Monthly EV update – February 2022

Monthly EV update – February 2022

monthly electric vehicle

New Product Launches


Vehicle type

Battery specifications

Other specifications


Mini Cooper SE Electric


  • Battery- 32.6kWh li-ion
  • Range- 235 km (certified), 270 km (claimed)
  • Charging time – 0 to 80 percent in 2.5 hours with an 11kW charger; 0 to 80 percent in 35 minutes with a 50kW DC fast charger
  • Electric Motor- 184 hp power, 270 Nm torque
  • Top speed- 150 km/hr
  • Has four drive modes – Mid, Sport, Green, Green+

INR 47.2 lakh (Ex-showroom)

Crayon Motors Snow+

Low-speed Electric Scooter

  • Not unveiled
  • Top Speed- 25 km/hr
  • Motor Output- 250 kW

INR 64,000

AMO Jaunty Plus

High-speed Electric Scooter

  • Charging time- 4 hours (0-100%)
  • Battery- 60V/40Ah li-ion
  • Range- 120 km
  • Wheel size- 10 inch (front and rear)

INR 1.10 lakh (Ex-showroom)

WardWizard (Joy e-bike) Wolf+, Del Go, and Nanu+

Wolf+ and Nanu+: High-speed Electric Scooters

Del Go: High-speed Fleet Management Scooter

  • Charging time – 4 to 5 hours
  • Battery- 60V/35Ah li-ion
  • Range- 100 km
  • Top Speed- 55 km/hr
  • Has three drive modes – eco, sports, hyper

INR 1.10 lakh, INR 1.06 lakh, and INR 1.14 lakh respectively (Ex-showroom inclusive of FAME-II subsidy)

Hero Electric Eddy

Low-speed Electric Scooter

  • Charging time – 4 to 5 hours
  • Battery- 51.2V/30Ah li-ion
  • Range- 85 km
  • Top Speed- 25 km/hr
  • Motor Power- 250W BLDC Watts
  • Tyre Size- 90/90-12

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

20 Applicants have been approved under “Champion OEM Incentive Scheme” PLI Scheme for Automobile and Auto Components

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



Setting up hybrid charging station

  • Technopark is planning to install a hybrid electric vehicle charging station in its Phase-I campus in Thiruvananthapuram by July. E-tender has been floated for this work.
  • It will have a 24kW DC fast charger, a 10kW Bharat AC 001 charger, and a 5 kW Level-1 AC charger.
  • Registered employees will receive their respective charging cards and they can charge their vehicles directly at the EV station. Technopark also plans to allow the public to enter the campus through a pass and make use of the charging station as required.


Setting up Charging stations in Pune

  • State-run oil marketing company Indian Oil Corporation (IOCL) plans to multiply (~15) the number of EV charging stations it currently runs in Pune by the end of the 2021-22 fiscal.
  • It currently runs 3 charging facilities in the Pune area.
  • In Maharashtra, around 75 electric vehicle charging stations will be ready by the end of the fiscal.

BSES Yamuna Power Limited

Commissioning ‘Smart Managed’ EV charging station

  • BSES Yamuna Power Limited has commissioned India’s first ‘Smart Managed’ EV charging station which can charge 5 e-vehicles simultaneously at its sub-station premise in Mayur Vihar Extension Phase I, New Delhi.
  • The initiative has been supported by Nordic Innovation, an organization promoted by the governments of Nordic countries, and executed by Fortum Charge & Drive (C&D), a leading charge point operator.

Honda and HPCL

Battery Sharing Services for electric three-wheelers

  • Honda Power Pack Energy India Private Limited, Honda Motor Co., Ltd.’s new subsidiary for battery sharing service, and Hindustan Petroleum Corporation Limited (HPCL) have signed a memorandum of understanding and commercial agreement to collaborate in the field of E-mobility and provide battery sharing services in HPCL’s retail outlets in major cities across India.
  • The Company plans to start its Battery as a Service (BaaS) business on a commercial basis in Bengaluru in the first half of 2022 and expand to other major cities in phases. Initially, the focus will be on the three-wheeler segment and would eventually expand to two-wheelers as well.

