Monthly EV update – February 2022
New Product Launches
|
Product |
Vehicle type |
Battery specifications |
Other specifications |
Price |
|
E-Car |
|
|
INR 47.2 lakh (Ex-showroom) |
|
|
Low-speed Electric Scooter |
|
|
INR 64,000 |
|
|
High-speed Electric Scooter |
|
|
INR 1.10 lakh (Ex-showroom) |
|
|
Wolf+ and Nanu+: High-speed Electric Scooters Del Go: High-speed Fleet Management Scooter |
|
|
INR 1.10 lakh, INR 1.06 lakh, and INR 1.14 lakh respectively (Ex-showroom inclusive of FAME-II subsidy) |
|
|
Low-speed Electric Scooter |
|
|
INR 72,000 (Ex-showroom) |
Source: Industry news articles, JMK Research
Simple One electric scooter gets motor upgrade
Simple Energy unveiled an upgraded motor for its flagship scooter, Simple One, which is scheduled to begin deliveries by June 2022. This scooter was launched in August 2021, and the company claims that it has already received 30,000 pre-bookings. The company claims that the new upgraded motor boosts the performance of the electric scooter further by offering better efficiency and thermal management. This newly unveiled motor is an upgrade to the already existing high-spec motor that will produce 72 Nm of torque. The scooter will be powered by a 4.8 kWh battery pack which is portable and weighs in at 7 kg while promising a real-world range of 203 km in Eco mode and 236 km in ‘ideal’ conditions.
Upcoming Launches
Okinawa Electric Scooter Okhi 90 to launch on 24 March
Okinawa announced that it will be launching its upcoming Okhi 90 electric scooter, in low as well as high-speed, on March 24. Okhi 90 will offer Eco and Power ride modes. The powertrain details of the model have not been shared by the company.
Hero MotoCorp to launch its first EV in March, plans a range of premium products
Hero MotoCorp is ready to roll out its first ever electric two-wheeler in March 2022. It also plans to launch a wide range of premium products. It will roll out its electric vehicles from the Chittoor manufacturing facility in Andhra Pradesh.
ATD Group, UK’s SRAM & MRAM plan INR 100 cr investment on foraying into EV segment in India
ATD Group, a Noida-based diversified entity, and UK’s SRAM & MRAM Group, a public health emergency management solutions company, have announced plans to invest INR 100 crore for their foray into electric mobility in India through a joint venture, Canopus. As part of the plans, Canopus will launch four electric two-wheeler models – Aurora, Scarlett, Colette and Valeria – in March this year, which will be imported initially from Malaysia.
Oben Rorr electric bike makes debut with 200 km range: Launch soon
Bengaluru-based electric mobility start-up, Oben EV, has unveiled its first electric motorcycle for the Indian market. The company’s debut product has been christened ‘Oben Rorr’ and this electric motorcycle is claimed to run up to 200 kilometres on a single charge in ideal conditions. This new high-speed electric motorcycle will be officially launched in India by the next month while the customer deliveries will begin in the second quarter of 2022. Moreover, the company aims to launch a new product every 6 months over the next 2 years.
Mahindra teases its XUV300, share tentative launch time-line
Mahindra has confirmed the launch of its fully electric version of the XUV 300, which will directly compete with the likes of Tata Nexon EV and MG ZS EV. Further, Mahindra shared that the EV will be launched in the third or fourth quarter of 2023.
Long-range Tata Nexon EV launch by April 2022
According to sources, the long-range Tata Nexon EV is slated for a market launch by April this year. The long-range version is rumored to get a larger 40 kWh battery and will come bundled with a more powerful 6.6 kW AC Charger.
2022 MG ZS EV Facelift officially revealed ahead of launch
MG Motor India has officially revealed the images of the upcoming facelifted ZS EV. The new 2022 MG ZS EV Facelift is expected to be launched in India by the end of this month. It is likely to get some major cosmetic overhauls, a bunch of new features, and even a larger battery pack. The images of the India-spec MG ZS EV Facelift reveal that it will borrow its design elements from the European model.
Piaggio Developing New Electric Scooter For Indian Market
Italian motorcycle conglomerate, Piaggio, is working hard to release a new electric scooter specific to the Indian market. The large automaker has 2024 in its sights as a realistic go-to-market timeline for the new scooter.
