Page 89 - Electric Vehicles

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

UP govt launches portal for processing electric vehicles subsidy claims

To promote electric vehicles in the state, the Uttar Pradesh government on Wednesday launched a subsidy portal which will allow customers who bought e-vehicles after October 14, 2022, to claim financial support, officials said here. For availing of the subsidy people have to apply on upevsubsidy.in portal. Once the application is submitted, the subsidy amount will be transferred to the customer's bank account after successful completion of a four-level verification process, they said. This initiative is part of the Uttar Pradesh Electric Vehicle Manufacturing and Mobility Policy, 2022, which includes a purchase subsidy incentive scheme. The development and maintenance of the portal have been entrusted to UPDESCO (Uttar Pradesh Development Systems Corporation Ltd), a statement issued here said. Under the Policy permission has been granted for the implementation of the Purchase Subsidy Promotion Scheme on certain conditions. This scheme is effective from 14th October 2022 and will .

FAME subsidy cut: Prices up over 21%, e2W sales more than halve in June

Among the brands, Ola Electric raised prices by 38%, Ather Energy by 70%, TVS iQube by 62% and Ampere by 69%

India should target 100% electrification of 2Ws, 3Ws by 2030: Amitabh Kant

India's G20 Sherpa Amitabh Kant on Wednesday said the country should target 100 per cent electrification of two and three-wheelers by 2030. He also said India should target that 65 per cent of its state public transport should be electric by 2030. India requires a clear policy framework to achieve these goals of electric mobility, Kant said. He was addressing a side event organised by the NITI Aayog on 'Policy support and Enablers to Accelerate India's Electric Mobility during the ongoing fourth Energy Transitions Working Group meeting under India's G20 Presidency in Panaji. "When India urbanises, our urbanisation should be compact. There should be good livability. In India, we must first go for electrifying two and three-wheeler vehicles, the former NITI Aayog CEO said. "India's policy should be that we must have 100 per cent electrification of two and three-wheeler vehicles by the year 2030. Whatever it takes, fix the target and work backwards, he said. Kant said diesel and pet

Ascend Capital plans to raise Rs 500 cr in 18 months to finance 1 mn EVs

Ascend Capital is planning to raise Rs 500 crore over the next 18 months as it looks to finance over 1 million electric commercial vehicles by 2030, the company said on Wednesday. Co-founded in 2019 by Lokesh Chandra Mittal and Gaurav Maheshwari, the Jaipur-based electric commercial vehicle (eCV) financing firm, has so far invested about Rs 80 crore in its own business and has financed over 8,000 commercial EVs. "We have invested about Rs 80 crore since we founded Ascend Capital. We have a robust growth plan and are eyeing to infuse Rs 500 crore into the company over the next 18 months," Lokesh Chandra Mittal, co-founder and director of Ascend Capital, told PTI. Mittal said these funds will be raised from climate finance, sustainability, and financial inclusion-focused impact investors. The company sees a huge potential in financing eCVs, he said, adding that plans are afoot to finance 1 million vehicles by 2030. However, if there is an opportunity, the company might explore other

All new tourist vehicles in Goa to be EVs from January 2024: CM Sawant

All new tourist vehicles, as well as cabs and motorbikes provided on rent in Goa will have to be electric vehicles from January 2024, Chief Minister Pramod Sawant said on Wednesday. The Goa government proposes major reforms to promote EVs in the coastal state, Sawant said addressing a side-event organised by the NITI Aayog during the ongoing fourth Energy Transitions Working Group meeting under India's G20 Presidency in Panaji. India's G20 Sherpa Amitabh Kant was also present at the side event. Goa ranks fourth in India in terms of percentage of electric vehicles (EVs) purchased in any state, Sawant said. He said all new tourist vehicles, cabs and motorbikes provided on rent will mandatorily have to be electric vehicles from January next year. He also said new vehicles purchased by the government from January 2024 will mandatorily be EVs. It will also be mandatory for permit holders having multiple tourist taxis, rent-a-bike and rent-a-cab (service) operators to retrofit 30 per c

Business Standard EV Dialogues

Business Standard brings to you an insight out discussion on the opportunities, challenges, and policy options before the EV sector >

US EV startup Fisker announces India debut with an SUV of 563 km range

Fisker is set to make its debut in India in September 2023. It will sell only 100 units initially, and the company will also set up a manufacturing unit in India in the upcoming years

Electric two-wheeler sales get recharged as subsidy cut pain eases

Average daily sales in the first 17 days of July double to 1,702 units from 852 units during the same period in June

Here's how China beat everyone to be world leader in electric vehicles

Beijing's success is breathtaking. EVs accounted for a quarter of all passenger cars sold in China last year, far ahead of the roughly one in seven in the US and one in eight in Europe

Maruti adds pedestrian safety alarm in EV hybrid variants of Grand Vitara

Maruti Suzuki India on Monday said it has introduced a pedestrian safety vehicle alarm feature in the electric hybrid variants of its SUV Grand Vitara, which will push up prices by up to Rs 4,000. The company announced the addition of Acoustic Vehicle Alerting System (AVAS) for the intelligent electric hybrid variants of the Grand Vitara. This technology is designed to help keep drivers and pedestrians safe by alerting them about the presence of a vehicle, Maruti Suzuki India said in a regulatory filing. The system works by emitting a low-level alert sound that can be heard up to five feet away, giving pedestrians and other nearby drivers a heads-up that a vehicle is nearby, it added. The addition of AVAS for pedestrian safety makes the Grand Vitara compliant with upcoming regulations, the company said. The price change in these variants of the Grand Vitara ranges up to Rs 4,000 (ex-showroom Delhi) effective from July 17, 2023, it added. The electric hybrid variants of the Grand .