Page 4 - Electric Vehicles In India

Dedicated PLI scheme for green HEMMs vital to boost investment: Report

There is need for a dedicated production-linked incentive scheme for manufacturing of electric and other alternate fuel-based Heavy Earth Moving Machinery (HEMMs) as it will help unlock new investment, says a report. India currently has limited domestic demand for electric and alternate fuel HEMMs. In the absence of stable domestic demand, original equipment manufacturers, suppliers are unlikely to make the capital-intensive investments needed to manufacture electric and other alternate fuel HEMMs and localise key components, the report by the apex mining body said. There was a "need for a dedicated Production-Linked Incentive (PLI) scheme for electric and alternate fuel-based HEMMs and their critical sub-systems -- in line with existing PLI schemes for auto and auto components," the Federation of Indian Mineral Industries (FIMI) said in a report. The scheme should prioritise high-value components with significant import dependence and offer graded incentives linked to value additi

Electric vehicles: Why change is needed and how to make it happen

By 2030, the penetration of EV sales would be 70 per cent of all new commercial cars, 30 per cent of private cars, 40 per cent of buses, and 80 per cent of two- and three wheelers

India needs 6,900 acres land, $9 bn EV infra investment by 2030: Report

Nearly 6,900 acre of land and USD 9 billion investments will be required by 2030 for setting up facilities for EV (electric vehicle) manufacturing, lithium-ion battery production and public charging stations, according to Savills India. Real estate consultant Savills India has released report 'Charged for Change: How EVs Are Reshaping Indian Real Estate' stating that the EV market in India has witnessed significant growth in recent years, driven by market forces, government policies, rising environmental concerns, and increasing fuel costs. The government has launched several initiatives to accelerate EV adoption and strengthen the supporting ecosystem. "An investment of USD 7.5 to 9 billion will be required by 2030, primarily for land acquisition and the development of facilities for EV manufacturing, lithium-ion battery production, and public charging stations," the consultant said. In high-adoption scenario, the required investments will be USD 9 billion while USD 7.5 billion wi

VinFast's ₹16,000-cr EV plant in TN misses out on India's incentive scheme

VinFast's EV plant in Tamil Nadu becomes ineligible for India's EV incentive scheme as investment was capitalised before approval date; fresh ₹4,150-crore needed to qualify

Govt to open EV making policy with duty cuts to lure global manufacturers

The policy offers to slash duty to 15 per cent on any imported electric car priced from $35,000 if they invest at least ₹4,150 crore, or about $500 million, to set up a local plant within three years

EV makers Tata Motors, Mahindra seek to block hybrids in govt fleets

Tata, Mahindra, JSW MG Motor, Hyundai , Kia Corp and the ministry of heavy industries did not respond to requests for comment

Terra Motors launches electric auto to boost presence in L5-EV segment

Electric vehicle maker Terra Motors on Tuesday expanded its electric vehicle range in the country as it looks to strengthen its presence in the country. The Japanese firm, which introduced the electric three-wheeler KYORO+ to cater to the passenger segment, already has a sizable presence in electric rickshaws (L3) in India having sold over 1.5 lakh units so far. With the new model, the company aims to bolster its position in the electric three-wheeler segment (L5). Terra Motors India Managing Director Go Suzuki said the company aims to garner around 5-8 per cent market share in the segment which sees sales of around 1.5-1.6 lakh units per annum. The company also has ambitious plans to scale up the sales network and production capacity in the country, he noted. "We aim to establish 100 dealerships across the country and scale up production capacity of the electric auto-rickshaws to around 5,000 units per month," Suzuki said. The company currently has a manufacturing capacity of ar

Maharashtra unveils new EV policy aiming for 30% adoption by 2030

The new Electric Vehicle (EV) policy of the Maharashtra government seeks to achieve 30 per cent EV penetration in the state by 2030, officials said on Saturday. Among other things, the policy lays down that new residential buildings must provide EV charging facilities, and also offers incentives such as toll waiver for these eco-friendly vehicles. The transport department on Friday issued a government resolution announcing the new policy which will be in effect from April 1, 2025, to March 31, 2030. It aims to make Maharashtra a leading hub for EVs in India through incentives, infrastructure expansion and manufacturing support, said an official release. By implementing this policy, the state wants to prevent 325 tonnes of PM 2.5 emissions and 1000 tonnes of Greenhouse Gas (GHG) emissions from the transport sector by 2030 as part of the Clean Mobility Transition Model, the GR said. The policy proposes incentives of up to Rs 2 lakh for electric four-wheelers used for transport and R

Strong hybrids and BEVs cater to distinct buyers, says HSBC report

HSBC report says BEVs and strong hybrids are not cannibalising sales in states with dual incentives; both segments are growing independently with new launches

Tata Motors plans more product actions in FY26 for 'mainstreaming' EVs

Tata Motors aims to strengthen its electric vehicle range, as well as enhance the value proposition of existing nameplates, as part of its plans to make EVs mainstream in the domestic passenger vehicle market. The Mumbai-based auto major is gearing up to launch Harrier.ev this fiscal and Sierra.ev subsequently, besides multiple interventions on existing models. Tata Motors sold about 65,000 EVs in FY25, a drop of 10 per cent as compared with FY24. "Strengthening EV portfolio with new launches, as we also strengthen the value proposition of existing products," it said in a post-result investor presentation. The company aims at continued efforts towards mainstreaming EVs, with focused market development and ecosystem actions, it noted while outlining the focus areas for sustainable growth in the passenger vehicles segment in FY26. On the internal combustion engine vehicle segment, the company said it aims at "leveraging its strongest and freshest portfolio yet, with product ...

