Monthly EV Update – April 2023

Monthly EV Update – April 2023

monthly electric vehicle

Product Launches

India LaunchesApril 2023


Vehicle type

Battery specifications

Other specifications


udChalo VIRbike




  • 36V 7.5Ah
  • Motor: 36V 250W power

INR25,959 (for armed forces)

INR27,995 (for public)


Yulu Wynn




  • 51V,19.3Ah LFP (With mobility pack)
  • Range – 68 km (IDC), 61 km (City)
  • Top Speed – 24.9 km/hr


(Introductory price)

Quantum Energy Bziness


E2W (cargo)

  • LFP
  • Range – 130 km
  • Top Speed – 55 km/hr


Lohia Narain




  •  N/A
  • Range – 100 km
  • Top Speed – 25 km/hr


Euler Motors HiLoad




  • 13kWh
  • Range – 170 km (Certified), 100 – 120 km (Real)



MG Comet




  • 17.3kWh Li-ion
  • Range – 230 km

INR7.98 lakh


Source: Industry News Articles, Company Websites, JMK Research

Note: Yulu Wynn carries an introductory price of INR55,555 (ex-showroom), which will later be extended to INR59,999 (ex-showroom)

Upcoming Launches

Simple Energy reveals launch date of electric scooter Simple One

After several delays, EV start-up Simple Energy has finally announced the launch of its electric two-wheeler, the Simple ONE.  As per the startup, the Simple One will be launched on May 23, 2023, in Bengaluru. The scooter, announced in 2021, was to be delivered in 2022 but was subsequently delayed.

One Electric announced the launch of the Tailormade Electric Scooter for last-mile delivery operations

Noida-based One Electric announced the launch of their 2nd electric two-wheeler, KRIDN XR, which is also designed, developed, and made in India. One Electric adds, a heavy-duty chassis, 55 kmph top speed, 100 km range per charge and 3+2 years warranty are the other prerequisites of the last mile market. The company plans to launch KRIDN XR in early June, showcasing it to last-mile delivery companies and giving demos to their riders. Deliveries are planned for July 2023.

e-Sprinto plans to launch four new high-speed scooters by year-end

e-Sprinto, a leading electric two-wheeler brand, plans to launch 4 new high-speed scooters by the end of 2023. The start-up has two low-speed electric scooters: e-Sprinto and e-Sprinto BB. Of the four new e-scooters, one will cater to the B2B sector, and the remaining three to the B2C segment. They are designed to deliver an exceptional riding experience, with top-of-the-line performance, comfort, and safety features.

EV Sales Trend

The overall EV sales in April 2023 witnessed a m-o-m decrease of ~21% to reach 1,10,503 units.

On a y-o-y basis, EV sales in April 2023 increased by 51% from that of EV sales in April 2022.

Registered EV Sales Trend in India (April 2022– April 2023)

Source: Vahan Dashboard, Company Press Releases, JMK Research

Note: Sales figures represent EVs registered across 1,350 RTOs in 34 states/ UTs.

As depicted in the figure below, EV registrations in April 2023 were again driven by electric two-wheelers and passenger-type electric three-wheelers, which together accounted for 90.48% of total registrations in the month. The shares of these categories were followed by E-Cars (5.26%), cargo-type electric three-wheelers (4.01%), and so on.

Category-wise EV Sales in April 2023

Source: Vahan Dashboard, JMK Research

Note: Sales figures represent EVs registered across 1,350 RTOs in 34 states/ UTs; Others include adapted vehicle, agricultural tactor, goods carrier, and recovery vehicle.

Among the states and UTs, Uttar Pradesh secured number one position in EV registration this month, pushing Maharashtra to the second position. Karnataka attained third spot this month with 10% market share. This was followed by Gujarat and Tamil Nadu with 8% and 7% share respectively. Gujarat moved ahead and secured fourth position this month.

State-wise Registered EV Sales in April 2023

Source: Vahan Dashboard, JMK Research

Note: Sales figures represent EVs registered across 1,350 RTOs in 34 states/ UTs. Others include Chhattisgarh, Uttarakhand, Punjab, and 19 other states/UTs.

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

The overall HS E2W sales in India decreased by ~22% m-o-m in April 2023 to reach 66,408 units. The Top 10 players accounted for more than 90% of the total registrations witnessed in the month of April 2023. On a y-o-y basis, E2W sales in April 2023 surged by more than 35% from that of E2W sales in April 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 1,350 RTOs in 34 states/ UTs.

Ola Electric recorded the highest ever sales in this month with 21,845 units sold. Ampere moved into second place, replacing TVS Motors. TVS Motors and Ather secured third and fourth positions respectively. BGauss again made an entry to the top 10 squad this month.

Top High-Speed E2W Players in April 2023

Source: Vahan Dashboard, JMK Research

Note: Sales figures represent only high-range E2W (Top speed > 25 kmph) registered across 1,350 RTOs in 34 states/ UTs. Others include Jitendra New EV Tech, GoGreen E-mobility Private Limited, AMO Mobility, Twenty-Two Motors, KLB KOMAKI, and 91 other players. The sales for Ampere include sales of Ampere as well as Greaves. The sales for Bajaj include sales of Bajaj as well as Chetak Technology.

Electric Three-Wheeler (E3W)

The sales of registered passenger and cargo-type E3Ws in April 2023 stood at 33,572 units and 4,435 units respectively, signifying a m-o-m decrease of ~15% and ~30% respectively. Overall E3W sales recorded a m-o-m rise of ~15% over last month. On a y-o-y basis, passenger E3W sales in April 2023 increased by 80% and cargo E3W sales increased by more than 90% from that of passenger and cargo-type E3W sales in April 2022.