EV Sales Trend
The overall EV sales in February 2022 bounced back to its growth trajectory, clocking 54,557 units. This signifies a m-o-m rise of 10% and a y-o-y jump of 185%.
Registered EV Sales Trend in India (Feb 2021–Feb 2022)
Source: Vahan Dashboard, Company Press Releases, JMK Research
Note: Sales figures represent EVs registered across 1,391 RTOs in 33 states/ UTs.
As depicted in the figure below, EV registrations in February 2022 were driven by electric two-wheelers and passenger-type electric three-wheelers, which together accounted for 89.75% of total registrations in the month. The shares of these categories were followed by E-Cars (5.38%), cargo-type electric three-wheelers (4.6%), and so on.
Category-wise EV Sales in February 2022
Source: Vahan Dashboard, Company Press Release, JMK Research
Note: Sales figures represent EVs registered across 1,391 RTOs in 33 states/ UTs; Others include adapted vehicles, fork-lifts, goods carriers, omni bus, and trailer (agriculture) vehicles.
Among all the states and UTs, Uttar Pradesh continued to have maximum monthly registered EV sales, however its overall share fell to 16% from the previous month’s share of 20%, with Maharashtra quickly catching up in 2nd place with 15% share in February 2022 (up from 12% share in January 2022). Karnataka came in third with an 11% share, followed by Tamil Nadu (9%), Delhi (8%), and Rajasthan (7%).
(State/ UT) Region-wise Registered EV Sales – February 2022
Source: Vahan Dashboard, Company Press Release, JMK Research
Note: Sales figures represent EVs registered across 1,391 RTOs in 33 states/ UTs. Others include Chhattisgarh, Punjab, and rest other 19 states/UTs.
High-Speed Electric Two-Wheeler (HS-E2W)
The overall HS-E2W sales in the country in February 2022 stood at 32,416 units, signifying a 18% m-o-m and a whopping 444% y-o-y leap in registrations. The Top 10 players, as shown below, accounted for 93% of the total registrations witnessed in the month of February 2022. Ola Electric moved to 4th position this month from the previous month’s number 7 position despite the fact that it launched its E2W range in December 2021 only.
High-Speed E2W sales trend
Source: Vahan Dashboard, JMK Research
Note: Sales figures represent only high-range E2W (Top speed > 25 kmph) registered across 1,391
RTOs in 33 states/ UTs. Others include Jitendra New EV Tech, GoGreen E-mobility Private Limited,
MEW Electricals Ltd, KLB KOMAKI, and 20 other players
Player-wise High-Speed E2W Sales Trend
Source: Vahan Dashboard, JMK Research
Note: Sales figures represent only high-range E2W (Top speed > 25 kmph) registered across 1,391 RTOs in 33 states/ UTs. Others include Jitendra New EV Tech, GoGreen E-mobility Private Limited, MEW Electricals Ltd, KLB KOMAKI, and 20 other players.
Electric Three-Wheeler (E3W)
The sales of registered E3Ws (both passenger and cargo-type) in February 2022 stood at 19,054 units, signifying a marginal increase of 8% y-o-y for E3W – Cargo but more than 65% y-o-y increase for E3W – Passenger.
Sales Trend of E3W – Cargo and E3W – Passenger
Source: Vahan Dashboard, JMK Research
Note: Sales figures represent E3Ws registered across 1,391 RTOs in 33 states/ UTs; E3W (Passenger and Cargo) sales shown in the figure takes into account both e-rickshaw and three-wheeler classes as categorized in the Vahan dashboard.
The cumulative sales of top 7 electric 3-wheeler players across passenger and cargo segments in February 2022 accounted for 36% share of the entire E3W market. YC Electric Vehicle had the highest share of 9.6%, which was followed by Mahindra Electric Mobility (7%), Saera Electric Auto (4.6%), Champion Poly Plast (3.8%), Best Way Agencies (3.8%), Dilli Electric (3.7%), and Unique International (3%).
