Monthly EV update – December 2021

Monthly EV update – December 2021

monthly electric vehicle

New Product Launches

ProductVehicle typeBattery specificationsOther specificationsPrice
Bounce Infinity E12-wheelerBattery- 2kWh (48V, 39Ah) swappable battery packRange- 85 kmCharging time- 4 to 5 hoursTop Speed- 65 km/hrWheel Size- 12” 90/90 (front) and 12” 120/70 (rear)INR 45,099 without battery and INR 68,999 with battery
BMW iX xDrive 40Electric CarBattery Capacity- 76.6kWhRange- 425 kmPowered by two electric motors that make 326 hpINR 1.16 Crore
EeVe SOULHigh speed E2W  Battery Capacity- 2.2 kWh (LFP)Range- 120 km Charging time- 3 to 4 hoursTop speed- 60 km/hrHas three operation modes – eco mode, normal mode, sports modeWheel Size- 12” 90/90 (front) and 12” 90/90 (rear)INR 1.40 lakh
One Moto ElectaHigh speed Electric ScooterBattery Specifications: 72V/45AH detachable lithium-ion batteryRange- 150 kmCharging time- 4 hoursTop speed- 100 km/hrWheel Size- 12” 90/90 (front) and 12” 90/90 (rear)INR 1.99 Lakh
Okaya Electric Vehicle FaastHigh speed Electric ScooterBattery Specifications: 72V/60AH 4.4kW lithium phosphate batteryRange- 150 to 200 kmTop speed- 60 to 70 km/hrINR 89,999 (before subsidies)
EVTRIC Rise, EVTRIC Mighty and EVTRIC Ride ProHigh speed Electric Motorcycle (Rise) and Scooters (Mighty and Ride Pro)EVTRIC Rise Battery Specifications: 3.0 kWh Lithium-ion, detachable batteryRange- 120 km EVTRIC Mighty Range- 90 km EVTRIC Ride Pro Range- 90 kmEVTRIC Rise Top Speed- 100 km/hr EVTRIC Mighty Top Speed- 70 km/hr EVTRIC Ride Pro Top Speed- 75 km/hrN/A
GT Drive, GT Drive ProHigh speed Electric Scooter (GT Drive, Low speed Electric Scooter (GT Drive Pro)GT Drive Battery Specifications: Lithium-ion batteryRange- 150 km GT Drive Pro Battery Specifications: Lead-acid/Lithium-ion batteryRange- 75 kmGT Drive Top speed- 60 km/hrWheel Size- 3.00-10 Tubeless (Front/Rear)Three riding modes available – economy, standard, and turbo GT Drive Pro Top speed- 25 km/hrWheel Size- 3.00-10 Tubeless (Front/Rear)N/A

Source: Industry news articles, JMK Research

Upcoming Launches

ProductVehicle typeKnown/ Revealed specificationsExpected Launch Date and Price
BMW i4E-CarTwo Variants- eDrice40 (rear-wheel drive) and M50 xDrive (all wheel drive)Battery Capacity- 83.9kWh net, 80.7kWh usableRange- 510- 590 kmBy June 2022; Price unknown

Source: Industry news articles, JMK Research

MG Motor India to Launch an Electric Crossover in INR 10-15 Lakh Range by End of FY2023

Morris Garages (MG) India has announced its plan to launch a new affordable electric vehicle in India by the end of Financial Year 2022-23. The new electric vehicle will be priced in the range of INR 10 lakh to INR 15 lakh and is targeted towards the mass segment of personal electric mobility. As per MG, the new electric vehicle will be a crossover and it is slated to arrive by March 2023.

eBikeGo Acquires Rights to Manufacture Spanish Automotive Giant, Torrot’s, E2W in India

Electric two-wheeler mobility platform eBikeGo has acquired the rights to manufacture ‘Muvi’ electric vehicles of Spanish automotive company Torrot in India. This follows the acquisition of manufacturing rights of Torrot’s E3W, Velecipedo, in November 2021.

Tesla gets nod to launch three more EVs in India, but still no word on timeline

According to the updates shown on the Ministry of Road Transport and Highways website Vahan, Tesla’s India outfit, which is registered as Tesla India Motors and Energy Private Limited (TIME), has recently got the green signal for three new models, taking the total up to 7 models. Tesla is still waiting to launch its electric cars in India. The US-based EV-maker is still reportedly in talks with the Centre to reduce import duties on electric vehicles before entering the market.

Komaki to launch Ranger, India’s first e-cruiser

Komaki has announced that it will launch India’s first electric cruiser bike called Komaki Ranger and is claiming it will offer a per-charge range of 250 kilometres. Komaki Ranger will have a massive 4-kilowatt battery pack, the largest among any electric two-wheeler in the country. The Ranger electric cruiser from Komaki will also get a 5,000-watt motor and will be launched in January 2022.

