Monthly EV update – July 2022

Monthly EV update – July 2022

monthly electric vehicle

Product Launches

India Launches – July 2022


Vehicle type

Battery specifications

Other specifications


Ather 450X Gen-3



·  3.7kWh Lithium-ion

·  Range – 105 km (TrueRange); 146 km (ARAI Certified range)

· Top Speed – 80 km/hr

·  Peak Power Output – 6.2kW

INR 1.56 lakh

Eveium Cosmo   



·  72V/30Ah Lithium-ion

·  Range – 80 km

·  Top Speed – 65 km/hr

·  Electric Motor – 2,000W

INR 1.44 lakh

Eveium Czar



·  72V/42Ah Lithium-ion

·  Range – 150 km

·  Top Speed – 85 km/hr

·   Electric Motor – 4,000W

INR 2.16 lakh

Eveium Comet



·  72V/50Ah Lithium-ion

·  Range – 150 km

·  Top Speed- 85 km/hr

INR 1.92 lakh

Tata Nexon EV Prime


·  30.2kWh Lithium-ion

·   Range – 312 km

·   Smart features – Multi-Mode Regen, Automatic Brake Lamp Activation on Regen, Cruise Control, Indirect Tyre Pressure Monitoring System (iTPMS), Smartwatch integrated connectivity feature

INR 15 lakh

Onix ESO-10



·  60V/30Ah Lithium-ion

·  Range – 80 km

·  Top Speed- 50 km/hr

·  Charging Time – 4 hours


Volvo XC40 Recharge


·  78kWh Lithium-ion

·  Range – 418 km

·  Top Speed – 180 km/hr

·   Power Output – 401 bhp

·  Charging Time – 40 minutes (0-80% with 150kW DC fast charger); 8 hours with 11kW AC charger

INR 55.90 lakh

OSM and Log9 Rage+ RapidEV Pro



·  7.7kWh Lithium-ion

·  Range – 95 km

·  Charging Time – 45 minutes

·  Cargo body volume – 2 variants in 140 cubic ft. and 170 cubic ft.


Source: Industry news articles, JMK Research

Upcoming Launches


Vehicle type

Known/ Revealed specifications

Expected Launch Date

Expected Price

Mercedes EQB SUV


·  Battery – 66kWh Lithium-ion

·  Range – 418 km

Q4 2022

Not unveiled

Mercedes AMG EQS 53 4Matic+


·  Range: 326 to 360 km

·  Top-speed: 250 km/h

August 24, 2022

Not unveiled

Source: Industry news articles, JMK Research

M&M to launch its first electric SUV, XUV 400, in India

A late bloomer into the sector, auto major Mahindra, has detailed its plans to go electric with eXUV400, which is expected to be launched in September 2022. Once launched, the SUV will have an expected range of 300 kms.

Murugappa Group to enter EV business, launch three-wheelers by Sept

The Murugappa Group will launch an electric three-wheeler brand called Montra by September this year and invest INR 200 crore in this segment. The electric vehicles business comes under TI Clean Mobility (TCM), a fully-owned subsidiary of Tube Investments of India (TII). The initial capacity for three-wheelers will be around 75,000 units per year. TCM is also expected to manufacture electric tractors through Cellestial E-Mobility, where the group bought a controlling stake of 70 per cent for INR 161 crore.

EV Sales Trend

The overall EV sales in July 2022 increased m-o-m by 8.8% to reach 79,720 units. In addition, there was a y-o-y leap of more than 200%.

Registered EV Sales Trend in India (July 2021–July 2022)

Source: Vahan Dashboard, Company Press Releases, JMK Research

Note: Sales figures represent EVs registered across 1,283 RTOs in 33 states/ UTs.

As depicted in the figure below, EV registrations in July 2022 were driven by electric two-wheelers and passenger-type electric three-wheelers, which together accounted for 90.69% of total registrations in the month. The shares of these categories were followed by E-Cars (5.58%), cargo-type electric three-wheelers (3.43%), and so on.

Category-wise EV sales – July 2022

Source: Vahan Dashboard, Company Press Release, JMK Research

Note: Sales figures represent EVs registered across 1,283 RTOs in 33 states/ UTs; Others include adapted vehicles, fork-lifts, goods carriers, and private service vehicles.

Among all the states and UTs, Uttar Pradesh retained its top spot of EV share with 18% of overall sales, followed by Maharashtra with 12% share. Rajasthan stood at third spot with 8% share, followed by Karnataka (8%), Gujarat (8%), Delhi (7%), and Tamil Nadu (6%).

(State/ UT) Region-wise registered EV sales – July 2022

Source: Vahan Dashboard, Company Press Release, JMK Research

Note: Sales figures represent EVs registered across 1,283 RTOs in 33 states/ UTs. Others include Chhattisgarh, Uttarakhand, Punjab, and 18 other states/UTs.

High-Speed Electric Two-Wheeler (HS-E2W)

The overall HS E2W sales in the country in July 2022 stood at 45,563 units, signifying an increase of 7.85% m-o-m and more than 245% y-o-y leap in registrations. The Top 10 players accounted for 87% of the total registrations witnessed in the month of July 2022.

High-Speed E2W Sales Trend

Source: Vahan Dashboard, JMK Research

Note: Sales figures represent only high-range E2W (Top speed > 25 kmph) registered across 1,283 RTOs in 33 states/ UTs.

Hero Electric regained its number one position, pushing Okinawa and Ampere Vehicles to the second and third positions respectively. TVS moved to fourth position this month from seventh position last month with its iQube model surpassing the sales of Ola Electric S1 Pro already. Ather’s sales declined this month primarily due to two-week factory shutdown for smooth transitioning to the manufacture of Gen 3 versions of 450 electric scooters. The surprise entry to the Top 10 club was Okaya EVs which is selling just one High Speed electric scooter since the last couple of months only.