Top E3W Players in February 2022
Source: Vahan Dashboard, JMK Research
Note: Others made up 64% of the E3W markets in February 2022; sales figures for players are inclusive of both cargo and passenger offerings; Sales figures represent E3Ws registered across 1,391 RTOs in 33 states/ UTs; E3W (Passenger and Cargo) sales shown in the figure takes into account both e-rickshaw and three-wheeler classes as categorized in the Vahan dashboard.
Electric cars (E-cars)
The cumulative sales of E-cars in February 2022 stood at 2,933 units, witnessing a m-o-m decline of 3% but a y-o-y surge of 397% in registrations. Tata Motors drove the E-car sales this month, accounting for 97% of the total registrations in February 2022. Sales of E-cars of BYD, which launched them in November 2021 and began selling in December 2021 only, have already surpassed those of other players, having registered 16 and 10 units respectively in the months of January and February this year.
Player-wise E-Car Sales Trend
Source: Vahan Dashboard, Company Press Release, JMK Research
Note: Sales figures represent E-cars registered across 1,391 RTOs in 33 states/ UTs; Others include Hyundai, BYD, Jaguar, Audi, Mercedes-Benz, and Porsche.
Electric buses (E-buses)
The cumulative sales of E-buses in February 2022 stood at 133 units, with a m-o-m rise of 6% but a y-o-y decline of 28%. This month’s sales were driven by Olectra Greentech and PMI Electro which accounted for 90% share of the total E-bus sales in February 2022.
Player-wise E-Bus Sales Trend
Source: Vahan Dashboard, JMK Research
Note: Sales figures represent E-buses registered across 1,391 RTOs in 33 states/ UTs.
Policies & Regulations
A total of 115 companies had filed their application under the Production Linked Incentive (PLI) Scheme for Automobile and Auto Component Industry in India which was notified on 23 September 2021. 20 applicants (along with their 12 subsidiaries) have been approved by the Ministry of Heavy Industries. Companies that were selected are as follows:
Players approved under the Auto and Auto component PLI Scheme:
| Champion OEM (Except 2W & 3W) |
| Ashok Leyland Limited |
| Eicher Motors Limited |
| Ford India Private Limited |
| Hyundai Motor India Limited |
| Kia India Private Limited |
| Mahindra & Mahindra Ltd. |
| PCA Automobiles India Private Limited |
| Pinnacle Mobility Solutions Private Limited |
| Suzuki Motor Gujarat Private Limited |
| Tata Motors Limited |
| Champion OEM (Except 2W & 3W) |
| Bajaj Auto Limited |
| Hero MotoCorp Ltd. |
| Piaggio Vehicles Private Limited |
| TVS Motor Company Limited |
| New Non-Automotive Investor (OEM) |
| Axis Clean Mobility Private Limited |
| Booma Innovative Transport Solutions Private Limited |
| Elest Private Limited |
| Hop Electric Manufacturing Private Limited |
| Ola Electric Technologies Private Limited |
| Powerhaul Vehicle Private Limited |
Source: Ministry of Heavy Industries, Government of India, JMK Research
The PLI Scheme for auto sector was open to existing automotive companies as well as new investors who are currently not in automobile or auto component manufacturing business. The scheme has two components viz Champion OEM Incentive Scheme and Component Champion Incentive Scheme. The Champion OEM Incentive scheme is a sales value-linked scheme, applicable on Battery Electric Vehicles and Hydrogen Fuel Cell Vehicles of all segments. The Component Champion Incentive scheme is a sales value-linked scheme, applicable on Advanced Automotive Technology components of vehicles, Completely Knocked Down (CKD)/ Semi Knocked Down (SKD) kits, Vehicle aggregates of 2-Wheelers, 3-Wheelers, passenger vehicles, commercial vehicles and tractors, etc.
Govt notifies charging infra policy for electric vehicles
The Goa state government has notified the Goa EV Concessional Charging Infrastructure Policy 2021, paving the way for EV charging stations across the state. As per the policy, the charging stations operators shall be allowed other sources to generate revenue, but with prior approval. Revenue generated will be shared with the Goa Energy Development Agency (GEDA) on a 50:50 basis. Of the GEDA charges, 20% will be shared with the land-owning agency while the remaining 80% will go into the Goa Decarbonisation Fund. The GEDA shall establish a single application process within 30 days from the date of the publication of the policy for submission of application.