Battery Smart

One million swaps achieved

  • Battery Smart announced that it has achieved a milestone of one million paid swaps. The company’s unique battery-as-a service model has enabled it to scale operations at a rapid pace, growing 20X in the last 6 months.
  • With 4,000+ registered drivers on its platform and over 200 Swap Stations live and operational, the company has powered 30 million emission-free kms till date.

Indian Oil Corporation

Installation of 1,000 charging stations achieved

  • Indian energy major Indian Oil announced the installation of more than 1,000 electric vehicle charging stations (EVCS) across the country.
  • Indian Oil had installed its first EV charger for public use in 2017 at Nagpur.
  • Presently, the company’s charging points are present in more than 500 towns and cities including multiple state and national highways.
  • Going ahead, the corporation is planning to have a base of 3,000 plus charging stations to convert highways into e-highways across the country, over the next three years.


Installing 1 lakh charging points pan-India

  • ElectiVa, an electric vehicle charging provider, plans to set up one lakh charging points across India in the next 3 years. The Company plans to install an electric charging point every three kms in Delhi and at all key locations. The same will be replicated across all metros.
  • ElectriVa had recently bagged the contract for installing and operating 100 EV charging stations in Delhi and another 150 are in the pipeline.


To set up 63 more EV charging stations

  • Bangalore Electricity Supply Company Ltd (Bescom) has decided to set up 63 charging stations under public-private partnership (PPP) model in Bengaluru. It has already set up 136 EV charging stations — 106 AC and 30 DC chargers — in Bengaluru, in line with the EV and energy storage policy.
  • In the 2021-22 state budget, Bescom had proposed to set up more than 1,000 EV charging stations across Karnataka under PPP model.

Tata Power and Apollo Tyres

Deploying charging stations for commercial and passenger vehicles

  • Tata Power has partnered with Apollo Tyres to deploy electric vehicle charging stations at the latter’s 150 commercial and passenger vehicle zones across India.
  • In addition to the customers visiting these tyre retail outlets, the charging stations would also be open for use by the general public as well throughout the year.


1 million battery swaps achieved

  • Smart mobility firm Bounce has achieved over a million battery swaps on its energy infra network, making it the first player in the domestic market to accomplish such a feat.
  • The Company had announced the launch of its consumer e-scooter and battery-swapping network under the brand name Bounce Infinity last year in December only.

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.

MoU signed with Ather Energy to set up 1,000 fast charging stations for electric two-wheelers in Karnataka

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


Deal value

(in USD Mn)



Battery Swapping


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)


Chargeup raises USD 2.5 mn in funding round led by Capital A, Anicut Capital

Ace Green Recycling

Battery Recycling start-up


Circulate Capital and Climate Angels


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

Pinnacle Mobility Solutions and VDL Groep

  • Pinnacle Mobility Solutions, a unit of Pune-based Pinnacle Industries, would invest INR 2,000 crore to make electric buses and e-mini trucks to cater to the booming last-mile mobility space.
  • For this, Pinnacle Mobility has entered into a 74:26 partnership with one of Europe’ s largest family-owned enterprises – VDL Groep.
  • The company will set up a 5,000-unit electric bus manufacturing facility in Pithampur, Madhya Pradesh, and a 15,000-unit plant for e-mini vehicles in the 1-2 tonne space in Pune.

OSM and Zyngo

  • Electric vehicle manufacturer Omega Seiki Mobility (OSM) and Zyngo, a zero-emission logistics provider, have announced a strategic partnership to deploy 1,500 electric cargo vehicles for last-mile delivery across India.
  • The OSM Rage+ EVs will further expand Zyngo’s fleet to cater to the ever-growing demand for last-mile delivery solutions and will introduce a second shift at its Faridabad mother plant from April 2022 onwards.