Top High-Speed E2W Players – July 2022

Source: Vahan Dashboard, JMK Research

Note: Sales figures represent only high-range E2W (Top speed > 25 kmph) registered across 1,283 RTOs in 33 states/ UTs. Others include Jitendra EV Tech, Pure EV, Lectrix, GoGreen E-mobility Private Limited, MEW Electricals Ltd (BGauss), KLB KOMAKI, and 43 other players.

Electric Three-Wheeler (E3W)

The sales of registered E3Ws passenger and cargo-type in July 2022 stood at 26,733 units and 2,736 units respectively, signifying a m-o-m increase of 11.49% for E3W – Passenger and decrease of 6.65% for E3W – Cargo. The decline in sales of E3W – Cargo was primarily on account of reduced sales of three-wheeler cargo.

Sales Trend of E3W – Passenger (Left) and E3W Cargo (Right)

Source: Vahan Dashboard, JMK Research

Note: Sales figures represent E3Ws registered across 1,283 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 July 2022 accounted for 35.78% share of the entire E3W market. YC Electric Vehicle continued to have the highest share of 8.48%, which was followed by Mahindra Electric Mobility (7.84%), Saera Electric Auto (5.40%), Champion Poly Plast (4.12%), MINI METRO EV L.L.P (3.56%), Dilli Electric (3.45%), and Unique International (2.94%).

Top E3W Players – July 2022

Source: Vahan Dashboard, JMK Research

Note: Others made up 64.11% of the E3W market in July 2022; sales figures for players are inclusive of both cargo and passenger offerings; Sales figures represent E3Ws registered across 1,283 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 July 2022 stood at 4,445 units, witnessing a m-o-m rise of just 14.15% however a y-o-y surge of more than 3.5 times in registrations. Tata Motors has been driving the E-car sales the entire year. This month, the Company accounted for 90.5% share of the total E-car registrations. Other than Tata Motors and MG Motor, Hyundai and Mahindra & Mahindra were the only two OEMs that witnessed a slight increase in sales of their E-cars this month.

Player-wise E-Car Sales Trend

Source: Vahan Dashboard, Company Press Release, JMK Research

Note: Sales figures represent E-cars registered across 1,283 RTOs in 33 states/ UTs; Others include Hyundai, BYD, Audi, Mahindra & Mahindra, Mercedes-Benz, BMW, Nissan, and Porsche.

Electric Buses (E-buses)

The cumulative sales of E-buses in July 2022 stood at 207 units, with a m-o-m increase of 42.76% and a y-o-y surge of more than 3 times. This month’s sales were driven by Olectra Greentech (31.40%) and PMI Electro Mobility (27.05%) followed by Switch Mobility (17.87%), JBM Auto (14.98%), Tata Motors (8.21%), and Mytrah Mobility (0.48%).

Player-wise E-Bus Sales Trend

Source: Vahan Dashboard, JMK Research

Note: Sales figures represent E-buses registered across 1,283 RTOs in 33 states/ UTs.

Policies & Regulations

Goa to stop offering EV subsidy from July 31

The Department of New & Renewable Energy, Government of Goa, has issued a notice announcing that it will stop offering subsidies for electric vehicles in the state, with effect from July 31, 2022. This makes Goa the first state in the country to discontinue subsidies for EVs. The Goa Electric Mobility Policy was introduced in December 2021 to further push and promote the adoption of electric vehicles including electric motorcycles, scooters, three- and four-wheelers for daily commute. The subsidy amount is capped at INR 30,000 per vehicle for two-wheelers, INR 60,000 per vehicle for electric three-wheelers and INR 3 lakh per vehicle for electric four-wheelers.

Kerala govt to launch desi alternative of Uber, Ola; online cab service Kerala Savari launching next month

The Kerala government is all set to come up with a ‘desi’ alternative to the popular corporate online cabs by launching its own e-taxi service from next month, considered to be the first such initiative by any state government in the country. Named as “Kerala Savari”, the online taxi hiring service is being rolled out by the state Labour Department linking the existing auto-taxi networks in the state with an aim to ensure safe and dispute-free travel for the public at affordable rates prevailing in the state.

Heavy Industries Ministry signs contracts with three companies for battery manufacturing incentives

The Ministry of Heavy Industries has signed contracts with three companies under the Production Linked Incentive (PLI) Scheme for Advanced Chemistry Cell (ACC) Battery Storage. The selected companies are Reliance New Energy Ltd, Ola Electric Mobility Pvt. Ltd., and Rajesh Exports Ltd.

The three selected companies will receive incentives under this INR 18,100 crore program. The private players are expected to create battery manufacturing capacity to the tune of approximately 95GWh.

CESL to set up 810 EV charging stations across 16 highways, expressways pan India

Convergence Energy Services Ltd (CESL) will set up 810 electric vehicle charging stations across 16 highways and expressways covering 10,275 kilometres across the country. The selected corridors include busy routes such as the Mumbai-Pune highway, Ahmedabad-Vadodara Highway, Delhi-Agra Yamuna Expressway, Eastern Peripheral Expressway, Hyderabad ORR Expressway, and Agra-Nagpur Highway. CESL is using a service procurement model for setting up these charging stations.

Govt may permit private miners to extract lithium for battery production

The Government is attempting to modify the law to permit private miners to extract lithium, a crucial component of batteries used in electric vehicles and energy storage, as the country strives to become more self-sufficient in green technologies. There will be a removal of eight minerals from the restricted list that presently forbids production by private enterprises including lithium, beryllium, and zirconium. The Modi government aims to change current laws during the current session of parliament.