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

Source: Vahan Dashboard, JMK Research

Note: Sales figures represent E3Ws registered across 1,350 RTOs in 34 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 the top 8 electric 3-wheeler players across passenger and cargo segments in April 2023 accounted for 37.52% share of the entire E3W market. Mahindra and YC Electric came in at first (9.26% share) and second (7.47% share) positions respectively. This was followed by Saera Electric Auto (4.88%), Dilli Electric (4.55%), Piaggio (3.71%), Mini Metro (2.73%), Champion Poly Plast (2.60%), and Unique International (2.32%).

Top E3W Players monthly sales

Source: Vahan Dashboard, JMK Research

Note: Others made up 62.48% of the E3W market in March 2023; sales figures for players are inclusive of both cargo and passenger offerings; Sales figures represent E3Ws registered across 1,350 RTOs in 34 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 total sales of E-cars in April 2023 stood at 5,810 units, witnessing a m-o-m decrease of ~31%. Tata Motors has been driving the E-car sales (with 75% of the market share) this month as well. The new competition has arrived in the form of Mahindra & Mahindra (M&M). M&M has secured second position with 8.6% of the market share, which takes it ahead of MG motors. On a y-o-y basis, E-Car sales in April 2023 increased by more than ~110% from that of E-Car sales in April 2022.

Player-wise E-Car Sales Trend

Source: Vahan Dashboard, JMK Research

Note: Sales figures represent E-cars registered across 1,350 RTOs in 34 states/ UTs; Others include Hyundai, Audi, Volvo Auto, Mercedes-Benz, BMW, Jaguar, KIA Motors, PCA Automobiles, and Porsche.

Electric Buses (E-Buses)

The total sales of E-buses in April 2023 stood at 84 units, witnessing a m-o-m decrease of ~3%. On a y-o-y basis, E-Bus sales in April 2023 decreased by ~49 % from that of E-Bus sales in April 2022.

Olectra Greentech is the leader in April 2023 (with a 38% market share), followed by PMI Electro Mobility (19%), Switch Mobility (15%), JBM Auto (15%), and Mytrah Mobility (14%).

Player-wise E-Bus Sales Trend

Source: Vahan Dashboard, JMK Research

Note: Sales figures represent E-buses registered across 1,350 RTOs in 34 states/ UTs.

Policies & Regulations

Request for Proposal (RFP) for providing Electric Vehicle Fleet Services on “Own, Operate and Maintain Basis”

Odisha is one of the states to come up early with such tender towards Electric Mobility. Odisha Renewable Energy Development Agency-OREDA has issued RFP for EV Fleet as a Service (EVFaaS) for 300 EVs to be used by Govt departments.

Tentative Details of Number of Electric Vehicles Requisite by Beneficiary Entities:

Beneficiary Region

Small / Hatchback


Compact SUV

Premium SUV










































Note: The total electric vehicle requirement may be increased by 25%

Govt releases standard operating procedure under PLI scheme for the automobile sector

The Ministry of Heavy Industries (MHI) announced the release of standard operating procedures (SOP) under the PLI schemes for automobile and auto components for testing agencies. A statement states that with the new SOPs, the applicants under the scheme can now submit their applications for the testing and certification of Advanced Automotive Technology (AAT) products, both OEMs and components, which will help them qualify for incentives under the PLI schemes. With this, the ministry aims to boost the domestic manufacturing sector and reduce dependence on imports, thereby creating more job opportunities for Indians.

Odisha hikes incentives to promote EV

The Odisha government issued a notification regarding the amendment of the Odisha Electric Vehicle Policy, 2021. Through this amendment, the government has increased the subsidy on the purchase of two-wheeler, three-wheeler, and four-wheeler electric vehicles. The state had framed the EV policy in 2021 with an aim for the adoption of 20 per cent electric vehicles by the end of 2025 as a measure of reduction of vehicular pollution.

Govt steps to recover INR249 crore from Okinawa and Hero Electric for violating FAME norms

A probe into the implementation of the INR10,000-crore FAME II scheme has concluded that Hero Electric and Okinawa have violated the provisions of the FAME India scheme and the Union Government has demanded recovery of subsidies totalling INR249 crores from Okinawa Autotech (INR116 crore) and Hero Electric (INR133 crore) for violating phased manufacturing programme (PMP) guidelines. However, as per hero electric, questions of clawback do not arise since no payment of subsidies was made in the first place. The report mentioned that the Ministry of Heavy Industries (MHI) received complaints about the misappropriation of subsidies under the FAME India Scheme Phase-II by some electric vehicle manufacturers. To investigate and address these complaints, the Ministry has appointed testing agencies like ICAT. ICAT has given clean chits to six electric two-wheeler makers after investigating into the complaints of automakers bypassing the localisation norms to avail subsidy from the government. This has paved the way for the government to release the subsidy to these firms – Okaya, TVS, Jitendra New EV, Avon Cycle, Victory Electric Vehicles & Thukral Electric Bikes.

FAME 3.0: Centre will take a call only if funds are in surplus

The Centre will take a call on the third leg of the faster adoption and manufacturing of (hybrid &) electric vehicles (FAME) if funds are left at the end of the current fiscal year. The representations have been received from an EV maker that will be completely left out of the incentives offered by the centre once FAME 2 lapses.