Hero Electric and IDFC FIRST Bank

  • Hero Electric collaborated with IDFC FIRST Bank for vehicle finance to enable its customers to avail an instant loan on KYC with low processing fees and down payment.
  • This partnership with IDFC FIRST Bank is expected to further Hero Electric’s penetration to newer markets to promote green commuting via seamless financing options.

Hero MotoCorp and BPCL

  • Hero MotoCorp and Bharat Petroleum Corporation Limited (BPCL) have collaborated to set up charging infrastructure for two-wheeled electric vehicles across the country.
  • The two entities will first establish charging infrastructure at the existing nationwide energy station network of BPCL. In the first phase, charging stations will be set up across nine cities starting with Delhi and Bengaluru.
  • Each charging station will feature multiple charging points including DC and AC chargers and will be available for use to all two-wheeled EVs.

BOLT and SpareIt

  • All-in-One EV infrastructure provider, BOLT, and SpareIt, an automotive aftermarket multi-sided platform, entered into partnership to offer charging infrastructure to EV users across India.
  • The partnership will set up 500 BOLT chargers in 15+ cities across India and strives to set more in the succeeding year. The companies plan to install the BOLT EV charging solution exclusively in 10% of SpareIt garages in the next 24 months in India.
  • With this partnership, EV consumers will be enabled with an increased EV adoption process by bringing charging stations to garages, thereby combating range anxiety.

Fortum and BSES Yamuna Power

  • Fortum C&D India has partnered with BSES Yamuna Power Ltd to launch a first-of-its-kind pilot project on load balancing in India. The pilot project will focus on serving intelligent distribution of available load among chargers and Electric Vehicles. The tenure of the pilot project is one year.
  • As part of the agreement, a total of three chargers (five charging points) will be deployed in Mayur Vihar Extension Phase I, New Delhi, built and operated by Fortum C&D India.

Ibis Vikhroli and


  • ibis, a JV of Accor Hotels and InterGlobe enterprises, has tied up with Magenta to install electric vehicle charging stations at their newly-inaugurated hotel ibis Vikhroli.
  • Magenta shall install, operate, and manage DC fast chargers initially at ibis Vikhroli followed by other properties across the country.

BikeWo and Munim

  • Hyderabad-based electric two-wheeler company BikeWo acquired Munim App, a Bengaluru-based staff management and business intelligence platform.
  • The acquisition will enable BikeWo to remotely manage its staff attendance, salary disbursal, and workforce management in the near future.

EMotorad and Panine

  • E-bike startup EMotorad has acquired Panine, an EV fast-charging network at an undisclosed amount.
  • With this acquisition, EMotorad will allow Panine to offer an international platform and reach for its battery technology. It will also strengthen the Panine’s network and allow it to expand its reach while improving EMotorad’s own battery technology capabilities.

Mahindra Electric Mobility Limited (MEML) and Common Service Centres (CSC)

  • Mahindra Electric Mobility Limited (MEML) has partnered with Common Service Centres (CSC), a government organisation, to promote the adoption of electric vehicles across India, and to enhance sustainable connectivity in the country.
  • Through this association with CSC, MEML will offer its range of electric vehicles like Treo and Alfa to the aspiring customers in the rural markets.

Hero Electric and Grip

  • Hero Electric has partnered with Grip, an alternative investment platform, for its lease financing solutions to retail investors.
  • Under the partnership, 20,000 Hero Electric NYX scooters will be sourced by Grip with a targeted 10,000 scooter deployment in the current calendar year.

Park+ and goEgoNetwork

  • Park+ and goEgoNetwork have tied up to deploy EV charging stations across India. A network of EV charging infrastructure will be set up initially in five cities, starting with Delhi-NCR, and will cover the top 20 cities in the next couple of years.
  • EV users will be provided with the convenience of charging infrastructure in their residential societies, offices, malls, etc. It will further provide commercial establishments, residential apartments, tech parks and public parking spaces with reliable EV charging solutions in their premises.