Residential EV Charging Guidebook Launched
The Dialogue and Development Commission of Delhi (DDC) and World Resources Institute, India (WRI India) launched the ‘‘Residential Electric Vehicle (EV) Charging Guidebook’ on 28th February, 2022 to simplify and enable the adoption of EV charging in all types of residential areas in Delhi. The document guides residential societies in understanding the importance of EV charging, details the processes involved in planning, installing, and managing EV charging stations in the parking space of the societies. The document also addresses some of the common concerns (such as lack of space, capital investment, power load management etc.) and shares the best practices for RWAs.
Five firms submit Rs 1.53 lakh cr proposals to set up semiconductor, display plants
The government has received proposals from five companies for setting up electronic chip and display manufacturing plants with investment of INR 1.53 lakh crore. Vedanta Foxconn JV, IGSS Ventures, and ISMC propose to set up electronic chip manufacturing plants with USD 13.6 billion investment and have sought support of USD 5.6 billion from the Centre under the INR 76,000 crore Semicon India Programme. Further, Vedanta and Elest have proposed to set up a display manufacturing unit with projected investment of USD 6.7 billion and have sought support of USD 2.7 billion from the Centre under the Scheme for setting up of Display Fabs in India. Besides this, SPEL Semiconductor, HCL, Syrma Technology and Valenkani Electronic have registered for semiconductor packaging and Ruttonsha International Rectifier has registered for compound semiconductors. Terminus Circuits, Trispace Technologies, and Curie Microelectronics have submitted applications under the Design Linked Incentive Scheme.
Delhi govt replacing its old diesel and petrol vehicles with electric ones
With an emphasis on fighting air pollution, the Delhi government has started scrapping its old petrol and diesel vehicles and procuring electric ones. The General Administration Department (GAD) has recently procured 12 electric vehicles to be used by ministers and top officers of the Delhi government. Under Delhi’s EV policy, in February last year, the Delhi government had directed all its departments and autonomous bodies to hire or purchase only electric vehicles for their fleets. So, over 2,000 petrol and diesel vehicles will be replaced with electric vehicles.
Niti Aayog to roll out EV battery swapping policy in four months
Public policy think tank Niti Aayog plans to roll out a ‘battery swapping policy’ in the next 3-4 months. This will give electric vehicle buyers an option not to own its battery, thereby bringing down the upfront cost and fast-tracking EV adoption. The proposed policy will introduce disruptive business models such as battery as a service (BaaS), leasing etc. so that electric two-wheeler and three-wheeler customers need not own the battery.
TN developing competitive locations as EV hubs in state
As part of its effort to build an EV hub to complement the internal combustion engine auto hub in Tamil Nadu, the state government is in the process of developing specific connected and integrated locations for both the domestic and export markets. The government is looking for alternative competitive locations for EV ecosystem including destinations like Krishnagiri (Hosur), Manallur (Chennai), and Coimbatore.
Tribunal recommends creation of separate slow lane for e-ricks and e-bikes to curb accidents
Taking note of an increase in accidents due to e-rickshaws, a Motor Accidents Claims Tribunal (MACT) has recommended a slew of directions to prevent violation of traffic rules by such vehicles. It has recommended creation of a separate slow-moving lane for electric two-wheelers, electric three-wheelers, and e-rickshaws on heavy traffic roads to prevent the risk of accidents. A request was also sent to Delhi government’s transport ministry to ensure that subsidy for the purchase of e-rickshaws was not released till the license of the driver was made permanent. Also, permits should be provided for only those roads with a low traffic volume, like service roads, and not having a speed limit of over 40kmph.
Odisha announces 15% subsidy on purchase of electric vehicles
The Odisha government said it will provide 15 per cent subsidy on the purchase of electric vehicles. For electric two-wheelers and three-wheelers, the subsidy will be 15% of the cost, up to a maximum of INR 5,000 and INR 10,000 respectively and for four-wheelers, it will be INR 50,000. The subsidy will be in effect from September 1, 2021, and the amount will be credited to the bank accounts of beneficiaries by the RTO where the vehicle is registered. The scheme will be in place till December 31, 2025.
