Page 9 - Electric Vehicles In India

Ola, Bajaj, TVS in head-to-head battle for electric 2W registrations in Nov

Overall sales cross 1 lakh-mark; Ola Electric has a thin lead over its rivals, accounting for 25.09 per cent share of the total registrations, followed by TVS and Bajaj

M&M to use existing sales network for EVs, offer all choices under one roof

Mahindra & Mahindra will utilise its existing sales network to sell its electric vehicle range as the automaker looks to offer all the choices to customers under one roof, according to a top company executive. The Mumbai-based automajor, which sells models like Thar and Scorpio, has now expanded its electric vehicle range with the launch of two all-new ground up models -- BE 6e and XEV 9e. "One of the reasons, why we want to keep the sales channel the same, is because we want to give the customer the choice between ICE (internal combustion engine cars) and EVs," Mahindra & Mahindra (M&M) Executive Director and CEO for auto and farm sectors Rajesh Jejurikar told PTI in an interaction. He was replying to a query if the company would also look at establishing a separate sales network for its EV range. Rival Tata Motors has set up a separate sales channel to sell EV models. The deliveries of newly-introduced EV models -- BE 6e and XEV 9e are expected to begin in ...

RevFin eyes financing 2 mn vehicles, Rs 20k cr loan payment in 5 yrs: CEO

Electric vehicle financing digital platform RevFin is aiming to finance 20 lakh vehicles in the next five years, translating to loan disbursements of nearly Rs 20,000 crore, according to the company's founder and CEO Sameer Aggarwal. With an aim to disburse loans of about Rs 5,000 crore by the end of March 2026, the company, which primarily focuses on financing electric commercial vehicles, plans to raise USD 50 million in equity to fund growth over the next 18 months, he told PTI. "From a five-year target perspective, we have set a target of financing 20 lakh vehicles," he said when asked about the company's plans. In terms of disbursements, Aggarwal said financing 20 lakh vehicles "roughly translates to nearly Rs 20,000 crore". Sharing how the company has grown, especially in the last couple of years, he said, "We have now financed about 75,000 vehicles, and out of that, about 25,000 vehicles have only been financed this year. Last year, we did 30,000 vehicles in total". RevFin

Govt to expand EV manufacturing incentives after Tesla disappointment

Under the policy announced in March, an automaker investing at least $500 million to manufacture EVs in India with 50 per cent of components sourced locally is entitled to a huge cut on import taxes

Delhi CM Atishi extends electric vehicle policy till March 31, 2025

Chief Minister Atishi on Thursday announced several cabinet decisions, including the extension of the Delhi Electric Policy till March 31, 2025. At a press conference here, Atishi said in the wake of poor air quality, the Delhi cabinet has decided to extend the EV policy and roll out subsidies and road tax exemptions pending from January 1. "Electric vehicles purchased on Jan 1, 2024, and after will get a subsidy and road tax exemption, which were halted by the BJP when Arvind Kejriwal was sent to jail," she said. Announcing another cabinet decision, the chief minister said the Delhi government has approved a grant of Rs 17 crore to the Delhi Scheduled Caste Finance and Development Corporation Limited (DSFDC) for paying pending salaries to its employees. Atishi also announced a four-year bachelor's program in optometry at a new wing at Guru Nanak Eye Centre.

Mahindra & Mahindra unit launches two new electric SUVs; share rises 3%

The uptick in the M&M share price came after the company announced that its subsidiary, Mahindra Electric Automobile Limited (MEAL), has launched two new electric Sports Utility Vehicles (SUVs)

EV leasing firm Alt Mobility raises $10 mn from Eurazeo, other investors

Commercial EV leasing and asset management firm Alt Mobility on Wednesday said it has secured USD 10 million funding in a Series A round led by European VC and PE funds and existing investor, Eurazeo. The latest funding round also saw the participation from other investors including Shell Ventures, Twynam Earth Fund and EV2 Ventures, Alt Mobility said. The fresh capital infusion would help the company in its next phase of growth including expanding the capabilities of its digital asset management platform and driving standardization of battery technology, among others, it said. "Alt Mobility has secured USD 10 million in a Series A funding round led by existing investor Eurazeo, and (it also) saw participation from other existing investors including Shell Ventures, Twynam Earth Fund and EV2 Ventures," the company said. Alt Mobility currently owns a fleet of 10,000 vehicles across 20 cities in India leased to fleet operators and individual drivers. The company said it is ...

India needs up to $30 bn for EV charging infra to double growth pace: IESA

India needs investment worth USD 20-30 billion in the EV charging infrastructure to double the pace of growth of the segment, industry body IESA said on Thursday. It is a very niche segment which has just started picking up in the country, India Energy Storage Alliance (IESA) President Debi Prasad Dash said. Sharing his estimates, Dash said the EV charging infrastructure segment is growing at a rate of 25-30 per cent currently in India. To double this growth, investments worth USD 20-30 billion would be required, he said at the 'IESA India EV Fast Charging Summit' in the national capital. On PM E-Drive Scheme, Dash said "We (industry) all are waiting for the scheme to be floated. A few of the things the government is considering before outing the full scheme is they are trying to (figure out) state-wise demand allocation, considering the density of the vehicles in different localities in states and cities." It will give a boost to the EV Charging space and adoption of EVs in the .

