Page 85 - Electric Vehicles

IPO-bound Ola Electric recorded $136 million loss in FY23: Report

The e-scooter maker last year in June issued a statement saying it was "on track to surpass $1 billion run rate by end of this year" and "the future forecast looks even stronger."

India could play pivotal role in EV revolution: Formula E's Julia Palle

The experience of taking the Formula E to India was "mind-blowing", says sustainability director Julia Palle, who feels that the Asian country can play a pivotal role in the electric vehicle revolution that the world is witnessing. The city of Hyderabad had played host to two races in Round 4 of the ongoing ninth season of the series in February this year. India's automobile industry is the fifth largest globally and is expected to become the third largest by 2030. The size of India's electric vehicle market is also growing each year with surging fuel prices also providing a push to the sales of EVs. According to an estimate, India sold 12,43,258 units of electric vehicles in 2022-23, which is 154 percent more than the figures registered in 2021-22. Palle admitted that India will be a key player going forward. "India was absolutely mind blowing. It was great to enter this market. I mean such an emerging market altogether as such a strong economic power in the world, but also an ..

Customers be asked to refund rebate on EV purchases amid subsidy revocation

Facing heat over alleged misuse of subsidies, a grouping of seven electric two-wheeler makers on Friday urged the government to look at the possibility of asking customers to pay back excess rebate availed by them on purchase of the vehicles. In a letter to Minister of Heavy Industries M N Pandey, the Society of Manufacturers of Electric Vehicles (SMEV) said the customers who have taken such subsidies can be asked to return these to the affected OEMs. The Centre has sought Rs 469 crore from seven electric two-wheeler makers, including Hero Electric and Okinawa for claiming incentives while not complying with the Faster Adoption and Manufacturing of Electric Vehicles (FAME) II scheme norms. "This is about the subsidies your department has claimed back from OEMs on retrospective basis: And this also holds for the Rs 1,200 crores that the OEMs claim remains un-reimbursed," Society of Manufacturers of Electric Vehicles (SMEV) Chief Evangelist Sanjay Kaul said in the letter. SMEV has ..

MG Motor ties up with Ionage to boost charging infrastructure for EVs

MG Motor India on Friday said it has tied up with electric mobility service provider IONAGE to strengthen charging infrastructure across the country in order to promote intercity travel by electric vehicles. The partnership was officially announced with the inauguration of ten destination charging stations across Lucknow, Trivandrum and Cochin. As part of the tie-up, MG Motor will leverage IONAGE's e-mobility platform to provide seamless access to EV owners of MG Charge points, the automaker said in a statement. MG Charge is an industry-first initiative by any original equipment manufacturer (OEM) to empower destinations like hotels, residential societies, public locations, and corporates to embrace green transportation and future-proof their property and communities. "This collaboration represents our endeavours to empower EV owners and operators with a seamless charging experience. The collaboration also reaffirms company's commitment to supporting promising startups like IONAGE

Servotech Power to make EV components with initial investment of Rs 30 cr

Servotech Power Systems on Friday announced an initial investment of Rs 30 crore to manufacture EV charger components and lithium-ion batteries. The initial investment will be made along with the company's subsidiary Techbec Green Energy Pvt Ltd and another Rs 300 crore by March 2025. In a statement, Servotech Power said the initial investment will be utilized to procure testing equipment, manpower, machinery, and cutting-edge technology and supporting other allied activities. To take the plans forward, a facility spanning 40,000 square feet has been bought in Sonipat, Haryana where EV charger components like power modules, connectors, control cards, and PLC modules will be manufactured along with lithium-ion batteries. Company's founder and MD Raman Bhatia said the initial investment of Rs 30 crore will be allocated towards acquiring testing equipment, hiring skilled manpower, obtaining advanced machinery and technology, and supporting other related activities. "Our new subsidiar

China's petrol demand to peak as electric vehicle sales soar: Analysts

With gasoline consumption having topped out in the U.S., the world's top gas guzzler, in 2019 and China set to peak around next year, global gasoline markets could move into a surplus from 2025

