Page 105 - Electric Vehicles

Electric two-wheeler sales to reach around 22 million by 2030: Report

Electric two-wheeler sales in the country are expected to grow to around 22 million by 2030 amid a demand for affordable transportation and the focus on reducing carbon emissions, a report said on Tuesday. A predominantly two-wheeler market, India's overall EV penetration, including two-wheeler stood at around 3 per cent of the total automobile sales in 2022 calendar year. Most developed countries are four-wheeler-dominated markets with as high as 63 per cent and 56 per cent penetration, in the US and China, respectively, Redseer Strategy Consultants said in its report released on Tuesday. It noted that though the electrification of mobility in India is still at a nascent stage, there is a massive headroom for growth. Consumers are increasingly picking EVs understanding that the Total Cost of Ownership (TCO) is more favourable than their petrol counterparts; it said and added that many brands and players have entered the field given a low barrier to entry through imports. As the .

EV market likely to cross 10-mn sales mark per annum by 2030: Eco Survey

India's electric vehicles (EV) market is expected to grow to one crore units annual sales by 2030 and create 5 crore direct and indirect jobs, according to the Economic Survey 2022-23. The survey tabled in Parliament on Tuesday said that in December 2022, India became the third-largest automobile market, surpassing Japan and Germany in terms of sales. "The automotive industry is expected to play a critical role in the transition towards green energy. The domestic electric vehicles (EV) market is expected to grow at a compound annual growth rate (CAGR) of 49 per cent between 2022 and 2030 and is expected to hit one crore units of annual sales by 2030," it said. As per industry estimates, the total EV sales in India stood at around 10 lakh units in 2022. Further, the survey said, "The EV industry will create 5 crore direct and indirect jobs by 2030. To support and nurture this development, the government has undertaken multiple steps". The pre-Budget document also highlighted that t

Hindustan Zinc to pump in $1 bn to replace diesel-run mining vehicles

Vedanta group firm Hindustan Zinc Ltd on Tuesday said it has earmarked a USD 1 billion investment for converting its diesel-run 900-odd mining vehicles into battery-operated ones over the next five years. Hindustan Zinc is steadily switching to electric vehicles for its underground mine operations. HZL together with the Finnish technology company Normet Group Oy, has inducted battery-powered service equipment and utility vehicles into underground mining to help decarbonise and improve environmental sustainability in the mining industry, the company said in a statement. The aim of the company is to revolutionise underground mining, promote productivity, raise underground safety standards, and provide sustainable operations solutions, Hindustan Zinc CEO Arun Misra said.

Eye on untapped market, nine e-bikes to turn up the heat in 2023

The new launches will be from the two significant companies already selling e-motorcycles -- Revolt Motor, the largest in this segment, and Tork Motor - as well as from others

Sunlit Power partners with Lucas TVS for supply of 50,000 EVs to industries

Storage battery maker and distributor Sunlit Power has collaborated with Lucas TVS under which it will supply 50,000 electric vehicle motors and controllers manufactured by TVS group company to various industries, a release said on Monday. It will include motors with 1kw-15kw capacity for various applications including those for two-wheelers, high-speed passenger autos, and pick-up vans, Sunlit Power, which manufactures ARENQ brand of batteries, said in a statement. The three-year partnership with the automotive electrical component maker will also help the company extend its sales and marketing services to facilitate the distribution of these motors and controllers pan-India, the battery manufacturer said. "This collaboration is a step towards bolstering the EV powertrain industry in India. Our sales and service expertise, combined with Lucas TVS's motor manufacturing expertise, will provide automakers with high-end support. Also, we are looking forward to bolstering the capabiliti

TVS Motors increases market share in electric two-wheeler space

Automaker raises share to over 16% with 9,153 registrations in January

Omega Seiki to invest $981 mn in EV components manufacturing units in India

Omega's battery facility in Maharashtra will have a capacity of 0.5 gigawatt initially and scale up to 2 gigawatt

Delhi govt to start e-scooter service soon, Dwarka to be first stop: CM

Delhi government will soon start an e-scooter service to address the last mile connectivity issues, Chief Minister Arvind Kejriwal announced on Saturday. These scooters will be self-driven, and will last for 60 kilometres in one charge, he said while addressing a press conference. The project will initially be started in Dwarka which has no metro stations or bus stops. Subsequently, other locations with high footfall will be identified, he said. "We have improved the public transport system, inducted more buses and now with this e-scooter facility, we will address the problem of last mile connectivity," he said.

