Monthly EV Update – August 2023
Product Launches
India Launches – August 2023
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Product |
Vehicle type |
Battery specifications |
Other specifications |
Price |
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E2W (E-bicycle) |
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INR 19,999 |
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E2W |
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INR 2,49,000 |
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E2W (E-Scooter) |
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INR 99,999 |
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E2W (E-Scooter) |
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INR 89,999 |
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E2W (E-Scooter) |
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INR 99,999 |
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E2W (E-Scooter) |
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INR 1,09,999 |
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E2W (E-Scooter) |
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INR 1,47,499 |
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E2W (E-Scooter) |
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INR 1,29,999 (ex-showroom) |
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E3W (Passenger) |
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INR 1,61,999 (ex-showroom) |
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E-Car |
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INR 1,14,00,000 |
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E-Car |
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INR 1,26,00,000 |
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E-Car |
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INR 1,30,00,000 |
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E-Car |
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INR 55,00,000 (ex-showroom) |
Source: Industry News Articles, Company Websites, JMK Research
Upcoming Launches
Mercedes Benz to launch EQE SUV in India on 15 September
Mercedes-Benz has announced the launch of the EQE SUV in India on September 15, which will be the third EV in Mercedes’ portfolio, following the EQB SUV and the EQS sedan. It’s based on the brand’s EVA (electric vehicle architecture) platform and also has a sedan sibling globally, known as the EQE sedan. The EQE SUV is available in multiple configurations and trim lines worldwide, but all versions draw power from a 90.6kWh battery that supports up to 170kW of DC fast charging speeds. The range starts with the entry-level EQE 350+, equipped with a single-motor, rear-wheel drive setup producing 292hp and 565Nm of torque, with a WLTP-certified range of up to 590km.
Tata to launch Punch EV, Harrier EV, Nexon EV 2023 this year, Curvv EV in 2024
Tata Motors, an automotive manufacturer, is set to launch the Harrier EV in India later this year, alongside the updated Nexon EV and Punch EV. Among these four SUVs, the Nexon and Punch EV will be Gen1 products, indicating that these vehicles are ICE platforms converted to electric. On the other hand, the Harrier will be a Gen2 product, incorporating a larger battery pack and benefiting from a more EV-specific approach from the development stage.
Companies gear up to launch 20 new models of electric 2-wheelers
As electric two-wheeler sales bounce back, manufacturers have lined up at least 20 new models for launch in the next eight to 10 months. These models include the TVS Creon, Kinetic E Luna, Honda Activa, Suzuki Burgman, Vespa Elettrica, LML Star, Harley Davidson Live Wire and Hero Electric AE 47E. Additionally, several electric two-wheeler startups are also preparing to hit the road, with offerings such as the Zero SR/F, Svitch CSR 762, Liger X and Gogoro 2 series.
EV Sales Trend
The overall EV sales in August 2023 witnessed a m-o-m increase of ~9% to reach 1,26,324 units. On a y-o-y basis, EV sales in August 2023 increased by 43% from that of EV sales in August 2022.
Registered EV Sales Trend in India (August 2022– August 2023)
Source: Vahan Dashboard, Company Press Releases, JMK Research
Note: Sales figures represent EVs registered across 1,352 RTOs in 34 states/ UTs.
As depicted in the figure below, EV registrations in August 2023 were again driven by electric two-wheelers and passenger-type electric three-wheelers, which together accounted for 89.81% of total registrations in the month.
Category-wise EV Sales in August 2023
Source: Vahan Dashboard, JMK Research
Note: Sales figures represent EVs registered across 1,352 RTOs in 34 states/ UTs; Others include adapted vehicle, articulated vehicle, goods carrier, and private service vehicle
Among the states and UTs, Uttar Pradesh secured number one position in EV registration this month, with Maharashtra coming in second position. Karnataka attained third spot this month with 8.93% of the market share.
State-wise Registered EV Sales in August 2023
Source: Vahan Dashboard, JMK Research
Note: Sales figures represent EVs registered across 1,352 RTOs in 34 states/ UTs. Others include Chhattisgarh, Uttarakhand, Punjab, and 19 other states/UTs.
High-Speed Electric Two-Wheeler (HS-E2W)
The Overall high-speed electric two-wheelers (HS E2Ws) sales in India increased by ~14% m-o-m in August 2023 to reach 62,353 units. The top 10 players in the industry accounted for approximately 91.49% of the total registrations witnessed in August 2023. Furthermore, compared to August 2022, E2W sales in August 2023 experienced a y-o-y surge of 21.03%.
High-Speed E2W Sales Trend
Source: Vahan Dashboard, JMK Research
Note: Sales figures represent only high-range E2W (Top speed > 25 kmph) registered across 1,352 RTOs in 34 states/ UTs.
Ola Electric sold 18,621 units in August 2023. Maintaining its significant market leadership with a substantial 29.9% share, Ola Electric experienced a decrease in sales. TVS stands at second place this month. Okaya has once again secured a spot in the top 10 squad this month.
Top High-Speed E2W Players in August 2023
Source: Vahan Dashboard, JMK Research
Note: Sales figures represent only high-range E2W (Top speed > 25 kmph) registered across 1,352 RTOs in 34 states/ UTs. Others include Jitendra New EV Tech, GoGreen E-mobility Private Limited, AMO Mobility, Twenty-Two Motors, KLB KOMAKI, and 116 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 August 2023 stood at 51,095 units and 5,651 units respectively, signifying a m-o-m increase of 6% in passenger E3W and 3% increase in E3W cargo. Overall E3W sales recorded a m-o-m rise of ~6% over last month. On a y-o-y basis, passenger E3W sales in August 2023 increased by ~74% and cargo E3W sales increased by more than 109% from that of passenger and cargo-type E3W sales respectively in August 2022.
