Page 78 - Electric Vehicles

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 .

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