Page 110 - Electric Vehicles

Electric two-wheeler sales may miss FY23 target of 1 mn units by 20%: SMEV

Electric two-wheeler sales could miss the target of 10 lakh units in fiscal 2022-23 by 20 per cent, mainly due to withholding of around Rs 1,100 crore subsidy by the government, according to industry body SMEV. In 2022, sales of electric two-wheelers stood at around 6 lakh units, with three major electric two-wheeler (E2W) makers -- Hero Electric, Ola and Okinawa -- crossing the 1 lakh annual sales mark for the first time, the Society Of Manufacturers Of Electric Vehicles (SMEV) said. These original equipment manufacturers (OEMs) dominated the E2W market, controlling over 50 per cent of the total market share, and emerged as the top players in the category. Though the E2W industry performance in the calendar year 2022 looks positive with sales of around 6 lakh units, "the volumes are not keeping up with the projections made by Niti Aayog and many other research agencies", SMEV said. "December has raised a red flag for the industry as it has witnessed a 28 per cent dip in sales, ...

JSW Group mulls foray into EVs, to manufacture 4-wheelers: Seshagiri Rao

Sajjan Jindal-led conglomerate JSW Group is considering a foray into the manufacturing of electric vehicles, according to a top official of the group. "The group had examined EV manufacturing plans earlier also but now it is becoming attractive," JSW Group Chief Financing Officer Seshagiri Rao told PTI. The manufacturing of EVs is being discussed actively at the group level, he said while divulging JSW Group's plan to expand its presence into more sectors. The group is looking to manufacture four-wheelers, Rao said. When asked about details of the manufacturing location, he said it is yet to be decided. On the timeline for the launch of an EV manufacturing facility, he said, "it (plan) is at advanced stages." JSW Group company JSW Steel owns and operates a one million tonne per annum (MTPA) steel plant at Salem in Tamil Nadu. The company manufactures auto-grade steel at Salem plant and supplies the high-value steel to automobile companies including the EVs makers. Besides, the U

EV industry ends 2022 with one million unit sales; worries loom ahead

Despite consumer interest EVs, reluctance on the part of the auto industry to invest more in them, lack of long-term policy and the rising number of Covid cases put the sector at risk

MG Motor India retail sales rise 53% to 3,899 units in December 2022

MG Motor India on Sunday reported a 53 per cent rise in retail sales at 3,899 units in December 2022. The company had sold 2,550 units in the same month in 2021. The twin challenges of the pandemic and logistical headwinds have had an impact on production, but the coming month could see an improvement across many of these parameters, the company said in a statement. MG Motor said it has continued to foster EV adoption in the country in the form of multiple industry partnerships such as those for charging station installations with JioBP and BPCL. A total of 150 chargers have been installed across the country as part of MG's drive to support the EV infrastructure in India. Sales of the company's ZS EV recorded a growth of over 60 per cent in 2022, it added.

E-two-wheeler sales ride past 500,000-mark in 2022, penetrate 4% of mkt

See big action next year amid a few rough patches on the road

Eicher Motors to invest over Rs 440 cr in electric bike firm Stark Future

Eicher Motors Ltd on Thursday said it will acquire a 10.35 per cent equity stake in Spanish electric motorcycle maker Stark Future for 50 million euros (over Rs 440 crore). The acquisition is part of a strategic collaboration in the electric motorcycle space with Stark Future SL, said Eicher Motors, the parent company of Royal Enfield, a mid-weight motorcycle manufacturer. The Board of Directors of Eicher Motors Ltd at its meeting held on Thursday "approved an investment of euro 50 million for a close to 10.35 per cent equity stake in Stark Future", the company said in a statement. With this investment, Eicher Motors will have a seat on Stark Future's Board, and will explore further opportunities to collaborate in the space of electric mobility, it added. The investment will pave the way for a long-term partnership in collaborative research and development in electric motorcycles, technology sharing, technical licensing and manufacturing, the statement said. Eicher Motors Ltd Mana

15 electric auto-rickshaws catch fire near charging station in Gujarat

As many as 15 electric auto-rickshaws, part of a fleet used to ferry tourists around the Statue of Unity in Gujarat's Narmada district, were gutted in a fire early Thursday morning, officials said. The Statue of Unity Area Development and Tourism Governance Authority (SOUADTGA), however, denied reports that the rickshaws caught fire during battery charging. A private firm manages a fleet of more than 90 electric auto-rickshaws for tourists who visit the Statue of Unity and employs local tribal women as drivers, an official said. "During early hours of Thursday, 15 auto-rickshaws parked at a charging station near Kevadia village caught fire due to unknown reasons. The autos were parked 35 feet away from the charging station which proves that rickshaws did not catch fire during battery charging," said a statement issued by SOUADTGA. Personnel of the local fire brigade rushed to the spot and doused the fire before it could spread to other electric three-wheelers parked nearby, it said

JBM Auto hits over 7-month high in a volatile market; rises 26% in 2 weeks

In the past two weeks, it has rallied 26 per cent in an otherwise volatile market. In comparison, the S&P BSE Sensex was down 3 per cent, during the same period