Sales Trend of E3W – Passenger (Left) and E3W – Cargo (Right)
Source: Vahan Dashboard, JMK Research
Note: Sales figures represent E3Ws registered across 1,352 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 August 2023 accounted for 37.42% share of the entire E3W market. Mahindra and YC Electric came in at first (9.26% share) and second (7.02% share) positions respectively. This was followed by Saera Electric Auto (5.03%), Dilli Electric (4.79%), Piaggio (3.38%), Mini Metro (3.00%), Unique International (2.55%), and Champion Poly Plast (2.39%).
Top E3W Players monthly sales
Source: Vahan Dashboard, JMK Research
Note: Others made up 62.58% of the E3W market in August 2023; sales figures for players are inclusive of both cargo and passenger offerings; Sales figures represent E3Ws registered across 1,352 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 August 2023 stood at 6,687 units, witnessing a m-o-m decrease of ~10.5%. Tata Motors has been driving the E-car sales (with 68.8% of the market share) this month as well. On a y-o-y basis, E-Car sales in August 2023 increased by ~53.6% from that of E-Car sales in August 2022.
Player-wise E-Car Sales Trend
Source: Vahan Dashboard, JMK Research
Note: Sales figures represent E-cars registered across 1,352 RTOs in 34 states/ UTs; Others include BYD, Audi, Volvo Auto, Mercedes-Benz, BMW, Jaguar, KIA Motors, and Porsche.
Electric Buses (E-Buses)
The total sales of E-buses in August 2023 stood at 269 units, witnessing a m-o-m increase of ~99.3%. On a y-o-y basis, E-Bus sales in August 2023 increased by ~19.03% from that of E-Bus sales in August 2022.
Tata Motors is the leader in August 2023 (with a 40.52% market share), followed by VE Commercial vehicle (21.19%), Mytrah Mobility (20.07%), PMI Electro Mobility (13.75%), and Switch Mobility (3.72%), Olectra Greentech (0.74%).
Player-wise E-Bus Sales Trend
Source: Vahan Dashboard, JMK Research
Note: Sales figures represent E-buses registered across 1,352 RTOs in 34 states/ UTs.
Policies & Regulations
PM-eBus Sewa: Cabinet approves INR 57,613 crore for 10k e-buses across cities
The Cabinet chaired by the Prime Minister Narendra Modi, has approved a bus scheme “PM-eBus Sewa” for augmenting city bus operation by 10,000 e-buses on PPP model. The Scheme would have an estimated cost of INR 57,613 crore, out of which support of INR 20,000 crore will be provided by the Central government. The Scheme will support bus operations for 10 years. Under this scheme priority will be given to cities having no organised bus service. The scheme will generate 45,000 to 55,000 direct jobs through deployment of around 10,000 buses in city bus operations.
Centre weighing 1 year extension for auto PLI
The Centre is considering a one-year-extension for the INR 25,938-crore production-linked incentive (PLI) scheme for the automotive sector after none of the participating companies qualified for subsidies in the first year of the plan. A total of 95 companies have been admitted to the scheme, which aims to promote local manufacturing of new technology products such as electric vehicles (EV) through subsidies. However, none of these companies submitted any claims for the first year of the scheme, which ended in March 2023. As a result, there was no disbursement from the government.
After Tata Motors and M&M, Ola Electric files for PLI sops
Electric two-wheeler maker Ola Electric has applied for certification to claim incentives under the government’s production-linked incentive (PLI) scheme, becoming the third auto company eligible for subsidies after Tata Motors and Mahindra & Mahindra. All three are eligible to claim subsidies under the INR 25,938 crore-PLI scheme for auto and auto parts makers, which was introduced by the Ministry of Heavy Industries (MHI) to promote local manufacturing.
Revolt Intellicorp returns INR 50 cr claimed under FAME-II; 6 firms to get ‘few more weeks’
Revolt Intellicorp, one of the seven companies accused of violating phased manufacturing programme guidelines under the INR 10,000-crore FAME-II scheme, has repaid the subsidy claimed, along with interest, amounting to INR 50.02 crore to the government. The six other companies found violating the norms were Hero Electric, Okinawa Autotech, Ampere Vehicles (Greaves Cotton), Benling India, Amo Mobility, and Lohia Auto.
SMEV seeks clarification from Ministry of Heavy Industries on subsidy refund issue
In response to recent developments regarding the Ministry’s alleged coercion of an OEM to refund past subsidies, the apex body of the Indian Electric Vehicle industry, SMEV, has sought clarifications from the Ministry of Heavy Industries (MHI). The primary concern raised by SMEV revolves around its claim for a refund of subsidies from certain OEMs who, according to SMEV, did not adhere to PMP norms during a later period. SMEV’s main contention is about the subsidy processing and official reimbursement, which it believes might have been flawed. Consequently, the organization has requested the Ministry to clarify if it intends to annul all subsidy claims during the specified period for all OEMs.
FAME III for electric vehicles: Govt plans up to INR 50,000 crore outlay
The Central Government has prepared the first draft of the third phase of the FAME Scheme. For FAME III, the government is considering an INR 40,000-INR 50,000 crore outlay. This figure has been estimated after consultations with industry and inter-ministerial discussions. The Centre is working on both demand and supply incentives to support EVs and is developing two to three models to boost the EV industry over a period of five years. Additionally, FAME III’s support for electric trucks, electric cycles, and quadracycles will be in addition to electric cars, electric buses, electric three-wheelers, and electric two-wheelers, with substantial allocation earmarked for electric buses.
