Page 67 - Electric Vehicles

Govt denies reports of extension of EV subsidy scheme FAME-II beyond Mar 31

The government on Thursday said it has not extended the flagship scheme to promote electric mobility FAME-II beyond March 31, according to officials. The Ministry of Heavy Industries denied media reports claiming that the Centre has granted a temporary four-month extension to the scheme till July 31, with an outlay of Rs 500 crore for the period. Subsidies under the second phase of the FAME Scheme will be eligible for e-vehicles sold till March 31, 2024, or till the time funds are available, the Heavy Industries ministry stated last month. It also shared that the outlay of the Faster Adoption and Manufacturing of Electric Vehicles in India (FAME-II) programme has been enhanced from Rs 10,000 crore to Rs 11,500 crore. The ministry had said in the statement that the second phase of its flagship scheme to promote adoption of EVs in India -- FAME II -- was "fund- and term-limited". As per the revised outlay, electric two-wheelers, electric three-wheelers, and electric four-wheelers ar

EAC-PM pitches for mandating EV sales by all automobile manufacturers

The Economic Advisory Council to the PM (EAC-PM) has proposed the introduction of a transferable mandate, prescribing a certain percentage of auto manufactured must be electric vehicles. The advisor also suggested ensuring greater adoption of EVs in the government fleet to enhance demand for electric vehicle cars. In its working paper, the EAC-PM also suggested encouraging the leasing of vehicles as opposed to outright purchase by introducing a suitable GST rate differential for leasing. The paper has been co-authored by EAC-PM chairman Bibek Deroy and Director Devi Prasad Misra. "Hitherto, our policies for the promotion of EVs have focused on subsidies, tax breaks, charging infrastructure etc. While we see a significant increase in the number of two- and three-wheeler EVs, the adoption of EVs in the LMV (cars) segment has remained sluggish. "... the introduction of transferable mandates prescribing for a certain percentage of vehicles manufactured to be EVs will be an efficient w

Electric two-wheeler sales likely to miss NITI Aayog target for FY24

Dealers feel a major reason for the dip is the reduction of FAME subsidy by the government

BYD plans to cover 90% of India's EV market in 2024, to target major towns

Chinese electric vehicle maker BYD plans to cover 90 per cent of the EV market in India by the end of the year as it strengthens leadership position in EVs priced above Rs 30 lakh category, a senior company official said on Tuesday. BYD India, which launched its electric sedan SEAL priced between Rs 41 lakh and Rs 53 lakh, is working to achieve homologation certification from ARAI for its electric SUV Atto 3 which will lift the restriction on import volume of 2,500 units. Homologation is the process of certifying vehicles for roadworthiness under rules specified by the government for all vehicles made or imported into the country. "Our target is that we cover 90 per cent of the EV market in India. That is what we are planning to do by this year, which means we will be present in major towns, and tier I cities. "Wherever we see the electric vehicle penetration is high, wherever the electric vehicle sales are, where it is growing," BYD India, Senior Vice President of Electric Passeng

Tata Motors plans to demerge business into two separate companies

'The demerger is a logical progression of the subsidiarisation of PV and EV businesses done earlier in 2022 and shall further empower the respective businesses,' Tata Motors said in a statement

MWC recap: Xiaomi 14 series to Samsung Ring, top 5 gadgets from tech show

From health-tracking smart rings to transparent displays and bendable smartphones, the MWC 2024 featured interesting innovations and futuristic concepts. Here are the best 5 gadgets of this year

Electric two wheeler volume remains flat despite sharp price cuts

The top four electric two-wheeler manufacturers -Ola, TVS, Bajaj and Ather - account for over 86.45 per cent of the market

IPO-bound Ola Electric clocks highest registration of 35,000 units in Feb

In December last year, the company became the first EV 2W manufacturer to record 30,000 registrations in a month

TVS Motor Company sales increase by 33% to 368,424 units in February

TVS Motor Company on Friday said its wholesales rose 33 per cent year-on-year to 3,68,424 units in February. The company had dispatched 2,76,150 units in February 2023. Total two-wheeler sales registered a growth of 34 per cent to 3,57,810 units last month from 2,67,026 units in February last year, the company said in a statement. Domestic two-wheeler dispatches to dealers registered growth of 21 per cent at 2,67,502 units as compared with 2,21,402 units in the same period last year. The company said its electric vehicle sales stood at 17,959 units last month, an increase of 16 per cent, as compared with 15,522 units in February 2023.

Servotech Power gets Rs 111 cr EV charger supply order from Indian oil

Green charging solutions provider Servotech Power Systems Ltd on Friday said it has bagged a Rs 111-crore order from Indian Oil Corporation and other original equipment manufacturers (OEMs) for the supply of 1,400 DC fast chargers. The company will manufacture, supply and install 1,400 DC chargers in two variants of 60 kW and 120 kW, the company said in a statement. The DC charger will be installed at Indian Oil petrol pumps and other prioritised locations, it said. The company in February bagged two orders that comprised a contract for 1,500 DC fast EV chargers from Hindustan Petroleum Corporation Ltd (HPCL) and OEMs, and another for 1,800 DC EV chargers from Bharat Petroleum Corporation Ltd (BPCL). With the latest project, the total number of EV charger orders from oil marketing companies and EV charger OEMs stands at 4,700 units, it said. Servotech aims to install all these chargers by the end of FY 2024-25.