1,000 new charging points for EVs, 100 battery swapping stations to come up soon in Delhi

About 1,000 new public charging points for electric vehicles and 100-odd battery swapping stations will be set up by Delhi Transco Ltd (DTL) in the next few weeks. According to the EV Charging Infrastructure Working Group, four concessionaires were awarded letters of acceptance in March in response to a tender floated by DTL to set up the EV charging network.

Construction of 14 EV charging stations begins in Delhi

The Delhi government has started building electric vehicle charging stations at 14 cluster scheme bus depots. The construction of these charging stations has started at various places including bus depots at Rajghat, Chattarpur, Dwarka Sector-22, Seemapuri, Dilshad Garden, Kair, Dhichau Kalan, Rani Khera, Kanjhawala, Bawana Sector-1 and Sector-5 and Rewla Khanpur. Delhi government’s enterprise Delhi Transport Infrastructure Development Corporation Limited (DTIDC) has undertaken the project to build these stations.

Delhi: Draft policy for cab aggregators, food delivery firms mandates transition to all e-vehicles by April 1, 2030

The Delhi government’s draft aggregator policy mandates transition to an all-electric fleet for cab companies, food delivery firms and e-commerce entities by April 1, 2030, and proposes a fine of INR 50,000 per vehicle if a company fails to make the transition. The draft policy also lays down guidelines for cab aggregators to take action against errant drivers.

Govt eyes battery swapping infra on highways in EV push

The ministry of road transport and highways (MoRTH) has identified about 700 sites along the Golden Quadrilateral Highway, east-west and north-south corridors, and greenfield expressways to develop wayside centres equipped with various types of charging points for EVs. The ministry has proposed that contracts for building the charging centres include battery swapping stations as well.

Delhi Govt E-Autos schemes left in the lurch; only 279 of 4,261 e-autos registered

Fewer than one-tenth of the electric auto-rickshaws that the Delhi government targeted to bring on the city roads under a subsidy programme have been registered so far, as per data from the union road transport ministry’s Vahan portal, with less than a month left for the scheme to close. The ‘Switch’ scheme is aimed at supporting the purchase of 4,261 e-autos, but only 279 units have been registered till July 6 since it was launched in October last year, as per the portal.

No electric vehicles charging station? Noida won’t approve building plans from now

The Noida Authority will now not approve any building plan unless there is provision for setting up charging stations for electric vehicles. The authority has amended its Building Manual, 2010, under which charging stations should occupy at least 20% of the parking area.

Chhattisgarh govt approves electric vehicle policy to create employment

The Chhattisgarh government has approved its Electric Vehicle Policy 2022 to make the state an EV-manufacturing hub, create employment, and reduce environment degradation. The government has set a target of five years with EVs accounting for 15 per cent of the new registrations of vehicles, individual or commercial. EV manufacturers will be given exemptions (manufacturing EVs, components of EVs, EV battery and charging infrastructure) under the policy.

Haryana State EV Policy 2022: Electric vehicle buyers to get INR 10 lakh discount, massive benefits to companies

The Haryana State EV Policy 2022 has been announced which offers incentives to both buyers and sellers.

For EV buyers:

  • Under the policy, buyers of electric vehicles or hybrid electric vehicles in Haryana, will enjoy an early bird benefit transfer of up to INR 10 lakh.
  • Relaxation in registration fees and lower Motor Vehicle Tax rates are also being offered.

For EV sellers:

  • 100% reimbursement of stamp duty along with exemption in electricity duty will be given to EV manufacturers for a period of 20 years.
  • 50% of net SGST filed by EV manufacturers will be eligible for reimbursement for 10 years.
  • Employment generation subsidy of INR 48,000 per employee every year for 10 years.

Ahmedabad Municipal Corporation increases its revenue share for private EV-charging stations

The city civic body has decided to increase its revenue share from EV charging stations set up on a public-private-partnership (PPP) model. As per Gujarat Electric Vehicle Policy 2021, the civic body gets 70 paise per unit charged at the EV charging station set up on the PPP model. The Ahmedabad Municipal Corporation (AMC) has now decided to increase its revenue share to INR 1 per unit charged.

Delhi Govt to procure e-buses at 40% higher price; may cause INR 500 cr additional burden over 10 year

Delhi’s transport department is procuring electric buses at a price much higher than that discovered in a tender by Convergence Energy Services Ltd (CESL), the company that handles the acquisition of electric vehicles under central schemes. The Delhi government will be paying almost INR 61.15 a km for 330 buses against the lowest quote of INR 47.49 a km in a CESL tender floated in January this year for 5,450 buses, including electricity charges. Accounting for a higher subsidy for the buses, the rate under the Delhi tender increases to almost INR 68 per km.

Charging Infrastructure and Battery Swapping

Stakeholder(s)/ Player(s)



•  Kia has installed India’s fastest electric vehicle charger in Gurgaon, Haryana. It has been set up at Kia’s official dealership, Dhingra Kia, in Gurgaon.

•  The company claims to install 15 such superfast electric vehicle chargers across 12 Indian cities by August 2022. With a capacity of 150 kW, this DC EV charger can juice up the Kia EV6 from 10 to 80 per cent in less than 42 minutes.


•  CHARGE+ZONE, a technology-driven EV charging network company, plans to introduce renewable energy for its high-speed charging network for electric buses and commercial vehicles across India.

•  The company has already deployed its first 200-kilowatt solar rooftop for Ashok Leyland’s electric buses in Patna, which is able to source 20 per cent of its daily energy requirements through green energy.