Bhavish Aggarwal-led Ola Electric plans restructuring; to impact over 500

The restructuring looks to enhance operational efficiency and improve profit margins as the company works towards achieving profitability

FICCI calls for GST cut on EV batteries and charging to boost growth

EV Committee chair points out that while EVs are taxed at 5%, batteries and charging services face an 18% GST rate

Industry needs to drive in more EVs to enhance adoption: Advisor to PM

The automotive industry needs to do more in terms of driving in new electric cars to enhance customer response enabling higher adoption of such models, Advisor to Prime Minister at PMO Tarun Kapoor said on Tuesday. Speaking at the FICCI National Conference on Electric Vehicles here, he noted that the government on its part will look at all aspects, including taxation issues so that the industry remains viable. "In four-wheelers, what I think is that industry itself has to play a much, much larger role than the government because we need more products. We need better products, and we need more publicity," Kapoor said. He noted that the government is working towards enhancing charging infrastructure with even the PM-E Drive scheme laying a lot of emphasis on it. "But on product and on getting more customer satisfaction and to give more choice, the industry has to plan a much bigger role," Kapoor said. On taxation issues, he stated: "So from the government, we can't really commit ...

Enforce Odd-Even rule to encourage people to shift to clean fuels, EV: IBA

Indian Biogas Association has suggested enforcement of the odd-even rule for four wheelers in Delhi NCR to check air pollution and encourage people to shift to electric vehicles or those based on compressed biogas (CBG) or natural gas. Under the Graded Response Action Plan (GRAP) 4 (with air quality index of over 450) measures, odd/even rule for four wheelers is imposed. The Commission for Air Quality Management (CAQM) has already imposed GRAP 3 measures with the air quality remaining in the "severe" category. Taking with PTI in an interaction, Indian Biogas Association (IBA) Chairman Gaurav Kedia said, "We recommend implementing the Odd-Even Rule for Petrol and Diesel Vehicles in the coming months so that a good impact can be seen for the air pollution levels in Delhi, and subsidy on EVs and CNG/CBG vehicles, as this will compel the citizens to shift to greener fuel alternatives. The air pollution situation in Delhi NCR worsens every winter, with the seasonal air quality index ...

Royal Enfield reveals first EV brand Flying Flea-C6, to hit markets next yr

Royal Enfield, a division of Eicher Motors, forayed into electric bike space on Monday with the unveiling of its first model under the all-new Flying Flea brand

Toyota to Launch Maruti Suzuki eVX-based Electric SUV in India by 2025

EV unit and platform used for this model were jointly developed by SMC, TMC, and Daihatsu Motor Corporation, leveraging each company's strengths

Bengaluru startup EMOBI unveils low-speed 2W with multipurpose battery

With this launch, EMOBI aims to capture 20-25 per cent of the market share in India's B2B last-mile delivery sector over the next three years

Pension for gig workers; choosing an EV: Top personal finance stories

This week we write about how white-collar freelance professionals can build a retirement corpus and what to look for in an electric car

Ola Electric's Bhavish Aggarwal and his EVs need to be less combustible

An online spat between Aggarwal and Kunal Kamra, a popular Indian stand-up comic, has had India riveted

Will stick to electric cars in short term: BYD India's Rajeev Chauhan

BYD India on Tuesday launched the electric multi-purpose vehicle eMax 7 in India at a starting price of Rs 26.9 lakh (ex-showroom)

Servotech Power gets order to set up 9 EV charging stations in Maharashtra

Servotech Power Systems on Monday said it has secured an additional order in Maharashtra to set up nine EV charging stations. With this, the total number of EV charging stations set up by the company will reach 29. The additional orders have been secured from Nashik Municipal Corporation (NMC), the company said in a statement. "Previously, the company had received an order from NMC which involved supplying, commissioning, and constructing 20 EV charging stations throughout the corporation area," it said. This order will meet the growing need for convenient electric vehicle (EV) charging infrastructure and ensure consumers a clean energy supply for intercity and interstate travel, Sarika Bhatia, Director of Servotech Power Systems, said. Servotech Power Systems is a listed entity that develops tech-enabled EV charging and solar solutions.

Govt launches PM E-DRIVE subsidy scheme for EVs with Rs 10,900 cr outlay

The government on Tuesday launched the PM E-DRIVE Scheme, with an outlay of Rs 10,900 crore for faster adoption of electric vehicles, setting up of charging infrastructure and development of EV manufacturing ecosystem in India. The scheme shall be implemented from October 1, 2024 to March 31, 2026. The EMPS-2024 (Electric Mobility Promotion Scheme) being implemented for the period April 1, 2024 to September 30, 2024 is being subsumed under the PM E-DRIVE scheme. The subsidy under the PM E-DRIVE scheme for electric two-wheelers has been fixed based on battery power at Rs 5,000 per kilowatt hour but the overall incentive will not exceed Rs 10,000 in the first year. In the second year, it will be halved by Rs 2,500 per kilowatt hour, and the overall benefit will not exceed Rs 5,000. Currently, popular electric scooter makers like Ola, TVS, Ather Energy, Hero Vida (Hero Motocorp) and Chetak Bajaj have battery capacities of 2.88-4 kWh in price range of Rs 90,000 to Rs 1.5 lakh. Address