Page 86 - Electric Vehicles

Servotech, UP govt collaborate to set up EV charger manufacturing plant

Servotech Power Systems will invest Rs 300 crore to set up an EV charger manufacturing plant in Uttar Pradesh as part of an agreement with the state government. The manufacturing facility is being set up under the Uttar Pradesh Electric Vehicle Manufacturing and Mobility Policy 2022, the company said in a statement on Saturday. Servotech Power has signed an MoU with the Uttar Pradesh government in this regard, it said. The MoU was signed by Servotech's MD Raman Bhatia and UP's Industrial Development Minister Nand Gopal Gupta 'Nandi'. Invest UP CEO Abhishek Prakash and other senior officials of the state government were also present on the occasion. Bhatia said the state has huge potential to become the manufacturing hub of electric vehicles (EV), chargers, and batteries, etc. Prathamesh Kumar, Special Secretary to Chief Minister and Additional CEO, Invest UP said,"This MoU is a major step towards our goal of making Uttar Pradesh a leading EV manufacturing hub in India. We are ...

Top headlines: EV sales could rise 1 mn in 5 yrs, Kharif sowing over

Business Standard brings you the top headlines at this hour

New model should help double our market share to 30%: Ather's Tarun Mehta

Ather Energy's founder, Tarun Mehta, discusses his strategy to increase volumes, the competition, and the impact of the FAME-II reduction

Tata Motors leads Indian EV market with a market share of 72%: Canalys

The sales of EVs in India jumped 137 per cent to 48,000 units in HICY23 as compared to H1CY22

IEMC demands continuation of incentives for EV sector to maintain sales

Industry body IEMC on Thursday demanded continuation of incentives given to electric vehicle sector and cautioned that the withdrawal of sops would reduce EV sales to 37 million units by 2030 from estimated 125 million. According to India Electric Mobility Council (IEMC), India Energy Storage Alliance (IESA) has estimated that on discontinuation of the demand incentives, the electric vehicles (EV) sales in India will reduce from estimated 125 million units to 37 million units by 2030. The central government launched the FAME (faster adoption and manufacturing of hybrid and electric vehicles) scheme in 2015, under which subsidies are given to electric vehicle manufacturers and the benefit is passed on to buyers. The second phase of the scheme FAME II was launched in 2019. The scheme, which also provides incentives for setting up battery charging stations in the country, is likely to end in March next year. "...to ensure sustained growth of EV adoption in India, more than 80 EV ...

Top headlines: MPC meet expectations, Data bill compliance timelines, more

Business Standard brings you the top headlines at this hour

Electric 2-wheeler firms suffer over Rs 9,000 cr loss after subsidies stop

Seven electric two-wheeler companies have suffered a cumulative loss of over Rs 9,000 crore on account of unpaid dues and loss of market after their subsidies were stopped last year, the Society of Manufacturers of Electric Vehicles (SMEV) said on Wednesday. These companies have also been directed by the govt to refund the subsidies availed by them. The audit by SMEV's chartered accountants indicates the total, cumulative damages to affected companies could account for over Rs 9,000 crore on a conservative basis, it noted. This cursory audit estimates cumulative losses on account of unpaid dues, interest, debt, loss of market share, reputational loss, cost of capital and potential recapitalisation, to around Rs 9,075 crore ever since the Ministry of Heavy Industries held up their subsidies since 2022, SMEV said. The fact is some may never recover, and some may just wind up, it added. Highlighting the need for a speedy resolution, SMEV Chief Evangelist Sanjay Kaul pointed out it is

Registration of electric vehicles restarted in Delhi: Kailash Gahlot

Delhi Transport Minister Kailash Gahlot on Wednesday announced that the registration of electric vehicles has been restarted and shared that the subsidy benefits of the existing policy will continue till a new one is notified. The Delhi Electric Vehicle Policy was released on August 7, 2020, and according to its clause 3.1, the policy "shall remain valid for a period of three years from the date of issue". The registration of new vehicles was stopped with the policy ending on August 7 this year. However, in an official communication, Gahlot said the process for extension of the electric vehicle policy has been started and the draft Cabinet note has been approved. On Wednesday, Gahlot tweeted, "The registration of electric vehicles at RTOs has been restarted. The subsidy benefits of the existing Delhi EV policy will continue till the new policy gets notified. Under the leadership of Chief Minister Arvind Kejriwal, we are committed to serve the citizens of Delhi." In May, the transp

