future.

Disclaimer

Certain statements in this document that are not historical facts are forward looking statements. Such forward-looking statements are subject to certain risks and uncertainties like government actions, local, political or economic developments, technological risks, and many other factors that could cause actual results to differ materially from those contemplated by the relevant forward-looking statements. The Company will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.

AKMIL Strategic Advisors Private LimitedMr. Milind Apte - Directormilind@akmiladvisors.com+91 98209 41925www.akmiladvisors.comFor Further Information Please Contact Corporate Communication Advisor

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