Page 2 - Electric Vehicles

Shriram General Insurance bets big on EVs, join hands with several OEMS

Company targets 40% growth in gross direct premium in 2023-24

Goyal Aluminiums plans Rs 200 cr investment to set up EV plant in UP

Goyal Aluminiums has plans to invest Rs 200 crore to set up an electric vehicle (EV) manufacturing plant in Uttar Pradesh. The company has been allotted 4,000 square metre land from the Greater Noida Industrial Development Authority (GNIDA) for the project. "Goyal Aluminiums...is gearing up to set up a new electric vehicle manufacturing plant with an investment of Rs 200 crore," a company spokesperson told PTI on Wednesday. Recently, the company announced its foray into the EV segment through newly incorporated venture Wroley E India. "Low-speed and electric scooters will only be produced for the domestic market. The company has already received clearance from Central Institute of Road Transport (CIRT) to launch the first high-speed electric scooter in April this year," the spokesperson said. GNIDA has allotted to the company plot number 283 measuring 4,000 square metre in its industrial area on lease for a period of 90 years. The company plans to engage 150 dealers in the EV se

EV startup Lucid to lay off around 1,300 employees in upcoming months

Electric vehicle (EV) startup Lucid announced that it is laying off around 1,300 of its employees or 18 per cent of its workforce, within the upcoming months

Tamil Nadu's Hosur belt switches on as hub for EVs, ancillary units

Tamil Nadu is pulling out the stops to develop this north-western region of the state as a centre for the EV industry

Govt sanctions Rs 800 cr for installing 7,432 EV fast charging stations

The Ministry of Heavy Industries on Tuesday said Rs 800 crore under FAME India Scheme Phase II has been sanctioned to three PSU oil marketing companies (OMC) for setting up 7,432 public fast charging EV stations across the country. The amount has been sanctioned under FAME Scheme Phase II. The ministry has released Rs 560 crore or 70 per cent of the total amount to three OMCs -- Indian Oil (IOCL), Bharat Petroleum (BPCL), and Hindustan Petroleum (HPCL) -- as the first installment for the installation and commissioning of upstream infrastructure and charging equipment of EV public charging stations at respective retail outlets in the country. The installation is expected to be completed by March 2024, the ministry said in a statement. At present, there are 6,586 charging stations across the country. "The addition of the new 7,432 public charging stations will be a significant push to EV charging ecosystem," the release said, and added the charging capacity would be used for chargin

European Union takes key step toward ending era of combustion-engine cars

The last-minute deal is a concession to high-end sports car brands like Germany's Porsche, but is expected to have little effect on the plans of most major manufacturers.

US, Japan reach agreement on vital minerals for electric vehicle batteries

Japan and the United States have reached an agreement on trade in critical minerals for electric vehicle batteries, part of an effort to diversify supply chains and reduce reliance on China for strategically important resources. The deal struck Tuesday is expected to help electric vehicles using metals processed in Japan qualify for tax incentives under President Joe Biden's Inflation Reduction Act. This announcement is proof of President Biden's commitment to building resilient and secure supply chains, US Trade Representative Katherine Tai said in a statement. The Inflation Reduction Act, enacted in August, requires a portion of the critical minerals used in EV batteries to be mined in or processed domestically or from countries with which the US has free trade agreements. Japan and the US have no such FTA, but the deal will grant Japan the same treatment as an FTA partner regarding such minerals, Japanese officials said. As a result, the two sides said they agreed to not impose

EVs could be 30% of order book by 2025, says BMW India president

'Diesel, petrol and electric cars will coexist in premium segment'

FAME II subsidy for electric vehicles at only 52% of its target

Panel recommends extension of scheme

EV three-wheelers will be popular due to favourable operating economics

Electric three-wheelers are expected to gain traction due to favourable operating economics, and the government's focus on cleaner means of transportation, domestic credit rating agency Icra said on Monday. According to a recent Icra report, the electric segment is likely to account for 14-16 per cent of new three-wheeler sales (excluding rickshaws) by FY2025, up from 8 per cent currently. Penetration is estimated to rise to 35-40 per cent by FY2030 as the product gains more acceptance and financing-related challenges subside, as per the report. Icra said, according to its recent channel check, most e3W dealers have seen double-digit growth in sales in the last two years, owing to various factors, such as lower operating costs, exemptions from registration and road taxes, and higher demand for last mile connectivity. However, while demand for e3Ws (including e-rickshaws) is increasing, sales have been limited by a lack of financing options, with the loans being offered at ...

Here's why turmoil in China's mega EV industry may spark a shake-up

The boost part, though, is looking a bit tenuous for both established and EV firms

RevFin targets financing 2 million electric vehicles in next 5 years

Electric vehicles (EV) financing digital platform RevFin Services is targeting to finance 20 lakh vehicles in the next five years, with an aim to grow three to four times every year, according to its CEO & Founder Sameer Aggarwal. With the Indian electric vehicle industry poised for an accelerated growth, he said the company is confident of meeting its target and would continue to raise funds through debt and equity going forward for the purpose. "From a long-term perspective we have taken a very strong position on EVs, and we have committed to financing two million electric vehicles in the next five years," Aggarwal told PTI. Asked if the target is not too steep, considering RevFin has financed 17,118 EVs in the last 51 months, he said,"The monthly loan disbursement is growing month-on-month by about 15 per cent. So overall, it has grown almost four times in the last one year. If we continue the kind of growth that we are currently on we will actually achieve these numbers." In .

Bharat Petroleum launches 19 EV fast-charging stations at 110 fuel stations

BPCL, a Maharatna and a Fortune Global 500 company, today announced the launch of 19 EV fast-charging stations at 110 fuel stations along 15 highways in Karnataka, Kerala and Tamil Nadu

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