Monthly EV Update – December 2022
Product Launches
India Launches – December 2022
|
Product |
Vehicle type |
Battery specifications |
Other specifications |
Price |
|
E2W (E-motorbike) |
|
|
INR66,999 (Ex-Showroom) |
|
|
E3W(Passenger) |
|
|
INR3,25,000 (Ex-showroom) |
|
|
E3W(Cargo) |
|
|
INR3,45,000 (Ex-showroom) |
|
|
E-Car |
|
|
INR74,50,000 (Ex-showroom) |
Source: Industry News Articles, Company Websites, JMK Research
Upcoming Launches
PURE EV ecoDryft electric motorcycle revealed
Hyderabad-based electric two-wheeler manufacturer PURE EV has unveiled its new electric motorcycle in India. The ecoDryft electric motorcycle, expected to be launched by the end of January 2023, features a 3kWh battery pack that is AIS 156 certified. It is claimed to offer a riding range of 135 km on a single charge and the top speed of 75 kmph.
BMW Motorrad showcases CE 04 electric scooter in India
Sixteen months after it had the global reveal of the production version of its urban-focused electric scooter, BMW Motorrad has showcased the CE 04 in India. The launch date is yet to be announced though. The presentation took place alongside the launch of the MY2023 S 1000 on December 10. The futuristic looking e-scooter has an 8.9kWh lithium-ion battery which helps deliver a riding range of 130km on a single charge. The BMW CE 04 employs a permanent magnet motor that’s mounted in the steel frame between the battery and rear wheel. It has a rated output of 15kW (20hp) and a maximum output of 31KW or 42hp. It enables the CE 04 to accelerate from 0-50kph in a claimed 2.6sec and on to a claimed top speed of 120kph. The battery can be charged from 0 percent to 100 percent in 4 hours and 20 minutes using a 2.3kW charger. A 6.9kW fast charger, however, brings that time down to an hour and 40 minutes.
Hyundai Ioniq 5 India launch confirmed on January 11 at Auto Expo 2023
Hyundai will launch its Ioniq 5 EV model at the upcoming Auto Expo on January 11, 2023. It will be powered by a 72.6kWh battery pack with an ARAI certified range of 631 km on a single charge. The Company claims that the EV can be charged from 10-80% in just 18 minutes using a 350kW DC charger.
Zen Mobility plans to launch new light EVs ‘Micro Pod’ and ‘Maxi Pod’ in 2023
Zen Mobility, an emerging electric vehicle OEM, has announced its first range of mobility solutions which include a multi-purpose 4-wheeler light electric vehicle (LEV), ‘Zen Maxi Pod’, and a purpose-built cargo 3-wheeler LEV, ‘Zen Micro Pod’. The company has received the ARAI Certificate of Conformity for Zen Micro Pod which will be unveiled in early 2023. Designed in Germany and built indigenously, the Zen Micro Pod and Maxi Pod will be manufactured in India using locally sourced components.
EV Sales Trend
The overall EV sales in December 2022 witnessed a m-o-m steep decline by ~15% to reach 1,02,212 units. This was the largest decline in the year, more than that witnessed in the month of May when EV sales declined by 9% from the month of April. The decline in m-o-m EV sales in December is attributed to the decline in sales of electric two-wheelers (E2Ws) by ~16% followed by a decline in sales of passenger electric three-wheelers (E3Ws) by ~14%.
On a y-o-y basis however, EV sales in December 2022 doubled from that of EV sales in December 2021. During CY 2022 (January 2022-December 2022), total EV sales amounted to 9,97,909 units against sales of 3,10,982 units in CY 2021 (January 2021-December 2021), witnessing more than three-fold increase in EV sales during this period.
Registered EV Sales Trend in India (December 2021 – December 2022)
Source: Vahan Dashboard, JMK Research
Note: Sales figures represent EVs registered across 1,341 RTOs in 34 states/ UTs.
As depicted in the figure below, EV registrations in December 2022 were again driven by electric two-wheelers and passenger-type electric three-wheelers, which together accounted for 92.65% of total registrations in the month. The shares of these categories were followed by E-Cars (3.66%), cargo-type electric three-wheelers (3.52%), and so on.