Tata Motors reports 8% wholesales increase in February at 86,406 units

Tata Motors on Friday reported an 8 per cent rise in its total wholesales to 86,406 units in February as compared with 79,705 units in the same month last year. The total domestic sales stood at 84,834 units last month against 78,006 units last month, a growth of 9 per cent, Tata Motors said in a regulatory filing. Sales of passenger vehicles, including electric vehicles, in the domestic market, were at 51,321 units as compared to 43,140 units in the year-ago month, up 19 per cent, it added. Total commercial vehicle sales declined by 4 per cent last month to 35,085 units from 36,565 units in February 2023, it added.

Elon Musk hypes up Tesla Roadster again after half decade of delay

The billionaire said in a series of posts on X that the car will be a collaboration between Tesla Inc. and Space Exploration Technologies Corp

Gensol says it has approval for its flagship two-seater electric car

Vehicle approved by Automotive Research Association of India will have driver assistance feature

Exicom Tele-Systems IPO gets subscribed 27.76 times on 2nd day of offer

The Initial Public Offering (IPO) of EV charger maker Exicom Tele-Systems Ltd received 27.76 times subscription on the second day of bidding on Wednesday. The Rs 429 crore-IPO got bids for 50,59,42,200 shares against 1,82,23,540 shares on offer, as per data available with the NSE. The quota for Retail Individual Investors (RIIs) got subscribed 64.73 times while the portion for non-institutional investors attracted 54.36 times subscription. The category for Qualified Institutional Buyers (QIBs) received 4.48 times subscription. The IPO got fully subscribed within hours of opening for bidding on Tuesday. It has a fresh issue of equity shares aggregating up to Rs 329 crore and an Offer For Sale (OFS) component of up to 70.42 lakh equity shares worth Rs 100 crore, at the upper end of the price band, by promoter NextWave Communications. At present, NextWave Communications holds a 76.55 per cent stake in the company, and HFCL, part of the promoter group, owns a 7.74 per cent ...

Tata Group firm Agratas to build UK's biggest EV battery plant in Somerset

Agratas, Tata Group's global battery business, on Wednesday confirmed that it will build Britain's biggest electric vehicle battery manufacturing facility in Somerset, south-west England. The so-called gigafactory, announced last year, will be built on the Gravity Smart Campus near Bridgwater in Somerset with a community-first approach, involving locals to learn more about and be a part of the project. The company said the 40 GWh factory is set to contribute almost half of the projected battery manufacturing capacity required for the UK automotive sector by the early 2030s. "Our multi-billion-pound investment will bring state-of-the-art technology to Somerset, helping to supercharge Britain's transition to electric mobility whilst creating thousands of jobs in the process, said Tom Flack, CEO of Agratas. "We care deeply about the communities we operate in, so it's imperative to us that we work with, and listen to, our new neighbours as we build our factory in Somerset. That's why .

Electric vehicles set to corner a third of Volvo Car India's 2024 sales

Volvo has also officially confirmed its plans to introduce two additional electric vehicles in the Indian market by 2025

Hybrids, gas powered vehicles fuel legacy automakers' shares past EV rivals

Electric vehicle demand has slowed of late, suggesting the transition away from traditional internal combustion engine vehicles will take longer than expected

MG Motor India, JSW Group joint venture may go live in a few weeks

MG expects EV penetration in India to hit 4% in CY24

Centre propose amendment in CMVR rules related to LPG retrofitting

Industry players said that the proposed move is a step in the right direction, providing relief to the industry while also ensuring stricter environmental enforcement

TVS Motor buys Killwatt shares worth Rs 35 cr to hike stake to 49%

TVS Motor Company on Monday said its Singapore-based arm has increased stake in the Germany-based electric mobility products and components start-up Killwatt GmbH to 49 per cent with the acquisition of an additional 8,000 equity shares for 4 million euros (over Rs 35 crore). TVS Motor (Singapore) Pte Ltd has agreed to acquire a further 8,000 equity shares in Killwatt GmbH following which its shareholding will increase from 39.28 per cent to 49 per cent by way of newly issued shares of the latter, TVS Motor Co said in a regulatory filing. The total consideration for the acquisition of 8,000 equity shares in Killwatt GmbH is 4 million euros, whereby 2 million euros will be paid on or before March 4, and the remaining 2 million euros will be paid at a later date, subject to the completion of a specific pre-agreed milestone by Killwatt GmbH, it added. Killwatt is a privately held firm engaged in businesses comprising development, design, manufacture, sale and distribution of products an