Mahindra Electric to launch four models, including quadricycle

Mahindra Electric has announced that will launch at least four new products, including a product in a new category over the next three years. New electric three-wheelers for passenger and cargo — having better range and payload capacity — and an electric quadricycle are in the launch pipeline of the company.

Toyota-Suzuki co-developing electric car for India; launch expected in 2025

Anticipating an aggressive push for electric vehicles by the government, the Indian arms of Toyota Motor Corporation and Suzuki Motor Corporation are working on a pure-born electric car platform. Leading the project, Maruti Suzuki India is expected to deliver an affordable EV by late 2024 or early 2025.

EV Sales Trends

The overall EV sales continue to grow with sales in December 2021 clocking 50,866 units, signifying a m-o-m increase of 21% and y-o-y jump of 240%. This is the first time that EV registrations have crossed the 50,000-mark in a month.

Registered EV sales trend in India (Dec 2020–Dec 2021)

Source: Vahan Dashboard, JMK Research

Note: Sales figures represent EVs registered across 1,376 RTOs in 33 states/ UTs.

As depicted in the figure below, EV registrations in December 2021 were driven by electric two-wheelers and passenger-type electric three-wheelers, which together accounted for 90.3% of total registrations in the month. The shares of these categories are followed by e-cars (5%) and then cargo-type electric three-wheelers (4.3%).

Category-wise EV sales in December 2021

Source: Vahan Dashboard, JMK Research

Note: Sales figures represent EVs registered across 1,379 RTOs in 33 states/ UTs; Others (which include adapted vehicles, fork-lifts, goods carriers, and trailer (agriculture) vehicles) not included here as it accounted for only 25 e-vehicles this month and hence a miniscule share.

Among all the states and UTs, Uttar Pradesh continues to have maximum monthly registered EV sales with a 23% share in overall sales in India in December 2021, clocking over 10,000 units in EV sales making it the first state to witness so. Maharashtra has the 2nd highest sales at 13%, followed by Karnataka (9%), Rajasthan (8%), and Delhi (7%), and Tamil Nadu (7%).

(State/ UT) Region-wise registered EV sales – December 2021

Source: Vahan Dashboard, JMK Research

Note: Sales figures represent EVs registered across 1,379 RTOs in 33 states/ UTs. Others include Uttarakhand, Chhattisgarh, Punjab, and rest other 15 states/UTs.

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

The overall HS-E2W sales in the country in December 2021 stood at 24,725 units, signifying a ~10% m-o-m jump and a y-o-y leap in registrations of 444%. The Top 10 players, as shown below, accounted for 94% of the total registrations recorded in the month of December 2021. In addition, it is after a gap of ~7 months that sales of Okinawa have surpassed those of Hero Electric this month.

Player-wise High-Speed E2W sales trend

Source: Vahan Dashboard, JMK Research

Note: Sales figures represent only high-range E2W (Top speed > 25 kmph) registered across 1,376 RTOs in 33 states/ UTs. Others include Goreen E-mobility Private Limited, MEW Electricals Ltd, KLB KOMAKI, and 20 other players. Also, it is for the first time that Ola Electric registered sales of ~193 HS-E2W during the last week of December.

Electric Three-Wheeler (E3W)

The sales of registered E3Ws (both passenger and cargo-type) in December 2021 stood at 23,373 units, signifying a 29.8% m-o-m increase. Passenger E3W sales increased by 30% m-o-m whereas the cargo E3W sales increased by 33% as from the previous month’s sales.

Sales trend of cargo E3W and passenger E3W

Source: Vahan Dashboard, JMK Research

Note: Sales figures represent E3Ws registered across 1,376 RTOs in 33 states/ UTs; Passenger and Cargo E3W sales shown in the figure takes into account both e-rickshaw and three-wheeler classes as categorized in the Vahan dashboard.

The cumulative sales of top 7 electric 3-wheeler players across passenger and cargo segments in December 2021 accounted for 35.5% share of the entire E3W market. YC Electric Vehicle has the highest share of 9.8%, which is followed by Mahindra Electric Mobility (6.4%), Saera Electric Auto (4.6%), Champion Poly Plast (4.6%), Best Way Agencies (3.6%), Dilli Electric (3.6%), and Unique International (2.9%).

Top E3W Players in December 2021

Source: Vahan Dashboard, JMK Research

Note: Others made up 64.5% of the E3W markets in December 2021; sales figures for players are inclusive of cargo and passenger offerings combined; Sales figures represent E3Ws registered across 1,379 RTOs in 33 states/ UTs; Passenger and Cargo E3W sales shown in the figure takes into account both e-rickshaw and three-wheeler classes as categorized in the Vahan dashboard.

