Page 16 - Electric Vehicles In India

Jindal-owned JSW plans to produce EVs in Rs 40,000 cr investment push

Sajjan Jindal keen to produce Made in India electric car/CVs

LG Energy plans to sell batteries to more electric scooter makers in India

LG Energy's India unit dominates the supply of battery cells to domestic e-scooter makers such as Softbank Group-backed Ola Electric and domestic rival TVS

Kinetic relaunches iconic Luna after 2 decades in electric avatar

Luna was launched in 1972 and it went out of production in 2000

Rooftop solar charges up electric vehicle boom in India's smaller cities

Rajasthan, Gujarat, and Kerala see more users

Snap-E Cabs raises $2.5 million, plans to add 300-400 EVs by FY24

Electric vehicle ride-hailing platform Snap-E Cabs on Monday said it has secured USD 2.5 million in a pre-series A round led by Inflection Point Ventures (IPV). The fresh funds will fuel talent acquisition, technology upgrades, new services and geographical expansion, officials said. It will enable Snap-E Cabs to add 300-400 EVs and expand to two-three new cities by the end of the current fiscal year, they said. Kolkata-based Snap-E Cabs, which was founded in 2022 by Mayank Bindal and Jaydip Mukherjee, aims to operate 1,500-2,000 EVs across five cities by the 2024-25 fiscal. At present, it operates 600 EVs in Kolkata. "India's ambitious EV goals can significantly impact global oil markets... and transition to sustainable development," Bindal said. Rahul Wagh, Managing Director of IPV, said: "Climate change is a global threat... and EVs are crucial for decarbonising transportation. This investment aligns with India's goal of 30 per cent electric vehicle penetration by 2030, he sa

Eicher enters small commercial vehicles segment, unveils 'EV-first' truck

The vehicle is scheduled for customer trials in April 2024, with a commercial rollout expected in the first quarter of 2025

BMW eyes India's emerging electric car mkt with focus on affluent consumers

BMW, which introduced battery-powered vehicles in India last year, currently sells five electrified models, the most among all carmakers

Budget 2024: Govt to bolster EV ecosystem in the country, says Sitharaman

Sitharaman announced that the government will continue its support for manufacturing and charging infrastructure

Budget 2024: What did FM Nirmala Sitharaman say on green mobility and EV

The Centre proposes mandatory blending of natural gas for transport, building a strong electric vehicle ecosystem and encouraging entrepreneurship among youth in the Interim budget 2024 speech

Tesla to take shareholder vote on shifting incorporation to Texas: Musk

Tesla Inc will move immediately to hold a shareholder vote to transfer the electronic vehicle (EV) maker's state of incorporation to Texas from Delaware, Musk said

Odisha clears JSW's Rs 40,000 cr proposal to set up EV manufacturing units

The Odisha government on Monday approved 14 proposals including the JSW Group's plan to set up electric vehicles and component manufacturing units in Cuttack and Jagatsinghpur districts with an investment of Rs 40,000 crore, a senior official said. The proposals were approved at the Cabinet meeting chaired by Chief Minister Naveen Patnaik. "The Cabinet approved a special incentive package for the JSW Group's ambitious EV and component manufacturing projects at Naraj in Cuttack, and Paradip in Jagatsinghpur district", chief secretary Pradeep Kumar Jena told reporters. These projects, with a combined investment of over Rs 40,000 crore and employment potential of over 11,000, are set to usher in a new era of industrial growth and job creation in the state, he said. The JSW Group has proposed to set- up an EV & EV battery manufacturing project at Naraj, Cuttack. The company is also planning to set up an original equipment manufacturing (OEM) plant for EVs and components in the same ...

Tata Motors to commence EV production at Sanand plant from April 2024

Tata Motors plans to commence production of electric vehicles at the Sanand plant, acquired from Ford India, from April this year, as per a top company official. Tata Passenger Electric Mobility Ltd, a unit of Tata Motors, acquired the facility from Ford India for Rs 725.7 crore in January last year. "We are planning to commence electric vehicle production at Sanand with Nexon EV from April," Tata Motors Passenger Vehicles MD Shailesh Chandra told PTI. The company has already commenced production of internal combustion engine-powered versions of the Nexon at the manufacturing plant with an installed capacity of 3 lakh units per annum. It can be further scaled up to 4.2 lakh units per annum. Chandra said the company is also looking to produce upcoming models at the facility. When asked about the company's product pipeline, he said that Curvv EV would be introduced around the second or third quarter of this calendar year. "We are also hoping that by the fag-end of this year, we sh