No end to electric two-wheeler companies’ FAME 2 subsidy woes

Show-cause notices to almost all the E2W OEMs and withholding of FAME 2 subsidies are beginning to create a huge stress in the working capital of such companies, crippling their day-to-day operations. At least six new Central Motor Vehicle Rules Notified by Government of India (CMVR) certified electric two-wheeler models of makers such as Hero Electric, Bgauss and others are waiting for months to be enrolled on the NAB (national automotive board) portal to claim the FAME 2 subsidy. This, despite these models having complied with CMVR and the recently mandated AIS 156 Phase 2 stringent battery certification.

No automakers take part in INR 5,000 crore tender for e-Bus

India’s ambitious drive to replace old polluting diesel buses at state-run public transporters with electric buses has hit a speed bump after none of the established automakers, including Tata Motors, Ashok Leyland, and PMI Electro Mobility, submitted bids for the INR 5,000-crore tender floated by Convergence Energy Services (CESL) earlier this year. Lack of funding for bus makers has capped bidding, stakeholders said, pointing to the rickety finances of state-run transport companies – and their ability to timely pay the bus makers leasing the buses to the state-run transporters. Electric buses cost 3-4 times more than diesel buses, and in case of undercovers, banks cannot seize and redeploy them freely due to the lack of widespread charging infrastructure.

Only INR180 crore earmarked for electric vehicles’ chargers under FAME-II

Even as the government intends to increase the footprint of electric vehicles across the country, out of INR5,171.97 crore allocation made for the Centre’s pet FAME scheme for its second phase, only INR180 crore has been earmarked for chargers in the union budget for 2023-24. The overall budgetary allocation for the heavy industries ministry, the nodal ministry for FAME scheme, was INR6,171.63 crore, out of which INR5,171.97 crore, or 80 per cent of the total budget, has been earmarked for the FAME-II scheme for 2023-24. However, the Heavy Industry Ministry has not been able to install most of the chargers under it and therefore, the Petroleum Ministry has been roped to roll out charging stations in retail outlets of public sector undertakings.

NITI Aayog mulls EV policy review to reduce dependence on China

The NITI Aayog plans to review India’s strong push to electric vehicles running on lithium-ion batteries since about 75% of the lithium-ion imports come from China. A section within the government feels that India should not rely heavily on China for lithium-ion and instead explore other green sources to power its future vehicles. Internal deliberations are on, and the plan is to assess India’s dependence on China for this critical component of EVs and its long-term implications on the economy.

Aggregator policy in final lap, only electric cabs in Delhi by 2030

Delhi is likely to see only electric cabs by 2030 with the transport department planning to make the transition to cleaner fuel in a phased manner. Under the aggregator policy, which will be passed soon, all cab companies, food delivery firms and e-commerce entities will be mandated to go for an all-electric fleet by April 2030.

Extension of date for Testing parameters to enhance Human Safety of EVs

The Guidelines for Testing parameters regarding Human safety of Electric Vehicles are now applicable from 01/10/2023. The Central Motor Vehicles Rule (CMVR) guidelines are to be followed with effect from 1st April 2023 (Amendments 3 to AIS 156 & AIS 038, REV 2).

Charging Infrastructure & Battery Swapping

Stakeholder(s)/ Player(s)


Battery Smart

  • Battery Smart, a battery swapping network for electric two and three-wheelers, marks the completion of 10 million battery swaps on its network – the highest in the country, within three years of operations.
  • The company has been at the forefront of the battery-swapping movement and has expanded its network to 17 cities, most recently in Hyderabad, Govardhan, Vrindavan, and Mathura. The company has 500+ Swap Stations with 50,000 batteries currently in circulation.


  • Taiwan-based EV battery-swapping major Gogoro, which entered India in November 2022, by announcing a partnership with Zypp Electric – a Delhi-based EV-as-a-Service platform – has kicked off its pilot in Delhi-NCR.
  • The company has latched 90 Gogoro 2 Series e-scooters on the Zypp Electric platform to conduct a pilot over the next six months in the national capital region and will tap into the operational data related to battery usage, swapping patterns, rider behaviour, and asset utilisation, that it aims to leverage to incorporate into its locally manufactured products which are likely to be introduced in mid-CY2023.

Ola Electric

  • Ola Electric plans to install 100 hyperchargers in 50 locations in the city of Bengaluru. The electric two-wheeler maker promises a hypercharger station within 15 minutes from most corners of the city, which should help ease range anxiety among Ola S1 customers. At present, the hyper chargers are free to use for all S1 and S1 Pro customers.
  • Ola Electric has not provided a timeline for when these hyperchargers will be installed across the Karnataka capital. The company though has been in an aggressive expansion mode, and it won’t be surprising to see these chargers pop up across the city over the next couple of weeks.

BSES Delhi

  • BSES discoms BSES Rajdhani Power Limited (BRPL) and BSES Yamuna Power Limited (BYPL) have facilitated the installation of around 2300 charging points in Delhi for electric vehicles and are in the process to set up 900 more in the coming months.
  • The 2300 charging points installed at over 900 locations across south, east, central, and west Delhi include 1,123 private, 745 public, and 419 for captive BSES use.

NexGen Energia

  • NexGen Energia is expanding its operations across India with plans to establish 100 EV charging stations nationwide through a franchise model.
  • The company is seeking franchise partners nationwide who demonstrate strong leadership skills. These partners can establish EV charging stations with production buyback guarantees and receive support for branding, marketing, training vendors, technology transfer, and structured operations from NexGen Energia.