Electric cars (E-cars)

The cumulative sales of e-cars in December 2021 stood at 2,522 units, a m-o-m jump of 64% and a y-o-y surge of 410% in registrations. Tata Motors drove the e-car sales this month, accounting for 93% of the total registrations in December 2021.

Player-wise e-car sales trend    

Source: Vahan Dashboard, JMK Research

Note: Sales figures represent e-cars registered across 1,379 RTOs in 33 states/ UTs. Others include Jaguar, Audi, Mercedes-Benz, and Toyota Kirloskar

Electric buses (E-buses)

The cumulative sales of e-buses in December 2021 stood at 221 units, with a m-o-m jump of 550%. This month’s sales were driven by PMI Electro which accounted for 47.1% share of the total e-bus sales in December 2021, followed by Olectra Greentech (26.7%), Ashok Leyland (13.1%), and JBM Auto (9.5%).

Player-wise e-bus sales trend

Source: Vahan Dashboard, JMK Research

Note: Sales figures represent e-buses registered across 1,376 RTOs in 33 states/ UTs.

Policies & Regulations

Himachal Pradesh Approves its Draft EV Policy

Himachal Pradesh cabinet approved the ‘draft electric vehicle policy’ to promote sustainable transport system. The state government said the policy aims to make a global hub for electric mobility development and manufacturing and to create public and private charging infrastructure for electric vehicles. It is also going to provide subsidy and incentives to the manufacturing industries. The final policy document is yet to be notified and released.

Indian govt approves INR 76,000 crore scheme for chip making

The Union Cabinet has approved a production linked incentive (PLI) scheme for the semiconductor and display board production in the country. The PLI scheme envisages an investment of INR 76,000 crore in semiconductor manufacturing in the country over the next 5-6 years. This is in addition to the INR 50,000 crore PLI scheme that was announced in November 2020 to make electronics manufacturing attractive in India.

EV charging stations must for buildings with 25+ flats

In a bid to promote use of electric vehicles in the city, the Nashik Municipal Corporation (NMC) has decided that all new residential buildings that have at least 25 flats will have to set up EV charging stations. Moreover, there should be one more EV charging stations for every 25 additional flats. The order will be implemented with immediate effect. Existing buildings that are yet to take building completion certificate from the NMC will also have to set up EV charging stations.

Delhi govt to ask ride-hailing, food delivery firms to completely switch to EVs

In a bid to reduce emissions from vehicles, the Delhi government will ask cab aggregators, e-commerce companies and food delivery services to completely switch to electric vehicles. The government will also direct petrol pumps to not give fuel to vehicles that do not have a valid pollution-under-control (PUC) certificate in another major step to reduce the city’s air pollution levels.

Government to offer up to 50% of project cost to companies setting up chip plant

Following the announcement of the Rs 76,000-crore incentive scheme for semiconductors, the government has issued detailed guidelines around it including providing 50% of the project cost to manufacturers looking to establish a facility to fabricate chips up to 28nm (nanometer), up to 40% of the cost for chips above 28nm and up to 45nm, and up to 30% for chips above 45nm and up to 65nm for a period of 6 years. Applicants have to make a minimal capital investment of Rs 20,000 crore and must have minimum revenue of Rs 7,500 crore (including group companies) in electronics system design and manufacturing in any of the 3 financial years preceding the year of submission.

