Page 14 - Electric Vehicles

EV makers not misappropriating subsidies under FAME scheme, says SMEV

The Society of Manufacturers of Electric Vehicles on Thursday hit out at the government for holding back incentives under the FAME II scheme. In response to a reply made by Union Heavy Industries Minister Mahendra Nath Pandey in the Lok Sabha on Tuesday that the ministry has received complaints regarding misappropriation of subsidies under the FAME India Phase II scheme by some electric vehicles manufacturers, the industry body said the allegation is "invalid in the context of the issue at hand." The government is probing 12 automakers, including Hero Electric and Okinawa Autotech, for alleged misappropriation of subsidies under the Rs 10,000 crore FAME II scheme. In a statement, Society of Manufacturers of Electric Vehicles (SMEV) Secretary General Ajay Sharma said due to the impact of COVID-19, the Phased Manufacturing Programme (PMP) guidelines under FAME India Scheme Phase-II were expected to be revised but for various reasons were not modified "in spite of clear indications tha

Ola Electric launches third software update for its e-scooter customers

Upgrade will give vehicles more than 50 features and improvements, says company

Tiger Global-backed Battery Smart raises Rs 75 cr in funding from Stride

Company will use the financing to add more batteries to its network and expand services

Stride Ventures invests Rs 75 cr in swapping network provider Battery Smart

Venture debt fund Stride Ventures on Thursday said it has invested Rs 75 crore in battery swapping network provider Battery Smart. Battery Smart, which provides swapping networks for electric two and three-wheelers, will use the fund to add more batteries to its network and expand to new cities across India, the company said in a statement. Till date, the start-up has completed over 60 lakh battery swaps, setting up more than 440 live swap stations with over 13,000 customers in over 12 cities in India, it added. "By working towards building a robust EV ecosystem, Battery Smart is taking a proactive approach to drive the adoption of electric transportation, and we are proud to support their efforts," Stride Venture Founder & Managing Partner Ishpreet Singh Gandhi said. Battery Smart Co-Founder Pulkit Khurana said the company is looking to further strengthen its EV battery-swapping network in India. "By expanding our footprint across more cities and deploying additional batteries .

Royal Enfield will be a disruptive player in electric motorcycles: CEO

"Now, we are in the execution phase for EVs. You will see products one after the other starting to come from 2025. When we come, it will be a disruptive motorcycle."

Big oil stages a grand comeback as Exxon's valuation passes Tesla

For its part, Exxon's equity value has been steadily climbing since hitting a two-decade low in early 2020, when the outset of the Covid-19 pandemic sent crude prices into a tailspin

Vedanta announces incentives for purchase of electric vehicles by employees

Globally diversified natural resources firm Vedanta Ltd on Tuesday said it has rolled out an EV policy for its employees, under which incentives ranging from 30 to 50 per cent will be provided on purchase of electric vehicles. As part of its commitment towards net-zero carbon, the company has pledged 100 per cent of its light motor vehicles to be decarbonised by 2030. The incentives would be given to various employee grades for purchase of four- and two-wheeler electric vehicles (EVs), it said. The EV Policy will come into effect for vehicles bought from this month onwards. It will lead to increased adoption of EVs amongst employees and drive the mindset change aiding India's green mobility push for a sustainable future, Vedanta Ltd Group CEO Sunil Duggal said. Vedanta is committed to reduce carbon emissions to zero by 2050 or sooner and aims to spend USD 5 billion over the next 10 years to expedite the transition.