Category-wise EV Sales in December 2022
Source: Vahan Dashboard, JMK Research
Note: Sales figures represent EVs registered across 1,341 RTOs in 34 states/ UTs; Others include forklift, goods carrier and private service vehicle
Among the states and UTs, Maharashtra accounted for the highest EV registration this month pushing Uttar Pradesh to the second position. Maharashtra however witnessed a m-o-m decline of 4% from the previous month. It was however the states of Uttar Pradesh, Rajasthan, and Tamil Nadu that witnessed the highest m-o-m decline in EV sales of more than 28%. Karnataka and Gujarat, though witnessing a m-o-m decline in sales, attained third spot this month with 8% shares each. This was followed by Rajasthan (7%), Delhi (7%), and Bihar (6%). In fact, Delhi, Kerala, and Bihar were the only UT/states among the top 10 EV selling states that witnessed a m-o-m rise in EV sales of 15%, 9%, and 4% respectively this month.
During CY 2022, though it was Uttar Pradesh that accounted for the highest EV sales of 1,62,952 units against 66,706 units in CY2021, it was Maharashtra that witnessed the highest surge in EV sales of more than 350% in CY 2022 from CY 2021.
State-wise Registered EV Sales in December 2022
Source: Vahan Dashboard, JMK Research
Note: Sales figures represent EVs registered across 1,341 RTOs in 34 states/ UTs. Others include Chhattisgarh, Madhya Pradesh, Uttarakhand, Punjab, and 17 other states/UTs.
High-Speed Electric Two-Wheeler (HS-E2W)
The overall HS E2W sales in India declined by ~16% m-o-m in December 2022 to 64,348 units. The fall in demand is attributed to customers opting to postpone their purchasing decisions to 2023 along with original equipment manufacturers (OEMs) facing issues w.r.t. to suspended FAME-related subsidies and potential supply-side disruptions. The Top 10 players accounted for 89% of the total registrations witnessed in the month of December 2022.
On a y-o-y basis however, E2W sales in December 2022 surged by more than 150% from that of E2W sales in December 2021. During CY 2022, total E2W sales amounted to 6,10,832 units against sales of 1,43,128 units in CY 2021 witnessing more than four-fold increase in E2W sales during this period.
High-Speed E2W Sales Trend
Source: Vahan Dashboard, JMK Research
Note: Sales figures represent only high-range E2W (Top speed > 25 kmph) registered across 1,341 RTOs in 34 states/ UTs.
Ola Electric retained its top slot this month as well with more than 17,000 units sold. The most unexpected move was of TVS Motors to second position for the first time since the introduction of its electric scooter in the market. In the top 10 squad, TVS Motors, Bajaj Auto, and Ola Electric have been the only OEMs that have witnessed a m-o-m increase in sales in E2W units of 14.7%, 5.9%, and 5.6% respectively. Hero electric, with a decline in sales of 10%, slid to number three slot while Ather secured fourth position. OEMs that witnessed the largest decline in E2W sales were Okinawa (42%), Jitendra EV (47%), and Ampere (64%). Revolt, though not in the top 10 squad anymore, witnessed a m-o-m decline in sales of 93%.
Top High-Speed E2W Players in December 2022
Source: Vahan Dashboard, JMK Research
Note: Sales figures represent only high-range E2W (Top speed > 25 kmph) registered across 1,341 RTOs in 34 states/ UTs. Others include Revolt, Jitendra New EV Tech, GoGreen E-mobility Private Limited, MEW Electricals Ltd (BGauss), KLB KOMAKI, and 71 other players.
Electric Three-Wheeler (E3W)
The sales of registered passenger and cargo-type E3Ws in December 2022 stood at 30,348 units and 3,601 units respectively, signifying a m-o-m decline of 14% for E3W – passenger and rise of 8% for E3W – cargo. Overall E3W sales recorded a m-o-m decline of ~12% over last month.
