Page 3 - Ev Market India

Is govt's new EV policy seeing a muted response from car companies?

The Ministry of Heavy Industries, responsible for automotive industry matters, has conducted one round of consultations with carmakers but has not yet secured significant commitments

Exicom Tele Systems zooms 10% on pact with German EV charging firm

Shares of Exicom Tele Systems soared 9.7 per cent, hitting its 52-week high at Rs 361.70 per share on the NSE in Wednesday's intraday trade

Post FAME-II: EV sales dip on incentive cuts, polls, and hybrid shift

Sector experts suggest that the sharp decline could be due to a combination of factors such as changes in government policies, customers shifting interest towards hybrids, and general elections

EV incentive scheme FAME 3 to roll out with Rs 10,000 crore outlay

Companies seeking incentives for the sale of electric vehicles will be required to apply for fresh certification under FAME-III

Will increase production to meet demand, deliver 120K EVs: Xiaomi

In China, Xiaomi's largest market for its smartphone business, shipments rose 8.6%

Why is Elon Musk's Tesla Inc. suing Gurugram-based Tesla Power India?

American EV manufacturer has lodged a complaint with the Delhi High Court against Gurugram-based Tesla Power India for violating its trademark

Maruti Suzuki India plans to sell 2 million vehicles this fiscal year

The company, which is launching the new generation Swift and Dzire models later this year, is hoping to boost overall sales volume

Chinese EV manufacturers may be excluded from India's policy concessions

India will continue to allow imports of Chinese BYD vehicles but will not be extending investment opportunities

India approves new EV policy in boost to Tesla's market entry plans

New policy mandates companies to invest a minimum of $500 million in the country and will allow them three years to set up local manufacturing for EVs

Skoda Auto plans to enter mass market of electric vehicles segment in India

Czech carmaker Skoda Auto plans to enter the mass market of electric vehicles segment in India, for which it is exploring all options, including partnerships with local companies for economies of scale, company's management board member Martin Jahn said on Wednesday. The company is gearing up to enter the electric vehicles segment in India this year and is currently testing its premium electric SUV Enyaq. "We are exploring all the options. I am not at liberty to give you any details on this because no decision has been made. We are looking at everything we want to bring volume electric car to India," Jahn, who is the member of the Board of Management for Sales and Marketing Skoda Auto, said here in an interaction. He further said, "How and when we are going to do it, we do not know yet. We are looking at the options that would be the best for India. But we of course want to participate in the growth of the electric (vehicle) market in India." When asked if Skoda Auto is looking fo

India's EV revolution is spreading from auto rickshaws to motorbikes

The place where road transport is shifting most rapidly to battery power isn't Oslo or Shenzhen, but Delhi. E-rickshaws took a 54% share of India's three-wheeler market last year

EVs adoption key for transition to low carbon economy by 2047: DPIIT secy

The vision to make India a developed nation by 2047 includes a major shift towards electric vehicles, supported by tax incentives, production linked incentive schemes, and the mandatory provision of charging infrastructure, a top government official said on Monday. Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Rajesh Kumar Singh said that the development and adoption of Electric Vehicles (EVs) play a pivotal role in India's transition to a low-carbon economy. "The comprehensive vision for 2047 includes a substantial shift towards electric vehicles across various segments, supported by tax incentives, Production Linked Incentive (PLI) schemes, and the mandatory provision of charging infrastructure," Singh told PTI. He said that a shift in the modal share of freight from road to rail will be an effective lever to decarbonise the freight transport sector. He added that the government's authorisation of 100 per cent Foreign Direct Investment (FDI) for

PM Modi to lure tech, EV investments at Gujarat summit as LS polls looms

Foreign investors have bet big on India since Modi came to power in 2014 - with the likes of Apple, Samsung, Kia and Airbus expanding operations

Finance Ministry approves additional Rs 1,500 cr for FAME-II scheme

Govt had till Dec 26 utilised Rs 8,948 crore of the Rs 10,000 cr allocated under the scheme

FAME III: India to replace 800k diesel buses with electric over 7 years

To drive EV adoption in India, the government is devising a plan to replace nearly one-third of diesel buses on roads

Motovolt Mobility, German firm Swobbee tie up for EV stations in India

Electric two-wheeler maker Motovolt Mobility and German climate-tech firm Swobbee have joined hands to establish 200 battery-swapping stations across India, officials said on Wednesday. This partnership aims at boosting the affordability of two-wheeler EV owners, an official said. The initial phase will see the installation of at least two pilot stations by March 2024, one each in Delhi and Kolkata, funded by Motovolt. "Making EV ownership affordable is crucial for driving growth, especially with the uncertainty surrounding the continuation of subsidies under the FAME 3 policy. Battery swapping stations address this issue, as batteries contribute significantly to the total cost, around 40 per cent," Motovolt Mobility CEO Tushar Choudhary said. Choudhary also stated that Motovolt will initially fund the pilot project, and both partners will then explore a deeper collaboration, potentially through a joint venture, to roll out the remaining 198 stations within the next two years. Th

Electric buses penetration set to double to 8% next fiscal: Report

Despite the lingering counterparty risks and poor availability of charging stations, the share of electric buses (e-buses) is set to double to 8 per cent next fiscal, driven by supportive policy measures and favourable ownership costs, says a report. Citing the government focus on overall decarbonisation with the primary thrust being public transport as the main enabler along with favourable total cost of ownership, a Crisil Ratings report on Monday said this will drive the sales of e-buses in overall bus sales which is on course to hit 8 per cent of the new sales next fiscal from around 4 per cent this fiscal. Concerted efforts are underway to deploy e-buses via tenders already awarded under the faster adoption and manufacturing of (hybrid and) electric vehicles or the Fame scheme and the national electric bus programme (NEBP). When it comes to favourable total cost of ownership of an e-bus compared to internal combustion engine and compressed natural gas buses, the report credits

Electric cycle startup EMotorad raises Rs 164 crore in Series B round

Pune-based electric cycle startup EMotorad on Monday said it has raised Rs 164 crore in a Series B round led by Panthera Growth Partners. The freshly raised capital will be utilised in developing technologically enhanced smart electric cycles and expanding to multiple geographies, the company said in a statement. The funding round also saw participation from xto10x, Alteria Capital, and existing investors Green Frontier Capital, it said. "The infusion of funds will pave the way for the brand's expansion across international boundaries, allowing it to demonstrate the strength of Indian innovation on a global platform," EMotorad Founder and MD Rajib Gangopadhyay said. Founded in 2020 by Gangopadhyay, Kunal Gupta, Aditya Oza, and Sumedh Battewar, the company said it has achieved over Rs 300 crore revenue returns in just three years, selling more than 80,000 electric cycles. "At Emotorad, we have backed a team with a vision trying to build a dominant micro-mobility company out of Indi

India closer to agreement with Tesla to import EVs, set up facility

Tesla would commit an initial minimum investment in any plant of around $2 billion and would look to increase purchases of auto parts from the nation to as much as $15 billion

Centre weighs five-year tax cuts on EV imports to woo Tesla: Report

Opening up the EV segment could speed up the adoption of cleaner transport in a country that currently has the world's most toxic air