From SGST waivers to cheaper land, EVs rev up states' policy wars

States are competing hard to capture a larger share of investments in this fast-growing business

Zypp Electric allocates Rs 1.5 crore for buyback, first in EV industry

Zypp Electric said the allocation has been made to 15 employees who have been in the company for over a year

Nissan to invest up to 600 mn euro in Renault EV unit as part of new pact

The investment in Ampere is consistent with Nissan being a strategic investor and securing a board seat on the new company, Nissan said

Tata Motors applies for PLI benefits for Tiago electric car, says top exec

The Mumbai-headquartered firm has applied for all variants of the Tiago, which recently hit a sales milestone of 10,000 units

Lectrix EV plans to raise Rs 500 cr, launches new e-scooter at Rs 1.03 lakh

Lectrix EV, the electric mobility arm of SAR Group, on Wednesday said it plans to raise up to Rs 500 crore next year to launch new products and expand operations in the country. The company, which on Wednesday launched its latest electric scooter in two trims LXS G3.0 and LXS G2.0, with prices starting at Rs 1.03 lakh, has already invested Rs 300 crore in the business so far since commencing its operations in 2020. "We would require around Rs 500 crore to launch new products and expand operations further. So, by next year, when we reach a volume of around 7,000-10,000 units a month, we will consider raising the amount to fund future growth," Lectrix EV MD & CEO K Vijaya Kumar told PTI. He noted that the capital would be utilised for introducing new products, taking care of the capex requirements for the existing infrastructure and expansion of the sales network. Lectrix EV plans to get into the bike segment and may look at the other verticals as well going ahead, Kumar said. "We .

Centre to recover Rs 469 cr from 7 electric 2W makers for non compliance

The Centre has sought Rs 469 crore from seven electric two-wheeler makers, including Hero Electric and Okinawa for claiming incentives while not complying with the Faster Adoption and Manufacturing of Electric Vehicles (FAME) II scheme norms, a government official said. The official said that in case of non-refund of the amount to the government, they will be de-registered from the scheme in the next 7-10 days and the government would not allow them to participate in the scheme. An investigation by the heavy industries ministry has revealed that these companies have availed fiscal incentives under the scheme by violating the norms. As per the rules of the scheme, incentives were allowed to make electric vehicles by using made in India components, but in the investigation it was found that these seven firms have used imported components. In our investigations, six companies have been found clean, but seven companies have violated the norms. So we are seeking Rs 469 crore. They will

FAME investigation paves way for indigenous EVs, fair competition: OEMs

Disbursement of halted claims will help drive sales in the festive season

India's electric vehicle revolution has already begun, says Nitin Gadkari

Union minister of road transport and highways Nitin Gadkari spoke to Nivedita Mookerjee in a fireside chat to talk about the road ahead for EVs

Future-ready: India has huge, untapped demand for electric mobility

The sector faces a raft of challenges straddling funding, uneven growth, and differences in demand projection between automakers and other industry players

E-scooter maker Ola Electric targeting $1.5 billion sales this year

In June, industry-wide Indian sales of e-scooters more than halved from May to a six-month low of 45,800 units, government data showed

E-scooter maker Ola Electric targeting $1.5 billion sales this year

The government has said it wants electric variants to account for 70% of two-wheeler sales - which also include motorcycles - by 2030, a huge jump from 14% currently

18% GST to be charged on battery charging for EVs: Karnataka AAR

Company setting up charging stations would get input tax credit, it rules

How Tata's EV battery plant will help Britain in saving its car industry

It has also faced an existential challenge as rival governments pledge vast amounts of public funds to the development of electric vehicles

Tata's $5.2 bn EV battery project in Britain shouldn't be underestimated

The significance of the £4 billion ($5.2 billion) project shouldn't be underestimated, though it is more of a lifeline for domestic carmakers rather than their crowning glory