Govt eyes special plan for high-end electric vehicles
With the aim of attracting global auto giants, such as Tesla, to the high-end electric vehicles space, the government may implement a phased manufacturing plan (PMP) type scheme. This scheme will cater to the requirements of the entire industry while also building an ecosystem within the country. Furthermore, the incentives in this segment, which will serve domestic demand and create a base for exports, are intended to develop capacity in a new segment without adversely affecting domestic players such as Tata Motors and Mahindra. These companies are investing heavily in the EV space, even as Japanese companies introduce hybrids on Indian roads.
Auto companies flag local value addition math under PLI
Automakers that have qualified for the INR 25,938 crore production-linked incentive (PLI) scheme for the sector have flagged problems with the calculation of local value addition. That’s making it difficult for them to get certificates of compliance for the scheme. A minimum 50% domestic value addition (DVA) is a key condition for companies to qualify for subsidies under the scheme. The intention is to promote local manufacture of new technology products such as electric vehicles rather than subsidising imports.
No plan to reopen application window for PLI auto: Govt
The reopening of the application window for companies operating under the production linked incentive (PLI) scheme within the automobile sector is not part of the current agenda. There are no intentions to initiate the reactivation of the application window within the PLI auto scheme.
The cumulative damages to the seven electric two-wheeler OEMs, which have been affected by the Ministry of Heavy Industries (MHI)’s decision to block FAME subsidies, could amount to over INR 9,000 crore on a conservative basis, according to the Society of Manufacturers of Electric Vehicles (SMEV). SMEV proposes the creation of a Sinking Fund by the Ministry to help OEMs on the brink of closure to recover through soft loans, grants, or other mechanisms that can revive them.
Registration of electric vehicles restarted in Delhi
The Delhi Electric Vehicle Policy was released on August 7, 2020, and according to its provisions, the policy is set to remain in effect for three years from the date of issue. The registration of new vehicles was temporarily halted as the policy was set to end on August 7 of this year. However, the process of extending the electric vehicle policy has already begun, and the draft Cabinet note has been approved. As a result, the registration of electric vehicles at Regional Transport Offices (RTOs) has been resumed. The subsidy benefits provided by the current Delhi EV policy will continue until the new policy is officially notified.
No newer non-EVs for UT officials in Chandigarh
The UT administration has stopped buying non-electric vehicles (non-EVs). In order to push people to move away from non-EVs, the administration from August will only buy EVs for its officials. Though mandatory for all departments to buy EVs for its staff from August onwards, yet the administration agreed to offer exemptions in some case. In cases of heavy vehicles, like trucks for fire brigade, there are no EV options available. In such cases, a department can buy non-EVs after taking approval of the competent authority.
Road tax exemption for electric cars in Telangana replaced with high rates
The road tax exemption previously available for electric cars in Telangana has been replaced with a levy, which varies between 11-15%, a move that could surprise many potential EV buyers. Until recently there was no road tax on e-cars, but the state has now implemented a road tax structure based on the electric car’s price points. The road tax on electric cars is 11% for those below INR 10 lakh ex-showroom price; 14% for those in INR 10-20 lakh range; and 15% for cars above INR 20 lakh. An additional 2% levy is applicable if the person already has a car registered in this name or if the buyer represents an organisation.
If EVs, hybrids are bought from outside UT, no road tax waiver Unlike incentives for electric vehicles (EVs) and hybrid vehicles, road tax exemptions will not be provided for EVs and hybrids purchased from different states but registered in the city. Recently, after a review of the Chandigarh EV Policy 2022, incentives that were initially limited to EVs purchased and registered in the city were extended to EVs and hybrids purchased outside the city but registered here. However, the UT administration has decided not to extend the road tax waiver to EVs and hybrids purchased from outside the city.
Charging Infrastructure & Battery Swapping
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Stakeholder(s)/ Player(s) |
Description |
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Source: Industry news articles, JMK Research
Key Manufacturing Updates
Li-ion plant: Exide Energy plans to double production capacity, seeks 40 acres
Exide Energy, a battery maker, has plans to double its production capacity at its upcoming li-ion factory near the international airport and has made a request to the state government for an additional 40 acres of land. The company has already initiated the construction of a plant with a production capacity of 6 Gigawatts-hours (GWh) in the second phase of the Devanahalli Industrial Area. This project is currently in progress, and operations are expected to commence next year. Additionally, the company is planning to add another 6 Gigawatts-hours (GWh) of production capacity. The total investment for these two plants is estimated to be around INR 6,000 crore.
Battery recycling firm RecycleKaro to invest INR 100 crore to set up plant in Maharashtra
RecycleKaro, a company specializing in lithium-ion battery recycling, plans to invest INR 100 crore towards the establishment of a nickel plant in Maharashtra. The proposed facility, spanning 17 acres in Palghar district, will have the capacity to produce 1,200 tonnes of nickel each year. This upcoming facility will feature a plant dedicated to the production of nickel sourced from discarded lithium-ion batteries and nickel hydroxide.
River EV starts production of Indie EV, deliveries to start in September
River EV, an electric Vehicle start-up, has commenced production of its Indie electric scooter at its facility in Hoskote, Karnataka. The manufacturer has also announced its commitment to maintaining the initially promised ex-showroom price of INR 1,25,000 for its pre-order customers in Bengaluru. River EV is utilizing a 4-kWh non-removable battery pack, positioned in the floorboard. The company claims a real-world riding range of 120 km in Eco mode, and the scooter can be charged up to 80% in 5 hours using a standard charger. The River Indie comes equipped with an electric motor capable of delivering a peak power of 6.7 kW, propelling the Indie to a top speed of 90 kmph. The electric motor also provides it with an 18 degrees gradeability and the ability to accelerate from 0 to 40 kmph in 3.9 seconds.
