Page 88 - Electric Vehicles

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

Foxconn EV venture targeting India or Thailand for new small car plant

The Taiwanese company's EV platform unit Mobility in Harmony (MIH) would be willing to work with its parent or another company to build the new three-seat EV priced below $20,000

Tata Power launches RFID-enabled cards to support its EV charging ecosystem

Tata Power on Monday launched a radio-frequency identification card, which, it said, will help accelerate the adoption of electric vehicles in the country. With the launch of the card, Tata Power aims to leverage its electric vehicle (EV) charging infrastructure, which includes over 40,000 home chargers, more than 4,000 public and semi-public charging points, and 250 bus-charging points across the country, the company said in a statement. The radio-frequency identification (RFID) card was launched by Praveer Sinha, chief executive officer and managing director (MD), Tata Power, along with Shailesh Chandra, MD of Tata Motors Passenger Vehicles and Tata Passenger Electric Mobility. The card offers convenience with its tap, charge, and go functionality, the statement said. The card features a built-in chip that enables efficient, secure, and seamless initiation of charging sessions and payments, it said.

Electric two-wheeler registrations recover in July but very modestly

With Okinawa and Hero Electric dro­pping sub 6 per cent, the 150 odd pla­y­ers in the market will very soon shrink to just 4-6 players in the real game

Electric vehicle policy boosts sales to record high in Chhattisgarh

According to data received from the transport department, the number of EVs sold over the past decade till July 2022 stood at 33,922

Tesla executives hold market entry talks with India investment agency

Many Indian states are keen to woo Tesla to set up its plant in their region, but the carmaker is currently focussed on discussing its proposal with the federal government in New Delhi

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