In China, it's already cheaper to buy electric vehicles than gasoline cars

Tesla's Model Y crossover SUV has comfortably outsold every competitor since Feb, while BYD Co.'s Dolphin hatchback has already overtaken established competitors just months after deliveries began

Aiming for 20% of sales to be EV-driven by 2031: Maruti's R C Bhargava

R C Bhargava, chairman, MSIL, in an interaction talks about the company's EV plans, the need to acquire Suzuki Motor Gujarat (SMG), and reorganisation

Hyundai global boss pushes electric vehicle credentials on India visit

HMIL to introduce five EVs by 2032; Kia targets 10% market share

Govt to unveil Rs 4,126 crore 'payment security fund' for e-buses

Industry experts view this step as a positive direction, addressing not only the struggling state of STUs but also the high costs associated with acquiring e-buses and the operational risks

Hyundai Motor preparing for new group leadership position for EVs in India

South Korean automotive group Hyundai Motor is preparing for a "new Group leadership position in EVs" in India given that the country will be a competitive electric vehicle battleground in the years to come, the company said on Tuesday. The group also plans to make its R&D centre in Hyderabad a hub for future mobility research, including electrification and autonomous driving, while it is lining up five electric vehicles to be introduced in India by 2032. In a mid-to-long-term mobility strategy review of the Indian market during the visit of Hyundai Motor Group Executive Chair Euisun Chung to the country, the group said it has discussed the preparations for a "new Group leadership position in EVs" given that India will be a competitive EV battleground in the years to come. The group expects the Indian passenger car market to exceed 50 lakh units by 2030 with SUVs estimated to account for 48 per cent while EVs are expected to reach 10 lakh units. During his two-day tour, Chung ...

EV Policy subsidy to continue till new one notified: Delhi minister

Delhi Transport Minister Kailash Gahlot on Monday announced that subsidy benefits under the existing Electric Vehicle Policy will continue till a new one gets notified. The Delhi Electric Vehicle Policy, introduced in August 2020, aims at increasing the EV share in total vehicle sales to 25 per cent by 2024. According to official data, over 1.12 lakh electric vehicles have been sold under the policy. "Today, we complete three years of Delhi's landmark EV policy that has propelled Delhi to becoming India's electric vehicle capital. "Since the formulation of a new electric vehicle policy is still under process, the subsidy benefits of the existing policy will continue till the new policy gets notified," Gahlot said in a tweet. Delhi's electric vehicle policy has so far achieved around 86 per cent of its measures and targets, the transport department said in May. The transport department and Delhi Electric Vehicle Cell also held a stakeholder consultation in May as part of the proces

Electric vehicle penetration gap widens between India and other nations

The UK, which is looking at withdrawing all subsidies on EVs, has seen penetration in the same period going up from 2 per cent to 23 per cent

Tata Motors to bolster sales infra as it looks to tap demand for EVs

Tata Motors is looking to expand sales outlets in Tier II and Tier III cities in order to cater to the increased demand for its electric model range from such locations, according to a top company executive. The company, which ended the first quarter with sales of around 19,000 electric vehicle units, is also looking to have a separate sales infrastructure for its electric vehicle portfolio going ahead. In an analyst call, Tata Motors Passenger Vehicles Managing Director Shailesh Chandra noted that EV adoption is now growing beyond the top 20 cities in the country. "With the bias now moving to other parts of the country...that's a good sign in terms of how the EV sales will grow from here," he said. With the launch of Tiago EV, there has been a shift in terms of micro markets now, Chandra said. He noted that more than 49 per cent of the Tiago EV sales were now coming in from other than the top 20 cities, he added. "And therefore, we have taken that opportunity to really start ...

Temasek to invest Rs 1,200 crore in Mahindra Electric via preference shares

With this, the company's valuation will rise 15 per cent from Rs 70,070 crore to Rs 80,580 crore

Chinese carmaker BYD faces investigation for underpaying tax in India: Rpt

India's Directorate of Revenue Intelligence (DRI) has alleged that China's largest electric vehicle (EV) maker, underpaid tax of Rs 73 crore ($9 million)

India may let Tesla's Chinese vendors to make critical components in India

To facilitate EV manufacturing in India, the government could also provide some concessions for the import of Tesla's critical parts

Centre plans to scrap mandatory electric vehicle incentive-linked tests

After receiving a report from the committee, the ministry is considering scrapping the mandatory testing parameters