Joulepoint and Alektrify

•  Charge Point Operators of India (CPOS) has approved EV charger management platform Joulepoints’ proposal for setting up 5,000 EV chargers across Delhi by the end of this year as a part of a pilot project.

•  Joulepoint will be working with Alektrify to install these charging points at 2,000 allotted locations for piloting under Ease of Doing Business (EoDB).

•  The locations will include popular tourist destinations like Qutub Minar and Akshardham, shopping malls around the city like Select City Walk, hotels like ITC Maratha, Taj Palace, Embassies in the city, IT Parks, Government offices, Apartments, Corporate Offices, Railway Stations and University Campuses and other frequently visited areas.

Magenta Mobility and Amazon India

•  Integrated electric mobility and charging solutions firm Magenta Mobility announced its collaboration with Amazon India to deploy electric vehicles fleet and charging facilities in Hyderabad.

•  The tie-up, under which Magenta will deploy electric three and four-wheelers for its delivery partners, marks the company’s formal entry into the Telangana capital.

Chargeup with Paisalo Digital Ltd and Goenka Electric Motors (GEM)

•  Chargeup, a company building India’s largest battery-swapping network for electric two and three-wheelers, announced its collaboration with Paisalo Digital Ltd and Goenka Electric Motors (GEM) to help E-rickshaw drivers own their vehicles at INR 90,000.

•  With this E-Rickshaws will be sold at a 40% lower price across Delhi/NCR.

SUN Mobility and  LetsTransport

•  Battery swapping services provider SUN Mobility announced a strategic partnership with LetsTransport, a technology-powered last-mile logistics and hyperlocal third-party logistics company that is dedicated to the last-mile and middle-mile delivery sector.

•  As part of the alliance, 100 electric 3-wheeler cargo vehicles powered by SUN Mobility’s swap technology have already been deployed across Delhi-NCR and Bangalore, and within the next 12-18 months both the companies plan to expand this fleet to over 2,000 vehicles, across 7 major cities – Delhi-NCR, Bangalore, Hyderabad, Mumbai, Pune, Jaipur, and Ahmedabad.

Source: Industry news articles, JMK Research

Manufacturing Market Updates

eBikeGo to set up manufacturing plant through subsidiary Vajram Electric

Electric bike startup eBikeGo will set up a manufacturing facility through its subsidiary Vajram Electric for its Muvi and Velocipedo brand of electric vehicles. The facility will develop powertrain as well as multiple product portfolios for both domestic and international markets. Vajram Electric is a special business unit established in order to fulfil the manufacturing requirements of eBikeGo.

Former Harley-Davidson assembly plant in India now manufacturing Mayuri e-rickshaws

A Bawal, Haryana-based vehicle assembly plant that was formerly used to assemble American cult Harley Davidson motorcycles is now rolling out electric rickshaws. Saera Electric Auto Pvt Ltd. has started the assembly of its Mayuri range of e-rickshaws at the plant. Next year, it will also be making electric two-wheelers at the site as part of a contract manufacturing agreement with defunct auto brand LML.

Exide to build gigawatt-scale li-ion battery plant in Bengaluru

One of India’s largest automotive battery makers Exide Industries is all set to establish a lithium-ion battery cell manufacturing facility in Bengaluru. The company has executed the lease cum sale agreement for procuring land parcel measuring 80 acres at Hitech, Defence & Aerospace Park, Phase-2, Bengaluru with Karnataka Industrial Areas Development Board (KIADB).

Hero Electric begins work  on second facility in Ludhiana, to be ready by Feb 2023

EV maker Hero Electric has performed the ground-breaking ceremony and begun work on its second manufacturing plant in Ludhiana, Punjab, expected to be functional by February 2023. The greenfield plant spread across an area of 10 acres, is situated to the Company’s existing facility, and will have an annual production capacity of 200,000 vehicles.

Pinnacle-VDL JV to break ground of its first plant in Pithampur in September

Pinnacle Mobility Solutions, a unit of Pune-based Pinnacle Industries, which has forayed into the electric bus business, is all set to establish its first plant in Pithampur, Madhya Pradesh, in partnership with European company VDL Groep investing INR 2,000 crore over the next five years. The ground-breaking of the 50-acre plant will take place in September and the facility will be operational in the next six to nine months.

Omega Seiki opens INR 225-cr eLCV plant in Faridabad, plans USD 250m IPO in September 2023

EV manufacturer Omega Seiki Mobility, a part of the Anglian Group Company, has opened its latest integrated manufacturing facility for electric light commercial vehicles (eLCVs) in Faridabad, Haryana. The new facility, which is the third in the state, has been built at an investment of over INR 225 crore. Omega Seiki Mobility is all set to launch its IPO, expected to be worth INR1,571-1,964 Crore (US$200-250m), in September 2023 for expansion of its business operations.

Vitesco Technologies opens climate-neutral plant in Pune for drivetrain, EV products

Leading international manufacturer of modern drive technologies and electrification solutions, Vitesco Technologies, has inaugurated its climate-neutral plant at Talegaon, Pune. The first series of productions at plant, spread across 20 acres and containing more than 17.580 sq.m of manufacturing space, will be for the two-wheeler market, followed by various Powertrain Solution products for passenger cars and commercial vehicles.

Ola Electric introduces indigenously developed li-ion cell, mass production to begin in 2023

Ola Electric, home-grown electric vehicles company, unveiled India’s first indigenously developed lithium-ion cell, NMC 2170. Built in-house, the mass production of this cell will begin from Ola’s upcoming Gigafactory by 2023.