On a y-o-y basis, passenger E3W sales in December 2022 increased by ~43% and cargo E3W sales increased by ~65% from that of passenger and cargo-type E3W sales in December 2021. During CY 2022, total E3W passenger sales amounted to 3,04,917 units against sales of 1,35,056 units in CY 2021, witnessing a surge in sales of more than 125%. On the other hand, total E3W cargo sales amounted to 33,322 units against sales of 18,365 units in CY 2021, witnessing an increase in sales of ~80%.
Sales Trend of E3W – Passenger (Left) and E3W – Cargo (Right)
Source: Vahan Dashboard, JMK Research
Note: Sales figures represent E3Ws registered across 1,341 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 top 7 electric 3-wheeler players across passenger and cargo segments in December 2022 accounted for 33.74% share of the entire E3W market. Mahindra and YC Electric came in at first (~10% share) and second (~7% share) positions respectively. This was followed by Saera Electric Auto (5.41%), Dilli Electric (3.63%), Champion Poly Plast (2.71%), Mini Metro EV LLP (2.65%), and Piaggio (3.29%). Piaggio gained its entry to the top 7 club this month, displacing Unique International.
Top E3W Players in December 2022
Source: Vahan Dashboard, JMK Research
Note: Others made up 65.27% of the E3W market in December 2022; sales figures for players are inclusive of both cargo and passenger offerings; Sales figures represent E3Ws registered across 1,341 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 December 2022 stood at ~3,739 units, witnessing a m-o-m decline of ~24%. Tata Motors has been driving the E-car sales this month as well. The Company accounted for more than 77% share (against 81% share of the market in November 2022) of the total E-car registrations.
On a y-o-y basis, E-Car sales in December 2022 increased by ~48% from that of E-Car sales in December 2021. During CY 2022, total E-Car sales amounted to 46,503 units against sales of 12,163 units in CY 2021, witnessing more than 280% increase in E-car sales during this period.
Player-wise E-Car Sales Trend
Source: Vahan Dashboard, Company Press Release, JMK Research
Note: Sales figures represent E-cars registered across 1,341 RTOs in 34 states/ UTs; Others include Hyundai, BYD, Audi, Volvo Auto, Mahindra & Mahindra, Mercedes-Benz, BMW, Jaguar, KIA Motors, and Porsche.
Electric Buses (E-Buses)
The total sales of E-buses in December 2022 stood at 142 units, witnessing a m-o-m increase of over 21%. On a y-o-y basis however, E-Bus sales in December 2022 decreased by ~36% from that of E-Bus sales in December 2021. During CY 2022, total E-Bus sales amounted to 1,953 units against sales of 1,172 units in CY 2021 witnessing ~67% increase in E-Bus sales during this period.
This month’s sales were driven by PMI Electro Mobility (44%) followed by Olectra Greentech (22%). This was followed by Switch Mobility (19%) and Tata Motors (15%) which sold more than 10 E-buses each this month. Tata Motors witnessed a comeback in sales after 4 months.
Player-wise E-Bus Sales Trend
Source: Vahan Dashboard, JMK Research
Note: Sales figures represent E-buses registered across 1,341 RTOs in 34 states/ UTs.
Policies & Regulations
766,478 EVs benefit from FAME II Scheme till mid-December 2022
Under Phase-II of the Faster Adoption and Manufacturing of Electric Vehicles (FAME India) Scheme, 7,66,478 electric vehicles have been supported till December 19, 2022, by way of demand incentive amounting to about INR3,311 crore. Further, the Ministry of Heavy Industries has sanctioned 6315 electric buses to 65 cities / STUs / CTUs / state government entities for intracity and intercity operations across 26 states and UTs under the FAME India Scheme. The Ministry has also sanctioned 2,877 charging stations in 68 cities across 25 states/UTs under FAME India Scheme Phase II. Only 39% of the allocated INR2,903 crore for FY2023 has been utilized till November-end 2022.
