Page 92 - Electric Vehicles

Deadline nearing, only 41% of Centre's FAME II scheme target met so far

As the government plans no further extension of the scheme beyond FY24, the task is to achieve the unfinished target of subsidising 914,707 EVs

Nearly half of FAME electric 2-wheeler sales based on false claims: Report

An investigation done by ARAI found several firms depending on imports for key parts such as electric motors, controllers, and onboard chargers

WardWizard Innovations partners with iCreate to mentor EV startups

Gujarat-based electric two-wheeler maker WardWizard Innovations & Mobility on Monday announced stitching a strategic partnership with start-up incubator iCreate to mentor and fund promising EV startups in the country. Through this partnership, EV makers will facilitate active mentorship for entrepreneurs at iCreate's campus in Ahmedabad to enhance subject matter expertise and further their technological innovations for the accelerating EV industry, WardWizard Innovations & Mobility said in a statement. The collaboration is aligned with the Government start-up India program, which seeks to support entrepreneurs in building a robust start-up ecosystem and transforming India into a country of job creators, it stated. Through our partnership with iCreate, we are looking to foster the exchange of ideas with promising startups and help them with our market knowledge and experience to understand the industry better, said Yatin Gupte, Chairman and Managing Director, WardWizard ...

Conventional 2W makers take prime spot in EV sales, courtesy Bajaj, TVS

Ola has said it is ramping up its two-wheeler capacity from 500,000 to 2,000,000 with incremental investment

Ambani-backed EV maker aims to raise $85 mn, seeks $359 mn valuation

The company, which counts billionaire Mukesh Ambani among its backers, is seeking a valuation of around $350 million in the new round, said one of the people

Greaves Cotton sinks 10% as govt seeks to remove EV arm from FAME-2 scheme

The govt said that Greaves Electric Mobility failed to adhere to Phased Manufacturing Programme guidelines, hence it will need to return the subsidy of about Rs 124 cr claimed under the FAME-II scheme

Global EV market reaches 11 million units in 2022, China's BYD leads

The global electric vehicle (EV) market reached 11 million units last year with a penetration rate of 14 per cent, as more countries double down on electrification, connection, autonomous driving

Zypp Electric to deploy 200K vehicles in its fleet, invest $ 300 mn

Startup electric mobility services provider Zypp Electric is targetting to deploy 2 lakh vehicles in its fleet in the next three years and will need up to USD 300 million to fund its expansion, according to company CEO and co-founder Akash Gupta. The company, which is planning to enter new cities like Mumbai, Pune and Hyderabad is targeting a revenue of Rs 500 crore this year, up from Rs 125 crore last year. "For us, the expansion is that today, we have 13,500 (vehicles in the fleet). How fast we can get to 2,00,000 is what we have to go for. We are doing those partnerships, we are building that tech, we are building that team of R&D and to do this in multiple markets," Gupta told PTI. When asked for the timeline for reaching a fleet size of 2 lakh, he said it would be in three years. Zypp, which serves e-commerce and food/grocery delivery players like Swiggy, Zomato, Amazon, Myntra, Delhivery and PharmEasy, among others, is currently present in Delhi-NCR and Bengaluru. "We are ..

Tesla Model Y becomes 1st EV to earn world's best-selling car tag

The 2023 Model Y starts at $47,490, considerably more than the 2023 Corolla ($21,550) and RAV4 ($27,575), said the report

Tesla Superchargers may become the standard for EV charging: Ford CEO

Farley told CNBC that General Motors and other automakers are going to "have a big choice to make" in selecting between Tesla's EV chargers and the Combined Charging System

Investments in green energy now 70% higher than in fossil fuels: IEA

The Paris-based agency said that the war in Ukraine has accelerated momentum behind the deployment of clean energy technologies

NDMC gives green flag to setting up EV charging stations in Lutyens' Delhi

New Delhi Municipal Council on Wednesday approved the setting up of more EV charging stations in Lutyens' Delhi to promote eco-friendly transport, according to an official statement. The NDMC had a council meeting during which they approved a project for revamping the sub-transmission and distribution network to improve the quality and reliability of power supply to consumers and to ensure a financially and operationally efficient distribution sector. "The Project for revamping of Sub-Transmission & Distribution Network including feeders, distribution transformers and boundary metering under reforms-based and result linked, revamped distribution sector scheme (RDSS) for the NDMC area was approved by the council," the NDMC said in a statement. The benefits of the project include a reduction of technical and commercial losses from existing above 15 per cent to below 12 per cent, improved infrastructure of distribution company, reliability of power supply, reduction in outage time ...

