Page 89 - Electric Vehicles

EV aggregator LetsTransport raises $25 mn from Bertelsmann, others

Commercial electric vehicle aggregator LetsTransport announced on Friday it has secured USD 25 million in a funding round. The proceeds from the fresh round will be utilised to expand the company's market presence and reach profitability, it said. The latest round was led by the existing long-term investment partner, Bertelsmann India Investments (BII), which pumped in USD 20 million, LetsTransport said. Prior to this, the platform had raised cumulatively USD 30 million, it said. The aggregator said its plug-and-play platform allows it to offer clients multiple assets across use cases in last-mile, mid-mile, and EV space. "This latest funding round not only fuels our growth, but also reaffirms our shared vision of transforming the logistics industry. Globally, through its division Arvato, Bertelsmann is a major player in the supply chain industry, making them ideal long-term partners for us, said Pushkar Singh, co-founder and CEO, LetsTransport. "Bertelsmann, which partnered with

JBM Auto zooms 18% on securing contract for supply of 5,000 electric buses

Thus far in the calendar year, the stock has skyrocketed 200 per cent, as compared to 7.5 per cent rise in the S&P BSE Sensex.

Finance ministry not considering tax waivers for Tesla: Revenue Secy

Last month, Tesla CEO Elon Musk said Indian Prime Minister Narendra Modi was pushing the car maker to make a "significant investment" in the country, adding that such an announcement was expected soon

Tesla in talks with India to set up factory with 500,000 annual capacity

India was keen for Tesla to manufacture vehicles locally, but the company said it wanted to export its cars first so that it could test the strength of demand

If OEMs refuse to return money, legal recourse will be taken: Kamran Rizvi

'We are in the process of coming up with the next round of bids for 20 gigawatt of capacity'

Auto component makers stepping up investments in green mobility business

In FY23, e-two-wheeler (E2W) penetration jumped to 4.5 per cent from 1.9 per cent in FY22, data released by the Federation of Automobile Dealers Associations shows

On track to achieve over 25% of total sales from EVs this fiscal: MG Motor

MG Motor India is on track to achieve over 25 per cent of total sales from electric vehicles this fiscal year as it continues to enhance its product portfolio, according to company Deputy Managing Director Gaurav Gupta. The company has already crossed the 10,000 unit cumulative sales milestone of EVs in the country. On Wednesday, the automaker introduced a top end variant of its electric SUV ZS EV equipped with level two autonomous driving technology priced at Rs 27.89 lakh for a limited period. "We had mentioned earlier that in this financial year also we will see upwards of 25 per cent of our portfolio coming in from electric vehicle sales. At this point in time, we would like to hold that metric and work towards it," Gupta told PTI. He further said, "This will only increase as we go along in terms of new products and also the growth of our current portfolio. We are building up on that journey. Since the Comet is just a recent launch, I think we have started on that journey and i

Glida plans to set up 3,000 EV charging points pan-India by March 2025

Firm currently has 450 charging points in 15 states, most of which are in Delhi NCR and Hyderabad; 1,000 charging points to come up by end of FY24

Minda Corp shares rise as company secures Rs 750 crore order from OEM

During the previous financial year, electric vehicles accounted for nearly 20 per cent of Minda Corporation's total orders.

EVs on a brake: Manufacturers, govt are arguing over new PLI schemes

The key, however, lies in the future of FAME II subsidy. If it is not extended EV prices will soar and slow the government's own market adoption and emission targets

Spark Minda receives Rs 750-cr EV battery charger order from leading OEM

The product will be manufactured at Spark Minda's state-of-the-art facility, Spark Minda Green Mobility Systems Private Limited, in Pune

Minda Corporation bags Rs 750 cr order to produce EV battery chargers

Auto components maker Minda Corporation Ltd on Tuesday said it has bagged a Rs 750-crore contract from a leading automobile manufacturer to produce battery chargers for electric vehicles. The product will be manufactured at wholly-owned subsidiary Spark Minda Green Mobility Systems' facility at Pune, Minda Corporation said in a regulatory filing. The company, however, did not disclose the name of the automobile manufacturer it has bagged the order from. "The lifetime value of the order is Rs 750 crore," it added. Minda Corporation Executive Director Aakash Minda said the order is "a testament to Spark Minda's robust EV product portfolio and our focus on customer centricity". He further said, "This milestone underlines our commitment towards promoting sustainable mobility and our ability to adapt to the evolving demands of the global automotive industry." The company said during the last financial year, electric vehicles accounted for nearly 20 per cent of the total orders won and

Mahindra & Mahindra to raise Rs 5,000 crore for its EV business: Report

If the deal goes through, it will be BII's second round of investment in India's biggest sports utility vehicle maker by revenue

'Socialist values' vow: Tesla, China rivals to end brutal EV price war

As early as March, some models made at Tesla's Shanghai plant were 14 per cent cheaper than in 2022

EV market surprises

Tesla has had a win in the EV charging market, but new entrants could redefine the landscape

Epsilon looks to charge up India production capacity from 200 to 10,000 TPA

This capacity increase is part of Epsilon's commitment to invest Rs 9,000 crore in India

EKA Mobility bags order for 57 supply of electric buses from MBMC

Electric vehicle maker EKA Mobility on Thursday said it has bagged an order for the supply of 57 e-buses from Mira-Bhayandar Municipal Corporation (MBMC). Now, EKA's order book has grown significantly, with more than 500 electric buses and 5,000 electric light commercial vehicle orders in the pipeline, it said in a statement. According to the company, the deployment of these 57 electric buses is expected to save 33,704 tonnes of CO2 emission in comparison to diesel buses and is equivalent to planting 1,02,134 trees. Sudhir Mehta, Founder & Chairman of EKA, said the order is a significant milestone for the company. "We look forward to commencing the deliveries in the coming months, which will further fortify our partnership with Mira-Bhayandar Municipal Corporation and help in environment-friendly mass mobility for the city of Mumbai," he added. Additionally, these e-buses will be equipped with intelligent charging infrastructure to support efficient operations and minimise ...

Indian startup funding fell 72% in H1CY23, funding rounds down 66%: Tracxn

In all cities, Bangalore emerged as the leader in total funds raised during this period, followed by Delhi-NCR and Mumbai

Auto retail sales touch 1.86 million in June, 10% more than last year: FADA

'New model introductions, festive promotions, seasonal factors couldn't markedly boost sales'

Tamil Nadu may attract 35% of all EV investments in India till 2030

State sees Rs 43,000 crore investment in two years; Hyundai, Ola, Ather among major players