After bagging US$ 550 Mn project, Telangana in race for Foxconn’s EV manufacturing unit
Telangana, known for successfully securing a US$550 million project to manufacture Apple AirPods and other accessories through Foxconn, is now in contention for hosting Foxconn’s electric vehicle (EV) manufacturing plant. Foxconn, also recognized as the Hon Hai Technology Group, has ambitions to establish India as one of its primary global hubs for EV manufacturing and sourcing. In addition to Telangana, Foxconn is engaged in discussions with Tamil Nadu, Gujarat, and Karnataka for the potential EV manufacturing project. Telangana’s achievement in securing the Apple AirPods manufacturing project has likely contributed to its consideration for the EV plant. The state has demonstrated its ability to attract major electronics manufacturers and is keen to expand its presence in the growing EV industry.
RIL to establish end-to-end battery gigafactory by 2026
Reliance Industries Limited (RIL) will be establishing its battery gigafactory in India by 2026. The proposed gigafactory, which is expected to cater to Electric Vehicles, will also include a battery recycling facility. As part of RIL’s ambition to create an end-to-end battery ecosystem, the company had earlier announced plans to set up a gigafactory that will make battery packs and will be a part of its Dhirubhai Green Energy Giga Complex at Jamnagar, Gujarat.
Uno Minda commissions two new plants for manufacturing of EV components and systems
Uno Minda, a global manufacturer and supplier of proprietary automotive solutions and systems, has recently commissioned a new EV systems plant in Farukhnagar, Haryana, as part of a joint venture with FRIWO AG Germany. This new plant will manufacture a range of products including On-Board Chargers, Off-board chargers, Motor Control Units, DCDC converters, Battery Management Systems, and more, catering to the needs of electric 2-wheelers and 3-wheelers.
Servotech Power Systems, an EV charger manufacturer, will invest INR 300 crore to set up an EV charger manufacturing plant in Uttar Pradesh as part of an agreement with the state government. The manufacturing facility is being established under the Uttar Pradesh Electric Vehicle Manufacturing and Mobility Policy 2022.
Kinetic Engineering sets up new firm to make EV components
Kinetic Engineering, which has shifted from two-wheeler manufacturing to auto components with a focus on electric vehicles, is reorganizing EV arms under Kinetic Watts & Volts to provide integrated solutions offering key components like motors, controllers, and batteries. The new company will also get into the powertrains for EVs, with the primary focus on three key things — motor, controller, and battery.
Karnataka Government and IBC ink pact to set up recyclable lithium-ion battery plant
The Karnataka government and US-based International Battery Company (IBC) have signed an MoU (Memorandum of Understanding) to establish a recyclable Lithium-ion battery manufacturing unit with an investment of INR 8,000 crore (US$ 1 billion) in the state. The company will set up this unit on a 100-acre parcel of land in Bengaluru Rural district. Upon completion of this project, the state will host its second Lithium-ion battery manufacturing facility, positioning it as a leading Li-ion battery manufacturing state in the country.
E-Bus Updates
Kerala govt adds 60 more electric buses to KSRTC fleet in state capital
The Kerala government has added 60 more electric buses to the fleet of the state Road Transport Corporation (KSRTC) as part of the ongoing Smart City project.
Currently, there are 50 electric buses plying in the state capital. With the new addition, the total number of electric buses in the state will become 163, furthering the goal of making the capital a green city.
Delhi to get 400 e-buses ahead of G20 Summit
As many as 400 electric buses will hit Delhi roads ahead of the G20 Summit, some of which will also be used for the event before being inducted into the DTC fleet. Delhi has nearly 7,500 buses under DTC and the Delhi Integrated Multi-Modal Transit System Limited (DIMTS) as well as over 400 electric buses. With the latest addition, the number of e-buses will cross 800. A comprehensive plan for electrification of all bus depots in the city was also being prepared. As part of the initiative, a total of 62 bus depots will be electrified.
Mumbai to soon get 2,400 more single-deck electric AC buses
The BEST (Brihanmumbai Electricity Supply and Transport) fleet is expanding, with the undertaking announcing its procurement of 2,400 more single-decker electric AC buses to cater to the growing commuter demand in the city. The new e-buses will be 12m long and have more carrying capacity. The tender clause mentioned that the contractors can provide 25% more buses – 600 buses – soon, if required. With these 2,400 single-decker buses, which will be inducted in phases spread over a year, BEST plans to increase its fleet strength to 8,000 buses from the existing 3,052.
NMC’s transport wing plans EV bus operations by Oct-end
Nashik Mahanagar Parivahan Mahamandal Ltd (NMPML) has floated a contract to include 50 new electric buses into its existing fleet. Two agencies, one of which is a prominent automobile major, are currently competing to secure the contract. Under the National Clean Air Programme, the selected agency will receive a grant of INR 25 crore from NMPML. Subsequently, the agency will be responsible for procuring, managing, and operating the buses along routes designated by NMPML.
Incentives for private bus operators to take EV route in the works
In a move to accelerate the adoption of green initiatives in public mobility, the Centre is planning to introduce an incentive scheme especially tailored for the procurement of electric buses (e-buses) by private operators. This policy will be part of an initiative to achieve the ambitious target of 40 per cent penetration of e-buses by 2030 and ultimately achieving carbon neutrality by 2070.