India’s subsidies for renewable energy, electric vehicles doubled in FY 2022
India’s subsidies for renewable energy and electric vehicles more than doubled in FY 2022, but it will be critical for the government to build this momentum over the coming years to reach the country’s climate targets. A new study by the International Institute for Sustainable Development (IISD), found that subsidies for electric vehicles reached INR2,358 crore in FY 2022, up from INR906 crore in FY 2021.
Proposed investments under PLI scheme in automobile sector overshoot target estimate
The Production-Linked Incentive scheme for automobile and auto components has managed to attract a proposed investment of worth INR67,690 crore against the target estimate of investment of INR42,500 crore, over a period of five years. A total of 115 companies had filed their application under the PLI scheme. The scheme and its guidelines were notified on September 23, 2021. Out of 115, a total of 85 applicants have been approved – 18 applicants for the champion original equipment manufacturing Incentive scheme and 67 applicants under the Component Champion Incentive scheme. Apart from Indian business groups, approved applicants under the PLI scheme include groups from countries such as the Republic of Korea, the US, Japan, France, Italy, the UK, and the Netherlands. As part of its Atmanirbhar plan, the Government launched Production Linked Incentive (PLI) schemes in varied sectors to make Indian manufacturers globally competitive, attract investments, enhance exports, integrate India into the global supply chain, and reduce dependency on imports.
EV industry undecided on common battery standards in run-up to draft swapping policy
Minister for consumer affairs held a meeting on January 3 with key stakeholders in the EV industry to decide on a common form, shape, size of the battery, and work towards finalising the draft battery-swapping policy. The conference reached the conclusion that more stakeholder consultations are necessary before a definitive decision can be made about battery swapping standards. The shape, size, and form of the battery are now a major bone of contention for the industry; therefore, the government is seeking to persuade industry players to agree on a standard for electric vehicles as it develops norms for its proposed battery-swapping policy. No final draft has therefore been introduced since discussions are still ongoing.
Give loans at lower rates on clean energy vehicles: Gadkari tells banks
Union Minister Nitin Gadkari has asked banks to give loans at reduced interest rates to those seeking to buy vehicles that run on clean energy, including flex fuel, electricity, and hydrogen. Banks must rate industries based on the performance on various parameters over the past five years and give those scoring high marks loans within 24 hours, adding credibility and goodwill would be the biggest capital in the 21st century.
India probes ‘misappropriation’ of govt incentives by EV makers
Minister for Heavy Industries informed Parliament that India was investigating the possible misappropriation of incentives given to electric vehicle makers. The incentives were given under a INR1,000 crore (US$1.21 billion) programme to promote their faster adoption. The investigation was initiated after complaints were made against 12 electric vehicles and parts manufacturers. The complaints were registered against Hero Electric Vehicles Pvt Ltd, Okinawa Autotech Pvt Ltd, Benling India Energy and Technology Pvt Ltd, Okaya EV Pvt Ltd, Jitendra New EV Tech Pvt Ltd, Greaves Electric Mobility Pvt Ltd, Revolt Intellicorp Pvt Ltd, Kinetic Green Energy & Power Solutions Ltd, Avon Cycles Ltd, Lohia Auto Industries, Thukral Electric Bikes Pvt Ltd and Victory Electric Vehicles International Pvt Ltd. The complaints were registered against them for violating certain guidelines listed under the programme. None of these companies has so far issued a statement regarding the probe that has been initiated against them.
SMEV alleges foul play against E2W start-ups, more EV makers may lose subsidy
The Indian EV industry body, the Society of Manufacturers of Electric Vehicles (SMEV), has written a petition to the Parliamentary Panel on Hybrid and Mobility alleging foul play involving the suspension of subsidies for a certain range of electric two-wheelers. The subsidy refund by the government is pending for the products of 12 electric two-wheelers that allegedly do not meet the prescribed norms. It is estimated that the combined market share of these electric two-wheeler makers stands at over 60%. 6 more EV start-ups are likely to be added to the list of alleged defaulters.
MHA directs J&K to promote Electric Vehicle Financing Scheme among Govt employees
Union Ministry of Home Affairs has directed the Government of Union Territory of Jammu and Kashmir to promote Electric Vehicle Financing Scheme among Government employees in order to control the emerging pollution level. Electric Car Financing Scheme with zero down-payment and interest rate under collaboration with the State Bank of India (SBI) and US Electric Car Manufacturers is being offered to eligible employees. Registration for the same has already started.
