Page 99 - Electric Vehicles

Parl panel urges govt to frame comprehensive policy on electric vehicles

This would serve as a guiding policy to all states and ensure a comprehensive and uniform growth of the EV sector

Motovolt acquires stakes worth 1 mn euros in German company eROCKIT AG

Electric mobility startup Motovolt on Friday said it has acquired an undisclosed stake in German electric two-wheeler maker eROCKIT AG for 1 million euros (nearly Rs 9 crore). The company plans to further invest around 10 million euros (nearly Rs 90 crore) in India for industrialisation of the latter's products, Motovolt said in a statement. "The deal with eROCKIT is going to make a major impact on the Indian markets, and transform the two-wheeler segment. Our aim is to benefit from eROCKIT's knowhow to develop relevant product solutions for Indian consumers," Motovolt Founder & CEO Tushar Choudhary said. Motovolt intends to redefine the electric motorcycle category in India by significantly boosting user experience through usage of eROCKIT's technology platform such as their futuristic drivetrains and the excellence of German engineering, he added. "We will also be focusing on extensively manufacturing eROCKIT's products domestically under the 'Make in India' initiative and setup

Mercedes-Benz plans to launch 4 electric vehicles in India in 8-12 months

Mercedes-Benz is the market leader in the luxury car market of India with about 44 per cent share

Mercedes-Benz plans to launch 4 EVs in next 8-12 months in India

German luxury carmaker Mercedes-Benz plans to launch four new electric vehicles in India in the next 8-12 months to accelerate its electric mobility drive, Mercedes-Benz AG Head of Region Overseas Matthias Luehrs said on Thursday. The company expects 25 per cent of its total sales in India to come from electric vehicles in India by 2027. "We are very happy with the development of our EVs (electric vehicles) here in the Indian market with (models such as) the EQS and the EQB. We'll have four more vehicles coming in," Luehrs told reporters here in an interaction. The company currently sells four luxury electric vehicle models -- EQS, EQB, EQC and EQS AMG -- in the Indian market. On the sales expectation from the EV portfolio in India, Luehrs said, "We will have 25 per cent (of total sales), that's our planning assumption, of electric vehicles in the next four years." At present, sales of EVs account for around 3 per cent of the company's total sales in India. Last year, Mercedes-Be

Ford's electric vehicle unit loses $3 bn, should be seen as startup

Ford Motor Co.'s electric vehicle business has lost USD 3 billion before taxes during the past two years and will lose a similar amount this year as the company invests heavily in the new technology. The figures were released on Thursday as Ford rolled out a new way of reporting financial results. The new business structure separates electric vehicles, the profitable internal combustion and commercial vehicle operations into three operating units. Company officials said the electric vehicle unit, called Ford Model e, will be profitable before taxes by late 2026 with an 8 per cent pretax profit margin. But they wouldn't say exactly when it's expected to start making money. Chief Financial Officer John Lawler said Model e should be viewed as a startup company within Ford. As everyone knows, EV startups lose money while they invest in capability, develop knowledge, build (sales) volume and gain (market) share, he said. Model e, he said, is working on second- and even third-generatio

More than 278,000 EVs registered in India in Jan-March 2023: Gadkari

Union Road Transport and Highways Minister Nitin Gadkari on Thursday said more than 2.78 lakh electric vehicles have been registered in the country in 2023 calendar year so far. Andhra Pradesh and Madhya Pradesh are in the process of migrating to Vahan portal and hence their data on EV registration is partially included while Telangana and Lakshadweep data is not available on the portal, Gadkari said in a written reply to the Lok Sabha. According to the data on the portal, the registration of electric vehicles (EVs) in India rose to 10,20,679 in 2022 from 3,29,808 in 2021. Replying to a separate question, Gadkari said National Highways Authority of India (NHAI) has planted 344.27 lakh tress under Green Highways Policy during the period 2016-17 to 2022-23 (up to February 2023). Responding to another question, he said NHAI envisions development of wayside amenities (WSAs) at every 30-40 kilometre across brownfield national highways and greenfield expressways. Till date, 156 WSAs ha

China Evergrande's EV unit likely to shut down without new funding

The company said it is seeking to cut costs by reducing staff numbers and improving management efficiency. However, "in face of the inability to obtain additional liquidity

World Bank arm IFC to invest Rs 600 cr in M&M's new last-mile mobility firm

Deal values newly incorporated company at Rs 6,020 cr; the investment, which will be in the form of compulsory convertible instruments, will give IFC an ownership of 9.97-13.64% in the enterprise

IFC to invest Rs 600 cr in Mahindra & Mahindra's new last-mile EV firm

Global development institution IFC will invest Rs 600 crore in a new last-mile mobility (LMM) company, a wholly-owned subsidiary of Mahindra & Mahindra that will be newly incorporated (NewCo), it announced on Wednesday.

