Page 3 - Electric Vehicles

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

Electric two-wheeler companies pencil in slow sales growth for FY24

For FY23, SMEV's projection was close to that of the government as it expected sales to be over 1 million

E-scooter companies likely to offer cheap chargers to meet FAME norms

The cost of the slow charger will be included within the mandatory price cap for availing the FAME 2 subsidy

Brakes India unveils new ZAP brake pads exclusively designed for EVs

Manufacturers of braking equipment for automotive and non-automotive applications, Brakes India has unveiled ZAP brake pads with advanced friction technology for electric vehicles, the company said on Saturday. The ZAP brake pads with enhanced corrosion protection and quiet braking has been specifically designed and formulated to suit the requirements of the customers of battery operated vehicles. "The market for electric vehicles is growing exponentially. Tapping this opportunity and understanding the customer needs, we have launched ZAP for a few leading electric vehicles, which will soon be expanded across other EV models," company vice-president and head (aftermarket business) S Sujit Nayak said. "Leveraging our Research and Development expertise, ZAP brake pads are designed for quiet braking, consistent stopping power, low brake dust and enhanced corrosion protection", he said. The brake pads adhere to highest possible standards for environmental safety and sustainability. A

Stock of this electric bus manufacture has zoomed 68% in 10 trading days

In the past three trading days,Olectra Greentech has rallied 24% after EVEY received two Letter of Awards from the Telangana State Road Transport Corporation for 550 Electric Buses

How electric scooters caught fancy of Tier 2, Tier 3 cities, shows data

54% of Ather Energy's sales come from Tier-II and Tier-III cities

Centre likely to discontinue second phase of Fame-II scheme after FY24

Instead of the Fame-II scheme, the benefits may be given through the production-linked incentive (PLI) scheme

EVs to increase India's dependence on China for raw materials: GTRI report

Manufacturing of electric vehicles (EVs) in India will increase its dependence on China for raw materials, mineral processing, and battery production, according to a report of by economic think tank GTRI. The Global Trade Research Initiative (GTRI) also said that there is a need for life cycle impact evaluation for the EVs sector EVs result in the release of pollutants during battery making, disposal, and charging and about 70 per cent of materials used to manufacture EVs in India are imported from China and a few other countries, it said. "EVs will increase India's dependence on China for raw materials, mineral processing, and battery production," it said. China has bought the largest lithium mines in Australia and South America. It processes more than 60 per cent of the lithium produced globally. It also processes 65 per cent of cobalt and 93 per cent of manganese. China makes three out of four batteries produced globally, it said, adding over 100 Chinese battery units make 60 p