Charging Infrastructure and Battery Swapping Update

Stakeholder(s)/ Player(s)Subject/ ScopeDescription
Fortum and Plug MobilitySetting up charging stations for fleet of carsIndia’s first electric vehicle mobility as a service brand Plug Mobility from Carzonrent India has partnered with Fortum Charge & Drive India Pvt. Ltd (Fortum C&D) to build charging infrastructure for Carzonrent’s fleet of 19,000 cars. Fortum C&D will set up 3,200 charging points in 79 cities and towns across India for the fleet that will be inducted over the next five years across India. The total investment for putting up the charging stations is about $50 million.
EVRE and Mad About Wheels (MAW)  Setting up public EV charging infrastructureEVRE, in association with Mad About Wheels (MAW) will set-up public EV charging infrastructure at 100+ locations, majorly in tier-II & III cities. MAW shall enable all deployment at its e-retail partners, in association with EVRE, offering them value-added services with no cost of asset ownership to them. EVRE will manufacture, establish, own and operate this EV charging infrastructure. 
Hero Electric and Log9 Materials15-minute fast charging using Log9 battery packHero Electric has announced its partnership with Bengaluru-based advanced battery technology start-up Log9 Materials, to offer the Log9InstaCharging battery packs for its entire range of EVs.Hero Electric and Log9 will together deploy these batteries in the market via outright sales and Battery-as-a-Service (BaaS) business models. The BaaS model will allow commercial fleet operators to take advantage of the operational performance of the Instacharge battery packs at nominal monthly rates. 
Kazam and ADDASetting up charging stations in residential societiesKazam, an IoT-based charging station platform, joins hands with ADDA Discover for Association platform to set up charging stations in over 1,000 residential societies across India. Kazam is keen on setting up 1 lakh charging stations across the country by 2023.
Tata Power Delhi DistributionInstalling public and home chargersPower discom Tata Power Delhi Distribution (TPDDL) has boosted charging infrastructure by installing around 50 EV public chargers (nine in TPDDL area of operations) and 1,400 home chargers in NCR. The discom is further working to identify 50 top resident welfare associations(RWAs) in its licensed area for installing 2-3 two charging stations per RWA.
Fortum and Charge ZoneShare EV charging pointsFortum is partnering with India’s Charge+Zone, a technology-led electric vehicle charging infrastructure company, to jointly offer their charging networks to vehicle users.This will allow a customer to access Charge+Zone’s vehicle charging points through Fortum Charge & Drive India (C&D) Pvt. Ltd’s mobile application.
ElectriVa and Delhi GovernmentDeployment of charging stations in DelhiElectric vehicle Charging startup ElectiVa has bagged the contract for installing and operating 100 EV charging stations in Delhi. The contract awarded by the local urban bodies in Delhi includes key locations such as South Ex, Lajpat Nagar, RK Puram, Dhaulakuan, Vasant Vihar among other major commercial areas on the ring road that crosses South Delhi.
Tesla PowerInstalling Two-Wheeler EV Charging Points Pan-IndiaTesla Power USA announced plans of installing 5000 Two-Wheeler EV Charging Points Pan-India in the near future at its Franchise-owned Tesla Power Shops. The company have over 200 Distributors and 250+ Tesla Power Shops in 20+ States in India
Log9 MaterialsInauguration of first InstaCharge StationLog9 Materials inaugurated its first InstaCharge Station in Bengaluru. It has also announced plans to expand the charging infrastructure to other major cities and smaller towns going forward. With its InstaCharge Stations, Log9 aims to provide the throughput that the fleet operators require to efficiently work on their deliveries and keep their vehicles charged all the time. The company is also looking to provide ‘InstaCharge-On-Demand’ service, such as a mobile EV-charging station that provides on-demand roadside assistance in case of any emergency requirements to the fleet operators.
Charzer and ADDABuild charging infrastructure in apartment complexesBengaluru-based EV charging infrastructure startup, Charzer, partnered with ADDA, a comprehensive society management system, to build charging infrastructure in apartment complexes.In two years, Charzer will install smart EV charging stations at 1,500 apartment complexes in India.
Kerala State Electricity BoardSet up pole-mounted charging stationsThe Kerala state electricity board (KSEB) in association with the state transport department will set up 1,140 pole-mounted charging stations for e-autorickshaws across the state.As per the plans, each of the assembly segments that fall under the corporation limits would get 15 charging stations and the rest would get five charging stations. Further, a 25% subsidy has been announced by the transport department to private entrepreneurs for setting up charging stations.
Pune Municipal CorporationFinalised locations to set up charging stationsPune Municipal Corporation (PMC) has finalised locations to start 500 charging stations at public places including municipal gardens, main roads, and educational institutes in a bid to promote the use of e-bikes and e-cars.Private agencies will be roped in for the project and it will be implemented on a revenue sharing basis.
EVRE and ZyngoSetting up charging stationsEVRE, an electric vehicle charging infrastructure player, entered into a partnership with Zyngo, a last-mile delivery provider for parking and charging infrastructure solutions. Under this partnership, EVRE will offer 5,000 EV charging stations across India in the next two years. During the first phase of the partnership, EVRE will support Zyngo with 500 charging stations for its EV fleet of 500.
CHARGE+ZONE and Government of GujaratSetting up charging stationsiCreate, a startup incubator, has facilitated a partnership with CHARGE+ZONE and the Government of Gujarat for $300 million investment to set a network of un-manned, up app-driven 10,000 EV charging stations in Gujarat and scale more than 50,000 charging stations across the country.The partnership aims to electrify 10,000 km of National and State Highways in the next 3 to 5 years with super-fast charging stations.

