Page 74 - Electric Vehicles

Huawei's new smart car firm valued up to $35 bn amid advanced stake talks

Main auto partner Chongqing Changan Automobile and relevant parties will own up to 40% of the new firm, a Changan Auto statement showed

Honda to invest $3.4 billion in electric motorcycles business by 2030

The company highlighted India and the Asean region as places where it aims to expand market share. Mihara said new production facilities will "highly likely" be in India and Southeast Asia

Rolls-Royce sours on electric-powered planes, says hydrogen needs time

The aviation industry has come under pressure to decarbonize and Airbus SE, the world's biggest planemaker, is betting on hydrogen powered planes entering into service by 2035

Exicom announces entry into UK, Europe, plans to strengthen distribution

Power management solutions provider Exicom on Tuesday announced its entry into the UK and Europe markets and said it plans to strengthen its distribution channel and will provide EV chargers through direct sales channels. As part of this, the company, which has strong presence in India, Southeast Asia, and the Middle East, also rolled out a range of scalable and user-friendly DC fast chargers at the London EV show, according to a release. The company said as it enters the UK market through the London EV Show 2023, its primary aim is to simplify EV charging, guaranteeing its reliability and future adaptability, aligning with the UK government's vision of achieving zero-emission vehicles by 2035. The nearly three decade-old Indian firm operates under two business verticals -- electric vehicle charger solutions for home and businesses while the and second vertical focuses on critical power solutions business, wherein the company services critical digital infrastructure -- providing ...

Musashi targets 25% market share in EV transmission components by 2028

This investment will be used to establish new assembly lines for EV transmission components and to upgrade existing facilities

Electric buses to account for 13% of new bus sales by FY25, says ICRA

E-bus penetration has reached 7 per cent in FY2023, it noted

Electric cycle startup EMotorad raises Rs 164 crore in Series B round

Pune-based electric cycle startup EMotorad on Monday said it has raised Rs 164 crore in a Series B round led by Panthera Growth Partners. The freshly raised capital will be utilised in developing technologically enhanced smart electric cycles and expanding to multiple geographies, the company said in a statement. The funding round also saw participation from xto10x, Alteria Capital, and existing investors Green Frontier Capital, it said. "The infusion of funds will pave the way for the brand's expansion across international boundaries, allowing it to demonstrate the strength of Indian innovation on a global platform," EMotorad Founder and MD Rajib Gangopadhyay said. Founded in 2020 by Gangopadhyay, Kunal Gupta, Aditya Oza, and Sumedh Battewar, the company said it has achieved over Rs 300 crore revenue returns in just three years, selling more than 80,000 electric cycles. "At Emotorad, we have backed a team with a vision trying to build a dominant micro-mobility company out of Indi

E-buses expected to account for 11-13% of new bus sales by FY25: Icra

Electric buses are expected to account for up to 13 per cent of new bus sales by FY2025, rating agency ICRA said on Monday. Many state Electric Vehicle (EV) policies have announced specific targets and timelines for e-bus adoption, thereby creating a road map for electrification, it noted. With significant operational savings vis--vis conventional diesel buses, ICRA said it expects the demand for e-buses to continue to rise. "ICRA foresees electric buses (e-buses) to be at the forefront of India's electrification drive, with the segment expected to witness healthy traction going forward. ICRA estimates e-buses to account for 1113 per cent of new bus sales by FY2025," it said in a report. According to the report, it expects government subsidies and evolving technologies to play a role in further reducing the capital costs involved in e-buses. The traction in the e-bus segment is already visible over the past couple of years, with e-bus volumes as well as penetration levels improvin

Avoid exceptions

Govt should not change EV policy for one company

TVS Motor plans to expand electric two-wheeler range over next 1 year

TVS Motor Company aims to expand its electric two-wheeler portfolio over the next one year as it looks to cater to customers at multiple price points, according to a top company official. The Chennai-based company, which currently has two e-scooters in its portfolio, also plans to expand its electric vehicle sales infrastructure going ahead. It is also developing an electric three-wheeler. "We are also planning to launch a series of products in the range of 5 to 25 kilowatts in the next year," TVS Motor Company Director and CEO K N Radhakrishnan said in an analyst call. He noted that with robust demand in the market, the company has ramped up the production capacity of electric scooter iQube to 25,000 units per month and plans to enhance it further going ahead. TVS plans to commence sales of its new electric scooter TVS X in the current quarter. Radhakrishnan said TVS has close to 400 touchpoints for e-scooters, and the company is continuously expanding the same. "With the produ

