Page 3 - Electric Vehicles Sales

Bajaj Auto appoints Abraham Joseph as MD of its EV arm Chetak Technology

Bajaj Auto Ltd on Tuesday made key leadership changes with Abraham Joseph appointed as Managing Director of its electric vehicle arm -- Chetak Technology Ltd. As part of the strategy to accelerate technological innovation and further strengthen its position in existing and emerging mobility segments, the company also said Ramtilak Ananthan has been named as Chief Technology Officer of Bajaj Auto Ltd (BAL). Joseph is a Bajaj Auto veteran with over 35 years of experience, the company said in a statement. Under his leadership, Chetak Technology Ltd (CTL) will pivot to become a high-tech organisation focused on developing core competencies across the spectrum of cutting-edge automotive technologies. "CTL will explore the potential of hydrogen vehicles, further expanding Bajaj Auto's ability to deliver technologically differentiated products," it added. As CTO of BAL, Joseph has been instrumental in leading the development of brands like Pulsar and overseeing the creation of numerous .

24,000 Nm torque, 300 kWh battery: Tresa Motors unveils V0.2 electric truck

Tresa Motors designed the V0.2 with Indian road conditions in mind. The company says the truck is a durable and reliable solution for eco-friendly logistics, particularly e-commerce

India has given over $1 bn to private firms under PLI scheme: Official

The 1.97-trillion-rupee ($24 billion) production-linked incentive scheme (PLI) is India's key industrial policy and covers 14 sectors ranging from electronic products to drones

Why has Tesla stock tanked over 33% in 3 months? Here are 4 key reasons

Even before the sales numbers were unveiled, traders were aggressively selling off Tesla stock. The sell-off was attributed by analysts to a cooling-off in the electric vehicle (EV) market

New electric vehicle scheme links lower import duty with FDI

EVs attract a BCD of 100 per cent for those priced above $40,000 per unit and 70 per cent BCD for those priced at $40,000 or less

VinFast Auto to break ground for Tamil Nadu EV facility on February 25

The establishment of VinFast's integrated electric vehicle facility in Tamil Nadu is anticipated to generate approximately 3,000 to 3,500 employment opportunities locally

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.

Eye on affordability? Tata Motors latest to slash prices of electric cars

Company say it is passing on benefits of reduced battery prices, keeps Punch cost unchanged

EV two-wheeler sales breach FY23 figures despite cut in FAME-II subsidy

According to the Centre, 734,760 EV two-wheelers have been registered so far in the financial year 2023-2024 period (FY24), nearly 6,400 more units compared to FY23

Tesla to take shareholder vote on shifting incorporation to Texas: Musk

Tesla Inc will move immediately to hold a shareholder vote to transfer the electronic vehicle (EV) maker's state of incorporation to Texas from Delaware, Musk said

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

EV leasing firm Alt Mobility raises $6 million to scale up operations

Electric vehicle leasing and lifecycle management platform Alt Mobility on Thursday said it has raised USD 6 million (nearly Rs 50 crore) in a funding round co-led by Shell Ventures, Eurazeo, EV2 Ventures and Twynam. UC Inclusive, Piper Serica, Pitchright and LetsVenture also participated in the round, which is a mix of equity and venture debt, the company said in a statement. The capital will be used for hiring engineering team to scale its Electric Vehicle (EV) asset management platform FleetOS, it added. It will also be used for setting up new verticals for fleets including drive-to-own model, parametric insurance, fleet depots and battery refurbishment unit, the company said. Besides, Alt Mobility said it plans to expand its presence in over 20 cities aiming to achieve an (Assets Under Management) AUM of USD 100mn in the next two years.

Tata Passenger Electric Mobility nears break-even: MD Shailesh Chandra

He talks about how the company is focusing on going fully electric and moving away from petrol and diesel powertrains

M&M calls for level playing field for EVs amid Tesla's India entry plans

DAVOS, Switzerland, Jan 16 (Reuters) - Indian automaker Mahindra & Mahindra has told the government there must be a level playing field between domestic and foreign players and local manufacturing must be promoted, a top executive said, as New Delhi seeks to lure carmakers such as Tesla.

Luxury carmaker Volvo hikes combustion engine vehicle prices by 2%

Volvo Car India on Monday said it has increased prices of its conventional engine vehicles by 2 per cent but has kept the prices of its electric vehicles unchanged. Following the price hike of internal combustion engine (ICE) vehicles, the XC60 is now priced at Rs 68.9 lakh, the S90 at Rs 68.25 lakh and the XC90 at Rs 1,00,89,000, Volvo Car India said in a statement. Prices of EV offerings, XC40 Recharge and C40 Recharge remain unchanged at Rs 57.9 lakh and Rs 62.95 lakh respectively, it added. "We are focused on sustainable luxury e-mobility and have committed that we will be an all-electric company by 2030. We encourage the adoption of EVs and as part of this endeavour have decided that as of now we will hold the prices of our EVs despite rising forex and input costs," Volvo Car India Managing Director Jyoti Malhotra said. He, however, said that industry dynamics may compel the company to revise the EV prices at a later date.

'EV sales in India to grow at 35%, annual volumes may cross 27 mn by 2032'

Electric Vehicle (EV) sales in India is expected to grow at a Compound Annual Growth Rate (CAGR) of 35 per cent with annual volumes likely to touch 27.2 million units by 2032, a report said on Friday. The report, 'India Electric Vehicle Market Overview 2023', by energy advisory, software and services firm, Customized Energy Solutions, also predicts a record-breaking sale of 1.7 million units in 2023. EV sale in India is projected to touch about 27.2 million units by 2032 and with a CAGR of 35 per cent from 2023-2032 under business-as-usual conditions, according to the report. The driving force behind this is a confluence of factors, including the availability of the FAME-II subsidy, which has proven to be a catalyst, with a substantial budget allocation of USD 1.2 billion assigned to subsidise various EV segments, it said. The central government's commitment to fostering an indigenous EV ecosystem is evident in the approval of a USD 3.5-billion Production-Linked Incentive (PLI) sch

EV sales likely to reach 10 mn annually by 2030, create 50 mn jobs: Gadkari

India is likely to see 1 crore Electric Vehicle (EV) sales a year and the segment is expected to generate about 5 crore jobs by 2030, Union minister Nitin Gadkari said on Friday. Addressing the 19th EV EXPO 2023, Gadkari, "As per the Vahan database, 34.54 lakh EVs are already registered in India." The Union Road Transport and Highways minister asserted that India has the potential to become number 1 EV maker in the world and the government is committed to making India a self-reliant country in clean energy production and mass application. Gadkari said the government has also permitted retrofitting of existing polluting vehicles into hybrid and fully EVs. The regulations have been finalised and technology demonstrations done successfully, he added. He said the government intends to shift public transport and logistics to EVs.

Tata Motors expects best sales in 2024 on back of fresh portfolio

Automaker plans to have 10 EV models by 2026 including the upcoming Harrier EV and Punch EV: MD Shailesh Chandra

More than 800k EVs registered between June and December 2023; up 19% YoY

In order to increase the sale of EVs in India, the Centre notified Phase-II of FAME India Scheme for a period of five years, effective April 2019 with a total budgetary support of Rs 10,000 crore