Page 56 - Electric Vehicles

Expecting good response from several firms on EV policy: DPIIT Secy

The government on Saturday said India is expecting good response from many automobile companies on its electric-vehicle (EV) policy, which was released in March to attract global players like Tesla. Secretary in Department for Promotion of Industry and Internal Trade (DPIIT) Rajesh Kumar Singh said that in the policy, the government has used tariff tweaks without actually spending any money to seek commitments from manufacturers to set up base in India. "Everybody talks about one company (US-based EV major Tesla), but we are expecting responses from many companies to that policy," Singh said here at CII's annual business summit. On March 15, the government approved an electric-vehicle policy, under which duty concessions will be given to companies setting up manufacturing units in the country with a minimum investment of USD 500 million, a move aimed at attracting major global players like Tesla. As per the policy, a company will get three years to set up manufacturing facilities i

Centre's new electric vehicle policy to be open to all companies

The policy primarily aimed to boost EV manufacturing in the country by top global players such as Tesla, VinFast, BYD among others

Role of advanced tech, critical materials more pronounced: Industry

The industry and the government should focus on getting technology from Chinese companies rather than allowing China to control the technology

EV maker Tesla 'silent'; yet to communicate its India plans: Report

US electric carmaker Tesla is 'silent' and yet to communicate its India plans to the government under the new EV policy, an official said on Friday. American tech billionaire Elon Musk, who was scheduled to visit India on April 21-22, had postponed his visit at the last moment citing "very heavy Tesla obligations". Musk, CEO of electric carmaker Tesla, was also slated to meet Prime Minister Narendra Modi during the visit. "They (Tesla) are just silent.. the (EV) policy was always meant for everybody," the official said when asked whether the company has communicated its plans to the government. The commercial decisions are announced by the companies, the official added. An e-mail query sent to Tesla remained unanswered. Earlier in April, he confirmed his visit to India in a post on X saying, "Looking forward to meeting with Prime Minister @NarendraModi in India". In June last year, Musk met with Modi during the latter's US visit and stated that he planned to visit India in 2024

Electric vehicle components maker Matel raises $4 million in funding

Founded in 2017, Matel manufactures synchronous machines and motor controllers for e-mobility, industrial applications, agricultural pumping, and the HVAC sector

Chinese EV maker Nio to launch one new car model per year under Onvo brand

Nio said on Thursday it would have a second Onvo model targeting larger families coming up next

TVS Motor starts operations in Italy, to introduce range of scooters, bikes

TVS Motor Company Ltd on Wednesday said it has started its operations in Italy with plans to introduce a range of both conventional as well as electric scooters and motorcycles. The company is expanding its operations in Italy via its branch office, TVS Motor Italia, headed by Giovanni Notarbartolo di Furnari, TVS Motor Co said in a regulatory filing. Furnari brings extensive experience from senior managerial roles in major automotive companies in Italy, Latin America, the UAE, and Europe, it added. "Our move into Italy is a strategic step towards our global ambitions," TVS Motor Co President, Head Group Strategy, Sharad Mohan Mishra said. The company will introduce its TVS Apache 310 Series bike, available in RR and RTR versions, that has been developed in collaboration with BMW. Other products lined up for the Italian market include TVS Ronin 250 - a 'modern-retro' lifestyle motorcycle; commuter bike TVS Raider; mid-range scooter TVS NTorq and scooter TVS Jupiter 125, along with

US suggests additional tariffs if China moves EV production to Mexico

The Biden administration is suggesting that additional tariffs could be put in place if the Chinese makers of electric vehicles try to move their production to Mexico to avoid newly announced import taxes. President Joe Biden on Tuesday directed the office of the U.S. Trade Representative to impose a total tariff in excess of 102% on Chinese EVs, as well as directing new tariffs on other products including steel, aluminum, computer chips and solar cells. But Chinese EV company BYD has previously indicated that it was looking at factory sites in Mexico for the Mexican market, creating a possible loophole to avoid the expanded tariffs. Asked at the White House news briefing about new tariffs should Chinese companies launch production in Mexico, U.S. Trade Representative Katherine Tai said, Stay tuned. Tai said that additional tariffs would require a separate pathway from the Section 301 review of the Trade Act of 1974. That four-year review led to the tariffs on $18 billion worth of

US tariff hike on Chinese goods: Experts fear China may dump EV, batteries

India also has a policy in place that requires the government's approval to allow FDI proposals from countries sharing land borders, such as China