Centre to scrap tender for 4,675 e-buses amidst lacklustre OEM response
The government’s ambitious plan to replace polluting diesel buses at public transporters with electric buses has hit a speed bump. Convergence Energy Services Limited (CESL), the state-run company that handles the acquisition of electric vehicles for central and state government departments, is considering cancelling its dry lease tender for 4,675 e-buses after a disappointing response from original equipment manufacturers (OEMs).
Andhra Pradesh on way to faster adoption of EVs
The Convergence Efficiency Services Limited (CESL), a subsidiary of Energy Efficiency Service Limited, is propelling India’s electric vehicle revolution through the national electric bus program (NEBP). Andhra Pradesh has so far deployed 296 electric cars, alongside 100 electric buses on key routes. AP has already installed 255 electric vehicle charging stations and is planning to add 90 more stations to increase the EV adoption.
GreenCell’s NueGo battery-operated buses to soon zip through roads in TN
GreenCell Mobility’s electric tourist bus service, NueGo, is set to operate on local routes within Tamil Nadu. These battery-operated buses can travel up to 250 kilometers on a single charge, even while running air-conditioners in congested traffic conditions. The coaches undergo a comprehensive battery of 25 rigorous safety checks, encompassing both mechanical and electrical inspections.
Govt to come out with payment security mechanism to support large-scale e-bus rollout The government will come out with a payment security mechanism to support large-scale rollout of electric buses as it eyes a major transition towards green public transport across the country. While the government will continue to provide subsidies like those being offered under the FAME-II scheme because the price difference is huge and it has to be bridged, the government will look at ways and means to bring down the price also, as the subsidy cannot be forever.
Other Market Updates
Greaves Retail launches Power Raja range of batteries for e-rickshaw
Greaves Retail, a fuel-agnostic mobility solutions provider and a unit of Greaves Cotton Limited, has announced the launch of its complete range of e-rickshaw batteries under the brand ‘Power Raja by Greaves’. The Power Raja batteries, powered by proven lead-acid technology, have been designed to address the specific needs of the e-rickshaw segment and come with various warranty offers, different capacities of batteries (120 AH / 130 AH / 140AH / 150AH) and are priced competitively, offering value for money to the vehicle owner.
India to start critical mineral blocks auction process this year
India is preparing to start the auction process for some 100 critical mineral blocks in the next four months, as part of plans to secure domestic supplies of the raw materials needed to fuel the green energy transition. The blocks are for minerals including nickel, lithium, cobalt, and platinum, along with rare earths.
YoBykes soon to launch its high-speed electric scooter and Electric Bike in India
YoBykes, a visionary player in the electric vehicle industry, makes a comeback to redefine the landscape of Indian transportation with the scheduled launch of its cutting-edge High-Speed Electric Scooter and Electric Bike. The company aims to provide hassle-free and eco-friendly transportation solutions to Indian consumers. An in-house R&D facility further gives YoBykes a competitive advantage in the electric mobility space.
Tesla effect: India deliberates import tax cut if EV makers build locally
India is working on a new EV policy which would drastically reduce import taxes for automakers that commit to local manufacturing, following a proposal by Tesla, which is mulling entering the local market. This policy would enable auto firms to fully import electric vehicles in the country at a 15% tax, versus the 100% tax that currently applies to cars that cost more than US$ 40,000 and 70% for the rest.
Amazon has over 6K EVs in its India delivery fleet, to reach 10K by 2025
Amazon has integrated over 6,000 electric vehicles (EVs) into its delivery fleet in India, making deliveries across more than 400 cities in the country. The company is committed to deploy 10,000 EVs in India by 2025. To transform its network at scale and speed, the tech giant has partnered with local original equipment manufacturers in India, including small and medium businesses, and startups, to create innovative mobility solutions.
Maersk plans to add 300 EVs to its fleet in India by October
Global integrated logistics operator Maersk is planning to add more than 300 electric vehicles to its fleet in India by October. Maersk has already deployed over 200 Electric Vehicles (EVs) across 15 cities in the country, and is planning to expand to another 11 cities, taking its overall EV fleet to over 500. The company has recently tied-up with a large e-commerce platform in India to support its distribution requirements with a dedicated fleet of EVs that range in the capacity of 550-700 kg with a driving range of over 120 kilometres.
Ola S1 Air deliveries begin in India, over 50,000 orders for the e-scooter
Ola Electric, an electric vehicle manufacturer, has commenced deliveries of the S1 Air electric scooter in the country, just days after its release earlier this month. The Ola S1 Air occupies the position of the company’s budget-friendly electric scooter, positioned between the S1X and S1 Pro Gen2 models, both of which were launched on August 15, 2023. The company had previously announced receiving over 50,000 bookings for the S1 Air, which now carries a price tag of INR 1.20 lakh (ex-showroom). Deliveries of the Ola S1 Air are now underway in more than 100 cities across the nation. Ola Electric is scaling up production at the FutureFactory to cope with the escalating demand for the S1 Air. This model is built on the Gen2 platform and features a significantly upgraded battery pack. The electric scooter is equipped with a 3-kWh battery pack that provides a range of 151 km on a single charge.
Top four electric two-wheeler makers give refund of INR 10 crore to buyers
After a government probe found that the country’s top four electric two-wheeler manufacturers, Ola Electric, Ather Energy, TVS Motor and Hero MotoCorp, flouted norms by billing customers for the charger and proprietary software separately from the scooter, they have so far collectively paid about INR 10 crore to customers of the more than INR 300 crore they had agreed to refund. The four firms were supposed to refund INR 305.61 crore to customers who had purchased the chargers as add-ons. Ather Energy was required to refund INR 157.78 crore, Ola Electric INR 130 crore, TVS Motor Company INR 15.6 crore, and Hero MotoCorp INR 2.26 crore, according to estimates. As per government data, Ola Electric has reimbursed INR 4.25 crore, Ather Energy INR 3.97 crore, Hero MotoCorp INR 1.64 crore, and TVS Motor Company INR 9 lakh of their respective refund dues.