Hero Electric rolls out e-scooters from Mahindra’s Pithampur plant

Electric two-wheeler manufacturer Hero Electric has announced the roll-out of its first batch of electric scooters from Mahindra Group’s Pithampur plant in Madhya Pradesh. This comes under Hero Electric’s five year-long partnership with Mahindra as part of its growth and expansion strategy.

Godi India to set up lithium-ion cell giga factory; gets BIS certification

Hyderabad-based Godi India announced plans to set up a giga factory for lithium-ion cell manufacturing in India by 2024. The company is the first in the country to have certification from the Bureau of Indian Standards for lithium-ion cells made using its home-grown technology.

Bharat Alt Fuel to set up greenfield EV manufacturing unit in TN

Bharat Alt Fuel, which focuses on alternative fuel technology and e-mobility, will set up a greenfield unit in Tamil Nadu at an investment of INR 250 crore to manufacture electric vehicles, batteries and motors. The integrated facility, spread across 40,000 square metres in Krishnagiri, is expected to commence production in the second half of 2023.

Other Market Updates

Within 2 years of EV Policy in Delhi, annual sales hit top gear

Even as Delhi government’s Electric Vehicle Policy completes two years next month, a new record has been created, with as many as 29,604 EVs having been sold in Delhi in 2022 till date. This is the highest ever annual figure, with more than five months still left for the year to end. The EVs sold in Delhi this year already constitute 18.6 per cent of all EVs registered in the capital till date.

JK Tyre unveils complete range of EV-specific smart radial tyres

JK Tyre has developed a complete range of EV-specific smart radial tyres for all categories of buses, trucks, LCVs, and passenger cars in India. Designed and developed by the engineers from the Raghupati Singhania Centre of Excellence (RPSCOE), the tyres have been engineered specially to the unique needs of electric mobility.

Bounce to sell its e-scooters through Flipkart; Buyers to receive e-scooter within 15 days of booking

Electric scooter maker Bounce announced that its Infinity brand scooter sales will start on July 22 and the company will be selling the e-scooters through the e-commerce marketplace Flipkart. It will deliver the scooter to the homes of customers within 15 days of booking. Initially, customers from New Delhi, Gujarat, Karnataka, Telangana, and Maharashtra will be able to access the product while getting benefits of state subsidies for electric vehicles.

Delta deploys 6,000 EV chargers in India; Intends to localise its products by 80%

Global leader in power and thermal management solutions Delta has cumulatively delivered over 6,000 electric vehicle chargers to customers in India. The close cooperation between Delta and major stakeholders in the EV charging infrastructure sector, which includes TATA Power, Bangalore Electricity Supply Company Ltd. (BESCOM), Bharat Petroleum Corporation Ltd. (BPCL), and Energy Efficiency Services Ltd (EESL), as well as various OEMs, has made this milestone possible.

Zepto and Zypp Electric make last mile deliveries carbon neutral

E-logistics service provider Zypp Electric has partnered with Zepto, an e-grocery company to facilitate last-mile deliveries. Extending an EV+Driver fleet of 1,500-plus, the partnership currently is enabling more than 20,000 deliveries daily in Delhi and is also going to expand to Bengaluru and Mumbai in the next 4 months. The partnership helped in reducing 1.02 million kg carbon emissions via 17 lakh-plus deliveries. Zypp is serving 50 Zepto hubs in Delhi NCR and envisions to grow its partnership by 10X in the next 12 months by doubling its fleet and areas of servicing nationally.

Tata Motors bags 1,500 e-buses order from DTC under CESL tender

One of the largest commercial vehicle manufacturers Tata Motors has bagged an order of 1,500 electric buses from Delhi Transport Corporation (DTC) under the tender by Convergence Energy Services Limited (CESL). Tata Motors will supply, operate and maintain air-conditioned, low-floor, 12-metre fully built electric buses for 12 years as per the contract.

Olectra to supply 300 electric buses worth Rs 500 crore to Telangana

Olectra Greentech Ltd will supply 300 electric buses worth INR 500 crore to Telangana State Road Transport Corporation (TSRTC). The Megha Engineering & Infrastructure Ltd (MEIL) group company, Evey Trans Private Ltd (EVEY), has received the Letter of Award (LoA) from TSRTC for the supply of 300 electric buses to TSRTC. EVEY shall procure these buses from Olectra Greentech Ltd, which shall be delivered over a period of 20 months.

India’s battery storage potential to be 600 GWh by 2030: Niti report

As per the latest report by NITI Aayog, India will have a cumulative battery storage potential of 600 gigawatt hour (GWh) by 2030 and demand for electric vehicles, stationary storage, and consumer electronics will mainly drive adoption of battery storage. In addition, a coherent regulatory framework incentivising all stakeholders to participate in the recycling process will help in the development of a battery recycling ecosystem in the country.

ETO Motors to deploy e-autos driven by women last-mile connectivity; Delhi Metro awards 300 permits

EMaaS (Electric Mobility as a Service) company ETO Motors announced its plan to deploy electric autos as last-mile connectivity to commuters driven by women at the Metro Stations in Delhi from August 2022 onwards. This initiative aims to create sustainable income and enhancement opportunities for 300 women earners.

Shadowfax receives 100 electric scooters from Hero Electric

Crowdsource platform for last-mile delivery Shadowfax has received the first batch of 100 electric scooters from Hero Electric. Shadowfax plans to convert 75 per cent of its fleet to electric vehicles by 2025. The first batch of 100 e-scooters was delivered by Hero Electric to Shadowfax in Bangalore under a partnership between the two companies. As part of the partnership announced in April this year, Hero Electric will help the company in converting a quarter of its 1,00,000 strong delivery fleet with its NYX HX e-scooters.