EVs adoption key for transition to low carbon economy by 2047: DPIIT secy

The vision to make India a developed nation by 2047 includes a major shift towards electric vehicles, supported by tax incentives, production linked incentive schemes, and the mandatory provision of charging infrastructure, a top government official said on Monday. Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Rajesh Kumar Singh said that the development and adoption of Electric Vehicles (EVs) play a pivotal role in India's transition to a low-carbon economy. "The comprehensive vision for 2047 includes a substantial shift towards electric vehicles across various segments, supported by tax incentives, Production Linked Incentive (PLI) schemes, and the mandatory provision of charging infrastructure," Singh told PTI. He said that a shift in the modal share of freight from road to rail will be an effective lever to decarbonise the freight transport sector. He added that the government's authorisation of 100 per cent Foreign Direct Investment (FDI) for

Zero-emission cars can tackle air pollution, cut oil imports: Tata Motors

Only zero emission cars can contribute towards a reduction in air pollution, cutting burgeoning fuel imports and attaining net zero targets, according to Tata Motors Passenger Vehicles Managing Director Shailesh Chandra. Amid demands from a certain section of the industry to cut taxes levied on hybrid cars, Chandra said that such vehicles do not align with the key national objectives of achieving net carbon-zero target, improving air quality levels, and reducing fossil fuel imports. He noted that hybrid and CNG technologies in cars help in improving fuel efficiency and meeting emission-related regulatory compliances but cannot be compared with pure battery electric vehicles. In an interaction with PTI, Chandra said that the government already supports hybrid vehicles in terms of lower taxation and there is no need to bring those at par with electric vehicles. He noted that hybrid cars cannot be compared with EVs as they essentially run on polluting "fossil fuel". Chandra said that

Govt may support initiatives to retrofit old vehicles into EVs: Report

The government may look for providing incentives or supporting initiatives to retrofit old vehicles into electric vehicles instead of scrapping them, a report said on Thursday. According to the joint report by management consultancy firm Primus Partners and ETB (European Business and Technology Centre), transitioning the internal combustion engine-powered vehicles to electric vehicles through retrofitting presents a spectrum of challenges. However, with a coordinated approach involving government initiatives, industry collaboration, and public engagement, these challenges can be effectively addressed and overcome, it said. India's Vehicle Scrappage Policy is aimed at phasing out old and unfit vehicles and replacing them with newer and more environment-friendly ones. This policy is governed by various factors including the fitness and emission levels of vehicles rather than solely their age. Commercial vehicles over 15 years and passenger vehicles over 20 years of age are subject t

EV leasing firm Alt Mobility raises $6 million to scale up operations

Electric vehicle leasing and lifecycle management platform Alt Mobility on Thursday said it has raised USD 6 million (nearly Rs 50 crore) in a funding round co-led by Shell Ventures, Eurazeo, EV2 Ventures and Twynam. UC Inclusive, Piper Serica, Pitchright and LetsVenture also participated in the round, which is a mix of equity and venture debt, the company said in a statement. The capital will be used for hiring engineering team to scale its Electric Vehicle (EV) asset management platform FleetOS, it added. It will also be used for setting up new verticals for fleets including drive-to-own model, parametric insurance, fleet depots and battery refurbishment unit, the company said. Besides, Alt Mobility said it plans to expand its presence in over 20 cities aiming to achieve an (Assets Under Management) AUM of USD 100mn in the next two years.

ESG, technology theme to dominate India Inc acquisitions in 2024

Streamlined regulatory approvals, sector-specific incentives would encourage firms to write acquisition cheques

Electric vehicle sales jumps 49% to 1.52 million units in 2023: Fada

Electric vehicle sales in India jumped 49.25 per cent year-on-year to 15,29,947 units in 2023, according to a data released by the Federation of Automobile Dealers' Association (FADA) on Tuesday. The EV industry had recorded a total sales of 10,25,063 units in 2022, as per the data. The two-wheeler sales grew 36.09 per cent to 8,59,376 units in the just-concluded year against 6,31,464 units in 2022, it said. The e-three-wheeler sales volumes surged 65.23 per cent year-on-year to 5,82,793 units from 3,52,710 units sold in 2022. E-commercial vehicles sales rose 114.16 per cent year-on-year to 5,673 units in 2023 compared to 2,649 vehicles in the preceding year. Electric passenger vehicle sales grew 114.71 per cent to 82,105 units last year against 38,240 vehicles in 2022, as per the FADA data.

Tata Motors introduces first pure EV architecture called 'acti.ev'

"Punch.ev will be the first product based on this pure electric architecture, which will spawn a variety of products with multiple body styles and sizes," the company's statement noted

Electric vehicle penetration likely to fall short of govt's 2030 plan

Subsidy reduction has hit industry's estimate of 1.2 mn E2W sales in FY24