India’s Amara Raja Batteries to expand into two-wheeler market to power growth
India’s Amara Raja Batteries, a battery manufacturing company plans to expand into the two-wheeler electric vehicle (EV) market, first through chargers and then batteries, as part of an expansion to triple its lithium-ion business this financial year. The company which owns the Amaron battery brand aims to penetrate the two-wheeler EV market first with chargers and eventually through battery packs as it expands its so-called new energy segment. It is also banking on its upcoming lithium cell and battery pack manufacturing units to increase production by the first quarter of the next financial year.
Audi India opens bookings for Q8 e-tron and Q8 Sportback e-tron at INR 5 lakh
Audi, the renowned German luxury car manufacturer, has initiated the booking process for the new Audi Q8 e-tron and Audi Q8 Sportback e-tron in India. Interested customers can secure their bookings by making an initial payment of INR 5,00,000. The newest additions to Audi’s electric vehicle lineup, the Audi Q8 e-tron and Audi Q8 Sportback e-tron, present an innovative design language, novel features, enhanced battery capacity, extended range, and improved driving dynamics. These vehicles are available in two distinct body types – SUV and Sportback – and offer an impressive range of up to 600 km on a single charge according to the WLTP standard.
VoltUp introduces PowerCore 2.0 battery with better safety, longer life
VoltUp, a Battery-as-a-Service (BaaS) start-up, has introduced advanced cell chemistry in its swappable batteries catering to a wide spectrum of EV powertrains, with its in-house designed PowerCore 2.0. The battery is designed for all vehicle segments from the slow-speed electric two-wheelers to heavy-duty e-LCV’s. PowerCore 2.0 was approved by ARAI in adherence to the new AIS-156 guidelines in March 2023 and it will provide consumers with longer battery life cycle along with better safety.
Sundram Fasteners charges ahead with INR1,000 crore EV orders
Sundram Fasteners’ electric vehicle business continues to gather momentum as the Chennai-headquartered leading auto parts maker is currently discussing with companies for a potential order value of INR 1,000 crore. This is an addition to existing EV orders of more than INR 3,000 crore. The company has been supplying EV components such as fasteners, hot forged machine parts, radiator caps, and multiple varieties of shafts, among others, to existing customers entering the EV segment as also the new players.
Foxconn aims to make India its third EV hub, eyes 5% global market share by 2025
Foxconn Technology Group, the world’s largest contract electronics manufacturer, is exploring options to make India its third global hub for electric vehicle contract production. The Taiwanese company aims to supply five to seven lakh EVs by 2025, which will account for 5 percent of total electric vehicle sales worldwide. The company has already acquired a manufacturing unit in Ohio, US, for US$230 million, which can produce five to six lakh vehicles every year.
Maruti Suzuki unveils 3.0 strategy; plans structural recast, new models
As part of its third phase of growth, Maruti Suzuki India Limited (MSIL) targets to build two million additional annual capacity in nine years. In the third phase, the maker of Fronx and Jimny plans to bring 10 new models to the market by 2030-31. With this, the automaker will have a total of about 28 different models in the next seven years, up from the 18 models in the portfolio now. It is thereby targeting to increase its manufacturing capacity by another 2 million cars a year by 2030-31. By 2030-31, Maruti Suzuki expects ICE vehicles including CNG, biogas, flex fuel vehicles, ethanol, and blended fuel to take up a share of 60% in its sales. This will be followed by 25% hybrid EVs and 15% BEVs. Its target is to have 6 EV models by the time, starting with the sale of the first model, which is a mid-size electric SUV scheduled to enter the market in 2024-25.
Tesla leases space in Pune for its first office in India
Tesla India Motor & Energy Pvt Ltd , an automotive manufacturer has leased office space for five years at Panchshil Business Park in Pune, marking its first real office setup in India. The starting monthly rent for the 5,850 sq. ft space on the first floor is INR 11.65 lakh. The lease is with the building operator Tablespace Technologies and has a lock-in period of 36 months, with the rent escalating by 5 per cent annually. The lease deal also includes five car and ten bike parking slots as per the agreement.
Deals and Investments
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Company name |
Company type |
Deal type |
Investor(s) |
Deal value (INR Crore) |
Details |
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Zevo |
A comprehensive and integrated platform for electric supply chain and warehousing |
NA |
Agility Ventures |
Undisclosed |
Zevo secures funding from Agility Ventures for sustainable supply chain solutions |
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Tirex Transmission |
Charger Manufacturer |
Acquisition |
Gulf Oil Lubricants |
103 (With 51% stake) |
Gulf Oil Lubricants approves acquiring 51% stake in Tirex Transmission for INR 103 crore |
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Mufin Green Finance |
a non-banking financial company |
NA |
Shell Foundation |
8 |
Mufin Green Finance secures US$ 1 million funding from Shell Foundation |
Source: Industry news articles, JMK Research
TVS lines up INR 4,000 crore for premium, electric play
Eyeing a larger share of business from global and electrics, TVS Motors will invest INR 3,900 crore over the next four to five years to boost its green portfolio, just as the company develops an all-new petrol and electric platforms with BMW’s Motorrad for the Indian and international markets. Out of the total investment, INR 900 crore will be invested during the current fiscal year, while the rest will come progressively over the next three to four years as the company re-orients itself from a pure-play two-and-three-wheeler entity to one that is focused on connected, sustainable and greens.