Bounce to sell its electric vehicle product offerings via common service centres

Bengaluru-based electric vehicle start-up Bounce announced its partnership with the central government’s e-governance service delivery network CSC to strengthen its presence across rural markets. Under the collaboration, Bounce will sell its product offerings through the Common Service Centre (CSC) network, a special purpose vehicle of the ministry of electronics and IT, that allows Village-Level Entrepreneurs (VLEs) the option to launch a rural e-store.

Deals & Investments

TVS Motor lines up fresh investments of Rs 1,000 crore in EV push

In a bid to move towards significant transition to electric vehicles, TVS Motor Company has committed INR 1,000 crore investment for the current financial year, a significant chunk of which will go into capacity expansion and building of EV product portfolio. This is second consecutive year of INR 1,000 crore investment lined up by the two-wheeler major, which will go into doubling its EV production capacity to 25,000 units a month by the end of this year and further ramping it up to 50,000 units a month in the following year – taking up the annual production capacity to 5-6 lakh units per annum.

iVOOMi Energy to invest Rs 200 crore to set up electric two-wheeler manufacturing unit in Pune

Electric mobility player iVOOMi Energy will invest INR 200 crore to set up a new manufacturing unit at Pune and enhance research and development. The new manufacturing unit will be a fully integrated electric two-wheeler plant that will be operational from March 2023. It will increase the company’s production capability by 60,000-plus units a year, taking annual production capacity to 2.4 lakh units from 1.8 lakh units a year.

Ola Electric to invest USD 500 m to set up EV cell R&D Centre in Bengaluru

EV maker Ola Electric will invest INR3,943.8 Crore (US$500 million) for setting up its Battery Innovation Centre (BIC) in Bengaluru. Spanning across half a million sq. ft, BIC will be one of the world’s largest and most advanced cell R&D facilities with more than 165 lab equipment to cover all aspects of cell related research and development.

Upcoming Mahindra electric cars get fillip of INR1,925 crore investment

Mahindra and Mahindra (M&M) signed an agreement with British International Investment (BII) in an effort to increase investment to manufacture its upcoming electric cars for India. The duo will put in INR1,925 crore each into a wholly owned subsidiary of M&M that will be newly incorporated. This will lead to financing the production of Mahindra Electric’s upcoming EVs under the Born Electric brand.

e-Ashwa Automotive acquires E2W company Stripes Motors

e-Ashwa Automotive Private Limited, announced that it has acquired a 100% stake in Stripes Motors Pvt. Ltd. which sells electric 2-Wheelers under the popular Stripes brand in North-East India. With this strategic acquisition, e-Ashwa will expand its operation and strengthen its foothold in North-East India and expand its dealership network in order to provide affordable and smooth last mile mobility for the people of North-East India.

Tube Investments acquires about 65% stake in an EV start-up

Murugappa group company Tube Investments of India has executed definitive agreements to acquire about 65% equity stake in electric heavy commercial vehicle company IPL Tech Electric Private Limited (IPLT) through the former’s 100% subsidiary TI Clean Mobility Private Limited (TICMPL). The acquisition would be through a combination of primary and secondary purchases of shares for a total consideration of about INR 246 Crore.

Gensol Engineering set to acquire majority stake in US based EV manufacturing startup

Gensol Engineering has signed a term sheet to pick up majority stake in a US-based electric vehicle manufacturing startup. The majority stake acquisition of this startup will allow Gensol to have an in-house manufacturing facility for capturing the highly explosive growth of the EV market. The company is looking to raise INR39.4 Crore (US$5 million) immediately as part of its pre-series round of funding followed by a INR157.7 Crore (US$20 million) Series A round towards the end of this fiscal year.

JVs & Partnerships

Companies involved

Purpose of Partnership

MBSI and FullFily

•  Moto Business Service India (MBSI), a leasing firm of Yamaha Motors, announced a partnership with Chennai-based FullFily, marking its foray into electric two and three-wheelers asset management services.

•  Under the partnership, MBSI will manage electric two and three-wheelers of FullFily, which is an end-to-end electric vehicle-as-a-service and delivery-as-a-service platform. The collaboration with FullFily marks the start of the company’s operations in the electric vehicle segment in Chennai.

Tata Motors and EC Wheels

•  Home-grown Tata Motors announced its partnership with EC Wheels India Pvt. Ltd. (an Associate of Steelman Group), an app-based urban transportation service in Kolkata, to deploy 1,000 XPRES T Electric sedans for cab transportation.

•  With a commanding EV market share of 90% in the east, the signing of this MoU makes for the biggest-ever EV fleet order in the region.

Tata Motors and Axis Bank

•  Tata Motors has partnered with Axis Bank to offer an exclusive Electric Vehicle Dealer Financing solution to its authorized passenger EV dealers.

•  Under this scheme, dealers can avail inventory funding over and above their ICE finance limit with attractive pricing linked to Repo Linked Lending Rate (RLLR). The repayment tenure will range from 60 to 75 days. The bank will also offer additional limits to cater to the high demand phases, which will be available to dealers 3 times in a year.

Altigreen and CAIML

•  Electric commercial manufacturer Altigreen has joined hands with the Centre for Artificial Intelligence and Machine Learning (CAIML) at the Indian Statistical Institute (ISI), Kolkata.

•  Under the partnership, vast amounts of cloud data generated by the advanced drivetrain stack in every Altigreen EV will undergo sophisticated statistical analysis, using state-of-the-art machine learning algorithms for continuously improving the energy efficiency under various use cases and environmental conditions.

