Page 90 - Electric Vehicles

Foreign automakers get a second chance as India transitions to EVs

But with the advent of EVs, firms like MG Motor India Pvt, the local unit of China's SAIC Motor Corp., Renault SA, Nissan Motor Co. and Volkswagen AG may finally gain a better foothold

Hyundai to utilise $5.9 bn in overseas operations' money for EV investments

Hyundai Motor Group said on Monday it will utilise 7.8 trillion won ($5.9 billion) worth of reservation money held by its overseas operations to push forward planned investments in domestic EV plants

Centre to come up with a master app to check EV charging stations near you

The users will be able to discover the nearest EV charging station, book a slot in advance and make payments through the app

Uber gears up for an electric vehicle future amid rising competition

It has drawn up plans to include more electric vehicles in its fleet by tying up with manufacturers, fleet owners and charging stations

EV financing platform Revfin raises $5 million in investment from DFC

The fintech plans to introduce new products by diversifying into two-wheelers for last-mile deliveries, four-wheelers for mid-mile cargo delivery, and ride-share taxis

HSBC partners Tata Motors for EV financing solutions for salaried accounts

HSBC India has teamed up with Tata Motors for financing the purchase of the latter's electric vehicles by the employee working in the corporate sector. Under the collaboration, consumers holding a salaried account with HSBC India will get a chance to apply for a tailor-made loan to purchase an electric vehicle from Tata Motors' EV portfolio, the domestic auto major said in a statement. Besides, the customers will be able to apply for a loan with zero down payment, no hypothecation, low processing fee and no documentation charges, among others, making vehicle financing simple and easier, it added. Moreover, as an added advantage, customers opting for this loan will also get a special accessory kit for the EV purchased from Tata Motors, the company said. "We are partnering with HSBC India as we work towards accelerating the mass adoption of sustainable mobility in the country. With over 85,000 EVs on the road, Tata Motors is the leader in this fast-growing segment. "Our new-age vehi

SMEV seeks Rs 3k cr rehabilitation fund to revive ops of e2W makers

Society of Manufacturers of Electric Vehicles (SMEV) has asked the government to create a Rs 3,000 crore fund to revive and sustain operations of OEMs which have been badly affected by the recent FAME subsidy blocks. In a letter to the Finance Minister, the industy body has noted that the total amount of subsidies withheld and still due to various electric two-wheeler OEMs (Original Equipment Manufacturers) amounts to over Rs 1,200 crore and that the industry has been awaiting the funds for over 18 months exclusive of the interest. "The cumulative effect of the subsidy blockade, the claim on older subsidies and the refusal to allow future sales has been devastating on startups and first movers in the electric two-wheeler segment," SMEV Director General Sohinder Gill said. Many of these companies will not be able to come out of the financial stress caused by these actions, he added. "In fact, their post-resolution existence is also a matter of time. It is therefore our considered, .

How FAME scheme changes impact electric vehicle fortunes in India

Sharp cutbacks in the incentive scheme is likely to put the brakes on this market

EV financing platform Revfin Services raises $5 million from US FDC

EV financing platform Revfin Services on Friday said it has secured USD 5 million funding from the United States International Development Finance Corporation (DFC). The investment is part of DFC's portfolio for impact and innovation and seeks to promote inclusive financing for EV adoption in India, Revfin said in a release. The freshly infused capital will be deployed for new products and in expanding company's footprint, it stated. Revfin said it plans to finance two million electric vehicles in the next five years. According to the company, it has already invested in over 21,800 electric three-wheelers and funds from DFC will further bolster its growth plans, which include new products by diversifying into two-wheelers for last-mile deliveries, four-wheelers for mid-mile cargo delivery, and ride-share taxis. "The EV industry in India has tremendous potential and also provides good employment prospects. The growth of the industry is restricted due to the limited financing option

Top Headlines: 4 states breach 10% e-2W adoption, Trump's Indictment & more

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Brokerages put medal to metal on Tata Motors stock, maintain bullish stance

EV focus, improved free cash flow, and debt reduction to be major drivers

From Goa to Kerala, four states breach 10% adoption of e-2-wheelers

National average jumps to 5.6%

FAME-II subsidy block: SMEV reaches out to govt for Rs 3K-crore rehab fund

The industry body has maintained the subsidies withheld and due to various electric two-wheeler (E2W) manufacturers amount to over Rs 1,200 crore

BluSmart places order for 500 units of MG's ZS EV electric vehicle

The move comes as BluSmart intensifies its battle against Uber Technologies Inc and Ola Cabs

As lithium prices head north, salt might soon end up powering EV's

"Sodium-ion batteries are an alternative technology that can release some pressure on lithium's complex and growing supply chain"

Hero MotoCorp to drive in mid, budget-range EVs in FY25: CEO Gupta

Will launch an ICE premium motorcycle in every quarter of FY24, says CEO

Tata Motors looking to increase localisation of electric vehicles to 85%

The group has outlined an investment of Rs 13,000 crore to set up India's first lithium-ion cell manufacturing giga-factory in Gujarat last week

RAMP Global inks partnership with Hala Mobility to foray into EV biz

RAMP Global, a cloud-based ecosystem for automotive aftermarket services, has inked a strategic partnership with Hala Mobility to foray into the electric vehicles' maintenance, management, leasing and tracking business. As part of this collaboration, RAMP will automate Hala's complex backend operations for maintaining an EV fleet of approx 15,000 vehicles, bringing in improvement in operations and enough growth opportunities, the company said in a statement. The company said the tie-up is its first move that aims to drive efficiency and reliability of solutions for EV adoption as a clean mobility alternative. RAMP provides comprehensive automotive aftermarket solutions for enterprises operating large fleets, extending their expertise to electric vehicles. "Our solutions are capable of handling any kind of fleet including two, three and four-wheelers, commercial vehicles and construction equipment fleet. We already manage more than three million fleet on our platform. We are now ...

EV battery manufacturing will require 2,400 acres of land by 2030: CBRE

The EV market is expected to cross annual sales of 17 million units by 2030; Uttar Pradesh and Maharashtra lead the charging infrastructure manufacturing in India

Govt to prepare public transport policy with focus on electric vehicles

India has set ambitious targets of making 30% and 70% penetration in private and commercial mobility respectively by 2030