Page 17 - Electric Vehicles In India

'EV sales in India to grow at 35%, annual volumes may cross 27 mn by 2032'

Electric Vehicle (EV) sales in India is expected to grow at a Compound Annual Growth Rate (CAGR) of 35 per cent with annual volumes likely to touch 27.2 million units by 2032, a report said on Friday. The report, 'India Electric Vehicle Market Overview 2023', by energy advisory, software and services firm, Customized Energy Solutions, also predicts a record-breaking sale of 1.7 million units in 2023. EV sale in India is projected to touch about 27.2 million units by 2032 and with a CAGR of 35 per cent from 2023-2032 under business-as-usual conditions, according to the report. The driving force behind this is a confluence of factors, including the availability of the FAME-II subsidy, which has proven to be a catalyst, with a substantial budget allocation of USD 1.2 billion assigned to subsidise various EV segments, it said. The central government's commitment to fostering an indigenous EV ecosystem is evident in the approval of a USD 3.5-billion Production-Linked Incentive (PLI) sch

FAME III: India to replace 800k diesel buses with electric over 7 years

To drive EV adoption in India, the government is devising a plan to replace nearly one-third of diesel buses on roads

EV industry set to end its best sales year in spite of subsidy cuts

This year marked a reduction in subsidies for electric two-wheelers (e2W), a category that constitutes around 55% of the overall EV sales

Automakers gear for moderate sales after 2023, ready for more EV launches

After posting record-breaking volumes in 2023, Indian automobile industry is driving into the new year aware of a lurking moderation in sales growth but ready to embrace green technologies, led by electric vehicles. Passenger vehicle sales are expected to cross 40 lakh units this year and prices are set to rise from January. Veteran industry leader and Maruti Suzuki India Chairman RC Bhargava said the sales are expected to moderate a bit next year compared to 2023. He noted that the revival of the small car segment is necessary for the faster growth of the industry. The share of entry-level cars in the passenger vehicle sales which stood at around 14 per cent in 2018-19 has reduced to around 4 per cent in the April-October period this year. "As far as Maruti Suzuki is concerned, I believe that we will have higher growth than the industry," Bhargava told PTI. While being positive on the growth of Electric Vehicle (EV) sales next year, he noted that the focus should be towards all

EV sales likely to reach 10 mn annually by 2030, create 50 mn jobs: Gadkari

India is likely to see 1 crore Electric Vehicle (EV) sales a year and the segment is expected to generate about 5 crore jobs by 2030, Union minister Nitin Gadkari said on Friday. Addressing the 19th EV EXPO 2023, Gadkari, "As per the Vahan database, 34.54 lakh EVs are already registered in India." The Union Road Transport and Highways minister asserted that India has the potential to become number 1 EV maker in the world and the government is committed to making India a self-reliant country in clean energy production and mass application. Gadkari said the government has also permitted retrofitting of existing polluting vehicles into hybrid and fully EVs. The regulations have been finalised and technology demonstrations done successfully, he added. He said the government intends to shift public transport and logistics to EVs.

Extend FAME-II, set deadline for polluting vehicles: Parliament committee

To maximise the environmental decarbonisation benefits of EVs, the establishment of solar-powered EV charging stations is essential, the Committee said

Delhi nears 5,000 EV charging, battery-swapping facilities: Discoms

The EV charging infrastructure is expanding rapidly in Delhi with power distribution companies setting up over 4,500 charging points and battery-swapping facilities across the city and hundreds more to be installed by the end of the current fiscal, discom officials said on Wednesday. The number of charging points and battery-swapping facilities in the city will cross the 5,000-mark in the next few months, they said. According to the latest report of the Central Electricity Authority (CEA), Delhi consumes 55 per cent of the power consumed at EV charging points across the country. The BSES discoms -- BYPL and BRPL -- have installed over 3,100 charging points and battery-swapping stations at more than 1,200 locations across South, West, East, and Central Delhi. These include 1,260 (40 per cent) private, 1,220 (39 per cent) public and 485 (15 per cent) captive category, said a spokesperson of the company. In the current financial year, BSES will facilitate installation of over 1,200 E

Motovolt Mobility, German firm Swobbee tie up for EV stations in India

Electric two-wheeler maker Motovolt Mobility and German climate-tech firm Swobbee have joined hands to establish 200 battery-swapping stations across India, officials said on Wednesday. This partnership aims at boosting the affordability of two-wheeler EV owners, an official said. The initial phase will see the installation of at least two pilot stations by March 2024, one each in Delhi and Kolkata, funded by Motovolt. "Making EV ownership affordable is crucial for driving growth, especially with the uncertainty surrounding the continuation of subsidies under the FAME 3 policy. Battery swapping stations address this issue, as batteries contribute significantly to the total cost, around 40 per cent," Motovolt Mobility CEO Tushar Choudhary said. Choudhary also stated that Motovolt will initially fund the pilot project, and both partners will then explore a deeper collaboration, potentially through a joint venture, to roll out the remaining 198 stations within the next two years. Th

