Page 20 - Electric Vehicles In India

'Payment security mechanism, subsidies to help electric mobility growth'

A well defined payment security mechanism for long-term contracts would help support large-scale rollout of electric buses in the country, according to Ashok Leyland Chairman Dheeraj Hinduja. In an interaction with PTI, he also emphasised on the importance of subsidies in faster adoption of electric mobility in India. "So I would say two areas -- one, the subsidies or whatever benefits that the government can consider for promoting electric vehicles is of course welcome, and then some type of payment security mechanisms are also required. It would help the industry to grow at a faster pace," Hinduja said. He was replying to a query to list initiatives which could aid in the growth of electric vehicles in the country. Hinduja said the government is already looking into some form of security of its payment structure. "When you're looking at these GCC (Gross Cost Contracting) contracts for 10-12 years, the OEMs do want some security of how to ensure that the payments will happen durin

India charges ahead on the global electric vehicle map, shows Gartner data

Electric buses and vans will record 0.2 million shipments each in 2023, according to the forecast for this year

Temasek leads $140 mn Ola Electric funding at $5.4 bn valuation: Report

Ola Electric, founded by Bhavish Aggarwal and backed by Japan's SoftBank Group, has become India's e-scooter market leader with a 32% share

JSW Group may acquire Ford Motor's Chennai plant to manufacture EVs: Report

The talks to acquire the Ford plant in Chennai started a couple of months ago and are now in an advanced stage, a report said on Wednesday

Economies of scale to take electric-bus penetration above 70% by 2030

India is expected to become one of the world's major electric vehicle markets by 2030, growing at a 49 per cent compound annual growth rate (CAGR) between 2021 and 2030

FinMin considering proposals to include EVs under priority sector lending

The move will reduce the cost of finance and also promote and accelerate the penetration of EVs in the country

Centre considering inclusion of EVs in priority sector lending category

The government is considering a proposal to include electric vehicles (EVs) in priority sector lending category, a senior official said on Saturday. "We have received a representation to include EV in priority sector. We will look at reworking the priority sector lending requirements for banks," the official said adding the issue has to be discussed with the Reserve Bank of India. As per RBI guidelines, it is mandatory for banks to extend 40 per cent of their adjusted net bank credit to priority sector. Currently, seven sectors -- agriculture, Micro, Small and Medium Enterprises (MSME), export credit, education, housing, social infrastructure, and renewable energy -- are considered for priority sector lending (PSL). Inclusion of EVs in PSL has the potential to increase investor confidence by providing a market signal of ongoing government commitment to the sector. It can also ensure a swift and equitable transition by providing a mandate for financial institutions to direct credit

SMEV offers last ditch solution to government to resolve fame 2 issue

First suggestion, if accepted, would ensure that problems arising from the pandemic or other factors would no longer be considered violative, necessitating the repayment of subsidies to the government

Revolt Motors launches limited edition RV400 electric motorcycle: Details

The limited edition RV400 is available in stealth black colour and comes with high-end golden upside-down front forks

Adani TotalEnergies partners with Evera Cabs for developing charging hubs

Adani TotalEnergies E-Mobility Limited (ATEL) will set up EV charging infrastructure with all-electric cab aggregator, Prakriti E-Mobility (Evera), the company said on Tuesday. "The collaboration will feature an integration of 200 EV charging points super hub in Delhi. This strategic partnership will be scaled up pan-India to encourage decarbonized mobility," it said in a statement. Adani TotalEnergies E-Mobility Limited (ATEL) is a wholly-owned subsidiary of Adani Total Gas Limited, the equal joint venture of Adani Group and French energy giant TotalEnergies. ATEL is setting up EV charging ecosystem with a wide range of charging points catering to B2C and B2B customers. The partnership with Evera comes at a time of rising EV demand, though charging infrastructure still remains scant. It will "help catalyse India's 2030 decarbonization target, supported by a rising inclination towards electric vehicles in the cab-hailing segment," the statement said. ATEL and Evera hope to bridge

Godawari Electric Motors lines up Rs 100 cr over 3 yrs for biz expansion

Godawari Electric Motors on Tuesday said it plans to invest Rs 100 crore over the next three years to develop new electric products and bolster its sales infrastructure across the country. The Raipur-based firm on Tuesday forayed into the electric two-wheeler segment with the launch of Eblu Feo tagged at Rs 99,999 lakh. "We have invested around Rs 100 crore on the business so far. Over the next three years we plan to invest another Rs 100 crore on new product development, enhancing quality and expansion of sales infrastructure, " Godawari Electric Motors CEO Hyder Khan told PTI. He noted that with the launch of the Eblu Feo, the company now also plans to ramp up its sales network across the country. "Wth the new product on the road, we will go all out now and will have 50 dealers by September-end. By the end of this fiscal we aim to have 100 dealers," Khan said. Godawari Electric Motors can produce around 4,000 e-scooter units per month at its Raipur plant, he noted. By the end o

