Page 3 - Electric Mobility

Electric two-wheeler sales likely to miss NITI Aayog target for FY24

Dealers feel a major reason for the dip is the reduction of FAME subsidy by the government

Electric mobility firm Yulu raises Rs 160 cr capital in equity funding

Electric bike-sharing platform Yulu Bikes on Friday said it has secured USD 19.25-million (Rs 160 crore) capital in equity funding through the issuance of shares to the company's existing strategic investors-- Magna and Bajaj Auto Ltd. The capital infusion will enable Yulu to maintain its growth streak and will strengthen its market leadership as it expands its reach in terms of vehicles, operational locations, and product and technology innovation to keep up with the rise in demand from users, the company said in a statement. On Thursday, Bajaj Auto said in a regulatory filing that it has raised its stake in Yulu Bike to 18.8 per cent of the paid-up equity share capital with an additional Rs 45.75 crore investment in the company. The company claims it has seen a nearly 5x leap in revenue over the last year. Yulu also said that it is on track to raise its Series C round of funding soon. The equity infusion will help the company fast-track its growth plans, said Amit Gupta, Co-foun

Zoomcar, SPARKCARS to develop EV self-drive, aim to add 1,000 cars in 2 yrs

Car sharing marketplace Zoomcar on Tuesday said it has partnered with electric vehicles self-drive rental firm SPARKCARS with a plan to introduce over 1,000 EVs on its platform across India within the next two years. The partnership will help increase the supply of EV cars available for self-drive to meet the growing needs of convenient and independent travel, the company said in a statement. "Zoomcar and SPARKCARS will introduce over 1,000 electric vehicles to Zoomcar's platform across India within the next two years. These additions will include popular models such as the TATA Nexon, Mahindra XUV 400, Citroen eC3, and many others, offering users a diverse array of eco-friendly options for their mobility needs," it said. Zoomcar CEO and Co-Founder Greg Moran said the partnership follows the direction of the government's growing focus on boosting the EV ecosystem. "We are not just adding EVs to our platform; we are empowering our guests with a variety of sustainable choices and ...

Pure EV raises $8 mn from consortium of investors in latest funding round

Electric two-wheeler firm Pure EV on Monday said it has raised USD 8 million (around Rs 66 crore) from a consortium of investors. The funding was led by Bennett Coleman and Company Ltd, Hindustan Times Media Ventures, alongside Ushodaya Enterprises Pvt Ltd, existing investors and high net-worth individuals, Pure EV said in a statement. The Hyderabad-based company said it is currently in the final stage of concluding its Series A1 funding round, amounting to USD 25 million with the participation of a foreign institutional investor. Concurrently, ongoing discussions are taking place with potential investors from Dubai, Hong Kong, and Singapore for Series A2 funding, targeting an infusion of USD 15 million, it added. "We will be rapidly expanding our pan-India sales network from 140 to 300 dealers in the next six months," Pure EV Co-Founder & CEO Rohit Vadera stated. The company sells a range of electric motorcycles and scooters and has already sold over 70,000 units.

With second PLI certification, IPO-bound Ola Electric eyes 13% subsidy

Ola Electric is the only two-wheeler electric company to receive a nod as incumbents struggle with localization standards

Budget 2024: Govt to bolster EV ecosystem in the country, says Sitharaman

Sitharaman announced that the government will continue its support for manufacturing and charging infrastructure

Servotech Power, BPCL to set up 1,800 EV charging stations pan India

Servotech Power Systems Ltd (SPSL) on Tuesday said it has secured an order worth Rs 120 crore from Bharat Petroleum Corporation Limited (BPCL) to install 1,800 fast EV charging stations across various locations in India. The project involves two charger variants, 60 kW and 120 kW, Servotech said, adding that it aims to complete this project by the end of this year. In a statement the company said it has bagged an order of 1,800 DC fast EV charging stations from BPCL and the order value is Rs 120 crore. "Our partnership focuses on establishing a dynamic EV charging network that makes EV charging accessible for EV owners nationwide. "Through cutting-edge DC Fast EV chargers, we aim to play a pivotal role in realizing India's ambitious goals in the E-Mobility sector, bringing the nation closer to becoming an EV-powered nation," Sarika Bhatia, Director of Servotech Power Systems said. Servotech Power Systems develops tech-enabled EV charging solutions.