Govt to enhance electric vehicles’ testing facilities from next fiscal
With the government expecting a spike in demand of electric vehicles, the state-owned National Testing House (NTH) will provide testing services for batteries of these vehicles in its Mumbai and Kolkata centers from 2023-24 onwards. As of now, Manesar-based International Centre for Automotive Technology (ICAT) and the Automatic Research Association of India (ARAI) in Pune are the two agencies in the country providing testing services for electric vehicles’ batteries. NTH’s two centers of Mumbai and Kolkata were chosen because the maximum number of electric vehicles makers are located in Pune and Mumbai, while the maximum number of manufacturers of electric vehicle batteries are present in Kolkata.
Government to add 137 more electric vehicle charging stations on National Highways
In addition to the already existing seven wayside amenities (WSA) equipped with EV charging stations; the central government has provisioned for 137 more such facilities to be built on India’s national highways. The wayside amenities are to be developed at regular intervals of 30-40 km across Brownfield National Highways and Greenfield Expressways.
New EV battery norms to hurt EV sales, select OEMs urge govt to extend deadline
After a slew of EV battery fires led to the setting up of a committee to look into incidents, battery norms were announced for more stringent standards on battery safety. The EV industry, however, is in a fix stating that there isn’t enough time to update designs, source new materials, and carry out tests with the battery and then the vehicle. The new safety standards include 16 additional technical requirements for electric power train vehicle traction batteries, such as BMS-enabled RFID and stringent cell testing requirements. 80 percent of the EV makers have been certified under the AIS156 amendments. The recent amendments are to be implemented in two phases – one that began on 1st December and the second that is approaching on 1st April. Some companies have requested the government to extend the deadline for the first phase. The EV industry is seeking time till 31st March for the incorporation of the changes as per the phase II requirements and until 31st August for completion of the re-homologation of battery packs.
Transition of India’s entire 2/3-wheeler fleet to electric needs financing of US$285 Bn
The complete electrification of India’s entire fleet of two and three-wheelers, the largest in the world, will require financing to the tune of US$285 billion (nearly INR23 lakh crore). Published in collaboration with NITI Aayog, the World Economic Forum (WEF) paper said the last-mile and urban delivery fleets are leading the adoption of electric two-and three-wheelers in India and are likely the first segments to transition completely to electric. There are about 45 certified vehicle manufacturers of electric two-and three-wheelers in India in an otherwise consolidated auto market and the cumulative sales of these vehicles have reached an impressive 10 lakh units. However, this remains a small portion of the country’s total two-and three-wheeler fleet stock of 25 crore, leaving immense room for sustained growth.
Himachal working to reform transport sector, bring new EV policy
Himachal Pradesh is taking steps to reform the state’s transport sector with innovative ideas and will shortly introduce a new electric vehicle policy. Discussions are being held at various levels to introduce the new policy. Initially, the operation of electric vehicles will be promoted at the Secretariat. Thereafter, their use will be increased in public transport. Environmental protection and promoting electric vehicles in the state, a popular tourism destination, are the priorities of the government. The government will take appropriate steps to provide charging facilities. In the initial phase, this facility will be provided in various government institutions, including the Secretariat and at Himachal Sadan and bhawans outside the state.
A year on, BMC cancels EV deal over delay in supply
More than a year after the Brihanmumbai Municipal Corporation (BMC) bought its first electric vehicle for the then mayor, the BMC has scrapped its deal to deliver four more EVs as the selected company allegedly failed to supply the remaining EVs on time and also hiked its rates. The company, Energy Efficiency Services Limited (EESL), which is a central government company, claimed that it was the BMC that delayed signing an agreement with it due to which there was a delay and the cost went up. In May last year, instead of buying new EVs, the BMC decided to rent these cars for a period of eight years. By renting, the BMC was to spend around INR32 lakh per car. The BMC had planned to lease five electric cars for civic Netas. In August 2021, only one EV was delivered and received with much fanfare. EESL revised the lease rate from INR27,500 per month and also informed that they need a minimum six months to deliver EVs. Hence delivery of remaining four EVs has been cancelled and a new tender for upfront purchase of 35 EVs under 15th Finance Commission grant has been invited.
