Page 75 - Electric Vehicles

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 .

Ola Electric transforms itself into a public company ahead of IPO

The IPO may be in the range of $800 million to $1 billion

UK seeks customs duty concessions on EV exports in FTA with India

The UK has sought customs duty concessions on exports of electric vehicles to India under the proposed free trade agreement (FTA), which is under negotiations, an official said. However, the official said, no decision has been taken so far on the issue. There is a demand to provide concessions on a specified number of vehicles per year, the official added. The fast-growing EV market in India is catching the eyes of global players. The UK is also looking at phasing out ICE (internal combustion engine) vehicles by 2035, and the British auto market is export-driven. According to experts, the UK's major export destination for vehicles is Europe, and they are looking to diversify their exports. "The UK has sought concessions on electric vehicles from India as part of the ongoing free trade agreement negotiations," the official, who did not wish to be named, said. India's electric vehicles market is expected to grow to one crore units in annual sales by 2030 and create five crore direc

EV insurance: Ensure all-round protection for battery with add-on cover

Return-to-invoice, zero depreciation for major components are must-haves

TMSEp564: Turmeric problem, EVs vs IGL, Prashant Jain, Ozempic effect

How big is India's adulterated turmeric problem? Will EVs eat into IGL's future? What does Prashant Jain think of markets in Samvat 2080? What is the Ozempic effect? All answers here

Renault sets out targets for EV unit Ampere, says won't sell it cheap

The group set out financial targets for the unit, including an expected break-even in 2025 and an operating margin of at least 10% from 2030

Here's why iPhone maker Foxconn is now chasing satellites and EVs

Foxconn Technology Group's second-straight slide in sales lays bare the folly of the Taipei-based manufacturer relying on Apple Inc. for more than half its business

Why the public charging infra needs to catch up with the rise of EVs

According to data from OMI Found­at­ion's EV dashboard, India has 10,185 charg­ing stations comprising 17,094 charging points

Revfin looking to raise Rs 500 crore in 12 months: CEO Samir Aggarwal

Electric vehicle (EV) digital financing platform Revfin is looking to raise up to Rs 500 crore in the next 12 months to fuel its business expansion plans, founder and CEO Samir Aggarwal has said. The company's expansion plans include the commercial roll-out of its battery financing services before the end of this fiscal year. The platform is also targeting to achieve a topline of Rs 90 crore this fiscal on the back of expanded portfolio, which includes two-, three- and four-wheeler financing for commercial uses, Aggarwal said. Set up in 2018 for financing electric three-wheelers, the Delhi-based digital lender has expanded the business to two- and four-wheeler financing as well as vehicle leasing and rental services. "So far, we have raised about Rs 300 crore which has been in a combination of equity and debt. And the plan is now to raise about Rs 500 crore in the next 12 months," Aggarwal told PTI. He said that the company is in talks with a number of venture capitalists and futu

Karnataka govt unveils revised draft EV policy, eyes Rs 50K cr investment

The Karnataka government on Friday unveiled a revised draft Electric Vehicle policy (2023-28) which aims to attract Rs 50,000 crore investment while creating a job potential for one lakh people over the next five years. "This proposed policy aims to transform Karnataka into a pioneering force in the field of electric mobility, embracing sustainable practices and equitable growth while fostering innovation and creating a robust ecosystem for EVs throughout the state," Minister for large and medium industries and infrastructure development, M B Patil, said on the occasion. Addressing an ideation session with representatives of EV industry, he said the government would soon convene a joint meeting of the ministers of finance, energy, transport, and urban development to iron out common issues before launching the final E-mobility policy. Responding to recommendations made by some of the EV industry players, Patil said that the government would develop model EV cities to promote EV ...