Kolkata Municipal Corporation and Tata Power

  • Kolkata Municipal Corporation (KMC) is set to enter into an agreement with Tata Power to set up 40 electric vehicle charging stations across the city. This is in addition to the 12 EV charging stations that are being set up by Kolkata-based Snap-E. The proposal to tie up with the Mumbai-based firm was passed in the mayor-in-council meeting.
  • According to the conditions of the joint venture agreement, KMC will provide space at parking lots, where Tata Power will set up EV charging stations.

BSES Delhi

  • Making the electric vehicle charging ecosystem greener, power discoms have started integrating rooftop solar chargers with them to create hybrid facilities. Power discom BSES has set up two solar EV charging stations at South Extension-II and Bhikaji Cama Place, while five such facilities are likely to be launched soon. These stations cater to two-, three- and four-wheeled electric vehicles.
  • The rooftop solar powered EV charging stations use renewable energy to charge EVs during daytime, but at night or on a heavily cloudy day the chargers use grid power like any other charging station.


  • Electric vehicle charging services provider Statiq has been awarded a tender by Hindustan Petroleum Corporation Ltd (HPCL), to install over 500 chargers at its outlets spread across 12 states.
  • While over 400 chargers will be of 3.3 kW capacity each, a few more than a hundred chargers will be of 7.7 kW capacity each. All types of EVs including two-wheelers, three-wheelers, and four-wheelers will be able to make use of these chargers.

Pune Municipal Corporation

  • The civic administration is planning to set up 82 e-charging stations in the next few months for the ease of e-vehicle users. Most stations will be set up at Pune Municipal Corporation (PMC) to run buildings, premises, ward offices, and parking lots.
  • The PMC is in the process of identifying the locations and the stations will be installed on a public-private-partnership (PPP) basis. PMC will not incur any expenses on the infrastructure. They aim to have 500 charging stations installed in phases.

RACEnergy and Hala Mobility

  • Leading deep technology companies for battery swapping, RACEnergy, and Hala Mobility, India’s premier multi-modal ride-sharing platform, are collaborating to deploy a fleet of 2000 electric two-wheelers for delivery services across India.
  • This fleet will be integrated with RACEnergy’s state-of-the-art battery-swapping technology. Phase I of the rollout will begin by July this year.

Source: Industry news articles, JMK Research

Key Manufacturing Updates

Mahindra Last Mile Mobility breaks ground on new EV plant in Zaheerabad

Mahindra Last Mile Mobility (LMM), a part of Mahindra & Mahindra (M&M), opened a new manufacturing unit in Zaheerabad, Telangana. The ground-breaking follows the announcement of M&M’s INR1,000 crore investment in Telangana that M&M had announced on February 10, 2023. With this new facility, the company aims to build a state-of-the-art battery assembly line, producing power packs and manufacture electronic as well as drivetrain components for electric three- and four-wheelers.

Log9 Materials commissions commercial Li-ion cell manufacturing line

The Bengaluru-headquartered Log9 Materials, an advanced battery-technology and deep-technology startup, inaugurated India’s first commercial Li-ion cell manufacturing unit at its campus in Jakkur, Bengaluru, and its indigenously developed Battery Management System (BMS)—Charvik. The new battery plant will have an annual capacity to produce 50-megawatt hours of batteries, which can power about 8000 units of three-wheeler electric vehicles per year. This facility will cater to LTO and LFP cell manufacturing. The manufacturing line will support the production of large form factor cylindrical cells ranging from 22 Series to 66 Series.

Virtus Motors announces new facility to increase production capacity and expand R&D efforts

Virtus Motors, a leading electric vehicle firm, has announced its plan of action to utilize their new 12,000 sq. ft. facility in Faridabad, Haryana to increase their assembly capacity to 24,000 electric cycles per year. The facility will also serve as an R & D center for research on manufacturing technologies, new motor tech, advanced batteries, and EV electronics. The company plans to expand their retail presence to 20 metro cities and 50 mini-metros and create a country-wide service network.

Omega Seiki Mobility to set up US$200 Mn EV factories

Omega Seiki Mobility is in negotiations with three States, including Tamil Nadu, about setting up two electric car plants in South India for an investment of US$100 million each. The business already runs EV plants in Pune’s Chakan and Faridabad. The potential for expansion in the southern market as well as the possibility of reducing logistics costs is driving the idea to build additional factories in the region.

Sona Comstar inaugurates second largest manufacturing plant in Chakan

Auto component manufacturer Sona BLW Precision Forgings (Sona Comstar) has inaugurated its second-largest manufacturing plant in Chakan, Pune. With a production capacity of roughly 11.8 million gears, and an estimated investment of INR231 crores, the new plant will manufacture driveline products for EV and non-EV applications.

Royal Enfield plots new factory in Tamil Nadu, revs up for global ride and EV foray

Chennai-based midsize motorcycle major Royal Enfield plans to set up a new factory in Tamil Nadu to cater to its growing global ambition and diversification into electric vehicles. The company has already acquired a 60-acre land parcel in Cheyyar, on the outskirts of Chennai, which is likely to be the key production base for its two-wheeled EVs in the future. Royal Enfield is likely to invest between INR1,000 to INR1,500 crore in the next 12-24 months towards expanding both its product portfolio and manufacturing capacity.

Other Market Updates

Bajaj Auto to boost Chetak’s production to 10,000 units a month by June

Bajaj Auto Ltd is ramping up production of its electric scooter Chetak to touch around 10,000 units a month by June, having overcome supply chain constraints as it gradually expands the sales network of the brand. The company plans to have around 150 exclusive outlets for the Chetak electric scooter by September and is taking a calibrated expansion keeping in mind the uncertainty over the extension of FAME II scheme for promotion of electric vehicles beyond this fiscal.