Chhattisgarh State Cabinet nod to special package on EVs
The Chhattisgarh government has decided to introduce a special promotion package for “electric vehicles and lithium-ion batteries” sector in its industrial policy 2019-2024 to encourage setting up of large, mega, and ultra-mega industrial units in the state.
Govt increases allocation for EV subsidy threefold
The Government of India, as per the budget document, has increased the subsidy under the Faster Adoption and Manufacturing of Hybrid & Electric Vehicles (FAME) for fiscal 2023 to INR 2,908 crore, which is more than three-and-a-half times the allocation of INR 800 crore for this fiscal and almost nine times higher than FY21.
Chandigarh’s first draft of electric vehicle policy out with financial benefits
With the decision to give major financial benefits to vehicles, from e-bicycles to personal four-wheelers, and commercial vehicles, the Chandigarh administration approved the city’s first draft EV policy for 5 years on Feb 10. The financial benefits will be from INR 3,000 to INR 2 lakh and the UT has also decided to give scrapping charges to the person who wants to dispose off his fuel vehicle. Further, A discount of up to INR 25,000 can be availed if goods and commercial vehicles running on diesel and petrol are retrofitted with electric kits.
Charging Infrastructure and Battery Swapping
|
Stakeholder(s)/ Player(s) |
Subject/ Scope |
Description |
|
Setting up hybrid charging station |
|
|
|
Setting up Charging stations in Pune |
|
|
|
Commissioning ‘Smart Managed’ EV charging station |
|
|
|
Battery Sharing Services for electric three-wheelers |
|
|
|
One million swaps achieved |
|
|
|
Installation of 1,000 charging stations achieved |
|
|
|
Installing 1 lakh charging points pan-India |
|
|
|
To set up 63 more EV charging stations |
|
|
|
Deploying charging stations for commercial and passenger vehicles |
|
|
|
1 million battery swaps achieved |
|
Source: Industry news articles, JMK Research
Thane okays plan to set up 30 charging stations for electric vehicles
The Municipal general body in Thane accepted the proposal for setting up nearly 30 charging stations for e-powered vehicles across the city. As per the plans, the initiative will be executed in nine wards spread across the civic limits and roads will soon be identified that will have adequate space for erecting these charging stations. The project will be undertaken under public-private partnership with the intention to encourage motorists to switch over to electric powered vehicles.
200 EV charging stations to be set up in Maharashtra’s Aurangabad by year-end
The Aurangabad Municipal Corporation has decided to set up nearly 200 charging stations for electric vehicles in the city by this year end. For this, the civic body will spend about INR 5 crore of the fund granted under the 15th Finance Commission.
1,000 new charging points for electric vehicles coming up across Delhi: DDC
Around 1,000 new charging points for electric vehicles are expected to come up across the city with the top malls in Delhi committing to install such points in 5% of their parking space in the next six months as per a guidebook released by the Dialogue and Development Commission of Delhi (DDC), in partnership with World Resources Institute, India (WRI India).
Hitachi unveils grid-to-plug EV charging system to accelerate India’s smart mobility journey
Hitachi ABB Power Grids has developed its ground-breaking grid-to-plug EV charging system: Grid-eMotion Fleet. Integrating the grid connection and charging systems together, the smart mobility solution enables operators managing public transport and commercial EV fleets to effectively scale up their operations. Further, by concentrating most of the charging equipment at a central location, the solution has been able to reduce space requirement by upto 60% in a depot.
Delhi govt to build electric vehicle charging stations at all state-run offices
In a bid to make Delhi the ‘Electric Vehicle Capital of India’, the city government has decided to build electric vehicle charging stations at all government offices in the national capital which will be ready in three months. This facility will allow government employees to charge their electric vehicles during work hours.
A Memorandum of Understanding (MoU) was signed between electric two-wheeler maker Ather Energy and Electric Supply Companies (ESCOMs) of Karnataka for setting up 1,000 fast charging stations across the state. Ather Energy will provide free charging services for the electric two-wheeler vehicles.
Other Market Updates
Pinnacle Industries launches EKA, as a subsidiary for electric CVs, solutions
Pinnacle Industries, an automotive seating, interior, and specialty vehicle company that has also been selected for incentives under the government of India’s Auto PLI scheme, has launched EKA (united), as an automotive and technology subsidiary for electric commercial vehicles and solutions. The brand will also house components assembly and manufacturing, EV traction systems, and EV energy storage systems.