Mahindra to raise up to $1.3 billion for its electric vehicle unit: Report

Indian automaker Mahindra and Mahindra Ltd is in advanced talks with global investors to raise between $1 billion and 1.3 billion to accelerate the expansion of electric vehicle unit, Mint reported

UK to assist West Bengal in creating workforce for upkeep of EV infra

The UK will assist West Bengal in creating a technical workforce for maintenance of its EV infrastructure, which is poised to grow at a rapid pace as India switches over to electric mobility over the next few years, officials said on Tuesday. As a part of the initiative, the state government is planning a Centre of Excellence (CoE) for the maintenance and manufacturing of electric vehicles (EVs) with assistance of the UK government, they said. British Deputy High Commissioner in Kolkata Peter Cook said skill development in the electric mobility space is an important component contributing to the net-zero' strategy, and will help in the creation of new green jobs and usher in investment in the EV sector. "The UK government is keen to deepen our engagement with West Bengal through the creation of an EV skills roadmap, and wider knowledge exchange with UK experts to help drive forward West Bengal's EV policy. Collaborations like these will help to create the highly-skilled, dynamic ..

More than 2,170,000 EVs registered in India; Uttar Pradesh tops list

Over 2,170,000 electric vehicles registered in India, Uttar Pradesh topped the list with 4,65,432 EVs, followed by Maharashtra and Delhi with 2,26,134 and 2,03,263 respectively, the government said

EV charging infra platform CHARGE+ZONE raises $54 mn in Series A1 funding

Electric vehicle charging infra platform CHARGE+ZONE on Monday announced raising USD 54 million (Rs 450 crore) in Series A1 funding round led by global impact investment management firm BlueOrchard Finance. Additionally, the company plans to raise USD 75-100 million in equity as part of Series A2 during 2023-2024, CHARGE+ZONE said in a statement. The current Series A1 funding round is part of the planned capex investment of USD 300 million, as the company expects crucial growth for the electric four-wheeler segment over the next 4-5 years, the statement said. The freshly raised capital, which is a combination of both debt and equity, will be utilised to support high-speed charging network expansion plans, the company said. Of the total funds raised, USD 8 million is in debt investment from an infrastructure strategy managed by BlueOrchard, it said. With the latest round, the total capital raised by the company stands at USD 67.5 million, including USD 13.5 million mopped up earlie

We are focused on our users, competitors on us: Ola Electric's Aggarwal

We have disrupted the traditional business model of OEMs and the traditional cosy business relations that this industry has had, says Bhavish Aggarwal, Ola, Co-Founder & CEO

Electric two-wheeler maker Kabira Mobility secures $50 million funding

Electric two-wheeler maker Kabira Mobility on Friday said it has secured USD 50 million (around Rs 412 crore) funding from Qatar-based Al-Abdulla Group. The Panjim-based company plans to utilise the capital to fund its future growth in the country. The company plans to ramp up production capacity of its electric bikes KM3000, KM4000, introduce new products and enhance sales infrastructure across the country. The company currently has an installed production capacity of 40,000 units a month at its Dharwad-based plant in Karnataka. In an interaction with PTI, Kabira Mobility CEO Jaibir Siwach said the company has raised USD 50 million through equity sale. The companies, however, did not share the exact details of the deal. Siwach said the production capacity of the Dharwad plant could be enhanced to 60,000 units a month. "We are also looking to set up a new manufacturing facility around Jewar in Uttar Pradesh with an installed capacity of 1.25 lakh units a month," he noted. The p

Get EV loan sanctioned by Mar 31 to avail benefit under Section 80EEB

If electric vehicle is for personal use, avail deduction on interest paid; if for business purpose, treat as expense

Hero Electric to roll out 1 million vehicles per year for next 2-3 years

Hero Electric on Wednesday said it is set to roll out over 10 lakh vehicles annually in the next two to three years from its manufacturing units in India. The company, which launched new versions of its three electric scooter models priced between Rs 85,000 and Rs 1.3 lakh, plans to set up a greenfield plant at Rajasthan with an annual production capacity of 20 lakh units with an investment of around Rs 1,200 crore. "We have worked closely with our partners to cater to the surging demand for EVs in the country. As a result, we are proud to announce that we are all set to roll out over 1 million vehicles annually from our manufacturing units," Hero Electric Managing Director Naveen Munjal said here at the launch of the new models. Asked when the company could touch the 10 lakh units per annum mark, he said it could be in the next two to three years. In the ongoing fiscal, the company expects to end with over 1 lakh units sales and in 2023-24 it could be around 2.5 lakh units. He sa

Volkswagen plans to invest $193 bn in batteries in race for affordable EV

Volkswagen is striving to close a gap with electric vehicle (EV) pioneer Tesla by expanding its slice of the growing market for battery-powered cars

Volkswagen sets 180 bn euro spending plan to further new technology

Nearly 70% of the spending in the next half decade will go to electric vehicles and software, up from 56% during the previous rolling plan, VW said Tuesday.

Volkswagen to build major plant for electric vehicle batteries in Canada

Volkswagen announced Monday it plans to build a major plant for electric vehicle batteries in Canada. The European automaker said the Volkswagen Group and its battery company PowerCo will establish its first overseas ''gigafactory? for battery cell manufacturing in St. Thomas, in southwestern Ontario. The start of production is planned for 2027. The company signed an agreement last year with the Canadian government to work to identify suitable sites for such a facility in Canada. It also had committed to investigate ways for Canada to contribute to Volkswagen's battery supply chains, including raw materials and assembly. The province of Ontario set the stage last month for the announcement, introducing and quickly passing a law adjusting the municipal boundaries for a 1,500-acre ''mega site? in southwestern Ontario. The province's Economic Development Minister Vic Fedeli said at the time that the piece of land had straddled two municipalities, but that it was being fit into one to