Source: Industry news articles, JMK Research

Other Market Updates

UpdateSubject/ ScopeDescription
Euler Motors bags order for 1,000 EV three-wheeler cargo vehicle from MoEVing  Order for 1,000 units of cargo E3WElectric vehicle maker Euler Motors bagged an order for 1,000 units of its recently launched HiLoad EV three-wheeler cargo vehicle from MoEVing. The vehicle delivery from Euler Motors was expected to commence from December 2021 and will carry through till the end of 2022.
Gravita India starts new battery recycling unit in Guj; plans to invest INR 62 crore  New battery recycling unit operationalizedRecycling firm Gravita India operationalized its new battery recycling unit near Mundra Port in Gujarat and plans to invest a total of INR 62 crore to enhance its overall capacity to 48,000 MTPA. In Phase-I, the plant has a capacity of 19,500 MTPA and the company has incurred a capital expenditure of Rs 32 crore on it, out of which Rs 26 crore has been funded through external borrowings and remaining by internal accruals.
25 AC, battery buses to start operations on two city routes  Ply battery-operated buses in PrayagrajPrayagraj City Transport Service Limited (PCTSL) authorities plan to ply 25 state-of-the art battery-operated buses, already received and registered with local RTO, on road by February 2022 on two routes – Shantipuram (Phaphamau) to Raymond Crossing (Naini) and the second from Trivenipuram (Jhunsi) to Puramufti (Manauri).A mega charging station has already been developed near the old bridge over river Yamuna where 25 such electric buses can be charged at a time.
Attero to invest Rs 300 cr to ramp up lithium-ion battery recycling capacity to 11,000 tons  Ramp up Lithium-ion battery recycling capacityE-waste recycling firm Attero is planning to invest Rs 300 crore in a bid to increase its existing lithium-ion battery recycling capacity by 11 times to 11,000 tons by the end of 2022.In addition to lithium-ion recycling capacity, the company has earlier announced ramp up of its entire electronic waste recycling capacity by more than double to 3 lakh metric tons by the end of 2022, from 1.44 lakh metric tons.
MG Motor India and Attero recycle the first EV battery  MG Motor’s first EV battery recycledMG Motor India, in partnership with Attero, has successfully recycled MG’s first EV battery. The metal extracts and various other commodities from the recycling process will be used to develop new batteries.
Bajaj Auto to set up INR 300 cr EV manufacturing unit in Pune  Set up EV manufacturing unitBajaj Auto announced an investment of INR 300 crore (USD 40 Mn) at Akurdi in Pune for manufacturing Electric Vehicles. This unit will have a production capacity of 500,000 EVs per annum.The first vehicle from the unit is expected to roll out by June 2022.
Uttar Pradesh: Jhansi gets its first set of battery-operated buses  First set of battery-operated buses receivedJhansi received its first set of 15 battery-operated buses with twenty more buses to follow in the coming days. The buses, as part of the ongoing Smart City project, will run in both urban and rural areas of the district which include Babina, Mauranipur, and Railway station.
In a first, Karnataka rolls out electric buses for public transportation  Roll out of electric busesKarnataka Chief Minister Basavaraj Bommai flagged off the state’s first ever rollout of 25 electric buses out of the first batch of 40 electric buses received by Bangalore Metropolitan Transport Corporation (BMTC).JBM Auto Ltd. had received an order of supplying a total of 90 non-AC electric buses to BMTC. The remaining 50 e-buses will be delivered in the coming months.
Exide India to set up li-ion cell manufacturing plantSet up li-ion cell manufacturing plantExide Industries informed the stock exchanges that the company will be setting up a greenfield multi-gigawatt lithium-ion cell manufacturing facility in India.Furthermore, the company said that it also plans to apply for and participate in the Production-Linked Incentive Scheme for National Programme on Advanced Chemistry Cell (ACC) battery Storage, issued by the Ministry of Heavy Industries.

Source: Industry news articles, JMK Research

Deals & Investments

Company nameCompany typeDeal typeInvestor(s)Deal value (in US$ Mn)Details
Ola ElectricElectric Scooter OEMEquityTemasek, IIFL53Ola Electric raises $53 mn in round led by Temasek, valued at $2.7 bn
CHARGE+ZONEEV Charging Start-upEquityVenture Catalysts10CHARGE+ZONE Raises $10 Mn To Expand EV Charging Network
Exponent EnergyEV Charging Start-upEquityYourNest VC, 3one4 Capital and AdvantEdge VC5Exponent Energy gets $5 million pre-series A funding, to scale 15-min rapid charging network
Oben EVE2W Manufacturing start upEquityWe Founder Circle, Life Element Co-founder Rakesh Somani, serial investor Gaurav Juneja, Rajesh Motors Managing Director Siddharth Shah1.5Oben EV raises $1.5 million from We Founder Circle, others
Ultraviolette AutomotiveE2W Manufacturing start upEquityTVS Motors, Zoho CorporationUndisclosedUltraviolette Automotive raises new round of funding
Flo MobilityAutonomous Driving TechnologiesEquityDevX Venture Fund, Venture Garage Angels, Blume Founders Fund0.4Flo Mobility raises $400,000 from DevX Venture Fund, others

Source: Industry news articles, JMK Research

Grip Invest and Battery Smart sign a US$ 2 million EV battery financing deal

EV battery-swapping network provider Battery Smart has tied up with angel investor Grip Invest in a USD 2 million deal to offer battery lease to 4,000 electric rickshaws. The partnership aims to use a cost effective, asset-light business model to expand its reach in the electric mobility segment.