Bounce Infinity partners with SUN Mobility to deploy 30,000 e-scooters

Electric scooter-maker Bounce Infinity on Thursday said it has partnered with SUN Mobility under which the latter will deploy Bounce Infinity's 30,000 e-scooters in key markets across the country. The deployment of Bounce Infinity e-scooters will commence from February, starting from Bangalore and Hyderabad, and will be extended to Mumbai, Pune and Delhi NCR to begin with, Bounce Infinity said in a statement. SUN Mobility, a swappable battery and charging infra firm, currently has over 600 swap stations across 19 cities in the country, as per the statement. Bounce said it along with SUN Mobility also plans to launch this solution in export markets. These scooters will create the milieu for charging infra firms to bolster its journey as an energy operator, the e-two-wheeler said. "Our collaboration with SUN Mobility is a crucial step in our mission to revolutionize urban mobility. By eliminating charging hassles with instant battery swaps, we're making a clean commute not just ...

Govt may support initiatives to retrofit old vehicles into EVs: Report

The government may look for providing incentives or supporting initiatives to retrofit old vehicles into electric vehicles instead of scrapping them, a report said on Thursday. According to the joint report by management consultancy firm Primus Partners and ETB (European Business and Technology Centre), transitioning the internal combustion engine-powered vehicles to electric vehicles through retrofitting presents a spectrum of challenges. However, with a coordinated approach involving government initiatives, industry collaboration, and public engagement, these challenges can be effectively addressed and overcome, it said. India's Vehicle Scrappage Policy is aimed at phasing out old and unfit vehicles and replacing them with newer and more environment-friendly ones. This policy is governed by various factors including the fitness and emission levels of vehicles rather than solely their age. Commercial vehicles over 15 years and passenger vehicles over 20 years of age are subject t

ETO Motors bags order to deploy 500 EV 3-wheelers in UP, focus on Ayodhya

ETO Motors on Monday said it has bagged an order to deploy 500 electric three-wheelers in Uttar Pradesh, with special focus on Ayodhya. The Letter of Award (LoA) given by the Uttar Pradesh government has given the company the responsibility to deploy and manage the electric three-wheelers in Lucknow, Ayodhya, Varanasi, Prayagraj, Agra, Mathura, and Gorakhpur, ETO Motors said in a statement. Notably, ETO Motors has received authorisation to initiate the deployment with a special focus on Ayodhya, coinciding with the inauguration of the Ram Temple, it said. The strategic launch in Ayodhya aims to facilitate devotees visiting the sacred site, marking a beginning for the integration of electric mobility into cultural and religious events, the company said. "Our e-three-wheelers are not just vehicles but carriers of change, driving economic growth and social empowerment while upholding our commitment to environmental stewardship," ETO Motors Director Karthik S Ponnapula said. ETO Moto

Tata Motors begins production at new Sanand plant acquired from Ford

The new facility is spread over 460 acres and is adjacent to Tata Motors' existing passenger vehicle facility in Sanand

Tata Passenger Electric Mobility plans to roll out over 5 EVs in 18 months

Tata Passenger Electric Mobility plans to bring in more than five products in the next 18 months on its first advanced pure electric vehicle architecture 'acti.ev'. The company on Friday said the 'Punch.ev', the electric version of its compact SUV Punch, will be the first product based on its first pure EV architecture, acti.ev. The acti.ev platform will underpin future products from the Tata Passenger Electric Mobility (TPEM) portfolio and spawn a variety of products with multiple body styles and sizes, the company said in a statement. On a promotional video of the acti.ev platform, the company said it plans "five-plus products in the next 18 months". TPEM Chief Products Officer, Head of HV Programs and Customer Service Anand Kulkarni said, "This architecture has been meticulously designed to enable class-leading efficiencies, maximising space, and battery capacity and enhancing the overall driving experience. acti.ev is a global-ready, future-facing pure electric architecture tha