BYD India bullish on evolution of passenger electric vehicles market

BYD India has an assembling plant in Chennai

Tube Investments arm buys e-tractor startup Cellestial E-Mobility

Acquirer was already holding 69.96% of Cellestial. On Friday, it signed a deal to buy the balance 30.04% for Rs 50.90 cr

FY24 budget should be favourable to EV industry: Kinetic Green CEO

'India has started adopting EVs as a mobility solution, and with continuous support from the government, we will make great progress in the coming decade'

Akio Toyoda set to remain a force at Toyota, even as he bows out as CEO

Market reaction to Toyoda's announcement was muted - the automaker's stock price was little changed on Friday

India's electric vehicle dawn fans expectations fuel demand may peak early

The faster-than-anticipated industry growth means India's gasoline consumption will peak sooner than previously thought, some analysts and industry participants say

Maruti to roll out its first EV next fiscal, five more by FY30: Suzuki

EVs to constitute 15% of Maruti's total production by FY30

Govt subsidy halt pushes OEMs to drive electric vehicle prices up

A few, such as Hero Electric, keep the status quo on prices

Mumbai Airport plans to deploy over 100 EVs at facility by FY24: MIAL

Adani Group-owned Mumbai Airport has said it is looking to deploy more than 100 electric vehicles at the facility by FY24 to reduce its carbon footprint and promote sustainable transportation. As part of the plan, the airport operator on Wednesday rolled out 45 EVs at the facility, Mumbai International Airport Ltd (MIAL) said in a statement. The private airport operator also said it intends to replace all its ICE-powered vehicles with EVs as part of its Operational Net Zero mission by 2029. In addition to the 45 EVs being introduced in January, the airport is also exploring the deployment of 60 more EVs in the next fiscal year, including ambulances, forward command posts, security and airside operations and maintenance utility vehicles, it said. The remaining vehicles will be replaced in a phased-wise manner, the private airport operator added. Recently, the airport commissioned 12 DC fast EV charging stations at multi-level car parking and both Terminals 1 and 2, as well as the .

'Back to Bharat' trend picking up in EV, Hitech sectors, says CIEL

With the West facing economic recession, job losses happening and while the Indian economy is predicted to grow, "Back to Bharat" is gaining ground in the executive placement segment, said CIEL

Honda Motorcycle set to join two-wheeler EV race by March next year

It also announces 100cc bike to compete with Hero MotoCorp, Bajaj Auto & TVS Motor in low-end segment

TaMo, ICICI Bank tie up to offer financing solutions to its EV dealers

Tata Motors on Monday said it has partnered with ICICI Bank to offer financing solutions to its authorised passenger electric vehicle dealers. Under the partnership, ICICI Bank will provide inventory funding to the authorised passenger EV dealers in addition to the bank's funding to dealers for diesel and petrol models, Tata Motors said in a statement. "Our dealer network forms a part of our core support pillars, and through their constant effort, we ride the electrification wave in India. "We are confident that through this tie-up, we will make EVs more accessible and the EV purchase process a seamless and memorable experience for our customers," Tata Motors Passenger Vehicles Ltd and Tata Passenger Electric Mobility Ltd Managing Director Shailesh Chandra said. The EV dealers can avail flexible repayment tenures through the partnership, the company said. ICICI Bank Executive Director Rakesh Jha said the electric vehicle industry is growing at a rapid pace with the rising consumer

Automakers focus on low-cost battery powered SUVs in budding EV market

Homegrown manufacturers Tata Motors Ltd. and Mahindra & Mahindra Ltd. are now jostling with Chinese giants BYD Co. and SAIC Motor Corp