Tata Motors ties up with Vertelo to offer leasing for electric CVs

Tata Motors on Thursday said it has partnered with electric mobility solutions provider, Vertelo for customised leasing solutions for electric commercial vehicles and to help fleet owners transition to sustainable mobility. The two companies have signed a Memorandum of Understanding (MoU) to offer attractive leasing solutions applicable to the entire Tata Motors electric commercial vehicle portfolio, Tata Motors said in a statement. This partnership with Vertelo marks a significant milestone in the journey to democratise electric mobility, ensuring that accessibility to sustainable transportation solutions is extended to all customers, enabling broader access to the company's advanced electric commercial vehicles. Tata Motors Commercial Vehicles, Vice President & Business Head Trucks, Rajesh Kaul said. "Through such collaborations, we are not just accelerating the adoption of sustainable transport solutions but also contributing to the development of a robust EV ecosystem in ...

Tata Motors eyes strong EV sales rebound in FY26 with new launches

Tata Motors expects its electric passenger vehicle sales to bounce back strongly this fiscal on the back of new models and product interventions after witnessing about 10 per cent decline in sales in FY25, its group CFO PB Balaji said on Tuesday. The company is lining up to launch Harrier.ev this fiscal and Sierra.ev subsequently, besides multiple interventions on existing cars to boost EV sales, he said in an earnings call. "We sold about 65,000 units (of EVs) this year (FY25), which was about 10 per cent lower than what we sold last year (FY24)," Balaji said, adding that the decline in the company's EV sales were mainly due to a drop in fleet sales on account of withdrawal of FAME II subsidy and some of the fleet operators also getting into a few challenges. He said fleet sales as a portion of total EVs sold have come down, and Tata Motors is working on how to reverse it. He further said, "We are getting the momentum back in terms of numbers, and we hope to do pretty strongly in

Firms skipping PLI tend to be more capital-disciplined: Ather Energy CEO

Businesses not availing PLI scheme tend to be more "disciplined" in capital (allocation) besides more durable in pricing and margins, Ather Energy Co-founder and CEO Tarun Mehta said on Tuesday as the shares of his company started trading on stock exchanges after a Rs 2,981-crore public float. Mehta also sounded bullish on the domestic EV industry and said that Ather was set to play a major part in the domestic premium e-two-wheeler space with plans to expand both product offerings and distribution network. The Rs 2,981-crore initial share sale had a price band of Rs 304-321 apiece and shares listed with a premium of over 2 per cent against the issue price. The initial public offering (IPO) was a combination of a fresh issue of equity shares worth Rs 2,626 crore and an offer-for-sale of 1.1 crore equity shares by promoters and other shareholders. "I think not having PLI forces the business to be very disciplined with capital. PLI is not a 20-year scheme. It's another few years left.

EV car policy may be tweaked based on free trade agreement outcomes

The Centre notified SMEC in March last year to turn India into a hub of electric vehicle (EV) manufacturing

Tesla rival VinFast plans to open India plant by end of June, says CEO

VinFast, the Nasdaq-listed global rival of American EV giant Tesla, had selected Thoothukudi in Tamil Nadu for its $2 billion facility

India's push for electric scooters, tuk-tuks fuels battery swapping market

Now growth in sales of battery-powered two-and-three wheelers, favored by tuk-tuk operators, gig workers and for quick-commerce delivery fleets, is finally giving the sector some momentum

Amid Gensol crisis, BluSmart says wallet refunds will take up to 90 days

Many users have voiced concerns about the lack of transparency regarding BluSmart's refund process. The development unfolds amid an ongoing investigation by Sebi into Gensol Engineering

Crisis deepens as more directors resign amid Gensol fund diversion case

Gensol crisis: The fallout stems from a Sebi order accusing Anmol Jaggi and his brother Puneet of misusing public funds

EV maker Wardwizard slashes price of e-scooter range by Rs 13,000

Electric vehicle maker Wardwizard Innovations & Mobility on Friday said it has slashed prices of its product range up to Rs 13,000. The company, which sells electric two-wheelers under the Joy brand, has taken the step to accelerate EV adoption across the country, it said in a statement. The company has slashed prices by up to Rs 13,000 on selected models to strengthen its market presence and attract a broader base of EV consumers, the Gujarat-based firm said. The revised pricing applies to models including Wolf 31AH, Nanu plays, and Wolf Eco, among others.

Not just Ashneer Grover: BluSmart had Dhoni, Deepika Padukone as investors

A number of celebrities and high-profile investors, including MS Dhoni, Deepika Padukone, Sanjeev Bajaj, and Ashneer Grover, had backed the EV startup now under Sebi scrutiny