Delhi Electric Vehicle policy achieves 86% of targets: Transport department

Delhi's Electric Vehicle policy which will complete three years in August has so far achieved around 86 per cent of its measures and targets, according to the transport department. Delhi transport department and Delhi Electric Vehicle (EV) cell on Wednesday kicked off the process of drafting a revised 'Delhi EV Policy 2.0' with a stakeholder consultation. More than 220 original equipment manufacturers (OEMs), businesses, industry players, think tanks and government departments participated in the meeting and shared their insights and recommendations on strengthening policy measures for greater e-mobility penetration in the city. "Delhi's EV Policy completes 3 years in August 2023, and has so far achieved around 86 per cent of its measures and targets according to the state transport department. By 2024, it aims to ensure that 25 per cent of all new registered vehicles in the city are electric," the organisers of the consultation said in a statement. Presenting the status of e-mobil

Simple Energy launches electric scooter Simple ONE, plans to invest $100 mn

Electric two-wheeler startup Simple Energy on Tuesday officially launched its maiden electric scooter, Simple ONE, at a starting price of Rs 1.45 lakh (ex-showroom Bengaluru), almost 21 months after its unveiling. However, the model with a 750W charger will be available at a price of Rs 1.58 lakh, the company announced at the launch. The company had unveiled the vehicle globally on August 15, 2021 with a price tag of Rs 1.10 lakh. The deliveries of the electric scooter to customers will start in a phased manner from June 6, with Bengaluru as the first city, Simple Energy Founder and Chief Executive Officer, Suhas Rajkumar announced at the launch. He said the company plans to invest USD 100-million in the next 12-18 months to expand the footprint in India and increase its capacity amid an uptick in demand. Simple Energy has already invested Rs 110 crore in setting up a manufacturing facility at Shoolagiri. Rajkumar also said that the company has received around 1-lakh pre-bookings

As govt cuts down subsidy, EV two-wheelers may get costlier from June 1

The government earmarked Rs 10,000 crore for a period of three years under the FAME-II scheme. The scheme ended in June 2021 and was extended for a period of two years

Royal Enfield looking to roll out uniquely differentiated e-bikes: CEO

Royal Enfield is developing 'uniquely differentiated electric motorcycles' and has already started investing towards product development and creating a supplier ecosystem around its Chennai-based plant, according to CEO B Govindarajan. The company, which is part of Eicher Motors, has announced a capex of Rs 1,000 crore for the current fiscal with a focus on various aspects, including EV manufacturing and product development. Part of the capex would also go into the rolling out of new products from the company's existing internal combustion engine portfolio. "On the EV journey, we have been making steady progress. I can say Royal Enfield's EV journey is in the top gear now. Our intention is to create uniquely differentiated electric motorcycles with strong Royal Enfield DNA," Govindarajan said in an analyst call. The company has commissioned a very capable team and has started committing very deep investments in terms of product development, product strategy and in the product testi

EV buyers to get smaller batteries, less features as Centre cuts subsidy

The Centre recently announced a reduction in FAME II subsidy on electric two-wheelers to Rs 10,000 per kWh from Rs 15,000 per kWh and the maximum subsidy cap of 40 per cent to 15 per cent

Ford CEO Farley out to prove Wall Street wrong on 'crazy high' EV goal

Wall Street still needs a lot of convincing. Ford projects losses from its EV unit to be $3 billion this year. Meanwhile, Tesla continues to dominate the US market and has been cutting prices

Siemens to acquire Mass-Tech Controls' EV division for Rs 38 crore

Following the acquisition, Mass-Tech's EV division will be fully integrated into the e-Mobility Business Unit of the Smart Infrastructure Business at Siemens

Siemens to sell division for Rs 2,200 cr, buy EV charging firm for Rs 38 cr

Technology firm Siemens' board on Friday approved the sale of low voltage motors and geared motors businesses to a Siemens AG subsidiary -- Siemens Large Drives India -- for Rs 2,200 crore. The Board of Directors of Siemens Limited has approved the sale and transfer of low voltage motors and geared motors businesses, including related customer service business to Siemens Large Drives India Pvt Ltd, an entity wholly owned by Siemens AG, for a consideration of Rs 2,200 crore with effect from October 1, 2023, a company statement said. The transaction is subject to fulfilment of conditions precedents agreed upon between the parties, including receipt of requisite shareholders, statutory and regulatory approvals, as applicable, it added. The Board has also decided to consider the distribution of 100 per cent of the sale consideration as reduced by applicable Capital Gains Tax and any other applicable taxes, if any, on the transaction, as a special dividend, at the first board meeting aft