Ashok Leyland to invest INR 300 crore in EV arm OHM, transfer existing e-MaaS contracts
Ashok Leyland, the Indian flagship of the Hinduja Group, has announced that its Board has approved the acquisition of 100% of Ohm Global Mobility Private Ltd (OHM) from OHM International Mobility Ltd for a nominal consideration of INR 1 lakh. With this move, OHM becomes a 100% subsidiary of the company. Ashok Leyland will be investing up to INR 300 crore as equity into OHM to operationalise the company. In addition, existing E-MaaS contracts will be transferred to OHM subject to necessary approvals.
EV battery maker Exponent eyes funding to grow rapid charging business
Exponent Energy, an Indian rapid charging startup, is in talks with new and existing investors to raise money to expand its energy services business to three-wheeled passenger vehicles and buses. The maker of electric vehicle batteries that can be fully charged in 15 minutes using its rapid charger, expects to close the round by end of 2023.
JVs and Partnerships
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Companies involved |
Purpose of Partnership |
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International Advanced Research Centre for Powder Metallurgy, New Materials and tech partner Altmin |
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Source: Industry News Articles, JMK Research
Global Market Updates
As part of President Biden’s Investing in America agenda, the U.S. Department of Energy (DOE) announced a US$ 15.5 billion package of funding and loans primarily focused on retooling existing factories for the transition to electric vehicles (EVs)—supporting good jobs and a just transition to EVs. This includes making available US$ 2 billion in grants and up to US$ 10 billion in loans to support automotive manufacturing conversion projects that retain high-quality jobs in communities that currently host these manufacturing facilities.
Bosch closes deal to buy US semiconductor foundry in EV chip push
Germany’s Bosch Group has acquired California chip manufacturer TSI Semiconductors in a move to establish a U.S. manufacturing foothold for silicon carbide chips that keep electric vehicles (EVs) on the road longer. Bosch and TSI did not disclose a purchase price. The TSI facility would become the third pillar of in-house semiconductor production, along with two sites in Germany.
Mercedes-Benz to open its first high-power charging stations worldwide in October
Mercedes-Benz, a luxury vehicles company is set to open its first high-power charging stations this October, implementing its far-reaching plans to expand its global charging infrastructure. Starting in October, the first Mercedes-Benz Charging Hubs will go into operation in Atlanta (USA), Chengdu (China) and Mannheim (Germany). By the end of 2024, Mercedes-Benz aims to further expand its global charging network to over 2,000 high-power charging points. The long-term goal is to create more than 2,000 Charging Hubs with over 10,000 charging points by the end of the decade.
Indonesia widens subsidy access for electric bikes after poor uptake
Indonesia’s government has widened public access to a 7-million-rupiah (US$ 458.87) subsidy to buy an electric motorcycle after a lack of uptake due to limited eligibility, as it aims for long-term mass adoption of electric vehicles (EVs). The government plans to allocate 7 trillion rupiah (US$ 458.87 million) from state funds to support the sales of 800,000 new electric motorcycles and the conversion of 200,000 combustion engine motorcycles by 2024.
Hyundai Mobis wins VW order for EV battery system assembly, to set up plant in Spain
Global auto parts vendor Hyundai Mobis has secured a large-scale overseas contract in the future mobility sector, specifically in the electric vehicle business. The company has secured an order for Battery System Assembly, an essential component of electric vehicles, from Volkswagen AG. The battery system assembly supplied by Mobis will be integrated into Volkswagen’s next-generation electric vehicle platform.
Used Jaguar I-Pace batteries to be given second life in energy plant
JLR (Jaguar Land Rover), an automotive manufacturer, will give a second life to Jaguar I-Pace batteries to help create one of the largest energy storage systems in the UK. The new Battery Energy Storage System (BESS), created in partnership with renewable energy firm Wykes Engineering, will harness solar, wind power, and store the energy in the cars’ former batteries. This will reduce pressure on the UK’s National Grid ahead of the country’s mass push towards buying electric cars – especially during charging peak times.
Indian EV maker One Electric starts production in Kenya, eyes further expansion in Africa
Electric two-wheeler maker One Electric has started production of its motorcycles in Kenya as part of its overseas expansion plan. The company has set up a joint venture with a local vehicle manufacturing company to start production of its Kridn motorcycles. All the components, technology and technical know-how have been supplied by the company from India. Local manufacturing will help the company to quickly scale its operations in Africa and provide localised after-sales service.
Tata seeks partnerships for UK battery plant to supply Jaguar Land Rover EVs
Tata Sons is engaging in discussions with several startups as the conglomerate seeks technical expertise for its GBP 4 billion (US$ 5.1 billion) UK battery plant, with plans to commence mass production in 2026. The collaborations for the battery plant, which has the capacity to provide cells for a minimum of 500,000 vehicles annually, may encompass joint ventures, knowledge sharing, experimentation, and licensing agreements.
China’s Xiaomi wins state planner nod to make EVs amid glut in autos
Xiaomi Corp, a consumer electronics and smart manufacturing company has won the approval of China’s state planner to manufacture electric vehicles (EVs). The National Development and Reform Commission (NDRC), which regulates new investments and production capacity in China’s auto industry, gave the nod for EV manufacturing to Beijing-based Xiaomi earlier this month. While NDRC’s nod brings Xiaomi closer to mass production of EVs more than two years after it first announced the plans, the venture still needs clearance from the Ministry of Industry and Information (MIIT), which assesses new automakers and models for technical and safety requirements.