No subsidy, and a high RTO fee, but demand for e-bikes stays in the fast lane, with sales up 125%

With zero percent subsidy and a 4% RTO fee, the price of electric vehicles is almost INR20,000 to INR25,000 higher in Madhya Pradesh compared to the other neighboring states like Chhattisgarh and others. Despite this, the sale of EVs in the state has recorded above 125% compared to last year. This is happening even when electric vehicle infrastructure including charging stations is far from satisfactory in the state capital even though the government is focusing on alternative fuel and pushing for EVs. Government efforts have led to an increase in a few e-vehicles on the roads but charging and repair facilities have failed to keep pace.

RACEnergy clears AIS-156 Phase 2 certification for swappable batteries

RACEnergy has cleared the Automotive Industry Standard (AIS) 156 Phase 2 certification for its swappable batteries, one of the highest global standards for batteries. The tests were completed at the Automotive Research Association of India (ARAI), making RACEnergy the first battery-swapping company to clear the new certification requirements. The new certification is mandated by the Ministry of Road Transport and Highways to ensure the safety and performance standards of electric vehicles on Indian roads.

JSW refutes report on buying stakes in MG Motor and BYD India

The US$22 billion JSW Group, run by Sajjan Jindal, denies claims to pick up a stake either in Indian operations of China’s SAIC-owned MG Motor or its compatriot BYD Group. Regarding the query on ‘JSW in talks to pick up stakes in MG, BYD India’, the company confirm that no such proposal as referred to in the news article has been placed for discussion of the Board or any of its committees.

EVs overwhelm hybrids in India

Even as the number of personal vehicles operated on greener technologies is increasing, in line with the Centre’s push for more eco-friendly modes of transport, data from the Union ministry of road transport and highways (MoRTH) shows that people prefer electric vehicles over hybrids in India. As of February 2023, the country had more than 16.7 lakh green vehicles of which, nearly 10.2 lakh were EVs, more than five lakh petrol-hybrid vehicles and nearly 1.5 lakh diesel-hybrids.

With Comet EV launch, MG Motor aims 30% sales from electric vehicles in 2023

Bullish on electric mobility MG Motor India expects 30 per cent of its sales to accrue from the electric vehicle segment this year as it gears up to introduce its second offering in the vertical next month. The company, which currently sells ZS EVs in the country, has unveiled a two-door electric vehicle ‘Comet’ which it plans to introduce in phase wise manner across the country starting next month. 

Uttar Pradesh on track to be first Indian state with 100% EVs in govt departments

In a major push to promote sales and usage of electric vehicles in the state of Uttar Pradesh, the government has set a target and has flung into action to convert vehicles used in all government departments into EVs in a phased manner by 2030. For this, instructions have been given that all the government departments can purchase EVs based on nomination even without tender, while the purchase of EVs can be spent more than the maximum limit as per the requirement. By achieving this target before 2030, Uttar Pradesh can become the first state in the country to have 100 per cent EV in government departments.

Tata Motors states the Nexon fire incident took place due to repairs at unauthorised workshop

Tata Motors has clarified the reasons behind the Nexon EV fire incident that took place on 16 April, in Pune, Maharashtra. A team of technical experts has concluded a detailed investigation into the same. The company stated in the press release that the vehicle recently underwent repairs, wherein the left headlamps were replaced at an unauthorised workshop. Over an extended period, this led to a short and trapped heat. The fitment and repair process, at the unauthorised workshop, had shortcomings, which caused an electrical malfunction in the headlamp area leading to the thermal incident. The affected area is concentrated only in the zone of repairs carried out.

Demand for EVs on the rise in non-metro cities

Sales of electric vehicles, once limited to larger cities such as Delhi, Mumbai, and Bengaluru, are seeing traction in non-metro markets, with the availability of more models in the mass segment, the spread of charging infrastructure, and lower running costs accelerating adoption. Mercedes, BMW, Audi, and Volvo are witnessing a similar acceptance beyond the big cities. Tata Motors, which accounts for more than 80% of sales in the electric four-wheeler segment, had about a fourth of its Tiago EVs going to first-time buyers in states such as Bihar, Madhya Pradesh, Uttar Pradesh, and Andhra Pradesh. At Ather Energy, non-metro centres contribute 53% to the overall sales of its electric scooters. In the luxury segment, Mercedes Benz says customer awareness and interest levels in tier II-III markets are at par with large metros.

Volkswagen to invest in expansion, EV manufacturing in India

The Volkswagen Group which revived sales volume in the local market with the launch of new models under the India 2.0 strategy, is readying to launch its first EV, ID.4, in 2024. While the ID.4 will be assembled from imported parts and components at the group’s manufacturing facility in Aurangabad, Maharashtra, the company wants to deeply localise the EVs it introduces in the mainstream market after 2025. The company is in the process of firming up fresh investments to manufacture electric vehicles in India, besides other things such as capacity expansion.

Revolt Motors announces low-cost financing scheme for its electric motorcycles

RattanIndia’s Revolt Motors, a Haryana-based electric vehicle bike company, has announced a new low-cost financing scheme for its customers, to purchase Revolt motorcycles at an interest rate of 5.99 percent per annum. This low-cost financing scheme combined with complete saving on petrol expenses, gives significant savings to customers as compared to traditional petrol motorcycles.

