Page 76 - Electric Vehicles

Commercial EV-maker Euler Motors raises Rs 120 cr in funding round

Commercial electric vehicle maker Euler Motors on Monday said it has raised Rs 120 crore in a funding round from a bunch of investors. The ongoing series-C extension round saw commitment from British International Investment (BII), the UK government's development finance institution and impact investor, which is co-investing with Blume Ventures in the company, Euler Motors said in a statement. The company said it has also onboarded Green Frontier Capital, India's first investment firm focused on growth companies as part of this fundraising round along with existing investors, it said. The freshly raised capital from the ongoing series-C extension round will be deployed strategically to drive Euler Motors' pan-India expansion initiatives, as it plans to enter 40 cities by the end of FY 2023-24, the company said in a statement. The extension round takes the tally of total investments to about Rs 690 crore, it said. "Euler Motors successfully raised Rs 120-crore in the ongoing series

Developers seek to cash in on soaring EV sales with residential chargers

India is aiming to make EVs account for a third of total vehicle sales by 2030, but scarcity of public charging stations could derail these ambitions

India's sparse EV-charging network stumbles on strategy, state support

India has less than 3 per cent of the EU's PCS network, and received only 15 per cent of FAME-II EV subsidy scheme's Rs 10,000-crore budget

Gensol Engineering's first electric vehicle to roll out by January 2024

3W, 2-seater Reverse Troika to be introduced in the BluSmart fleet

Olectra Greentech's PAT nearly triples to Rs 19 cr in Q2 on higher revenues

Electric vehicles manufacturer Olectra Greentech's profit after tax nearly tripled to Rs 18.58 crore in September quarter 2023-24 mainly on the back of higher revenues. In the year-ago period, the PAT was Rs 7.42 crore, a company statement said. Revenue for Q2 FY24 was Rs 307.16 crore as against Rs 177.34 crore earlier. It said the revenue grew due to increase in vehicle deliveries. During the quarter under review, Olectra delivered 154 electric vehicles, against 111 delivered in the same period of 2022-23, it stated. The company has delivered over 1,437 electric vehicles till date. Strong demand continues with the total number of bus orders on hand at 8,208 units, it stated. The company reported Earnings Per Share (EPS) of Rs 4.40 for the half year ended September 30, 2023, compared to Rs 2.95 for the year-ago period. During the first half of 2023-24, the PAT was Rs 36.65 crore, up 52 per cent, compared to the same period a year ago. Revenue was Rs 523.18 crore, up 14 per cent

Cooling electric vehicle sales have Tesla, GM & Ford rethinking investments

While the battery-powered vehicle market is still expanding, the pace of growth has slowed considerably

Raymond Group to acquire 59% stake in Maini Precision for Rs 682 crore

The acquisition will be concluded through Ring Plus Aqua, a subsidiary of JK Files and Engineering

Electric planes, once a fantasy, are beginning to take to the skies

The first will be the CX300, a sleek plane with a 50-foot wingspan, large curved windows and a rear propeller

Raymond Group to acquire 59.25% stake in Maini Precision for Rs 682 cr

With this acquisition, Raymond's engineering business will emerge as a large‐scale provider of engineering, automotive, electric vehicle (EV), aerospace and defence components

Finmin questions rationale for extending FAME scheme beyond current fiscal

The Heavy Industries Ministry proposed an extension to subsidies for EVs under FAME III with a higher allocation for five more years to support the growth of electric and alternate fuel vehicles

Tata Motor's electric vehicle arm ties up with JLR for Avinya range

Tata Motors on Thursday said its electric vehicle arm has inked a licensing pact to source electrified architecture from Jaguar Land Rover for the development of 'Avinya' range of cars. Tata Passenger Electric Mobility Ltd (TPEM) and Jaguar Land Rover (JLR), both 100 per cent subsidiaries of the auto major, have entered into a Memorandum of Understanding (MoU), Tata Motors said in a statement. The pact envisages TPEM licensing JLR's electrified modular architecture (EMA) platform for a royalty fee for the development of Avinya series, it added. TPEM and JLR will also enter into an engineering services agreement (ESA) to support former's content requirements for the first vehicle development. JLR's EMA platform will underpin the automaker's next generation of electric mid-sized SUVs for international markets, to be launched from 2025 onwards. The platform is optimised for native Battery Electric Vehicle (BEV) proportions to maximise interior space, comfort and vision along with ...

Aston Martin to double its volume with new South India dealership

Aston Martin's decision to expand its footprint in South India reflects a strategic choice, due to the region's growth in the sports car segment

Toyota pledges $8 billion more for US battery plant to rev up EV push

The company, which plans to have electrified options for all its models available by 2025, said the latest move will bring its total investment in the plant to about $13.9 billion

Electric vehicle market set to be on full charge by 2025: ICRA report

The report highlights that the electric twowheeler (e2W) segment has emerged as a frontrunner, accounting for 85-90 per cent of total EV sales in FY23

e2W registration: Share of top 4 races to 90% in Oct from 72% in January

In June, e2W registrations declined to 44,000 as companies increased the prices of their models

Greaves Electric Mobility refunds Rs 124 crore FAME-II subsidy to MHI

Greaves is among the seven electric two-wheelers (e2W) makers accused by the government of selling vehicles without complying with the localisation mandate

In a 1st, Ola Electric rides on festivals to log 200K registrations in a CY

Confirming the milestone, Ola's chief marketing officer, Anshul Khandelwal, said it was a remarkable achievement and in record time

Epsilon Advanced Materials to build $650 mn EV battery plant in US

EAM expects the North Carolina plant to reach full capacity by 2031, with a targeted annual production capacity of 50,000 standard tons of anode materials

Infosys, Smart Europe ink 5-year pact to redefine e-mobility experience

Infosys said it will leverage its technical expertise and design thinking-led consulting approach to enable Smart Europe GmbH to derive "exceptional value" from software, data, and cloud investments

PMI Electro Mobility raises Rs 250 crore from Piramal Alternatives

The funds will be used to develop innovative solutions, bring technological advancements to its production capabilities and scale its operations