Ford to set up cathode plant in Quebec to ensure battery supplies for future EVs
Ford, South Korean battery maker SK On and EcoProBM of Canada have announced an investment of C$ 1.2 billion (US$ 890 million / INR 7,300 crore) to build a cathode manufacturing (CAM) facility that will provide materials that ultimately supply batteries for Ford’s future electric vehicles. Once production begins in the first half of 2026, the site will have the capacity to produce up to 45,000 tonnes of CAM per year. This new facility – Ford’s first investment in Quebec – is part of the automaker’s plan to localize key battery raw material processing in regions where it produces EVs.
GM Invests in AI and battery materials company Mitra Chem
General Motors, an automotive manufacturer is leading a US$ 60 million Series B financing round in Mitra Chem, a Silicon Valley-based, AI-enabled battery materials innovator. The company’s AI-powered platform and advanced research and development facility in Mountain View, California, will help accelerate GM’s commercialisation of affordable electric vehicle batteries. GM and Mitra Chem will develop advanced iron-based cathode active materials (CAM), like lithium manganese iron phosphate (LMFP), to power affordable and accessible EV batteries compatible with GM’s EV propulsion architecture, the Ultium Platform. GM’s funding will help Mitra Chem to scale its current operations and to expedite their novel battery materials formulation to market.
Texas to impose fee on electric vehicles
Starting September, electric vehicle (EV) drivers in Texas, the second largest state in the US, will have to pay an extra US$ 200 each year to register their vehicles. Buying another EV will cost US$ 400 upfront, according to a new state law imposing the new fee on EVs to replace gas taxes lost to electrification. The fee will not apply to hybrid vehicles. Revenue collected from the fee will be deposited into the state highway fund to help pay for roadway construction and maintenance projects.
Dubai is setting its sights on a bold and ambitious goal to have a whopping 42,000 electric cars humming along its roads by 2030. The region is revving up efforts to steer everyone toward a greener and more environmentally friendly option – electric vehicles, or EVs for short. The initiative has already charged up, with the number of EV owners zooming from a mere 14 back in 2015 to a staggering 11,000 by the time May 2023 rolled around. The government and various stakeholders are pushing the pedal to the metal, fueled by strong optimism to hit this target.
GM backs EV battery startup as it shifts future focus to cheaper materials
General Motors, an automotive manufacturer, is investing in a Silicon Valley start-up to help it speed development of a more affordable battery chemistry for its future electric vehicles. GM will lead a US$ 60 million investment in Mitra Chem, a two-year-old Mountain View, California, company that uses artificial intelligence to accelerate development of lithium-ion battery materials. Mitra Chem will help the automaker develop advanced iron-based cathode active materials such as lithium manganese iron phosphate (LMFP) that could be used in some of GM’s next-generation Ultium batteries after 2025.
Japan eyes tax break for domestic EV battery, chip production
Japan plans to create tax breaks for domestically made electric vehicle batteries and semiconductors from April 2024 to enhance economic security. For the government’s fiscal 2024 tax code revision, the Ministry of Economy, Trade, and Industry will propose the tax cuts for companies manufacturing strategically crucial items in Japan. Akin to the U.S. Inflation Reduction Act, the planned scheme would reduce corporate taxes based on output of batteries and chips. The ministry will draft the specifics including applicable items by the end of this year.
Indonesia gives automakers more time to qualify for EV credits in investment bid
Indonesia will give automakers two more years to qualify for electric vehicle incentives in a bid to bring more EV-related investment to Southeast Asia’s largest auto market a move followed by investment commitments by China’s Neta EV brand and Mitsubishi Motors. Under the relaxed rules, automakers need to commit to producing at least 40% of the content of EVs in Indonesia by 2026 to qualify for incentives, two years later than the initial target. The 40% threshold had been set to encourage local battery production.
Audi to begin swapping in its EVs
Audi, an automotive manufacturer of luxury vehicles will begin culling internal combustion-powered vehicles from its lineup this year with the sunsetting of its low-volume sport coupes, the TT and R8, while it continues to expand its electric vehicle offerings as the premium brand transitions to an EV-exclusive lineup by 2033. Audi, part of Volkswagen Group, will end development of new gasoline engines in 2026. That means most of its popular combustion vehicles should have at least one more product cycle left before they are replaced with battery-powered alternatives. The brand will expand the EVs on its PPE architecture, which will slowly merge with other platforms into a unified EV platform across the group.
Temasek to invest INR 1,200 crore in M&M’s EV co, to acquire up to 3%
Singapore-based Temasek has signed an agreement with automotive major Mahindra & Mahindra to invest INR 1,200 crore in its passenger electric vehicles company MEAL at a valuation of USD 9.8 billion. Temasek’s investment of INR 1,200 crore will be in the form of Compulsorily Convertible Preference Shares (CCPS), resulting in an ownership stake of up to 1.49% to 2.97% in the EV unit.
Li-Cycle starts battery recycling operations at German plant
Li-Cycle, a lithium-ion battery resource recovery company has started operations at its German plant to break down electric-vehicle batteries for recycling, part of the company’s rapid expansion into the European market and plan to become one of the continent’s largest lithium producers. The facility in Magdeburg has the capacity to process 10,000 metric tons of battery parts annually, an amount that will eventually grow to 30,000 tonnes.
New European Union rule mandates EV fast chargers every 60 km on the highway
The European Union has approved a new rules package concerning charging stations for electric vehicles. As per the new rules, there will have to be a fast-charging station every 60 km across all major transportation routes in Europe by 2025. The new rules aim to improve accessibility to fast chargers and increase the adoption of EVs across the continent.