Pollution rising, India Inc gets into action to help employees breathe easy

Response to rising AQI: Firms offer low-cost EV loans, install air purifiers, allow hybrid work

Tesla to import completely made electric cars from Germany into India

Earlier this month, Reuters reported that Tesla is planning to build a $26,838 car at its factory near Berlin

India proposes slashing EV import taxes to clinch UK free trade deal

The UK's demand for import concessions on electric vehicles is one of the few outstanding issues in the free trade talks

Electric three wheelers' sales pick up speed but a mixed bag overall

NITI Aayog FY26 goal: question marks on E2Ws, e-buses and passenger cars

Ultraviolette Automotive forays into Europe with focus on five nations

Electric bike maker Ultraviolette Automotive on Wednesday announced its foray into the European market as it looks to tap growth opportunities in the international markets. The Bengaluru-based company launched its flagship electric bike F77 in Europe with deliveries expected to commence in the second quarter of 2024. The bike is set to be priced between 9,000 to 11,000 euro in Europe, subject to federal/state government incentives and taxes. In an interaction with PTI on the sidelines of EICMA two-wheeler motor show here, Ultraviolette Founder and CEO Narayan Subramaniam said the company will focus on five countries in the continent in the first phase. "In Europe our immediate focus is Italy, Spain, France, Germany and the UK. These five countries would be our immediate target. And then of course, we can look at scaling to other countries as well," he noted. Subramaniam said the company is in active conversation with multiple distributors and dealers in the five geographies. "It

Amazon launches programme for deliveries via electric vehicles in India

E-commerce company Amazon has launched its last-mile fleet programme in India with 100 per cent electric vehicles, under which it will provide its delivery service providers with access to customized EVs suitable for last-mile deliveries. In the initial phase of the programme, the company has introduced Mahindra Zor Grand three-wheeler EVs, each equipped with specialised enhancements for Amazon's last-mile deliveries. The programme will help more than 300 delivery service partners (DSPs) to make customer deliveries with zero tailpipe emissions, the company said. "Amazon's fleet programme is launching for the first time with entirely custom-designed EVs in India, making it convenient for DSPs to access safe, high-quality zero-emission vehicles for last mile deliveries," Amazon said in a statement. The all-electric fleet programme in India provides DSPs with access to customized EVs suitable for last-mile deliveries, with maintenance, charging, and parking also provided, the statemen

Hero MotoCorp to foray into European market with EV range next year

The world's leading two-wheeler maker Hero MotoCorp on Tuesday said it will foray into the European market with its electric scooter range next year. The company plans to introduce the VIDA V1 electric scooter range in Spain, France and the UK by mid-2024. "With this foray into Europe with our electric vehicles, I am confident that Hero MotoCorp will soon emerge as a trusted brand in key markets in the region, just as it has done in other parts of the world," Hero MotoCorp Executive Chairman Pawan Munjal said at EICMA motor show here. The company's philosophy to have a clean, equitable and hospitable planet for future generations is enacted through its products, and services, he added. Hero MotoCorp CEO Niranjan Gupta said the company is collaborating with credible partners in the UK, Spain, and France to start commercial operations in each of these markets by mid 2024. "We will first introduce our electric scooter VIDA V1 in these countries and then expand our offerings with ...

Hero unveils 3 production-ready, 3 concept vehicles at EICMA 2023

Hero MotoCorp, India's largest two-wheeler maker, also announced that it will enter Europe with its electric vehicle brand Vida

CHARGE+ZONE, Evnnovator partner with Mercedes-Benz for charging solution

Electric vehicle charging infra platform CHARGE+ZONE and Evnnovator, an end-to-end EV charging aggregator, have partnered with Mercedes-Benz for providing a vertically integrated charging solution in the country. Mercedes-Benz's existing charging network is now seamlessly integrated with over 150 DC fast charging stations and over 100 type 2 chargers already operating on Evnnovator's eMSP platform, as per a statement. Going forward, the integration would result in a robust network of approximately 500 charging points accessible nationwide to all EV customers through the FICH app, it added. The German premium car maker has the largest luxury-OEM backed charging infrastructure in the country. "We have collaborated with Evnnovator, onboarding the charging infrastructure of our franchise partners across India, on their FICH application. This application ensures seamless access to our pan-India fast charging solutions," Santosh Iyer, Managing Director and CEO at Mercedes-Benz India said

Himanshu Patel Foresees Electric Commercial Vehicles Market Soaring to $558bn by 2031

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