Log9 Materials and SpareIt

  • Bengaluru-based EV battery technology startup Log9 Materials has launched a battery replacement and retrofitment model in partnership with garage network platform SpareIt.
  • As a part of the collaboration, SpareIt will offer its pan-India extensive garage network for vehicle integration with Log9’s InstaCharging battery packs and hence solve all battery-related problems of electric two-wheeler and three-wheeler owners.

Omega Seiki Mobility and Goenka Green-promoted ElectroRide

  • Electric vehicle maker Omega Seiki Mobility (OSM) has entered into a strategic partnership with Goenka Green-promoted ElectroRide to jointly set up over 500 dealerships pan-India in a phased manner by FY24.
  • The collaboration will mark Goenka Green’s entry in the electric commercial vehicle segment under the ElectroRide brand after 28 years of ICE (internal combustion engine) vehicle dealerships.
  • In Phase 1, 227 outlets across Uttar Pradesh, Rajasthan, Madhya Pradesh, Gujarat, Haryana, and Delhi-NCR will come up by FY23. In phase 2, 325 dealerships will open in the state of Punjab, Uttarakhand, Bihar, Jharkhand, Karnataka, Kerala, Maharashtra, Tamil Nadu, Andhra Pradesh, Odisha, West Bengal, Assam, Telangana, and Chhattisgarh by FY24.

Hero Electric and Axis Banks

  • Electric two-wheeler company Hero Electric has tied-up with Axis Bank for retail financing solutions for its entire two-wheeler product portfolio to boost the adoption of e-mobility across the country.
  • Through this partnership, Hero Electric customers will be offered several value-added financial benefits with minimal documentation, offering them an enhanced, hassle-free, and seamless buying experience.
  • As a financial partner, Axis Bank will also offer customized loan amounts and flexible tenure for both customers and dealers.

Three Wheels United and Euler Motors

  • Bengaluru-based financier of light electric vehicles, Three Wheels United (TWU) partnered with Euler Motors to accelerate the adoption of electric three-wheelers, especially its electric cargo three-wheeler ‘Euler HiLoad EV’.
  • With this partnership, TWU and Euler Motors will deploy electric three-wheelers across Delhi NCR, Bengaluru, Chennai, and Hyderabad by the end of FY23.
  • TWU will provide the required financing solutions for cargo vehicle drivers to seamlessly switch to electric three-wheelers and Euler Motors will assist them with access to charging infrastructure, maintenance, and service of the vehicles.

Hero Electric and SBI

  • Electric two-wheeler company Hero Electric partnered with the State Bank of India (SBI) for two-wheeler financing solutions.
  • Customers buying Hero Electric e-scooters will get an additional INR 2,000 off on payments made through YONO, SBI’s integrated digital banking platform.

Source: Industry News Articles, JMK Research


Tender Name

Tendering Authority


Bid Submission Date

Tender ID

Supply Installation Testing and Commissioning of Hybrid EV Charging Station with 15.5kwp PV Power Plant in Technopark Phase-I Campus, Thiruvananthapuram

Electronics Technology Park Kerala

1 EV Charging station with a grid-connected 15.5 kWp PV Plant

25 Feb 2022


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


Engagement of Concessionaire For Design Built Operate and Maintain Public e Scooter sharing system in NDMC Area

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


Empanelment of Charge Point Operators (CPO) for Supply, Installation, Testing, Commissioning, Operation and Maintenance of Electric Vehicle Charging Stations in India on Build, Own and Operate, (BOO) Model


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


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.


JMK Research & Analytics is a specialist research and consulting firm that focuses on various cleantech segments in India and the Asia Pacific Markets, including Renewables, E-mobility, Energy Storage, and Green Hydrogen.

Based on our extensive industry experience and strong network, we offer valuable insights and detailed information to help clients develop successful business models and market strategies.


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