Delhi govt to study feasibility of converting its trucks into EVs

The transport department will soon start a study to examine the feasibility of converting government trucks into electric vehicles to reduce pollution levels in Delhi.  The study, to be conducted by the International Council on Clean Transportation (ICCT), will commence next week and the recommendations will be submitted in a couple of months. The idea behind the study is to electrify the government trucks like garbage disposal trucks, water tankers, horticulture trucks and to see their energy consumption.

Volvo Car India delivers 200th electric XC40 Recharge

Volvo Car India announced delivery of its 200th all electric XC40 Recharge, assembled in its facility in Bengaluru. The first XC40 Recharge was delivered in November 2022 and has garnered multiple honours in a variety of categories for its great design, innovative technology, and environmental efficiency.

SIDBI offers scheme to help small companies buy EVs

Small Industries Development Bank of India (SIDBI) has announced a new scheme under which it will provide direct finance at competitive rates for the purchase of electric vehicles to micro, small and medium enterprises (MSMEs). This would cover vehicle aggregators, fleet operators, and leasing companies. The financial institution will also fund non-banking finance companies (NBFCs) that provide loans for EV purchases and push electrification in the three-wheeler segment.

EVs set to become more affordable as industry closes in on the price gap with fuel-run vehicles

The price difference between battery-powered and fossil fuel-run passenger vehicles is narrowing fast, which industry executives expect will push more Indians to choose the greener option when they buy cars and SUVs. The average price of an electric passenger vehicle was well over two times (137%) more as recently as in 2020 compared with a similar variant run on petrol. That gap has now been reduced to 73%, according to data from automobile consultancy firm Jato Dynamics. In this period, conventional passenger vehicles with internal combustion engines (ICE) have become costlier owing to tightening of emission regulations that required new modifications in the vehicles. At the same time, government sops and reducing battery cost are making EVs more affordable.

How CredR aims to make EVs more accessible in India

CredR, India’s two-wheeler buying and selling platform, is developing innovative technology solutions to boost the adoption of electric vehicles in India. The company has developed a proprietary machine learning-based pricing technology for customers looking to exchange their used petrol two-wheelers for new EVs. The technology uses millions of data points to generate an accurate and transparent price quote for the exchange, allowing CredR to offer superior customer experience and drive the adoption of EVs. It has developed a buyback program that guarantees a price for customers who buy new EVs now but may want to sell them later.

Eveez increases 700 eBikes to 3500+ eBikes

Eveez, a Gurugram-based provider of electric vehicle subscriptions, has increased its fleet from 700 eBikes to 3500+ eBikes and added Bengaluru to its operations, and has witnessed the growth of 5X this year. EVeez aims to maintain its growth momentum and is projecting to grow 5X in the coming FY 2024 as well. The company also has plans to expand to newer cities like Chennai, Chandigarh, Ahmedabad, and Pune.

Within 2 months of acquisition, RattanIndia Enterprises catapults Revolt’s production to 4x

RattanIndia Enterprises announced that Revolt Motors produced a record-breaking 6,500 bikes within a 40-day period, surpassing its previous average of 1,500 bikes per month, since acquiring it in mid- January 2023. This accomplishment demonstrates RattanIndia’s commitment to elevating Revolt Motors’s performance and establishing it as a market leader in the electric vehicle industry.

Deals and Investments

Company name

Company type

Deal type


Deal value

(INR Crore)


BluSmart (Subsidiary of Gensol Engineering)


EV Ride-hailing platform


Power Finance Corporation Ltd (PFC)


PFC to provide INR633 crores to BluSmart Mobility

Mobec Innovations

Mobile charging as a service company


Singapore-based Purple Stone Consulting


Mobile EV charging firm Mobec Innovations raises US$1 million

Nysha Mobility

EV manufacturer

Equity + Debt

Touchstone Ventures, Panthera Peak Capital, and select family offices and angel investors.



Nysha Mobility Tech raises US$3.5 million in seed funding

Magenta Mobility

EV Charge Point Operator



BP and Morgan Stanley


(A1 funding)

Magenta Mobility raises USD 22 Mn from bp, Morgan Stanley India Infra

Blue Energy Motors

Electric Truck technology start-up



FPT Industrial


FPT Industrial invests in Blue Energy Motors to jointly develop BEV truck platform

Metastable Materials

Li-ion battery recycling start-up



Surge, Sequoia Capital India, and Southeast Asia’s rapid scale-up program, which included participation from deep-tech VC Speciale Invest, Theia Ventures, and other angels


Metastable Materials raises seed funding by Surge, Sequoia Capital India, and others

Source: Industry news articles, JMK Research

Bajaj Auto plans INR500 crore capex for EV business in FY2024

To scale its electric business, Pune-based Bajaj Auto is planning to invest INR500 crore capex in the electric vehicle segment, the majority of which will go towards building capabilities for its upcoming electric three-wheelers. Overall, the company has lined up a capex of INR750 crore for the current fiscal, a part of which will also be spent on debottlenecking exercises to ramp up its EV component volumes in a bid to meet the rise in demand.

GreenCell Mobility to invest INR1,500 crore to double EV buses supply in India GreenCell Mobility-an electric mobility as a service platform is looking to invest INR1,500 crores in the next year to more than double the number of electric buses it deploys on Indian roads. The company will put on the road an additional 1,200 e-buses both for intra and inter-city travel and set up the supporting charging infrastructure required to expand operations in the country. GreenCell sources the electric buses through a contract manufacturing basis from vendors.

