Page 36 - Electric Vehicles

Nissan boss Uchida races to save the struggling company and his job

Uchida's tenure has coincided with a tectonic shift in the automotive landscape, as new EV makers challenge decades-old manufacturers

Honda to launch three new models in India in 2026-27: CEO Tsumura

The electric car market is set to become increasingly competitive in 2025, with several carmakers, including Mahindra & Mahindra, Maruti Suzuki, Hyundai, and Kia, planning to launch their EVs

Maharashtra aims $1 trillion GDP with growth in manufacturing, services

Maharashtra plans to double its GDP to $1 trillion by 2030, focusing on manufacturing, EVs, semiconductors, and power reforms while maintaining its lead in FDI inflows and boosting infra development

Lectrix EV plans to raise $100 million to fund next phase of growth

Lectrix EV, the e-mobility arm of SAR Group, plans to raise around USD 100 million (over Rs 800 crore) from external sources next year to fund its next phase of growth, according to founder Rakesh Malhotra. The company has invested around Rs 300 crore in the business from internal accruals so far. "I would say we are within 12 months from raising a sizable round of capital (outside)," Malhotra told PTI in an interaction. When asked to elaborate, he noted that the company could raise around USD 100 million. "By the time we raise capital, we would have put in 50 million of our own capital. So the next round has to be in the in a size which is meaningful and can keep us going for another year or two," Malhotra said. The raised capital would go into developing the business across the country, he stated. The company plans to invest the capital to enhance the dealership network and set up swapping infrastructure in about 100 cities, Malhotra said. "We are at about 200 (dealerships) to

Wedding season sparks 2-wheeler boom but passenger vehicles hit the brakes

As passenger vehicle retail sales slowed in November, companies are anticipated to maintain high discount levels to attract buyers

Electric vehicle sales down 12% in November after festival-driven rush

In the e2W category, which accounts for more than 60 per cent of total EV sales, volumes fell 15 per cent to 118,944 units in November, compared to 139,787 units in the previous month

FAME-II violations: SFIO conducts search operations at 3 companies

Hero Electric, Benling India, Okinawa Autotech alleged to have wrongfully claimed Rs 297 cr subsidies

After festival inventory buildup, two-wheeler dispatches fall in November

Exports grow in strong double digits

JSW plans entry into EV market, to launch in-house electric vehicle brand

JSW had earlier announced a $1.5 billion joint venture with SAIC Motor, the Chinese automaker behind the MG brand, to produce and sell MG EVs in India

Blaze in Mercedes-Benz helps South Korea to reshape it's EV policy

Mercedes-Benz blaze was undoubtedly an unfortunate event, but it cast a much-needed spotlight on the issue and sparked calls for stricter regulations

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

Mumbai aims to have more than 50% electric buses in fleet by 2025-26

The civic-run Brihanmumbai Electric Supply and Transport (BEST) undertaking wants its fleet to have more than 50 per cent electric buses by 2025-26 and then raise the number to 8,000 in the subsequent years. In a release issued during the day, the metropolis' premier road transport undertaking said it has set an ambitious goal to have 100 per cent zero-emission electric bus fleet by 2026-27. An order has been placed for 2,650 single-decker electric buses, it added. On Thursday, BEST general manager Anil Diggikar presented the undertaking's Rs 9439.56 crore budget to Brihanmumbai Municipal Corporation commissioner and administrator Bhushan Gagrani for 2025-26. "In the Rs 1 lakh surplus budget, BEST's estimated deficit is of Rs 2086.33 crore, as its electric supply wing is estimated to get a profit of Rs 46.18 crore, but the transport wing is estimated to face a deficit of Rs 2131.51 crore. Capital expenditure for 2025-26 is expected to be Rs 1849.24 crore, while showing an expected

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

Wheels of change turn electric as state expands its green fleet of buses

Wired for change: State charges ahead with 120 electric buses, driving the Yogi Adityanath government's vision for a cleaner, stronger public transport network

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.

EV sales' boom in China threatens to push gasoline demand off a cliff

There are still a lot of unknowns about how China's uptake of EVs will play out, such as whether full electrification can ever be achieved

Mahindra to invest Rs 4.5k cr for growth of two new electric brands

Mahindra & Mahindra has committed Rs 4,500 crore on the overall development, including the creation of production capacity, for the two new ground-up electric brands, a top company executive said on Wednesday. The Rs 4,500 crore investment is part of the Rs 16,000 crore capex the company has announced for the electric vehicle business between the FY22-27 cycle. The Mumbai-based auto major is creating production of capacity of 90,000 units per annum at its Chakan-based plant for the two ground-up 'Born Electric' models -- BE 6e and XEV 9e. "We have allocated Rs 4,500 crore investment for the two models. The investment would go into the overall development of the electric vehicles," Mahindra & Mahindra (M&M) Executive Director and CEO for auto and farm sectors Rajesh Jejurikar told reporters here. He noted that the production capacity at Chakan could be further scaled up to 1.2 lakh units per annum. The Mumbai-based auto major on Tuesday unveiled two models -- BE 6e and XEV .

Foxconn is likely to open its second-largest battery plant in Tamil Nadu

The Tamil Nadu government has approached the company with a proposal to offer 200 acres of land for the plant and incentives as talks reach final stages

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 ...