Jitendra New EV Tech and Eduvanz

•  Home-grown EV brand, Jitendra New EV Tech, and Eduvanz, a digital FinTech NBFC, today announced their partnership to make electric two-wheelers more accessible across India by providing low-cost financing solutions for the Nashik-based EV manufacturers’ customers.

•  Customers can get the details and also apply for the loan at the authorised Jitendra New EV Tech showrooms across India.


•  CSIR-CECRI (Central Electrochemical Research Institute) and GODI India have entered into a public-private partnership to operate and maintain an advanced Lithium-ion cells manufacturing facility in Taramani, Chennai.

•  The partnership is a stepping-stone in development of the next generation cells for mobility, ESS applications, and new R&D projects.

Log9 Materials and Northway Motorsport

•  Bengaluru-headquartered startup Log9 Materials has entered into a long-term strategic partnership with Pune-based EV company Northway Motorsport to utilise the latter’s expertise to retrofit multiple used and brand-new ICE-based small commercial vehicles (SCV) into EVs alongside the integration of Log9’s RapidX batteries.

•  As part of this collaboration, Log9 and Northway Motorsport will enable retro fitment (ICE vehicle to EV conversion) service on a request basis for the existing vehicles on the road.

Kinetic Green Energy partners and Cholamandalam

•  Electric vehicle manufacturer Kinetic Green Energy announced its partnership with Chennai-based Murugappa Group’s financial services arm Cholamandalam Investment and Finance Company Ltd to provide financing solutions to its EV customers.

•  The collaboration is aimed at making Kinetic Green’s battery-operated vehicles more affordable for the discerning and price-conscious buyers with attractive financing solutions as well as catering to newer markets with Chola’s pan-India presence.

Ipower Batteries and Elthir Energy

•  Delhi- based Ipower Batteries has collaborated with Elthir Energy to develop batteries for Elthir’s two-wheeler range. The companies have collaborated to specifically design high-performance batteries to enable two-wheelers cover long distances on a single charge.

•  Ipower Batteries’ new batteries are expected to be capable of delivering a single charge cycle of up to 280 km and will enable the scooter to be driven at 70 km/hr of top speed.

Pricol and BMS PowerSafe

•  Coimbatore-based Pricol has announced an exclusive technology partnership with France-based BMS PowerSafe to manufacture Battery Management System (BMS) for electric vehicles across all segments.

•  BMS PowerSafe is part of the Startec Energy Group. Pricol is a supplier of diversified auto components, instrument clusters, sensors, switches, pumps, and mechanical products.

Source: Industry News Articles, JMK Research

Global Market Updates

US Electric vehicle sales hit new record in Q2

The number of battery-electric vehicles sold in the U.S. set a new record in the second quarter of this year with sales more than 66% over the same period last year to 196,788 vehicles. For the first half of 2022, buyers snapped up 370,726 EVs. The market share for pure electric vehicles reached 5.6% in the second quarter, more than double the 2.7% they accounted for in the second quarter of 2021. There was a shift toward pure battery-electric vehicles, as sales of hybrid, plug-in hybrid and fuel cell vehicles all dwindled.

Germany to cut e-car premiums, govt sources say

State-funded financial incentives to buy electric cars in Germany will be reduced from next year after an agreement within the governing coalition. The incentives or premiums paid to buyers of electric cars will expire completely once an allocated sum of EUR2.5 billion (US$2.53 billion) is spent.

Redwood Materials plans to spend $3.5 bln on battery-materials factory in Nevada

Redwood Materials, founded by former Tesla Inc executive J.B. Straubel, plans to spend US$3.5 billion on a battery-materials factory in northwest Nevada. The under-construction plant is expected to be one of the first U.S. facilities to produce key ingredients needed to make the batteries that power electric vehicles.

Toyota plans $1.8 bln Indonesia investment to build electric vehicles

Japanese carmaker Toyota Motor Corp plans to invest IDR27.1 trillion (US$1.80 billion) in Indonesia in the next five years to produce electric vehicles. The Southeast Asian country aims to become a global hub for producing and exporting EVs through processing its rich supplies of nickel laterite ore for use in lithium batteries. A string of other global companies has already announced big investments in this area including South Korea’s Hyundai Motor Group and LG Energy Solutions, a unit of LG Group.

Indonesia says Mitsubishi Motors to invest about $667 mn over next 3 yrs

Mitsubishi Motors Corp plans to invest about IDR10 trillion (US$666.89 million) in Indonesia between 2022 and 2025. The Japanese company had invested IDR 11.3 trillion up to 2021 and was planning to expand its production in the Southeast Asian country. The company plans to produce hybrid electric vehicles and battery electric vehicles in Indonesia.

Toyota-led venture company to develop detachable EV batteries with Yamato Transport

Yamato Transport Co., Ltd. and Toyota-led venture company Commercial Japan Partnership Technologies Corporation (CJPT) have announced the standardization and commercialization of replaceable and rechargeable cartridge batteries as part of energy management efforts for achieving a carbon-neutral society. CJPT intends to advance plans for commercial BEVs that cartridge batteries can power. Commonizing cartridge batteries and recharging systems for vehicles ranging from BEV mini-commercial vans to BEV light-duty trucks will reduce the cost of commercial BEVs and encourage their widespread use.

Kodak to manufacture EV batteries using film producing machinery

Renowned film manufacturing brand Eastman Kodak Co (Kodak) has teamed up with Wildcat Discovery Technologies to use its old equipment to manufacture batteries for electric vehicles. The print manufacturer has made a minority stake investment in Wildcat, a tech firm that uses proprietary high-throughput methods for rapid development of new battery materials.