Magenta makes ‘significant’ investment in EV component maker Axiom Energy

Integrated EV charging solutions company Magenta has made significant investment in Hyderabad-based EV component maker Axiom Energy Conversion. Magenta, however, did not disclose the amount of its investment in Axiom, which is aimed at achieving the company’s ambition to become an exclusive destination for end-to-end EV solutions.

Hyundai India plans to invest INR 4,000 crore to rev up EV biz

Hyundai Motor India Ltd. plans to invest about INR 4,000 crore as part of an ambitious plan to introduce half a dozen electric vehicles in the country by 2028.

Simple Energy to invest INR 2,500 crore in e-two-wheeler factory

Simple Energy has signed a memorandum of understanding (MoU) with the Tamil Nadu government for an investment of upto INR 2,500 crore for an electric two-wheeler factory in Dharmapuri (Hosur). At peak capacity, it can produce 12 million units. The company will invest INR 1,000 crore in phase 1 over the next 2 years in constructing the plant which will have a capacity to produce 1 million two wheelers and employ 2,500 people directly and indirectly.

Bounce plans to raise US$200 mn to scale up its electric vehicle business

Bounce, the Bengaluru-based smart mobility solutions company, which recently unveiled its first consumer electric scooter (Bounce Infinity E1), has plans to raise funding of around US$200 million to scale up operations of its electric vehicle (EV) business. The Bounce Infinity E1 is being offered with a unique ‘battery as a service’ option — the first-of-its-kind in the Indian market.

Tata Motors forms EV business arm; invests INR 700 crore

Tata Motors informed that the company has incorporated a wholly-owned subsidiary, Tata Passenger Electric Mobility Limited (TPEML) with an initial capital of INR 700 crore, which will be involved in manufacturing of electric motor vehicles. TPEML will manufacture,  design, develop all kinds of services related to electric vehicles/electric mobility, hybrid electric vehicles assisted by means of electricity, battery, solar energy or any other power devices. Tata Motors, the promoter of TPEML, would hold 100% share capital in the EV unit.

WardWizard to create EV Ancillary Cluster in Gujarat

Vadodara-based WardWizard Innovations and Mobility entered into an agreement with the Gujarat government to create EV Ancillary Cluster. The company retails electric scooters and motorcycles under the Joy e-Bike brand. As part of the agreement, the company said it will invest INR 500 crore on R&D of E2W and E3W, set up motor assembly at Vadodara facility, and develop ancillaries to manufacture raw materials.

Amara Raja to invest in e-mobility battery developer InoBat Auto

Amara Raja Batteries announced plans to invest in InoBat Auto, a European technology developer and manufacturer of batteries for E-mobility. InoBat, backed by a consortium of partners, including CEZ and Rio Tinto, is currently developing a battery research and development centre and production line in Voderady, Slovakia. The project’s next phase will focus on a manufacturing scale-up through several gigafactories planned across Europe and globally.

Reliance New Energy Solar Ltd to acquire UK’s battery firm Faradion

Reliance New Energy Solar Ltd (RNESL) has signed definitive agreements to acquire UK-based sodium-ion battery technology company Faradion for an enterprise value of GBP 100 million. Reliance will incorporate Faradion’s state-of-the-art technology at its proposed fully integrated energy storage giga-factory as part of the Dhirubhai Ambani Green Energy Giga Complex project at Jamnagar in Gujarat.

The acquisition is expected to help secure India’s energy storage requirements for its large renewable energy and fast-growing EV charging market.