JVs and Partnerships

Companies involved

Purpose of Partnership

Matter and Flipkart

  • Matter, a tech innovation EV start-up, announced its collaboration with Flipkart, India’s homegrown e-commerce marketplace.
  • The collaboration will provide customers with a convenient way to pre-book and buy a Matter Aera motorbike. They can also take benefit of special offers, making it an attractive option while switching to electric vehicles.

Zypp Electric and Zomato

  • Zypp Electric, an EV-as-a-service platform, has partnered with Zomato to deploy 1 lakh e-scooters for last-mile deliveries.
  • As part of the tie-up, Zypp will provide delivery partners to Zomato for last-mile deliveries in various cities across the country.

Cummins and Tata Motors

  • Global power leader Cummins has signed a definitive agreement with Tata Motors Limited (TML), to manufacture a range of low- to zero-emissions technology products in India over the next few years.
  • Tata Motors and Cummins have a 30-year strong partnership through their joint venture Tata Cummins Private Limited (TCPL) in India. The signing of this definitive agreement further strengthens their relationship and is a step forward from the Memorandum of Understanding (MoU) signed between the two organizations in November 2022 to collaborate on the design and development of low- and zero-emissions propulsion technology solutions for commercial vehicles in India.

OTO and Matter

  • Matter, a tech innovation-led start-up, partners with OTO (a digital commerce and financing platform for two-wheelers) to provide consumers with affordable and flexible vehicle financing options for its motorbike, AERA.
  • The partnership aims to make electric two-wheelers more accessible to the Indian consumers. The finance for Matter AERA will be available through the OTO website and mobile app, and booking of the AERA will also be facilitated at the same time.

Neogen Chemicals and MU Iconic Solutions Corporation (MUIS)

  • Neogen Chemicals, a Bromine-based and Lithium-based specialty chemicals manufacturer, has signed an agreement with MU Iconic Solutions Corporation (MUIS), Japan, to acquire a manufacturing technology license for electrolytes in India, with a planned mix of up to 3000 MT per annum.
  • The electrolytes will be targeted to meet the growing demand of lithium-ion cell manufacturers in the country. This is the first electrolyte manufacturing technology license issued by MUIS, a part of the Mitsubishi Chemical Corporation, in the world.

Yulu and Zomato

  • Yulu, a leading shared electric Mobility-as-a-Service (MaaS) player, has announced its association with Zomato for using Yulu DeX EV for intra-city deliveries.
  • As part of the understanding, about 25,000 – 35,000 Yulu DeX will be given to delivery partners onboarded on Zomato’s platform for last-mile deliveries on custom-made rental plans.

Source: Industry News Articles, JMK Research

Global Market Updates

Japan to give up to US$1.8 Bn in subsidies for storage battery, chip projects

Japan will provide as much as US$1.8 billion in subsidies for a slate of storage battery and chip-related projects, marking Tokyo’s latest push towards greater supply chain security. The government plans to give up to US$1.38 billion in subsidies for eight storage battery-related proposals and up to 56.4 billion yen for two semiconductor-related projects.

Global EV forecast expected to grow by leaps and bounds by 2030

The electric vehicle market’s collective accomplishments over the last few years offer hope, despite the short-term impact of Covid-19 – a pattern of continued growth, which is expected to be sustained throughout the 2020s. Our global EV forecast is for a compound annual growth rate of 29% achieved during 2020-30: total EV sales growing from 2.5 million in 2020 to 11.2 million in 2025, then reaching 31.1 million by 2030. EVs would secure about 32% of the total market share for new car sales.

Honda gear up for dedicated electric vehicle platform, set to arrive by 2025

Honda has officially announced that they are currently in the process of developing a specialized electric vehicle platform. The upcoming EV platform is expected to give rise to a mid- to large-size model, which is slated for release in the global market by 2025. At present, it remains uncertain whether the new electric vehicle will be made available to consumers in the Indian market.

Bosch buys US semiconductor foundry to expand EV chip output

Germany’s Bosch Group has agreed to buy key assets of California chip manufacturer TSI Semiconductors and invest US$1.5 billion to expand U.S. production of silicon carbide chips for electric vehicles. Bosch and TSI did not disclose a purchase price. Bosch has plans to invest US$1.5 billion to retool TSI’s chip production facilities in Roseville, California to start producing silicon carbide chips by 2026.

Israel preparing for electric charging public transportation stations

Israel’s National Authority for Public Transportation announced that a billion shekels (US$275 million) were allotted to electrify public transportation terminals throughout the country for the charging of buses as Israel moves to all-electric vehicles. In the coming years, about 300 terminals and bus parking lots all over Israel will be electrified as part of the vision of green, quiet, and clean public transportation.

Mobility insurance market to double by 2030; India ahead of global peers

The global mobility insurance market is projected to double to US$1.38 trillion by 2030, driven by the increasing adoption of autonomous, connected, electric, and shared (ACES) mobility, according to a report by Capgemini. The report draws data from 22 key markets, including India, Australia, the United Kingdom, the United States, China, Mexico, Hong Kong, and several European countries. Revenues (of the automotive industry) are on track to reach US$3.8 trillion by 2030, up 35% from 2020.

Canada, Volkswagen to invest more than C$20 billion in EV battery gigafactory

Canada and Volkswagen together committed more than C$20 billion (US$14.8 billion) for a battery gigafactory in St. Thomas, Ontario, the biggest single investment ever in the country’s electric-vehicle supply chain. Europe’s largest carmaker is investing up to C$7 billion to build the plant. Canada’s federal government will provide up to C$13.2 billion in manufacturing tax credits through 2032, matching the US$35 per kWh in production subsidies offered by the U.S. Inflation Reduction Act (IRA). It will also provide a C$700 million grant.