Samsung SDI breaks ground for $1.3 billion battery factory in Malaysia

Samsung SDI Co Ltd has broken ground on a new 1.7 trillion won (US$1.3 billion) battery factory in Malaysia to make cylindrical batteries. The battery maker would invest the 1.7 trillion won in stages in the factory in the region of Seremban until its completion in 2025. The factory is expected to begin producing cylindrical batteries starting 2024.

Global EV shipments up 79% YoY in Q1, Tesla leads: Report
With Tesla registering phenomenal growth over a year, the electric vehicle shipments grew 79 per cent year-on-year (YoY) in the first quarter of 2022 to reach 1.95 million units. According to market research firm Counterpoint, of these, battery electric vehicles (BEVs) accounted for 73 per cent and plug-in hybrid electric vehicles (PHEVs) for the rest. EVs however comprised just 12 pe cent of the total passenger vehicle shipments during the quarter.

Ford to buy cheaper CATL EV batteries to catch Tesla

Ford Motor Co will import lower-cost lithium-ion batteries for its North American electric pickup trucks and SUVs from Chinese battery champion CATL, as it works on a broader alliance with CATL and an array of separate deals to secure battery and battery materials into the next decade. The automaker plans to secure lithium-ion, or LFP, batteries from a new 40 GWh factory in North America starting in 2026.

China greentech company Envision to build EV battery plant in Spain

Spain has signed a partnership agreement with Chinese green energy company Envision Group to embark on four projects, including a battery plant for electric cars, with 3.8 billion euros ($3.9 billion) in total investment, partly funded by European Union aid. The projects would be developed jointly with Spanish renewable power company Acciona Energia.

4 Japanese vehicle companies partner to introduce mini-commercial e-vans in FY23

Suzuki Motor Corporation, Daihatsu Motor Co., Ltd., Toyota Motor Corporation, and Commercial Japan Partnership Technologies Corporation (CJPT) announced partnership to introduce mini-commercial electric vans (BEVs) in FY23 to achieve carbon neutrality. The mini-commercial van BEV developed by these four companies will be used by partners in social implementation projects in Fukushima Prefecture and Tokyo.

Hyundai Motor launches first electric sedan, taking on Tesla

Hyundai Motor Co launched its first electric sedan, Ioniq 6, which the South Korean automaker is betting will help it grab a bigger share of the EV market dominated by Tesla Inc. The Ioniq 6 is one of more than 31 electric models that Hyundai Motor Group – including Hyundai Motor, its sister company Kia Corp and premium brand Genesis – plans to introduce through 2030 to secure a projected 12% of the global EV market.

VW of America teams with Redwood on EV battery recycling

American company Redwood Materials announced its partnership with Volkswagen Group of America to recycle all end-of-life batteries from Volkswagen and Audi electric vehicles. Redwood will work directly with Volkswagen Group of America’s network of more than 1,000 dealers to recover, safely package, transport, and recycle end-of-life EV battery packs from Volkswagen and Audi vehicles.

Walmart to expand its delivery fleet with EVs from Canoo

Walmart Inc has signed a deal with electric vehicle maker Canoo Inc to purchase delivery vehicles as part of the U.S. retailer’s goal to achieve zero emissions by 2040. Walmart will buy 4,500 EVs from Canoo with the option to purchase up to 10,000 units to boost its online business.

Daimler Truck to start assembly of Mercedes-Benz electric bus in Brazil

German manufacturer Daimler Truck Holding AG is set to start the assembly of its first Mercedes-Benz electric bus in Brazil between November and December as demand grows in Latin America’s largest economy. The company sees demand for electric buses in Brazil reaching 3,000 vehicles by 2024 from just over 1,000 buses in 2023.

Hyundai Motor to build first fully dedicated EV factory in S.Korea

South Korea’s Hyundai Motor Co plans to build its first fully dedicated electric vehicle factory in South Korea, targeting production by 2025. In May, Hyundai Motor Group, which houses Hyundai Motor and Kia Corp, announced its plans to invest 63 trillion won (US$48.07 billion) in South Korea through 2025.

Ola Electric’s UK facility nears completion, to develop its new electric car

Ola Electric has shared the first glimpse of its upcoming new facility in the United Kingdom. The facility, called Ola Future factory, will be Ola Electric’s global design studio where it will develop new electric two-wheelers as well as four-wheelers in coming days. The facility, which is located in Coventry, will also act as the EV maker’s R&D centre to work on battery cell technology. Ola Electric said it plans to invest £100 million (roughly converted to INR750 crore) over five years.

Tesla loses top spot in global EV market, BYD snatches pole position

Tesla seems to be losing its unparallel dominance in the global electric vehicle market. The US-based EV major has lost the pole position in the global market to Warren Buffett-backed BYD, as the Chinese company has overtaken Tesla in terms of global electric vehicle sales. BYD reportedly sold 641,000 electric vehicles in the first six months of this year, between January and June. It registered a whopping 300 per cent jump in sales compared to the same period a year ago. Tesla on the other hand sold 564,000 vehicles during the same period.

Battery maker Northvolt raises $1.1 billion to rollout factories in Europe

Battery maker Northvolt has raised $1.1 billion in convertible notes from a group of investors to finance expansion of its factories in Europe. Investors participating in the capital raise included AMF, Ava Investors, Baillie Gifford, Folksam Group, PCS Holding, Swedbank Robur, TM Capital and Volkswagen Group. The Swedish company, whose biggest shareholder is Volkswagen, has so far raised about $8 billion in equity and debt. It raised $2.75 billion in equity in June last year, which valued the company at $11.75 billion.

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