Delhi govt to take call on banning BS-III petrol, BS-IV diesel vehicles
The Delhi government will decide whether a ban should be imposed on plying of BS-III petrol and BS-IV diesel four-wheelers in the national capital, Delhi. This came shortly after the sub-committee on the Graded Response Action Plan (GRAP) directed authorities in Delhi-NCR to invoke curbs under Stage III of the anti-pollution plan with immediate effect. The sub-committee, at a review meeting, noted that the Air Quality Index (AQI) is likely to slip into the ‘severe’ category due to calm winds and stable atmospheric conditions.
Tamil Nadu’s EV policy ends, electric vehicles to cost 15% more
Tamil Nadu, which is home to key electric vehicle makers, witnessed the end of its state Electric Vehicle Policy on December 30, 2022. The state EV policy which was introduced on November 2, 2020, was meant for a period of two years. The policy provided 100% exemption on road taxes and registration for electric two-wheelers. For electric cars, the subsidy exemption ranged between 50-100%. It also had provisions for electric vehicle charging infrastructure. Now, with the state policy coming to an end, the cost of an electric two-wheeler is estimated to go up by at least 15 percent or more.
Karnataka government may end 100% road tax exemption for EVs
In a move that could affect electric vehicle adoption in Karnataka, the state transport department is mulling ending 100% road tax exemption given to battery-run vehicles. If it is approved, then EVs will be costlier in the state.
Uttarakhand’s CM Dhami flags off 10 new electric buses in Dehradun
Uttarakhand Chief Minister Pushkar Singh Dhami flagged off ‘Doon Connect’ electric buses under the Smart City Mission from the CM Camp office in Dehradun. He flagged off a total of 10 electric buses in Dehradun. 20 electric buses were already running and additional 10 buses have been flagged off.
President Murmu launches EV-Yatra mobile app to find public charging stations
President Droupadi Murmu launched the EV-Yatra Portal mobile application on the occasion of National Energy Conservation Day in Delhi. The new mobile app has been developed by the Bureau of Energy Efficiency (BEE) and will facilitate in-vehicle navigation to the nearest public charger for electric vehicle users. The EV-Yatra app allows charge point operators (CPOs) to register on the platform and log details on the National Online Database. This will help electric vehicle users to find public EV charging stations in their vicinity easily. The app will be able to offer details such as the types of chargers installed at the station, availability of charging slots, tariff to charge the EV, service, and more. Users can also pre-book a charging slot using the EV-Yatra app. It is available on Google Play Store and Apple Store for download and is compatible with most smartphones. The app is currently available in English and Hindi languages.
UP, Haryana, Rajasthan to register only CNG and e-autos, phase out diesel ones in NCR
The Central government’s air quality panel has directed Uttar Pradesh, Haryana, and Rajasthan to ensure the registration of only Compressed Natural Gas (CNG) and e-autos from 1 January 2023 in the National Capital Region (NCR) surrounding Delhi to check on the air quality. The government air quality panel has asked the three states to phase out diesel autos in the NCR by the end of 2026. The phasing out of the diesel autos will be done in a graded manner. The Commission for Air Quality Management issued an order on Wednesday, 30 November. The order stated that the target was only CNG and e-autos ply in the NCR from 1 January 2027. So, by the end of 2026, diesel autos would be phased out gradually. The National Capital Region covers Delhi, 14 districts of Haryana, eight districts of Uttar Pradesh, and two districts of Rajasthan. Currently, no diesel-run auto is registered in Delhi.