Softbank-backed Ola Electric plans 50Gwh India battery plant in EV push
Softbank Group-backed Ola Electric plans to build a battery cell manufacturing plant in India with a capacity of up to 50 gigawatt hours (GWh). Ola will need 40GWh of battery capacity to meet its annual target to produce 10 million electric scooters and the remainder will be for electric cars which it plans to manufacture in the future. The initial plan is to set up 1GWh of battery capacity by 2023 and expand it to 20GWh over the next 3-4 years.
Assam to order 200 electric buses for Guwahati
The state government will place an order for 200 electric buses within a month to run them in the capital city. The state Cabinet had in August last year decided to procure 200 electric buses and 100 CNG buses for Guwahati city to contribute to the global campaign for reducing carbon emission.
EVET enters Mumbai, Chennai markets
EVET by Magenta, the e-mobility platform which has been running EV Fleet for urban logistics movement in Bengaluru, has entered Mumbai and Chennai markets with its electric three-wheelers in L5 category. The company shall roll out over 500+ EV fleet in the next 3-4 months in both the cities.
100 more electric DTC buses in city by March
The national capital will get 100 electric buses next month, followed by another 200 e-buses by mid-May, to take the city’s e-bus fleet strength to 300. Currently, Delhi has just one e-bus for public transport that was flagged off on January 17 this year.
E-2W maker Okinawa opens second manufacturing plant in Rajasthan
Electric two-wheeler manufacturer Okinawa Autotech has commenced operations at its second manufacturing unit in Bhiwadi, Rajasthan. The unit has the infrastructure and machinery to develop inventive electric two-wheelers. The company will be investing close to INR 250 crore for the development of its new facilities and will be making further gradual strategic investments to scale up the production from the initial 3 lakh units a year to a million a year. The expanded production capacity will help meet the domestic and export demand for EVs.
EV startup BattRE to expand dealerships to 700, to launch e-scooter, e-bike shortly
Electric vehicle startup BattRE which has over 300 dealerships across 19 states will invest INR 100 crore to expand dealerships to 700. It also plans to add two products, a high-speed electric scooter and a high-speed electric motorcycle, to its portfolio, and enhance R&D capabilities by the end of FY23.
GoZero Mobility to produce e-bikes in NE India
British Electric bike maker GoZero Mobility announced plans of manufacturing premium electric bikes in North-Eastern India. The company also plans to invest USD 1 million to create retail flow in the North-Eastern region and set up local assembly units to enable faster/same-day deliveries.
Atumobile inaugurates second factory in Patacheru
Electric vehicle maker Atumobile has expanded its manufacturing capacity by opening a second factory in Patacheru, Telangana. The Company has thereby increased the capacity from 25,000 units per annum to 3.50 lakh units per annum. Atumobile had opened its first factory in Patancheru in 2020. The facility spans an area of 20,000 sq. ft. and will manufacture Atum 1.0 and some other new models as well.
Investments and Deals
|
Company name |
Company type |
Deal type |
Investor(s) |
Deal value (in USD Mn) |
Details |
|
Chargeup |
Battery Swapping |
Equity |
Lead investors: Capital A and Anicut Capital followed by Tiger Shroff and Shraddha Kapoor, as well as Aman Gupta and Sameer Mehta (founders of BoAt) |
2.5 |
Chargeup raises USD 2.5 mn in funding round led by Capital A, Anicut Capital |
|
Ace Green Recycling |
Battery Recycling start-up |
Equity |
Circulate Capital and Climate Angels |
7 |
Ace Green Recycling Funding: Ace Green Recycling raises over $7 million in funding led by Circulate Capital |
Source: Industry News Articles, JMK Research
Capital A launches USD 10-million fund to boost EV ecosystem in India
Capital A, a venture fund for seed to early-stage meaningful start-ups, announced the launch of a USD 10 million (around INR 75 crore) cleantech fund that will be utilised for funding electric vehicles and related ecosystem like battery charging start-ups. The fund, which has been christened as Evolve, will help in the adoption of EVs in the country.