Three Wheels United inks pact with Piaggio to buy 3,300 electric vehicles

Tech-enabled EV financing firm Three Wheels United (TWU) has inked an initial pact with small commercial vehicle maker Piaggio Vehicles to procure 3,300 electric three-wheelers, a release said on Monday. Under the partnership, the company will facilitate easy and affordable financing for individuals and fleet operators to easily switch from conventional engines to EV three-wheelers, Three Wheels United said in a statement. Drivers will be provided loans covering up to 100 per cent of the vehicle cost without any collateral, the company said, adding that its driver app, which provides details on the locations of charging stations, parking options, and vehicle maintenance, will offer constant support to them. These vehicles will be deployed across Delhi-NCR, Uttar Pradesh, Karnataka, Kerala, Telangana, Maharashtra and Andhra Pradesh over the next one-and-a-half year, it stated. Additionally, TWU will provide a buyback option that allows drivers to sell their existing more than ...

EV makers optimistic about delivering fire-proof experience to riders

As India goes ballistic on the electric vehicle (EV) adoption, the real test of EVs, especially two-wheelers, will happen again with the onset of summer next year

EV maker Avon Cycles denies allegations over misappropriation of incentives

India's Avon Cycles Ltd has denied any wrongdoing in a scheme granting subsidies to vehicle manufacturers to boost the sale of electric vehicles (EV)

Chinese EV firm Xpeng Aeroht's $1,40,000 car can fly over traffic jams

"The flying car is approaching reality and we think it was the right time to chip in," Brian Gu, Xpeng's president, said on the sidelines of the Dubai event, called GITEX

EV makers not misappropriating subsidies under FAME scheme, says SMEV

The Society of Manufacturers of Electric Vehicles on Thursday hit out at the government for holding back incentives under the FAME II scheme. In response to a reply made by Union Heavy Industries Minister Mahendra Nath Pandey in the Lok Sabha on Tuesday that the ministry has received complaints regarding misappropriation of subsidies under the FAME India Phase II scheme by some electric vehicles manufacturers, the industry body said the allegation is "invalid in the context of the issue at hand." The government is probing 12 automakers, including Hero Electric and Okinawa Autotech, for alleged misappropriation of subsidies under the Rs 10,000 crore FAME II scheme. In a statement, Society of Manufacturers of Electric Vehicles (SMEV) Secretary General Ajay Sharma said due to the impact of COVID-19, the Phased Manufacturing Programme (PMP) guidelines under FAME India Scheme Phase-II were expected to be revised but for various reasons were not modified "in spite of clear indications tha

Ola Electric launches third software update for its e-scooter customers

Upgrade will give vehicles more than 50 features and improvements, says company

Tiger Global-backed Battery Smart raises Rs 75 cr in funding from Stride

Company will use the financing to add more batteries to its network and expand services

Stride Ventures invests Rs 75 cr in swapping network provider Battery Smart

Venture debt fund Stride Ventures on Thursday said it has invested Rs 75 crore in battery swapping network provider Battery Smart. Battery Smart, which provides swapping networks for electric two and three-wheelers, will use the fund to add more batteries to its network and expand to new cities across India, the company said in a statement. Till date, the start-up has completed over 60 lakh battery swaps, setting up more than 440 live swap stations with over 13,000 customers in over 12 cities in India, it added. "By working towards building a robust EV ecosystem, Battery Smart is taking a proactive approach to drive the adoption of electric transportation, and we are proud to support their efforts," Stride Venture Founder & Managing Partner Ishpreet Singh Gandhi said. Battery Smart Co-Founder Pulkit Khurana said the company is looking to further strengthen its EV battery-swapping network in India. "By expanding our footprint across more cities and deploying additional batteries .

Royal Enfield will be a disruptive player in electric motorcycles: CEO

"Now, we are in the execution phase for EVs. You will see products one after the other starting to come from 2025. When we come, it will be a disruptive motorcycle."

Big oil stages a grand comeback as Exxon's valuation passes Tesla

For its part, Exxon's equity value has been steadily climbing since hitting a two-decade low in early 2020, when the outset of the Covid-19 pandemic sent crude prices into a tailspin

Vedanta announces incentives for purchase of electric vehicles by employees

Globally diversified natural resources firm Vedanta Ltd on Tuesday said it has rolled out an EV policy for its employees, under which incentives ranging from 30 to 50 per cent will be provided on purchase of electric vehicles. As part of its commitment towards net-zero carbon, the company has pledged 100 per cent of its light motor vehicles to be decarbonised by 2030. The incentives would be given to various employee grades for purchase of four- and two-wheeler electric vehicles (EVs), it said. The EV Policy will come into effect for vehicles bought from this month onwards. It will lead to increased adoption of EVs amongst employees and drive the mindset change aiding India's green mobility push for a sustainable future, Vedanta Ltd Group CEO Sunil Duggal said. Vedanta is committed to reduce carbon emissions to zero by 2050 or sooner and aims to spend USD 5 billion over the next 10 years to expedite the transition.

Global investment in electric vehicle charging approaches $100 billion mark

Cumulative investment globally probably will pass the $100 billion mark in 2023 if China keeps up its relentless pace