BEST to launch double-decker e-buses from Jan 14
The Brihanmumbai Electricity Supply and Transport (BEST) plans to roll out double-decker e-buses in January 2023 in Mumbai. The approvals for double-decker e-buses are in the final stages and will be completed soon. At least 10 double-decker e-buses will be rolled out on January 14, 2023, and the fleet will be gradually increased to 50 in the first phase. BEST has decided to launch its premium single-decker e-bus services later this month for which passengers will be able to reserve their seats through an app.
Charging Infrastructure & Battery Swapping
|
Stakeholder(s)/ Player(s) |
Description |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Key Market Updates
Kinetic to start producing electric version of Luna at Ahmednagar plant
Kinetic Engineering (KEL), the makers of the iconic Luna two-wheelers in the seventies, will soon start producing components for an electric version of the moped. The electric Luna, or E-Luna, will be launched by KEL’s sister company Kinetic Green Energy and Power Solutions. Kinetic Engineering has developed all the major subassemblies for the electric Luna, including the main chassis, stands and swing arm. It has set up a dedicated production line with an initial capacity of 5,000 sets per month. The welding for various parts will be done through a new line of more than 30 machines set up in an exclusive shop at its vast factory in Ahmednagar. Kinetic is commissioning a new plant in Supa, near Pune, to produce more than 25,000 two-wheelers a month. Its facility in Ahmednagar can produce up to 7,500 two-wheelers a month.
A type of low-cost magnets that could help EVs be more affordable, ARCI set up pilot plant
Along with the electrification megatrend, R&D efforts to develop more efficient and affordable solutions are also on the rise. The scientists from the Centre for Automotive Energy Materials at the International Advanced Research Centre for Powder Metallurgy & New Materials (ARCI), an autonomous Research and Development Centre of the Department of Science and Technology (DST), Government of India, have fabricated improved low-cost heavy rare earth-free high Neodymium Iron Boron (Nd-Fe-B) magnets, which are in high demand for electric vehicles and can make them more affordable. ARCI is setting up a pilot plant to manufacture near net-shaped Nd-Fe-B magnets through a major project funded by the Science and Engineering Research Board (SERB) in line with the Government of India’s Atmanirbhar Bharat mission. This strategy will be explored for the magnets manufactured in the pilot plant.
Minda Corp adds 28th wiring harness plant at Chakan
Minda Corp has added its 28th wiring harness plant in Chakan to address the fast-growing electric vehicle wiring harness market which off late is seeing a huge boom due to the exponential growth in India’s EV industry and the introduction of advanced safety features where wiring harness plays a critical role. The new plant which is spread over 1.90 lakh square feet will reset benchmarking on multiple manufacturing parameters. The plant is a greenfield facility capable of generating 100% solar power which will further enrich Spark Minda’s focus on sustainability and ESG parameters. The other Wiring Harness plants of the Minda group are located in Pune, Pillaipakkam, Kakkalur, Mysore, Murbad, Greater NOIDA, Pithampur, Haridwar, in India and outside India in Vietnam.
HYM Drive Systems, a joint venture between Hero Motors and Yamaha Motors (Japan) inaugurated their new manufacturing facility in Ludhiana, India. The partners had inked an agreement in October 2021 to create a Global E-Cycle (Electric) Drive Unit company at Hero E-Cycle Valley in Ludhiana. The JV is the next step in the strategic alliance forged between Hero and Yamaha in September 2019 to work together in the E-Cycle product segment. Located at the 100-acre Hero E-Cycle Valley, HYM Drive Systems facility includes a hi-tech motor assembly line, along with an inhouse motor winding, and end-of-line testing equipped with Odin Software System for complete traceability. The JV will start production in Q1 2023 with a capacity of 300,000 motors per annum in Phase 1 (capacity expansion plan to a million unit in phase 2).
Godi Energy manufactures India’s first 5.2 Ah 21700 cylindrical lithium-ion cells
Hyderabad-based battery maker Godi Energy has achieved a new milestone by manufacturing India’s first ever 5.2 Ah 21700 cylindrical lithium-ion cells with an energy density of 275 Wh/kg based on silicon anode technology. It is also claimed to be the first Indian company to get BIS certification to sell lithium-ion cells made with home-grown technology. The company is focusing on new innovations in the anode and cathode areas and planning to achieve more than 5.6Ah high-energy and high-power cells for the first time. Godi India has planned for a 100 MWh pilot production facility for 5.0 – 5.2Ah cells followed by a GWh plant to cater to the requirements of the highly demanding electric two-wheeler’s needs, which is expected to be more than 50GWh by 2030 exclusive for electric two-wheeler battery segment.