VW, Rivian, Nissan, and BMW lose access to US EV tax credits

Volkswagen, BMW, Nissan, Rivian, Hyundai, and Volvo electric vehicles will lose access to a US$7,500 tax credit under new rules for battery sourcing. The rules are aimed at weaning the United States off dependence on China for EV battery supply chains and are part of President Joe Biden’s effort to make 50% of new vehicle sales by 2030 EVs or PHEVs.

Shell launches its first electric ferry at the Singapore plant

Shell launched its first electric ferry globally at its Singapore refinery and it would work with the city-state’s port authority to cut emissions from ships. The move is a step towards meeting the Singapore port authority’s rule that all new harbour craft operating in its waters should be electric or run on biofuels or net-zero fuels from 2030. Shell Eastern Trading has agreed to work with the port authority to develop charging infrastructure for electric harbour craft and conduct research and development for low and zero-carbon fuels over five years.

German auto association sees 2023 electric passenger car output up 50%

Germany’s auto industry association VDA expects the number of electric passenger cars produced in Europe’s biggest economy to jump by 50% to over a million this year, due to rising foreign demand and carmakers ramping up e-mobility production. The association assume the domestic production of electrically powered passenger cars will increase by 50 percent to 1.33 million units, of which 980,000 will be purely battery-electric cars.

Global EV battery market to grow fivefold to US$616 bn in 2035

The global electric vehicle battery market is forecast to post rapid growth to US$616 billion in 2035, with China-based production likely to sharply shrink amid the EV-related policy revamps in the US and Europe. The projection marks a fivefold increase from the US$121 billion estimated for this year. Demand for EV battery production is expected to reach 5.3 TWh globally in 2035, compared with 687 GWh predicted for 2023.

U.S. proposes 56% vehicle emissions cut by 2032, requiring big EV jump

The U.S. Environmental Protection Agency (EPA) proposed sweeping emissions cuts for new cars and trucks through 2032, a move the agency says could mean two out of every three new vehicles automakers sell will be electric within a decade. The proposal, if finalized, represents the most aggressive U.S. vehicle emissions reduction plan to date, requiring 13% annual average pollution cuts. The EPA is also proposing new stricter emissions standards for medium-duty and heavy-duty trucks through 2032.

EPA car rule to push the huge increase in EV sales

The Biden administration will propose strict new automobile pollution limits this week that would require at least 54% of new vehicles sold in the U.S. to be electric by 2030 and as many as two of every three by 2032. The proposed regulation, to be released Wednesday by the Environmental Protection Agency (EPA), would set greenhouse gas emissions limits for the 2027 through 2032 model years for passenger vehicles that would be even stricter than goals the auto industry agreed to in 2021.

Tesla slashes prices of Model 3, Model Y vehicles in Singapore       

Tesla Inc has cut prices of its Model 3 and Model Y vehicles in Singapore between 4.3% and 5%. The company has cut prices on Real-Wheel Drive version of both Model 3 and Model Y by US$4,000, and Dual Motor All-Wheel Drive version of the two models by US$5,000.

South Korea to offer US$5.3 bn in financing to support battery investment in North America

South Korea will provide 7 trillion won (US$5.32 billion) in financial support for its battery makers seeking to invest in infrastructure in North America over the next five years to help firms cope with the U.S. Inflation Reduction Act. Government support will include lowering lending rates and insurance premiums by as much as 20% as well as providing more loans and tax credits for Korean firms’ battery and material production facilities in the region.

U.S. EPA to propose new vehicle pollution cuts, sees big EV jump

The U.S. Environmental Protection Agency is set as early as next week to propose new rules to spur sweeping cuts in vehicle emissions pollution that will push automakers towards a big increase in electric vehicle sales. The proposed rules are expected to cover the 2027 through 2032 model years. Environmental groups and some automakers think the proposal will result in at least 50% of the U.S. vehicle fleet by 2030 being electric or plug-in hybrids – in line with a goal President Joe Biden outlined in 2021.

Tesla to build Shanghai factory to make Megapack batteries

Tesla Inc is opening a factory in Shanghai, capable of producing ten thousand Megapack energy product per year, to supplement output of Megapack factory in California. Elon Musk’s automaker will break ground on the plant in the third quarter and start production in the second quarter of 2024.

Walmart plans own an EV charger network at U.S. stores by 2030

Walmart Inc plans to have its network of electric vehicle charging stations by 2030 to tap into the growing adoption of EVs in the United States. The new fast-charging stations will be placed at thousands of Walmart and Sam’s Club stores, alongside nearly 1,300 it already offers as part of a deal with Volkswagen unit Electrify America, one of the country’s largest open public EV networks.

Swiss to end auto import tax exemption for electric cars

The Swiss government plans to impose an automobile import tax on electric cars, which so far have been exempted from the charge, starting next year. The auto tax is a levy of 4% on the import value, rather than the final sales price, of vehicles. Electric cars have been exempted since they were introduced in 1997 to make them an attractive option.

Lithium Prices Are Down, Cheaper Batteries and EVs Could Follow

Lithium prices are reversing after a two-year tear, a potential boost for consumers and auto makers that got hit by rising battery costs last year. Prices for lithium are down more than 30% this year, ending the two-year run that pushed up the value of the key battery material by a factor of 12, according to Benchmark Mineral Intelligence. The drop takes prices back to more sustainable levels after their epic run in last two years.

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