Page 2 - Ev Market India

EVs adoption key for transition to low carbon economy by 2047: DPIIT secy

The vision to make India a developed nation by 2047 includes a major shift towards electric vehicles, supported by tax incentives, production linked incentive schemes, and the mandatory provision of charging infrastructure, a top government official said on Monday. Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Rajesh Kumar Singh said that the development and adoption of Electric Vehicles (EVs) play a pivotal role in India's transition to a low-carbon economy. "The comprehensive vision for 2047 includes a substantial shift towards electric vehicles across various segments, supported by tax incentives, Production Linked Incentive (PLI) schemes, and the mandatory provision of charging infrastructure," Singh told PTI. He said that a shift in the modal share of freight from road to rail will be an effective lever to decarbonise the freight transport sector. He added that the government's authorisation of 100 per cent Foreign Direct Investment (FDI) for

PM Modi to lure tech, EV investments at Gujarat summit as LS polls looms

Foreign investors have bet big on India since Modi came to power in 2014 - with the likes of Apple, Samsung, Kia and Airbus expanding operations

Finance Ministry approves additional Rs 1,500 cr for FAME-II scheme

Govt had till Dec 26 utilised Rs 8,948 crore of the Rs 10,000 cr allocated under the scheme

FAME III: India to replace 800k diesel buses with electric over 7 years

To drive EV adoption in India, the government is devising a plan to replace nearly one-third of diesel buses on roads

Motovolt Mobility, German firm Swobbee tie up for EV stations in India

Electric two-wheeler maker Motovolt Mobility and German climate-tech firm Swobbee have joined hands to establish 200 battery-swapping stations across India, officials said on Wednesday. This partnership aims at boosting the affordability of two-wheeler EV owners, an official said. The initial phase will see the installation of at least two pilot stations by March 2024, one each in Delhi and Kolkata, funded by Motovolt. "Making EV ownership affordable is crucial for driving growth, especially with the uncertainty surrounding the continuation of subsidies under the FAME 3 policy. Battery swapping stations address this issue, as batteries contribute significantly to the total cost, around 40 per cent," Motovolt Mobility CEO Tushar Choudhary said. Choudhary also stated that Motovolt will initially fund the pilot project, and both partners will then explore a deeper collaboration, potentially through a joint venture, to roll out the remaining 198 stations within the next two years. Th

Electric buses penetration set to double to 8% next fiscal: Report

Despite the lingering counterparty risks and poor availability of charging stations, the share of electric buses (e-buses) is set to double to 8 per cent next fiscal, driven by supportive policy measures and favourable ownership costs, says a report. Citing the government focus on overall decarbonisation with the primary thrust being public transport as the main enabler along with favourable total cost of ownership, a Crisil Ratings report on Monday said this will drive the sales of e-buses in overall bus sales which is on course to hit 8 per cent of the new sales next fiscal from around 4 per cent this fiscal. Concerted efforts are underway to deploy e-buses via tenders already awarded under the faster adoption and manufacturing of (hybrid and) electric vehicles or the Fame scheme and the national electric bus programme (NEBP). When it comes to favourable total cost of ownership of an e-bus compared to internal combustion engine and compressed natural gas buses, the report credits

Electric cycle startup EMotorad raises Rs 164 crore in Series B round

Pune-based electric cycle startup EMotorad on Monday said it has raised Rs 164 crore in a Series B round led by Panthera Growth Partners. The freshly raised capital will be utilised in developing technologically enhanced smart electric cycles and expanding to multiple geographies, the company said in a statement. The funding round also saw participation from xto10x, Alteria Capital, and existing investors Green Frontier Capital, it said. "The infusion of funds will pave the way for the brand's expansion across international boundaries, allowing it to demonstrate the strength of Indian innovation on a global platform," EMotorad Founder and MD Rajib Gangopadhyay said. Founded in 2020 by Gangopadhyay, Kunal Gupta, Aditya Oza, and Sumedh Battewar, the company said it has achieved over Rs 300 crore revenue returns in just three years, selling more than 80,000 electric cycles. "At Emotorad, we have backed a team with a vision trying to build a dominant micro-mobility company out of Indi

India closer to agreement with Tesla to import EVs, set up facility

Tesla would commit an initial minimum investment in any plant of around $2 billion and would look to increase purchases of auto parts from the nation to as much as $15 billion

Centre weighs five-year tax cuts on EV imports to woo Tesla: Report

Opening up the EV segment could speed up the adoption of cleaner transport in a country that currently has the world's most toxic air

DAEWOO plans India comeback in new avatar, to launch electric bikes, cycles

The company is entering the market for the second time as it is confident of India's robust economic growth and surging consumer demand

Delhi govt may incentivise vehicle retrofitting under EV Policy 2.0: Gahlot

Delhi Transport Minister Kailash Gahlot on Thursday said the Electric Vehicles Policy 2.0 will look at incentivising retrofitting of vehicles considering its high cost. In an interview to PTI, the minister said that since the new policy is in the works, they will extend the existing policy by six months or until the new one is ready. The Delhi Electric Vehicles Policy-2020 expired on August 8 this year and the government had said that the subsidy being given under it would continue till a new policy gets notified. "We are moving a cabinet note and within this week it should be finalised. The existing policy will be extended for six months or until the new policy is notified," he said. Talking about the new policy that is in the works, the minister said the one thing that they will look at is the concept of retrofitting. "People want to convert their IC (internal combustion) engines into electric ones. The process is expensive. For converting a normal Gypsy, it takes almost Rs 5-6

Foxconn CEO Young sees India as new manufacturing hub of the world: Report

Foxconn CEO and Chairman Young Liu says India has the capacity to build the ecosystem required to become a manufacturing hub faster than China

Mahindra to use Volkswagen's MEB components for EV production in India

Mahindra to invest around Rs 10,000 crore towards its EV subsidiaries over the next 5 years

Need for subsidy to come down as manufacturing gains scale: Nitin Gadkari

In the backdrop of Elon Musk-owned Tesla stepping up its India engagement, Gadkari said he was hopeful of Tesla entering the country

Orxa Energies inaugurates new facility ahead of electric bike launch

The announcement comes ahead of the launch of Mantis, the company's flagship electric performance motorcycle. It is expected to be available for bookings by the end of this year

Centre planning to stop subsidies of firms found violating FAME-II norms

Companies may be debarred from availing subsidy under FAME-II and also return the subsidy availed on the sale of vehicles in the last 15 months

Japan-based Musashi forays into Indian EV market with Rs 70-cr investment

Musashi will collaborate with BNC Motors for expansion into the EV market

Centre to come up with a master app to check EV charging stations near you

The users will be able to discover the nearest EV charging station, book a slot in advance and make payments through the app

Tesla's U-turn on India in search for new EV manufacturing destination

With plans to import and sell cars off the table, Elon Musk's flagship is exploring the challenging prospect of an assembly plant for a cheaper electric vehicle

FAME and fortune

Controversy highlights hazards of subsidy-led manufacturing