Page 94 - Electric Vehicles

Larsen & Toubro bets on $1.5 bn return from push to electric vehicles

L&T Technology Services Ltd., whose customers include BMW AG and Airbus SE, wants to accelerate growth after recording sales of $1 billion

Govt to start random checks on EVs after recent lapses under FAME II scheme

The checks will be conducted by the Automotive Research Association of India

Focusing on budget-oriented buyers, Ather to launch 450S to gain mkt share

The new electric scooter is likely to miss on features like the 7-inch TFT touchscreen and auto-hold. The feature of riding modes may also be omitted to bring costs down

Connected vehicles market grew 60% in quarter ended March: CMR

The market for EVs in India grew 48% during the period

Top headlines: Fitch affirms India's sovereign rating, FAME subsidy row

Business Standard brings you top news at this hour

FAME subsidy row: Centre to return Rs 800 cr to ex-factory price defaulters

The remaining Rs 287 crore will be released once the companies submit the details of the requirements, sources said

E2W makers gear up for scale, hope FAME will continue to fuel operations

The key to increasing volumes is to offer more products at varying price points and expand distribution and markets

Statsguru: Six charts explain road ahead for electric vehicles in India

The two-wheeler segment, which helped propel sales in 2022, was also the reason for the slowdown in April

EV sales across categories see yearly rise in April, shows FADA data

According to data, on a yearly basis, passenger vehicles saw 159 per cent increased compare to April 2022, up from 2,252 units to 5,824 units

Olectra Greentech net profit rises 52% to Rs 27 cr in March quarter

Electric bus manufacturer Olectra Greentech posted a 52 per cent rise in its consolidated net profit to Rs 27.01 crore in the March quarter, mainly on the back of higher revenues. "The consolidated net profit for Q4 FY23 (January to March 2023) was Rs 27.01 crore, as compared to a net profit of Rs 17.77 crore in Q4 FY22 (January to March 2022)," a company statement said on Friday. Its consolidated revenue for the quarter stood at Rs 375.91 crore, up 39 per cent year-on-year, from Rs 271.3 crore in same period a year ago. The consolidated net profit for FY23 was up 86 per cent Rs 65.59 crore as against Rs 35.35 crore in FY22. For FY23, the consolidated revenue increased 84 per cent to stand at Rs 1,090.76 crore as compared with Rs 593.26 crore in the year-ago period. "We are pleased to report strong growth in both our standalone and consolidated revenue and profitability for the year ended March 31, 2023," Olectra Greentech Chairman and Managing Director K V Pradeep said in the ...

REC Chairman flags off first fleet of electric staff vehicles in Gurugram

REC Chairman and Managing Director Vivek Kumar Dewangan on Thursday flagged off the first fleet of electric staff vehicles in Gurugram. In a path towards a green future, REC Ltd has set a target of replacement of all conventional staff vehicles with electric vehicles by 2024-25, a company statement said. "In a transition to EV mobility, Vivek Kumar Dewangan, Chairman & Managing Director (CMD), REC Limited flagged off the first fleet of Electric Vehicles (EV) on Thursday at REC World Headquarters, Gurgaon," it stated. Dewangan also inaugurated a fast charging station, which is powered by a rooftop 1 MW (approx) solar plant and therefore, the EV fleet will run on green power, contributing to zero pollution. The inauguration of the REC Control Room was also done by Dewangan, which is a single-point service provider for all the requirements of REC employees. It will act as a coordination point among different departments for the employees of the corporation, minimising employees' ...

EV ride-hailing firm BluSmart gets $42 mn in fresh funding to expand fleet

Start-up says will use fresh capital to 'go deeper' in Delhi NCR and Bengaluru

EV ride-hailing startup BluSmart Mobility raises $42 mn from BP, others

Investors include BP Ventures, the investment arm of energy giant BP Plc that holds 20% equity

Govt to roll out mandatory quality standards for drones, electric vehicles

Standards for drones that are used extensively in the agriculture space for soil analysis, irrigation, crop mapping and pest management have already been formulated

After Ola, three others to repay customers for 'off-board charger'

All the three electric two-wheeler manufacturers have written to the ministry of heavy industries on Wednesday expressing their willingness to repay customers

Hero MotoCorp to bump up presence of VIDA V1 e-scooter to 100 cities

Hero MotoCorp on Wednesday said it will scale up the presence of its electric scooter range under the VIDA brand to 100 cities this year. The company, which also announced a cut of around Rs 20,000 in the prices of VIDA V1 Plus and VIDA V1 Pro scooters, said it will utilise its existing dealer network to rapidly scale up electric vehicle operations across the country. "In line with our vision to democratise green mobility and expedite the growth of the electric vehicle (EV) category, we are set for a rapid expansion of VIDA across the country," Hero MotoCorp Head Emerging Mobility Business Unit Swadesh Srivastava said in a regulatory filing. The company will utilise the existing network strength of Hero MotoCorp to expand operations to 100 cities, he added. It has already commenced the expansion plan with eight new cities Pune, Ahmedabad, Nagpur, Nasik, Hyderabad, Chennai, Calicut and Kochi. VIDA brand is currently present in Bengaluru, Jaipur, and Delhi aided by nearly 300 char

EV financing platform Ohm raises Rs 3 cr in funding led by Antler India

Company will use the money on technology platform connecting EV players and financial institutions

Zypp Electric plans to deploy 10,000 e-scooters in Bengaluru under 2 months

Electric mobility startup Zypp Electric on Tuesday announced its plan to deploy as many as 10,000 electric scooters in Bengaluru and said 2,000 e-scooters are already on roads. The remaining 8,000 of these vehicles will be deployed over the next two months, Zypp Electric said. The move is part of the company's recently announced plan to extend services to 30 cities in the country and expand its fleet size to 2-lakh e-scooters by 2025. At the same time, the company said, it has on boarded 2,000 delivery executives in the capital city of Karnataka and it is looking to hire over 5,000 more within the next two months. The fresh hiring is to facilitate efficient last-mile delivery, and boost employment opportunities in the gig economy, it added. Zypp said it also plans to install over 100 Gorogro battery swapping stations at its Bengaluru hubs in the next 12-18 months, which is expected to significantly boost the city's EV ecosystem. "We have already deployed 2,000 e-scooters in Benga

Chinese EV brands expand to global markets as they offer lower prices

Osamu Furukawa has driven lots of Japanese cars for his business converting classic gasoline-powered models to electric. But his favorite ride is an import: A battery-powered SUV from China's BYD Auto. BYD Auto is part of a wave of Chinese electric car exporters that are starting to compete with Western and Japanese brands in their home markets. They bring fast-developing technology and low prices that Tesla Inc.'s chief financial officer says are scary. Furukawa said he ordered an ATTO 3 when it went on sale Jan. 31, for its user-friendly features and appealing price of 4.4 million yen ($33,000) or about one-quarter less than a Tesla. It's perfect, Furukawa said in his office in Yokohama, southwest of Tokyo. Other ambitious Chinese EV exporters include NIO, Geely Group's Zeekr and Ora, a unit of SUV maker Great Wall Motors. Some compete on price. Others emphasize performance and features, putting pressure on Western and Japanese premium brands. NIO Inc., which has persuaded buy

FAME and fortune

Controversy highlights hazards of subsidy-led manufacturing