Global investment in electric vehicle charging approaches $100 billion mark

Cumulative investment globally probably will pass the $100 billion mark in 2023 if China keeps up its relentless pace

Ola gears up to take on M&M and Tata Motors with electric CV plan

Likely to launch three-& four-wheeler commercial vehicles next year

Govt vehicles to be replaced with EVs in Himachal Pradesh: Officials

The government of Himachal Pradesh has decided to replace all diesel and petrol-run vehicles with electric-run vehicles in government departments in a phased manner during the next five years

Shriram Pistons to acquire majority stake in EMFi to foray into EV space

Auto component maker Shriram Pistons & Rings on Friday said its unit will acquire a majority stake in electric motor design and manufacturing firm EMF Innovations to foray into the electric vehicle mobility space. SPR Engenious Ltd (SEL), a wholly-owned subsidiary of the company, is slated to acquire the stake. The financial details of the deal were not disclosed. EMF Innovations (EMFI) is co-founded by engineering entrepreneurs with substantial R&D and operations in India and Singapore. Shriram Pistons & Rings (SPRL) Managing Director & CEO Krishnakumar Srinivasan said that with this strategic investment, the company aims to expand its presence in electric vehicle (EV) space to supply electric powertrain components, such as motor and controller, covering all the vehicle segments from two-wheelers, three-wheelers, passenger vehicles and commercial vehicles. The alliance will also offer the potential for SPRL (through SEL) and EMFI to collaborate and partner to serve ...

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Tesla stock slips as CEO Musk sells another $3.58 billions of shares

Shares of Tesla are sliding before the market open on Thursday after news broke that CEO Elon Musk sold another USD 3.58 billion worth of the electric vehicle maker's stock this week. The stock slipped to USD 153 in premarket trading and is nearing two-year lows. Musk, the new owner of Twitter, sold the shares from Monday through Wednesday, according to a filing posted Wednesday night by the U.S. Securities and Exchange Commission. It wasn't clear where the proceeds were being spent. Musk has sold nearly USD 23 billion worth of Tesla stock since April, with much of the money likely going to help fund his USD 44 billion acquisition of Twitter. Early last month he sold nearly USD 4 billion worth of Tesla shares, according to regulatory filings. The sale comes as shares of the electric vehicle and solar panel maker have collapsed, losing over half their value since Musk first disclosed in April that he was buying up Twitter stock. Wedbush analyst Dan Ives said in a client note that .

All charged up: 5 bidders in fray for India's largest electric bus tender

18 bids received for electric buses in eight slots based on bus size, specifications and state transport undertakings

M&M to invest Rs 10,000 cr to set up plant in Pune for upcoming EV range

Mahindra & Mahindra Ltd on Wednesday said it will invest Rs 10,000 crore in the next 7-8 years in the manufacturing and development of electric vehicles at Pune, Maharashtra. The investment of Rs 10,000 crore for electric vehicles has been approved under the Maharashtra government's industrial promotion scheme for electric vehicles, M&M said in a regulatory filing. "The company, through its subsidiary, will make investments of approximately Rs 10,000 crore over a period of 7-8 years for setting up the manufacturing facility, development, and production of Mahindra's upcoming Born Electric Vehicles (BEVs)," it added. Some of these BEVs were showcased in Oxfordshire, UK, on August 15, 2022, it added. These electric SUVs are based on the INGLO EV platform and will be launched under the XUV brand and the all-new electric-only brand 'BE'. M&M Executive Director, Auto & Farm Sectors Rajesh Jejurikar said, "The government's focus on 'ease-of-doing-business' and progressive ...

40% of all vehicles sold will be electric by 2030, says Bain & Co report

Report estimates that 4-5 million EVs will be sold across segments in 2026

Mahindra CEO sees US entry for new electric vehicles at least 5 years away

A US market entry "could likely be longer than five years because we have to win in some of our key markets first," including Europe, he added

Move to block Rs 1,100 crore subsidy for EV players arbitrary, says SMEV

Manufacturers had already been passed on subsidy amounts to customers, can't sustain any further and are planning go stop operations

Rivian EV puts hold on partnership for electric vans with Mercedes-Benz

Electric car-maker Rivian has put a pause on plans to co-develop multiple new electric delivery vans with luxury German automaker Mercedes-Benz

Need to promote flex-fuel vehicles to deal with crude oil prices: Gadkari

Transport and Highways Minister Nitin Gadkari has said that the country needs to promote vehicles running on more than one fuel and e-vehicles to tide over the wide fluctuations in crude oil prices