Euler Motors invests INR 200 crore for capacity expansion to 35,000 units per annum
Electric vehicle company Euler Motors has announced today its plan to increase its production capacity upto 3,000 vehicle units per month by mid-2022 by investing INR 200 crore over the next 12 months. The company currently has a production capability of 4,000 vehicles per annum and now strives to reach 35,000 units per annum by the end of FY23. It intends to place 8,500 units on road by FY23. This will help the company to speed up delivery against the current order book of HiLoad EV and meet the projected demand from Delhi-NCR, Bangalore, Hyderabad, Chandigarh, and Pune.
Ashok Leyland mulls separate plant for EVs; lines up INR 500 cr investment for alternative fuel tech
Bullish on the future of green mobility, the Hinduja Group flagship company Ashok Leyland plans to set up a new manufacturing facility in the country to roll out electric vehicles. It has lined up an INR 500 crore investment to develop powertrains based on alternative fuels like CNG, hydrogen, and electric for its commercial vehicles range and has already announced a USD 200 million (~INR 1,500 crore) investment through its UK-based arm Switch Mobility for electric mobility.
Vedanta to invest up to USD 20 bn in semiconductor biz in India, rollout by 2025
Indian conglomerate Vedanta has earmarked USD 15 billion for foray into the electronic chip and display manufacturing space. It expects to roll out display units, for use in mobile phones and electronics devices, by 2024 and electronic chips from Indian manufacturing plants by 2025. The group has signed an MoU with electronics manufacturing giant Foxconn to form a joint venture company that will manufacture semiconductors in India. The announcement is an outcome of the USD 10 billion (INR 76,000 crore) PLI scheme announced by the government of India to boost electronic chip and display ecosystem in the country.
JVs and Partnerships
|
Companies involved |
Purpose of Partnership |
|
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Mahindra Electric Mobility Limited (MEML) and Common Service Centres (CSC) |
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Source: Industry News Articles, JMK Research
Tenders
|
Tender Name |
Tendering Authority |
Requirements |
Bid Submission Date |
Tender ID |
|
Electronics Technology Park Kerala |
1 EV Charging station with a grid-connected 15.5 kWp PV Plant |
25 Feb 2022 |
2022_ETPK_473608_1 |
|
|
Request for Proposal (RFP) for Selection of Agency for Electric Vehicles on “Own, Lease, Operate, Maintain and Transfer Basis” to Govt. /Semi-Govt. Departments |
Mahatma Phule Renewable Energy and Infrastructure Technology Ltd, (A Subsidiary Company of MPBCDC Ltd) |
100 E-Cars for a 5-year period |
16 Feb 2022 |
MAHAPREIT/21-22/ET/ |
|
New Delhi Municipal Corporation (NDMC) |
1,000 E-scooters and 100 charging stations within 1.5 years of the overall engagement period of 6.5 years |
21 Feb 2022 |
2022_NDMC_215661_1 |
|
|
CESL |
Overall contract of 8-10 years with charging stations to be installed in the first two years. Tier-1 cities are the target cities. |
11 Feb 2022 |
CESL/06/2021-22/CPO/EVCI/BOO/212210063 |
Source: Industry News Articles, JMK Research
Global Market Updates
Taiwan’s UMC to spend $5 bln on new chip plant in Singapore
Taiwan’s United Microelectronics Corp (UMC) will invest USD 5 billion on a new microchip factory in Singapore with production expected to start in 2024. UMC said the new factory will produce 22 and 28 nanometre chips and will have a monthly capacity of 30,000 wafers.
Engine maker Cummins to buy Meritor for $2.6 bln in electric parts push
U.S. truck engine maker Cummins Inc announced plans to buy auto parts maker Meritor Inc. for USD 2.58 billion in cash to beef up its electric and hybrid vehicle parts offerings and integrate Meritor’s operations into its segment that makes electrified power systems.
Thailand approves tax breaks for EVs, ‘high potential’ foreigners
Thailand’s cabinet approved tax incentives to promote a shift to electric vehicles. The vehicle tax measures include reducing import duty this year and next by as much as 40% for completely built EVs priced upto 2 million baht (USD 61,805) and by 20% for those priced between 2 and 7 million baht. The government will cut excise tax on imported EVs to 2% from 8%, which is expected to add 7,000 EVs in the first year. Eligible car manufacturers will also receive subsidies of between 70,000 baht and 150,000 baht for each EV and 18,000 baht for electric motorcycles.