JVs & Partnerships

Companies involvedPurpose of PartnershipDetails
Mahindra Group and Jio-BPMahindra Group and Jio-BP, a joint venture between Reliance Industries and British Petroleum, have teamed up to explore creation of EV products and services. Mahindra Group and its channel partners’ locations will be evaluated for setting up Jio-BP stations, including EV charging stations and swapping points. Additionally, business models like Mobility-as-a-Service (MaaS ) and Battery-as-a-Service (BaaS) will be explored wherein Jio-BP could provide charging solutions to EVs manufactured by Mahindra Group.Mahindra & Mahindra, Jio-BP tie up for EV services  
Minda Industries Ltd (MIL) FRIWO AG GermanyMinda Industries Ltd (MIL) has entered into a joint venture agreement with FRIWO AG Germany, a global manufacturer of innovative power supply units and e-drive solutions. to manufacture and supply various electric vehicle components in the Indian subcontinent with a planned capex of INR 390 crore in the next six years. MIL, the flagship firm of Uno Minda Group, will hold a majority stake of 50.1 per cent, with the rest held by FRIWO AG Germany, the company said in a regulatory filing.Minda Industries forms JV with FRIWO for manufacturing EV components  
TVS Motor Company and BMW Motorrad TVS Motor Company and global auto giant BMW Motorrad expanded their co-operation with a tie-up in the EV space. The companies are planning to come up with the first electric two-wheeler within the next 24 months.TVS ties up with BMW to manufacture EVs
Simple Energy and Indian Institute of Technology-Indore (IIT-Indore)Bengaluru-based electric two-wheeler maker Simple Energy has collaborated with the Indian Institute of Technology-Indore (IIT-Indore) to develop an advanced thermal management system for its flagship e-scooter Simple One and future productsThe collaboration with IIT Indore will boost Simple Energy’s R&D and aid in the integration of lightweight vehicles with high-performance (composite) materials to reduce range anxiety and accelerate consumer demand in line with government standardsSimple Energy joins hands with IIT-Indore for flagship e-scooter, future products  
Hero Electric and HDB Financial ServicesElectric two-wheeler manufacturer Hero Electric has partnered with HDB Financial Services, a non-banking financial company (NBFC), to offer easy financing options for the purchase of electric scooters.Under the collaboration, Hero Electric customers can avail hassle-free loans with minimum documentation on their desired electric scooter along with other benefits such as attractive interest rates, flexible tenure options, and affordable EMIs.Hero Electric partners with HDB Financial Services for retail finance
Zypp Electric and Flo MobilityZypp Electric, a tech-enabled EV-as-a-service platform, has partnered with Flo Mobility to expand its footprint in the autonomous EV sector. Under this partnership, Zypp Electric will build a delivery bot for Zypp deliveries for distribution. Flo Mobility will allow these bots to navigate autonomously during the delivery process and keep track of Zypp EVs that are filled with consignments and waiting for delivery personnel at the warehouse gate/entry.Zypp Electric partners with Flo Mobility to expand its footprint in the autonomous EV sector
Vedanta Limited and NicometVedanta Limited acquired Goa-based Nicomet, a nickel and cobalt producer which is non-operational since 2018.Vedanta plans to make Nicomet operational by March 2022 and meet 50% of India’s total nickel demand through this acquisition.Vedanta acquires Goa-based Nicomet; becomes only nickel producer in India  
Atlis Motor Vehicles and Li-CycleStartup mobility technology company, Atlis Motor Vehicles has entered into an agreement with Li-Cycle to recover and recycle lithium-ion batteries. Under the partnership, Li-Cycle will use its commercial lithium-ion battery recycling Spoke & Hub Technologies to recycle any lithium-ion battery, recovering up to 95% of all critical materials with the output going back into battery production, closing the loop on this supply chain.Atlis Motor to recycle and reuse lithium-ion batteries with Li-Cycle  

Source: Industry news articles, JMK Research


Tender NameTendering AuthorityBid Submission DateTender ID
Appointment of Operator for Setting Up of Public Charging Stations at designated PMPML locations on Public Private Partnership (PPP) Basis  Pune Municipal Corporation31st December 2021  2021_PMCP_745265_1  
Installation/commissioning of Battery operated Truck at H & P division, BEML Limited, KGF..BEML Limited  29th December 2021  2021_DoDP_639114_1  
Installation/commissioning of Battery operated Truck at EM division, BEML Limited, KGFBEML Limited  29th December 2021  2021_DoDP_639125_1  
Request for Proposal (RFP) for selection of operator for Installation and Operation of Charging Stations by sharing infrastructure of BEST Undertaking (under FAME-II INDIA Scheme and Maharashtra EV Policy 2021) for a period of 10 yearsBrihanmumbai Electric Supply and Transport (BEST)  29th December 2021  2021_BEST_735354_2  

Source: Tendering Authorities, JMK Research

Global Market Updates

Toyota partners Chinese EV firm BYD for its all-electric small sedan

Toyota Motor Corp plans to launch an all-electric small sedan in the Chinese market late next year and has partnered with BYD for key technologies. The planned vehicle is important for Toyota’s turnaround plans as the carmaker has struggled for years to come up with a small EV that is competitive as well as comfortable.

Toyota will build a US$ 1.29 billion electric vehicle battery factory in North Carolina

Toyota will build a US$ 1.29 billion battery factory in North Carolina in an effort to bring some of its electric vehicle supply chain to the US. The production at the facility is scheduled to begin in 2025. In the first year, Toyota plans on producing 1.2 million battery packs for its upcoming lineup of electric vehicles.

Peugeot to become fully electric in Europe by 2030

Peugeot has announced that it is going all-electric for the European market by 2030. However, this move remains for the continent and not the international market.

Rivian announces a new US$5 billion electric vehicle factory in Georgia

Rivian announced a new US$5 billion electric vehicle factory just outside of Atlanta, Georgia. The electric automaker plans to start production at the new plant in 2024. Rivian has just started production of its first electric vehicles – the R1T electric pickup truck and R1S electric SUV, at its factory in Illinois, USA.

