Page 71 - Electric Vehicles

GenAI, fintech, green tech, EVs, SaaS, hot bets for investors in 2024

In India, GenAI startup ecosystem is unfolding with remarkable speed, signalling a new era of technological advancement and investment opportunities, according to top inventors

Xiaomi to reveal cutting-edge EV technology on December 28: Details here

Xiaomi is planning to make its first set of cars by the first half of 2024. The company has been actively hiring experts from around the world to advance in-house autonomous driving technology

EKA Mobility to partner with Mitsui, VDL; plans joint investment Rs 850 cr

Electric vehicle maker EKA Mobility on Wednesday said it has entered into a partnership with Japan's Mitsui & Co., Ltd and VDL Groep of the Netherlands with a proposed joint investment of over USD 100 million (around Rs 850 crore) in phases. Under the cooperation, EKA Mobility will receive significant and strategic investments from Mitsui and technological support and an equity partnership from VDL Groep, a leading Dutch technology firm, the company said in a statement. It, however, did not elaborate on the financial details of the partnership. "With a joint investment of over USD 100 million in phases, the cooperation will position India as the global manufacturing and sourcing hub for electric vehicles," the statement said. EKA Mobility Founder & Chairman Sudhir Mehta said, this partnership represents a significant step toward making India a global hub for electric vehicle manufacturing. Mitsui & Co India GM Mobility Business Division, Nobuyoshi Umezawa said, "Through ..

EV industry set to end its best sales year in spite of subsidy cuts

This year marked a reduction in subsidies for electric two-wheelers (e2W), a category that constitutes around 55% of the overall EV sales

By April, 1,400 new electric buses will be inducted in BMTC: Karnataka CM

Karnataka Chief Minister Siddaramaiah on Tuesday said that 1,400 new electric buses will be added to the Bengaluru Metropolitan Transport Corporation by April next year. In the first phase, he flagged off 100 non-AC electric buses of the BMTC at Vidhana Soudha here. "So far, Karnataka women have undertaken 120 crore rides in state transport buses for free since the launch of the Shakti scheme. A total of 40 lakh people travel on BMTC every day. In this, women of all castes, all religions and all walks of life are travelling for free," he said. The new electric buses have been added to promote public transport services and also curb increasing vehicular pollution in the city, he added. Siddaramaiah accused the BJP of criticising its free bus travel service for women and questioned why it did not implement this welfare scheme when it was in power. He also explained the effective results of this scheme. "Due to our guarantees, the purchasing power of people and the economic activity

TMS Ep592: Electric vehicles, stock markets 2023, Santa rally, Blue Origin

Will 2024 be the year of EVs? What led to the rise of stock markets in 2023? Is the Santa rally over in the markets? What is Blue Origin? All answers here

Automakers gear for moderate sales after 2023, ready for more EV launches

After posting record-breaking volumes in 2023, Indian automobile industry is driving into the new year aware of a lurking moderation in sales growth but ready to embrace green technologies, led by electric vehicles. Passenger vehicle sales are expected to cross 40 lakh units this year and prices are set to rise from January. Veteran industry leader and Maruti Suzuki India Chairman RC Bhargava said the sales are expected to moderate a bit next year compared to 2023. He noted that the revival of the small car segment is necessary for the faster growth of the industry. The share of entry-level cars in the passenger vehicle sales which stood at around 14 per cent in 2018-19 has reduced to around 4 per cent in the April-October period this year. "As far as Maruti Suzuki is concerned, I believe that we will have higher growth than the industry," Bhargava told PTI. While being positive on the growth of Electric Vehicle (EV) sales next year, he noted that the focus should be towards all

HOP Electric eyes 3-fold jump in sales in 2024, to launch mass-mkt e-bike

HOP Electric is targeting up to three-fold rise in its annual sales in 2024 and is preparing to launch an electric motorcycle equivalent to the mass market entry level bikes of conventional engines to shore up volumes, according to company Founder & CTO Rahil Gupta. The company, which has two electric scooters and an electric bike in its portfolio, is also looking to raise around USD 25 million next year to fund production capacity expansion. "In the last three years we have been growing 100 per cent each year. I think 2024 will be no different," Gupta said when asked about the outlook for the next year. On absolute sales volumes, he said,"This year I think we will sell about 20,000 electric scooters and motorcycles and next year we will be trying to push it to around 50,000 to 60,000 units." When asked about future product plans, he said the company has been working on its new platform 'Nimbus' to develop an electric bike equivalent to a 100 cc conventional engine motorcycle, one

EV sales likely to reach 10 mn annually by 2030, create 50 mn jobs: Gadkari

India is likely to see 1 crore Electric Vehicle (EV) sales a year and the segment is expected to generate about 5 crore jobs by 2030, Union minister Nitin Gadkari said on Friday. Addressing the 19th EV EXPO 2023, Gadkari, "As per the Vahan database, 34.54 lakh EVs are already registered in India." The Union Road Transport and Highways minister asserted that India has the potential to become number 1 EV maker in the world and the government is committed to making India a self-reliant country in clean energy production and mass application. Gadkari said the government has also permitted retrofitting of existing polluting vehicles into hybrid and fully EVs. The regulations have been finalised and technology demonstrations done successfully, he added. He said the government intends to shift public transport and logistics to EVs.