Porsche expects around 80% sales in India from EVs by 2030: Senior official

German luxury sports car maker Porsche AG expects around 80 per cent of its sales in India to come from fully electrified vehicles by 2030 and is lining up three such new vehicles to be introduced here early next year, a senior company official said on Tuesday. The company, which sells a range of luxury sports cars and SUVs priced between Rs 88 lakh and Rs 4.26 crore, is targeting GenZ customers, start-up entrepreneurs and women as it seeks to strengthen brand presence in India, Porsche AG Executive Board Member for Sales and Marketing Detlev von Platen told PTI in an interview. Porsche, however, has no plans in the short to medium term to locally assemble its vehicles in India, as it is focusing on establishing and strengthening the brand in India. "We announced that we want to be net carbon neutral by 2030. So, coming from a car manufacturer, which is more sporty-oriented, it was interesting to hear (that). By 2025, 50 per cent of our cars will be electrified, and by 2030, we expe

Ather Energy to make net profit in 24 months, plans to raise more funds

The company is raising funds to help set up a new factory and strengthen R&D

Mercedes-Benz India expects EVs to contribute 25% of its car sales in 3-yrs

: Betting big on the growing electric vehicle market in India, luxury car maker Mercedes-Benz is expecting its EV portfolio (present and future) to make up 25 per cent of its total car sales in the next three years, growing from the current levels of three to four per cent. Mercedes-Benz on Thursday launched the GLC, its new petrol/diesel SUV, in Hyderabad. Managing Director and CEO of Mercedes-Benz India Santosh Iyer said the automaker is planning to launch three to four EVs in the coming 12 to 18 months in India. For India as well we feel that there would be a rapid adoption as and when new cars launch, and at this stage we are looking at three to four new EVs in the next 12 to 18 months time. So, slowly but surely we should increase penetration. And in the next three years we feel that 25 per cent of our sales would be EVs in India as well, Iyer told PTI. According to him, it would be easier for Mercedes-Benz car users to adopt electric vehicles as most of them already have ...

Top four electric two-wheeler makers give refund of Rs 10 crore to buyers

An investigation by the Centre found that some electric two-wheeler manufacturers were billing their charger separately to their electric scooters to cut the reported sale price of their products

M&M expects to produce 200K EVs from upcoming Chakan plant by 2029: Nakra

Mahindra & Mahindra expects electric vehicle production at its upcoming plant in Chakan in Maharashtra to hit peak production mark of 2 lakh units per annum between 2027 and 2029, according to company President -Automotive Sector Veejay Nakra. The company estimates that EVs would account for 30 per cent of the overall volumes by 2030. In January this year, the auto major received an approval from the Maharashtra government to set up a Rs 10,000-crore electric vehicle plant in Chakan near Pune. The company, through its subsidiary, will make this investment over a period of 7-8 years for setting up the manufacturing facility, development and production of its upcoming Born Electric (BE) models. "We are looking at doing a number of 2 lakh units (at Chakan plant) between 2027 and 2029," Nakra said here. The first product under the BE range is expected to hit the markets by end of next year and the production at Chakan plant is expected to begin 4-5 months prior to that, he ...

Top headlines: EV sales could rise 1 mn in 5 yrs, Kharif sowing over

Business Standard brings you the top headlines at this hour

Tata Motors leads Indian EV market with a market share of 72%: Canalys

The sales of EVs in India jumped 137 per cent to 48,000 units in HICY23 as compared to H1CY22

Govt to unveil Rs 4,126 crore 'payment security fund' for e-buses

Industry experts view this step as a positive direction, addressing not only the struggling state of STUs but also the high costs associated with acquiring e-buses and the operational risks

Tata Motors to bolster sales infra as it looks to tap demand for EVs

Tata Motors is looking to expand sales outlets in Tier II and Tier III cities in order to cater to the increased demand for its electric model range from such locations, according to a top company executive. The company, which ended the first quarter with sales of around 19,000 electric vehicle units, is also looking to have a separate sales infrastructure for its electric vehicle portfolio going ahead. In an analyst call, Tata Motors Passenger Vehicles Managing Director Shailesh Chandra noted that EV adoption is now growing beyond the top 20 cities in the country. "With the bias now moving to other parts of the country...that's a good sign in terms of how the EV sales will grow from here," he said. With the launch of Tiago EV, there has been a shift in terms of micro markets now, Chandra said. He noted that more than 49 per cent of the Tiago EV sales were now coming in from other than the top 20 cities, he added. "And therefore, we have taken that opportunity to really start ...