Biden's new tariffs on Chinese EVs, steel adding to tensions with Beijing

The Biden administration announced plans to slap new tariffs on Chinese electric vehicles, advanced batteries, solar cells, steel, aluminum and medical equipment an election-year move that's likely to increase friction between the world's two largest economies. The tariffs come in the middle of a heated campaign between President Joe Biden and his Republican predecessor, Donald Trump, in which both candidates are vying to show who's tougher on China. The tariffs are unlikely to have much of an inflationary impact because of how they're structured. Administration officials said they think the tariffs won't escalate tensions with China, yet they expect that China will explore ways to respond to the new taxes on their products. It's uncertain what the long-term impact on prices could be if the tariffs contribute to a wider trade dispute. The tariffs are to be phased in over the next three years, with those that take effect in 2024 covering EVs, solar cells, syringes, needles, steel an

Murugappa Group to foray into e-SCV, plans to invest Rs 3,000 crore on EVs

This comes days after TI Clean Mobility signed a definitive agreement to raise Rs 580 crore from private equity firm GEF Capital Partners LLC

'Affordable' electric air taxis

They may not only be greener than battery-powered cars but also have the potential to upend the real estate market

Sterling Tools Q4 results: PAT doubles to Rs 16 cr on growth in EV division

Automotive parts manufacturer Sterling Tools Ltd's profit after tax doubled in the March quarter to Rs 16.3 crore driven by growth in its electric vehicle division. The company reported a profit after tax of Rs 7.8 crore in the year-ago period, Sterling Tools Ltd (STL) said in a statement. Total income in the January-March quarter jumped by 27 per cent to Rs 270.2 crore compared to Rs 212.7 crore in the last quarter of the previous year, the company said. For the full 2023-24 fiscal, the profit after tax rose by more than 15 per cent to Rs 55.4 crore against Rs 47.9 crore in the previous year. Total Income for FY24 rose by 21 per cent to Rs 938.5 crore as against Rs 774.9 crore, the company said. The Electric Vehicle (EV) division of the company, Sterling Gtake E-Mobility (SGEM), reported a 23 per cent growth in total income to Rs 323.8 crore in FY24 compared to Rs 174.3 crore in the year-ago period. The EV division accounts for 35% of FY24 consolidated revenue now against 23 per

US plans to impose new tariffs on EVs, other Chinese green energy imports

The Biden administration plans to impose major new tariffs on electric vehicles, semiconductors, solar equipment and medical supplies imported from China, according to a U.S. official and another person familiar with the plan. Tariffs on electric vehicles, in particular, could quadruple from the existing 25% to 100%. The plan was described by the people on condition of anonymity because they were not authorized to provide details ahead of a formal announcement. The tariffs, expected to be announced Tuesday, come as officials across the Democratic administration have expressed frustration over China's manufacturing overcapacity of EVs and other products that they say pose a threat to U.S. jobs and national security. Industrialized nations including the United States and its European allies fear a wave of low-priced Chinese exports will overwhelm domestic manufacturing. On the U.S. side, there is particular concern that China's green energy products will undermine massive ...

Why India's elections matter for growth

The reforms that may follow could help determine India's medium-term growth and economic aspirations

Brokerages cautious about stocks of city gas distribution companies

The gas sector faces competition from EVs that cut into demand for CNG vehicles

Biden set to impose tariffs on China's electric vehicles, strategic sectors

Specific sectors were also set to include semiconductors and solar equipment, according to one of the people

TVS Motor expects 25-30% of 2-wheeler sales to come from EVs: MD Sudarshan

TVS Motor Company expects electric vehicles to account for 25-30 per cent of its total two-wheeler sales in the next two to three years, according to Managing Director Sudarshan Venu. The company, which had earlier this year reiterated its commitment to invest Rs 5,000 crore towards design, development and deployment of future technologies, products, and digital capabilities, is betting big on electric mobility and may even look at electric bicycle and cargo three-wheelers, to have a full range of products. "EV sales will only go up...We believe that 25-30 per cent of TVS' (two-wheeler) sales will be EV (electric vehicles) in two to three years' time. We are investing to embrace that future and to launch exciting and aspirational products that will delight customers to buy them," Venu told PTI. In FY24, the company's EV sales grew by 101 per cent at 1.94 lakh units as against 97,000 units during 2022-23. TVS sold 19.9 lakh units of motorcycles and 15.7 lakh scooters in FY24. Venu s

Govt considers offering incentives for lithium processing: Report

Companies including SoftBank-backed e-scooter maker Ola Electric, and miner Vedanta Ltd and Jindal Power are among those bidding for critical minerals blocks, which include lithium

Amazon unveils first electric seaport trucks amid push to slash emissions

The e-commerce giant said it already has eight of those semi trucks in use at the Los Angeles/Long Beach port complex, where every so-called drayage truck must be zero-emissions by 2035