Nexzu Mobility plans to set up smart EV park in Gujarat worth Rs 5,000 cr

Atulya Mittal-founded electric mobility firm Nexzu Mobility has proposed to set up a smart EV Park in Gujarat and plans to invest Rs 5,000 crore in the project over the next 10 years, the company said on Thursday. Nexzu Mobility said it has signed an initial pact (MoU) with the state government for this purpose. It also said the work on the proposed project is set to begin next year once land has been allotted to the company. "Nexzu Mobility will invest Rs 5,000 crore over the next 10 years to set up the smart EV park in Gujarat, which is expected to generate employment for over 5,000 people," the company said in a statement. The proposed park will serve as hub, provide comprehensive solutions for Electric Vehicle (EV) companies, professionals, owners, and users by enabling an ecosystem in a concentrated area and infrastructure sharing, among others, it said. "With its focus on clean energy and mobility, high-tech manufacturing and innovation, Gujarat is a fantastic destination fo

US considering hiking tariffs on China EVs, solar products: Report

US is considering raising tariffs on Chinese electric cars and other goods as it tries to limit reliance on Asia's biggest economy and shield its own green industry, the Wall Street Journal reported

EU, UK approve 3-year postponement of tariffs on electric vehicles

The European Union and the UK approved a three-year postponement of tariffs on electric vehicles, giving carmakers more time to make necessary changes to comply with local content requirements

Tesla faces inquiry by Norway's safety regulator over suspension failures

A decision is expected by Christmas. The agency has the authority to order a recall if an automaker refuses

Electric cars expected to see volume growth of 30-40% in 2024: Chandra

He said that more electric car models at different price points -- between Rs 8 lakhs and Rs 30 lakhs -- have to come in the Indian market so that people have more options

BluSmart raises $24 million via issue of equity rights to fund expansion

Electric vehicle ride-hailing service and charging infrastructure network operator BluSmart on Thursday said it raised USD 24 million (Rs 200 crore) through issue of equity rights to its existing investors for funding the company's expansion. The latest funding round saw participation through over-subscription of equities by existing investors, founders and the leadership team, BluSmart said in a statement. Currently, the platform operates over 5,500 electric vehicles in the domestic market. It owns and operates over 4,000 EV chargers across its 34 charging superhubs. The platform said it aims to scale to a fleet size of around 8,000 EVs across Delhi-NCR and Bengaluru by next year. "BluSmart has raised USD 24 million (Rs 200 crore) in a new equity round in December 2023," the company said in a statement. "We will continue to expand our brand promise of zero ride denials, on time service and clean mobility to more geographies. The overwhelming support for the rights issue by our ..

Auto sector to take a V-turn in FY25 on election winds, new models

Luxury car segment will continue to rise its EV penetration. However, the tipping point is still a few years away. Customers require convincing on ownership benefits and hassle-free experience

BluSmart raises $24 mn in new equity round, will expand charging infra

Ride-hailing company says it aims to have a fleet of 8,000 EVs in Delhi and Bangalore by next year

OEM, dealers to play Santa during year-end for EV passenger vehicles

Carmakers, dealers offering discounts up to Rs 4 lakh

Delhi nears 5,000 EV charging, battery-swapping facilities: Discoms

The EV charging infrastructure is expanding rapidly in Delhi with power distribution companies setting up over 4,500 charging points and battery-swapping facilities across the city and hundreds more to be installed by the end of the current fiscal, discom officials said on Wednesday. The number of charging points and battery-swapping facilities in the city will cross the 5,000-mark in the next few months, they said. According to the latest report of the Central Electricity Authority (CEA), Delhi consumes 55 per cent of the power consumed at EV charging points across the country. The BSES discoms -- BYPL and BRPL -- have installed over 3,100 charging points and battery-swapping stations at more than 1,200 locations across South, West, East, and Central Delhi. These include 1,260 (40 per cent) private, 1,220 (39 per cent) public and 485 (15 per cent) captive category, said a spokesperson of the company. In the current financial year, BSES will facilitate installation of over 1,200 E

Ford Motor cancels deal to sell its Tamil Nadu plant to JSW Group

The JSW Group had finalised an agreement to buy the Ford plant for around $100 million, but Ford called off the deal as it is no longer looking to sell the factory