50,000 jobless due to new scheme: Bike taxi drivers write to Delhi LG

Delhi's bike taxi drivers have written to the Lt Governor and the AAP government, saying nearly 50,000 of them have been rendered jobless due to the approval of a scheme that mandates aggregators offering passenger services to switch to electric two-wheelers. The file pertaining to the Delhi Motor Vehicle Aggregator and Delivery Service Provider Scheme, 2023 was approved by Delhi Lt Governor V K Saxena. The policy is likely to be notified soon. The Apna Bike Taxi Association, in an open letter to Lieutenant Governor V K Saxena and the Delhi government, said it has appealed to the authorities several times to get its grievances addressed but the pleas have not been heard. "We feel that the government should understand that if someone is riding a petrol motorcycle, how can they suddenly get an electric bike. Neither are there electric bike taxis available in the market nor do we have the money to buy them," the letter read. Last month, more than 1,500 bike taxi drivers had written to

BLive looking to raise $5 million in next 6 months, says CEO Kholkar

BLive, a multi-brand electric vehicle platform, is looking to raise USD 5 million in the next six months, its CEO and co-founder Samarth Kholkar said on Friday. The investor interest in BLive is "strong", Kholkar said, adding that the company is hopeful of making a funding-related announcement in the next six months. "We have raised under USD 2 million over a period of time, and we are looking to raise USD 5 million now because our primary interest is to invest in technology and people. "Technology, because we are a platform at the end of the day, which has a lot of data coming in, now it is time to consolidate, extrapolate and use the latest technology, including blockchain to ensure we can scale up our business from a typical 10X to a 100X," he said. BLive is looking to double its revenue to about Rs 100 crore in FY25 and is aiming for profitability in 12 months timeframe. "So to boost that, we need a strong tech platform, which will help us reach that scale...to that milestone,

Nissan to invest $1.4 bn to make EV versions of its best-selling cars in UK

Nissan will invest USD 1.4 billion to update its factory in northeast England to make electric versions of its two best-selling cars, a boost for the British government as it tries to revive the country's ailing economy. The Japanese automaker manufactures the gasoline or gas-hybrid Qashqai and smaller Juke crossover vehicles at the factory in Sunderland, which employs 6,000 workers. Nissan Motor Co. said it's directly investing up to 1.12 billion pounds (USD 1.4 billion) to produce electric successors to the two models. The money also will enable wider investment in infrastructure projects and the supply chain, including a new gigafactory" for EV batteries at the site, the government said in a separate press release. Nissan's investment is a massive vote of confidence in the UK's automotive industry, which contributes 71 billion pounds a year to the economy, Prime Minister Rishi Sunak said. Sunak visited the factory for the announcement, posing for photos with Treasury chief Jerem

Tesla may invest $2 billion for manufacturing in India but with conditions

Tesla is also likely to commit 20% localisation in its Made in India cars in the first two years and it may increase to 40% in four years

Mercedes-Benz India's research wing ties up with IISc for EV innovation

Mercedes-Benz Research and Development India on Wednesday said it has joined hands with the Indian Institute of Science for advanced research collaboration with focus on electric vehicles. The two partners have signed a Memorandum of Understanding (MoU) for a two-year association aimed at fostering joint research and promote collaborative innovation with a focus on Electric Vehicles (EV), Mercedes-Benz Research and Development India (MBRDI) said in a statement. "Collaborations that help bridge the gap between industry and academia can enable the scientific research community to offer cutting-edge innovation that meets the evolving demands of the industry and customers," MBRDI Managing Director and CEO Manu Saale said. "We are excited at the possibilities of working closely with the Indian Institute of Science and look forward to bringing the best of Indian engineering research to the global stage," Saale said. The partnership will focus on driving engineering transformation and ...

India closer to agreement with Tesla to import EVs, set up facility

Tesla would commit an initial minimum investment in any plant of around $2 billion and would look to increase purchases of auto parts from the nation to as much as $15 billion

1 mn electric 2-wheelers sales target for FY24 hit by tepid festival sales

Slack festive season sales throw a spanner in the throttle

Delhi notifies premium bus aggregator scheme to encourage public transport

Electric premium buses will be exempt from licence fees

Tamil Nadu to get Rs 50,000 cr investments in EV sector by 2025: Minister

EV policy supports state's 'clear vision' for sustainable growth, he says

Keen to get external investment for EV arm Switch: Ashok Leyland MD

Hinduja Group flagship firm Ashok Leyland is keen to get external investments for its electric vehicle arm Switch Mobility but only from 'the right strategic partner', and it will not shy away from investing on its own till such an ally is found, according to its Managing Director and CEO Shenu Agarwal. While Switch India is likely to be cash neutral or cash positive going forward, on an operating level at least, for Switch UK some more investments may be required in FY25, with the European and UK markets still not going that strong, he told analysts. "We are very keen on getting external investments also, but we want to make sure that we have the right strategic partner with us. I mean, we do it at the right valuation. So right now, the focus is to get Switch into a very, very strong mode by developing products, by maturing our technology on both the bus side and the LCV side," Agarwal said. He was responding to a query on whether the current tough funding environment could delay .