Page 58 - Electric Vehicles

Expect capex for EV components to cross Rs 25K cr in next 3-4 years: Icra

The auto component industry is expected to invest over Rs 25,000 crore in the next 3-4 years to expand production of electric vehicle parts, rating agency Icra said on Tuesday. EV penetration in the country has reached 4.7 per cent in FY2024, with much of it driven by the electric two-wheeler segment, although e-three-wheelers and electric buses have also contributed to the same, it said in a statement. There has been substantial localisation in traction motors, control units, and battery management systems over the years, Icra said. However, advanced chemistry batteries, which remain the most critical and the costliest component, accounting for almost 35-40 per cent of the vehicle price, are imported, it added. The low localisation levels give rise to manufacturing opportunities for domestic auto component suppliers, it said. "Icra expects at least Rs 25,000 crore of capex for EV components in the next three-four years, for capacity building, technology and product enhancements,"

Electric car sales likely to rise but affordability in focus, says IEA

Ten million of those vehicles are expected to be sold in China

Macquarie Group drives in $1.5 billion EV fleet electrification play

It's designed to speed up adoption of EVs and support India's e-mobility transition

Chinese EV manufacturers may be excluded from India's policy concessions

India will continue to allow imports of Chinese BYD vehicles but will not be extending investment opportunities

Automakers from GM to Volvo eye cuts as 2-way EV charging becomes real

For many years V2G remained largely theoretical, as the Nissan Leaf was the sole EV capable of it

The localisation story of Elon Musk's Tesla: India versus China deal

The Tesla factory in China, on the other hand, sources 95% of its components locally after 5 years

Odysse Electric looking to raise $5-10 million for expansion, says CEO

Electric two-wheeler maker Odysse Electric is looking to raise USD 5-10 million to drive its growth plans, including new product development and scaling up manufacturing capabilities, as it sets sight on the mass segment, company's Chief Executive Officer Nemin Vora has said. The company has already started the process to secure external funding, which is expected to be completed by the current quarter of this fiscal, Vora said in an interaction with PTI. Operational since 2020, the city-based EV maker with over 60 dealerships across 20-plus states claims to have sold over 10,000 vehicles in the domestic market till date, besides having an order book of over 20,000 vehicles through its B2B channel. Odysse offers seven vehicle models with 12 variants, comprising both high- and low-speed electric scooters as well as bikes. "We are seeking external capital to finance our growth and capture a significant share of the Indian E2W (electric two-wheeler) market," Vora told PTI. "The compa

Electric vehicle plant to spacetech: All eyes on X ahead of Elon Musk visit

Elon Musk is expected to meet PM Narendra Modi and announce that Tesla will set up a car and battery plant in India. He may push plans to launch Starlink's broadband services

Ramkrishna Forgings to supply powertrain components to US' largest EV maker

The company has not disclosed the name of the vehicle manufacturer in its announcement, but sources indicated that it could be Tesla

Elon Musk's Tesla initiates formal dialogue with govt on new EV policy

Meeting attended by other global and Indian OEMs sought to offer clarity on EV manufacturing scheme

Musk vs the rest: Who will be Tesla's biggest competitors in India?

Elon Musk is set to visit India and meet PM Modi. With the likelihood of a Tesla plant coming up in India, which are the EV makers they will compete with? Here is a list

Tesla plant likely in India: A look at its gigafactories in other countries

Tesla has six Gigafactories in Fremont, California; Sparks, Nevada; Berlin, Germany; Shanghai, China; Austin, Texas; and Buffalo, New York

Daimler's first electric truck 'eCanter' set for India debut in 6-12 months

The German firm aims for its new trucks and buses to be carbon-neutral in Europe, Japan, and the USA by 2039, and globally by 2050

Tesla's Musk likely to unveil $2-3 billion India investment during visit

Musk's visit comes as Tesla battles slowing sales in the major markets of the United States and China, and has this week announced layoffs affecting 10% of its workforce

Tesla asks investors to approve Musk's $56 bn compensation package again

In its proxy filing issued Wednesday, Tesla also said it will call a vote on moving the company's state of incorporation to Texas from Delaware. The carmaker will convene its annual meeting on June 13

VinFast Q1 results: Loss narrows $618.3 mn even as car sales fall

The company reported a net loss of $618.3 million in the first three months of this year, decreasing 12.3% from the fourth quarter, the company said in a filing

Tesla layoffs: Global job cuts to impact leading markets US, China

Tesla faces increasing competition in China in a fierce price war with rivals led by BYD, slowing sales in the United States, as well high investment costs in new models and artificial intelligence

Likely to make next-generation EV batteries by early 2029: Nissan

Nissan expects to mass produce electric vehicles powered by advanced next-generation batteries by early 2029, the company said Tuesday during a media tour of an unfinished pilot plant. Japan's legacy automakers have fallen behind newer rivals like America's Tesla and China's BYD in the emerging all-electric auto sector. But Nissan, like other companies, sees a chance to catch up and perhaps leap ahead with a new kind of battery that promises to be more powerful, cheaper, safer and faster to charge than the lithium-ion batteries in use today. Solid-state batteries, which replace the corrosive liquids found in conventional batteries with solid metals, are widely seen as the next step for EVs, and leading automakers are racing to develop versions that can be mass produced. Rivals like Volkswagen and Toyota have also announced efforts to produce solid-state EVs, with Toyota setting a date of 2027-28 to begin bringing them to market. But substantial challenges remain before the technol

Ola Electric reduces prices of entry-level e-scooter by up to Rs 10,000

Ola Electric on Monday slashed prices of its entry-level scooter S1 X by Rs 5,000 to Rs 10,000 across variants, bringing it at par with conventional scooters. The new S1 X was launched in February this year with a price range of Rs 79,999 to Rs 1,09,999 across three variants. In a virtual address, Ola Electric Chief Marketing Officer Anshul Khandelwal said the prices of the company's entry-level scooter have been reduced with immediate effect and deliveries would start next week. Under the new prices, S1 X with 4kWh battery will now cost Rs 99,999, down from Rs 1,09,999 announced earlier. Similarly, S1 X with 3kWh battery has been priced at Rs 84,999 instead of Rs 89,999 earlier. The S1 X 2kWh battery variant will cost Rs 69,999 (introductory price), reduced from Rs 79,999 earlier, he said. "We feel that India needs much more. India needs a price at which they (consumers) can truly adopt EVs," Khandelwal said. An average scooter is priced at Rs 1 lakh, he said adding consumers hav

CATL Q1 results: Profit increases 7% to $1.45 bn, Moody's upgrades rating

CATL produced a profit of 10.5 billion yuan ($1.45 billion) for January-March, off the back of a 10.4% drop in revenue to 79.8 billion yuan