Page 87 - Electric Vehicles

PM-eBus Sewa: Cabinet approves Rs 57,613 cr for 10k e-buses across cities

10,000 e-buses will be deployed on a public-private partnership model across 169 cities

Evergrande's EV maker agrees to sell 28% stake for $500 mn to Dubai's NWTN

NWTN has agreed to invest $500 million in China Evergrande New Energy Vehicle Group Ltd. in exchange for shares and a majority of the EV maker's board

Ashok Leyland to acquire OHM India as part of EV plan, to invest Rs 300 cr

Hinduja group flagship firm Ashok Leyland on Monday said it will fully acquire OHM Global Mobility Pvt Ltd from OHM International Mobility Ltd and will invest Rs 300 crore into the acquired entity. OHM Global Mobility Pvt Ltd (OHM India) is a wholly-owned subsidiary of OHM International Mobility Ltd UK (OHM UK) and the promoter, Hinduja Automotive Ltd, directly holds 20 per cent and indirectly through other subsidiaries holds 43.23 per cent in OHM UK, Ashok Leyland said in a regulatory filing. The acquisition is a part of the company's EV strategy to engage in the business of eMaaS (e-Mobility as a Service). This would likely result in enhancing the operational efficiency and synergy, it added. OHM India is envisaged to operate in transportation, logistics operation and management and eMaaS. "The company also proposes to infuse fresh equity or preference capital of up to Rs 300 crore in one or more tranches into OHM India for its business requirements," Ashok Leyland said. OHM Ind

Top headlines: Adani probe ends, chana prices rise ahead of festival season

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Foxconn Technology looks at India as its third global electric vehicle hub

Plans to corner 5% of EV sales worldwide by 2025

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

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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 ...

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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