Toyota announces major electrification plan, commits US$70 billion to accelerate electrification

As part of the global strategy, Toyota and Lexus will introduce as many as 30 new electric products by 2030, half of which will debut in markets by 2025. Additionally, Toyota has committed 8 trillion yen (US$70 billion) to electrify its automobiles by 2030, half of it to develop a battery electric vehicle (BEV) line-up, as it looks to tap a growing market for zero-emission cars.

GM begins deliveries of Hummer pickup trucks, its first Ultium-based EV

General Motors has started delivering its Hummer EV pickup to customers in a major step towards its goal to become a sustainable automaker. The pick-up truck is its first electric vehicle to be based on the Ultium platform, motors, and batteries, all of which were developed in-house by the automaker.

CDPQ and bp ventures announce collaboration and joint investment in BTR Energy

Caisse de dépot et placement du Québec (CDPQ), a global investment group, and bp ventures announced a co-investment collaboration targeting ventures in the sustainable energy sector, and have jointly invested US$45 million in BTR Energy, a cleantech company enabling electric vehicles to interact with electricity markets. As part of this three-year collaboration, CDPQ and bp ventures will share investment opportunities and industry knowledge, with a focus on innovations that can accelerate the energy transition. 

Hive Technologies Announces US$30 Million in New Funding to Unlock the Full Carbon Benefit of Electric Vehicles

Electric vehicle leasing startup Hive Technologies Inc closed a US$30 million funding round to expand its fleet for ride-hail drivers incapable of  affording the vehicles’ higher upfront costs. Backed by environmental, social, and governance (ESG)-focused investors, the company leases EVs to Uber Technologies Inc and Lyft Inc drivers on a per-mile cost basis offering a potentially cheaper option than taking out a loan to buy a new EV.

Lightyear signs world’s first solar EV subscription plan, to deliver 5,000 cars

Lightyear, the solar electric vehicle maker, has signed an agreement with LeasePlan, a car-as-a-service company, to reserve 5,000 units of its second model that will go into production around 2024 or 2025. The service company has also said that it will make the automaker’s first model, Lightyear One, available through its European network.

Volvo Group, Daimler Truck, and the TRATON GROUP sign joint venture agreement for European high-performance charging network

Volvo Group, Daimler Truck, and the TRATON GROUP have signed a binding agreement to create a joint venture (JV) to install and operate a high-performance public charging network for battery electric, heavy-duty long-haul trucks, and coaches across Europe. The planned JV — to be equally owned by the three parties — is scheduled to start operations in 2022 following completion of all regulatory approval processes. The parties are together committing to invest EUR 500 million, the largest charging infrastructure investment in the European heavy-duty truck industry to date. 

White House rolls out $7.5B electric vehicle charging plan

The Biden administration released a road map for building out a national network of 500,000 electric vehicle charging stations as part of its plan to combat climate change. The $1.2 trillion infrastructure package President Biden signed into law has authorized the charging network, allocating $5 billion for state Transportation Departments to support the expansion. An additional $2.5 billion is also available in grant opportunities to help connect rural and marginalized communities to electric vehicles.

Mahindra’s SsangYong joins Chinese firm for EV battery development

SsangYong Motor Co, the South Korean unit of Indian carmaker Mahindra and Mahindra, signed an initial pact with Chinese EV maker BYD Auto Co for EV battery development. SsangYong plans to install the car battery developed under the partnership on the U100 EV, which is under development for its mass production in 2023.

Rock Tech Lithium to start building German facility in April

Canada’s Rock Tech Lithium aims to start construction of its first European lithium converter and refinery in Germany in April 2022. Rock Tech Lithium plans to invest up to 470 million euros ($531 million) in the site, which is to start production in 2024 and will eventually make 24,000 metric tons of lithium hydroxide a year, enough to supply 500,000 cars with lithium-ion batteries.

Zhejiang Huayou to buy Zimbabwean lithium project for $422m

China’s Zhejiang Huayou Cobalt has agreed to acquire a 100% stake in the Arcadia hard-rock lithium mine (considered to be one of the world’s biggest hard rock lithium resources) in Zimbabwe from Prospect Lithium Zimbabwe for $422m. The acquisition of Arcadia complements Huayou’s existing battery metal mining operations in southern Africa and represents a logical transaction for Huayou as it continues to build a new energy materials business division.

Enel, Eni join forces on electric car charging in Italy

Energy groups Enel and Eni have reached an agreement to allow electric car drivers to recharge vehicles using the two companies’ infrastructure networks, including their 20,000 charging points, across Italy. Under the agreement consumers will be able to use charging points from their smartphones using Enel X, Be Charge and Eni Apps.

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