Tata Motors set to launch India's most-affordable electric SUV: Details

Automaker setting up exclusive electric vehicle retail showrooms under new brand identity, Tata.ev

Ford Motor cancels deal to sell its Tamil Nadu plant to JSW Group

The JSW Group had finalised an agreement to buy the Ford plant for around $100 million, but Ford called off the deal as it is no longer looking to sell the factory

More than 800k EVs registered between June and December 2023; up 19% YoY

In order to increase the sale of EVs in India, the Centre notified Phase-II of FAME India Scheme for a period of five years, effective April 2019 with a total budgetary support of Rs 10,000 crore

Electric buses penetration set to double to 8% next fiscal: Report

Despite the lingering counterparty risks and poor availability of charging stations, the share of electric buses (e-buses) is set to double to 8 per cent next fiscal, driven by supportive policy measures and favourable ownership costs, says a report. Citing the government focus on overall decarbonisation with the primary thrust being public transport as the main enabler along with favourable total cost of ownership, a Crisil Ratings report on Monday said this will drive the sales of e-buses in overall bus sales which is on course to hit 8 per cent of the new sales next fiscal from around 4 per cent this fiscal. Concerted efforts are underway to deploy e-buses via tenders already awarded under the faster adoption and manufacturing of (hybrid and) electric vehicles or the Fame scheme and the national electric bus programme (NEBP). When it comes to favourable total cost of ownership of an e-bus compared to internal combustion engine and compressed natural gas buses, the report credits

Govt considering termination of FAME subsidy for electric two-wheelers

Earlier, the finance ministry expressed its concerns about the continuation of the scheme, now, other government departments have also agreed to North Block's views

Ather Energy could launch IPO by FY25 end, earlier than initially planned

Launch of a family scooter and expansion of dealership network to help it increase market share

Hero MotoCorp raises stake in Ather Energy, to buy shares worth Rs 140 cr

Ather, the manufacturer of electric two-wheelers, is also aiming to list on the Indian stock market

In a blow to Tesla, Indian govt says not planning to reduce EV import tax

Parkash said existing policies under the government's "Make-in-India" push are aimed at encouraging domestic and foreign investment in the EV industry

No proposal to provide subsidy on import duty on EVs into India yet: Govt

There is no proposal to provide subsidy on import duty on imports of electric vehicles into the country, Parliament was informed on Wednesday. Minister of State for Commerce and Industry Som Parkash said the government has taken a series of policy initiatives and measures to create a conducive ecosystem to promote industrialisation and domestic value addition and to make India globally competitive. The government has also taken various steps to boost domestic and foreign investments in India to enhance local value addition under Make in India initiative, the minister said in a written reply to the Lok Sabha. "Presently, there is no proposal either to provide exemption from local value addition cost or to provide subsidy on import duty on import of electric vehicles in India," Parkash said. He also informed that the government has launched the Production Linked Incentive (PLI) scheme for automobile and auto component industry with a budgetary outlay of Rs 25,938 crore to provide ...

For EV battery infra: Gogoro open to commit billions to India story

Taiwan's electric vehicle giant unveils first e-scooter in India

Tata Power ties up with Indian Oil to set up over 500 EV charging stations

IOCL said it is aiming to provide 10,000 EV charging stations in India by 2024 transforming the retail network to complete energy solutions outlets

Need consistent EV policy, no need for company-specific sops: FICCI

The government should not dilute Make in India initiative and follow a consistent policy, Ficci EV Committee Chairperson Sulajja Firodia Motwani said amid a push from American electric carmaker Tesla for special sops to set up its factory in the country. Motwani, the founder and CEO of Kinetic Green which sells battery-operated three-wheelers, scooters, e-cycles, and buggies, also emphasised creating a holistic ecosystem for the growth of the electric vehicle segment. She also batted for the continuation of incentives for buying EVs to sustain the demand for the next few years. Motwani also noted that the industry body is also pushing for the inclusion of electric cars priced up to Rs 20 lakh to get incentives under the third iteration of the Faster Adoption and Manufacturing of Electric and Hybrid Vehicles (FAME) India scheme. "I strongly feel that the Make in India policies that the government has put in place, there should not be any reversal because now people have started ...