EKA Mobility to partner with Mitsui, VDL; plans joint investment Rs 850 cr

Electric vehicle maker EKA Mobility on Wednesday said it has entered into a partnership with Japan's Mitsui & Co., Ltd and VDL Groep of the Netherlands with a proposed joint investment of over USD 100 million (around Rs 850 crore) in phases. Under the cooperation, EKA Mobility will receive significant and strategic investments from Mitsui and technological support and an equity partnership from VDL Groep, a leading Dutch technology firm, the company said in a statement. It, however, did not elaborate on the financial details of the partnership. "With a joint investment of over USD 100 million in phases, the cooperation will position India as the global manufacturing and sourcing hub for electric vehicles," the statement said. EKA Mobility Founder & Chairman Sudhir Mehta said, this partnership represents a significant step toward making India a global hub for electric vehicle manufacturing. Mitsui & Co India GM Mobility Business Division, Nobuyoshi Umezawa said, "Through ..

Chinese carmaker BYD overtakes Tesla as world's most popular EV maker

Analysts expect BYD to launch its third-generation EVs next year offering more technology, such as automated-driving capabilities

India's plan for 50,000 electric buses on its roads gets support from US

The new fund mechanism from the government is designed to mitigate manufacturers' risks as they access finance for fresh investments

Full charge ahead: E2W sales likely to breach 1 million mark in 2024

Likely to be driven by increasing penetration in rural areas

TVS Motor plans to expand electric two-wheeler range over next 1 year

TVS Motor Company aims to expand its electric two-wheeler portfolio over the next one year as it looks to cater to customers at multiple price points, according to a top company official. The Chennai-based company, which currently has two e-scooters in its portfolio, also plans to expand its electric vehicle sales infrastructure going ahead. It is also developing an electric three-wheeler. "We are also planning to launch a series of products in the range of 5 to 25 kilowatts in the next year," TVS Motor Company Director and CEO K N Radhakrishnan said in an analyst call. He noted that with robust demand in the market, the company has ramped up the production capacity of electric scooter iQube to 25,000 units per month and plans to enhance it further going ahead. TVS plans to commence sales of its new electric scooter TVS X in the current quarter. Radhakrishnan said TVS has close to 400 touchpoints for e-scooters, and the company is continuously expanding the same. "With the produ

Hero Electric seeks to settle Rs 140 crore penalty imposed by MHI

As a result, Hero Electric has made it clear that it, too, is willing to make a similar settlement of any violations that the ministry might ascertain after examining its case

Revfin looking to raise Rs 500 crore in 12 months: CEO Samir Aggarwal

Electric vehicle (EV) digital financing platform Revfin is looking to raise up to Rs 500 crore in the next 12 months to fuel its business expansion plans, founder and CEO Samir Aggarwal has said. The company's expansion plans include the commercial roll-out of its battery financing services before the end of this fiscal year. The platform is also targeting to achieve a topline of Rs 90 crore this fiscal on the back of expanded portfolio, which includes two-, three- and four-wheeler financing for commercial uses, Aggarwal said. Set up in 2018 for financing electric three-wheelers, the Delhi-based digital lender has expanded the business to two- and four-wheeler financing as well as vehicle leasing and rental services. "So far, we have raised about Rs 300 crore which has been in a combination of equity and debt. And the plan is now to raise about Rs 500 crore in the next 12 months," Aggarwal told PTI. He said that the company is in talks with a number of venture capitalists and futu

Servotech Power Systems to instal 5,000 EV charging stations across India

Servotech Power Systems on Tuesday announced plans to instal 5,000 EV-charging stations across the country. In this regard, Servotech Power Systems said it has incorporated a subsidiary, Servotech EV Infra, which will do the business as a Charge Point Operator (CPO) for these EV chargers. "Servotech Power Systems is foraying into the EV CPO business by establishing its wholly owned subsidiary. It will manufacture and supply EV chargers to Servotech EV Infra which will do business as a CPO for these EV chargers," the company said. On the rationale behind the move, the company said the EV charging market is expected to grow rapidly in the coming years as the government is targeting 30 per cent of all vehicles to be electric by 2030. Servotech EV Infra is well positioned to capitalise on this growth, with its strong track record and expertise in the EV charging technology, the company said. "This will prove to be a significant game changer. The expansion into the EV CPO business with