Northvolt to build third battery factory in Sweden
Northvolt announced plans for a third ‘gigafactory’ in Sweden as it seeks to ramp up production to meet demand from automakers shifting to electric cars. The facility located in Borlange, ~200 kilometres (124 miles) northwest of Stockholm, will specialise in manufacturing cathodes for batteries meant for cars. The gigafactory is expected to start the first part of its operations in late 2024.
China NEV sales drop 18.6% in January after subsidy cut
Sales of new energy vehicles (NEVs) in China fell 18.6% month-on-month in January after the country cut subsidies for NEVs by 30%. Sales of NEVs reached 431,000 in January, representing an annual increase of 135.8%, according to data of the China Association of Automobile Manufacturers (CAAM).
Volta Trucks raises $260 million to fund electric vehicle launch
Stockholm-based Volta Trucks, which also operates in the UK, has raised 230 million euros (USD 260 million) in Series C funding round, which will finance its launch of series production of its Volta Zero electric truck in late 2022. The funding round was led by hedge fund Luxor Capital, which had previously invested in Volta Trucks.
Thailand approves incentives to promote EV shift
Thailand’s cabinet approved a package of incentives including tax cuts and subsidies to promote a shift to electric vehicles. The package for 2022-2025 is in line with a zero-emission vehicle policy plus a goal to ensure 30% of Thailand’s total auto production are EVs by 2030. In the first two years, the measures will focus on encouraging widespread domestic use of EVs by providing tax breaks and subsidies for imported models and those made locally. In the last years of the package, the support will mainly be on promoting domestically produced EVs.
Glencore, Britishvolt team up for UK EV battery recycling plant
Mining Company Glencore and electric vehicle battery startup Britishvolt will jointly develop a new UK-based battery recycling plant that will help reuse expensive key raw materials like cobalt and lithium. The plant will be built at the site of a Glencore operation in Northfleet, east of London and is set to launch in 2023. The recycling facility will be able to process at least 10,000 tonnes (10 million kg) of lithium-ion batteries per year.
EV company builds road that’ll charge cars as they drive
Electreon Wireless, a company based out of Tel Aviv, Israel, is working with Ford and DTE to bring its wireless charging technology to Detroit next year. The electrified road being built by the startup will allow modified electric cars to charge as they drive. The roadway will charge electric vehicles whether they’re in motion or at a stop through a process called inductive charging, which use a magnetic frequency to transfer power from metal coils that are buried under the road to a special receiver on the underside of the EV.
Chinese EV maker Xpeng to sell cars in the Netherlands and Sweden, as it expands foray into Europe
Leading Chinese smart electric vehicle maker Xpeng Motors signed collaboration agreements with two sales agencies – Emil Frey and Bilia – in the Netherlands and Sweden respectively to further expand its presence in Europe. Until now the only overseas foray for Xpeng, which makes the P7 and P5 sedans as well as the G3 and G9 sport-utility vehicles, has been Norway where it started shipping its cars in late 2020.
U.S. to detail USD 5 billion plan to fund EV charging network
The Biden administration plans to detail how it will award nearly USD 5 billion over 5 years to build thousands of electric vehicle charging stations. Congress approved the funding to states as part of a USD 1 trillion infrastructure bill in November.
Stellantis launches electrified Alfa Romeo Tonale SUV
Stellantis unveiled its new Alfa Romeo Tonale compact sport utility vehicle (SUV) as it aims to expand in the premium market and add electrified and interconnected vehicles to its range. The new Tonale, to be built at Italy’s Pomigliano plant near Naples, is Alfa Romeo’s first electrified vehicle and is initially offered in mild hybrid as well as diesel engine models. A plug-in hybrid version, with an all-electric range of up to 80 kilometres, will arrive later this year.
BorgWarner Completes Acquisition of AKASOL AG
BorgWarner Inc. announced that it has completed its acquisition of AKASOL AG. The combination of BorgWarner and AKASOL is expected to significantly strengthen the company’s commercial vehicle and industrial electrification capabilities, which positions the company to capitalize on what it believes to be a fast-growing battery systems market.