Other Market Updates
Hero MotoCorp commences deliveries of Vida V1 electric scooter
Hero MotoCorp, an auto manufacturer, has started the deliveries of its much-awaited Vida V1 electric scooter. The brand comes with only one electric scooter in its line-up known as V1. Recently, the first customer has taken the delivery of the scooter at a store located at Vittal Mallya Road in Bangalore. Vida, the sub-brand of Hero MotoCorp, launched the electric scooter in a phased manner. It will deliver the scooter soon in Jaipur and New Delhi.
Electric two-wheeler sales slowdown in December
Electric two-wheeler registrations fell 16% month-on-month in December to 64,346 units from all-time highs in the festive months of October and November. The fall in demand can be attributed to customers opting to postpone their purchasing decisions to 2023, besides some large original equipment manufacturers (OEMs) grappling with suspended government subsidies, as well as potential supply disruptions.
Electric two-wheeler sales may miss FY23 target of 10 lakh units by 20 per cent
Electric two-wheeler sales could miss the target of 10 lakh units in fiscal 2022-23 by 20 per cent, mainly due to withholding of around INR1,100 crore subsidy by the government, according to industry body SMEV. In 2022, sales of electric two-wheelers stood at around 6 lakh units, with three major electric two-wheeler makers – Hero Electric, Ola and Okinawa – crossing the 1 lakh annual sales mark for the first time. These original equipment manufacturers (OEMs) dominated the E2W market, controlling over 50 per cent of the total market share, and emerged as the top players in the category.
Ola is working on 6 new vehicles for the Indian market
Ola is planning several new products for the Indian market. As of now, the manufacturer has S1 and S1 Pro in their line-up. Ola Electric is now preparing to start production and deliveries of their next product, the S1 Air which was launched earlier this year. The deliveries will start in April 2023. In year 2023, there will be a mass-market scooter which is the S1 Air. Then in 2024, the brand will launch a premium motorcycle (sports, cruisers, adventure and road bikes) and a mass-market motorcycle. In 2025, Ola Electric plans to launch a premium car and then a premium SUV. However, the brand says that the car should launch in 2024 and in 2025, the brand will start deliveries of the same. Finally, in 2026, there will be a new mass-market car.
Indian EV maker denies allegations of misappropriation of incentives
India’s Avon Cycles Ltd has denied any wrongdoing in a scheme granting subsidies to vehicle manufacturers to boost the sale of electric vehicles after the government said the company was among those being investigated for misappropriation. The Indian government is reimbursing electric vehicle and hybrid vehicle manufacturers for reducing the purchase price of their vehicles under the Faster Adoption and Manufacturing of Electric Vehicles in India (FAME) programme. Complaints were made against 12 electric vehicle and parts manufacturers, including Avon Cycles, for violating guidelines under the INR1,000 crore (US$1.21 billion) programme.
Tata Motors gets bookings for 23,000 XPres-T electric sedans worth INR3,000 crore
Tata Motors, which is the electric passenger vehicle market leader in India and currently has an EV portfolio of four models – Nexon EV, Tigor RV, Xpres-T (fleet only) and the Tiago EV, has clocked bookings of over 23,000 XPres-T electric sedans since April this year. The carmaker had launched the Xpres brand exclusively for fleet customers, with the Xpres-T EV being the first vehicle under this brand, in July 2021. Clearly, the move has paid off handsomely given that in the past nine months the company has secured orders for over 23,000 units.
Tata Tiago EV prices to increase by up to 4 percent in January 2023
Tata Tiago EV was launched in September 2022 as the most affordable electric car in India. The car maintained the status for a while with the price tag of INR8.49 lakh (ex-showroom). However, the prices of the electric hatchback are set to increase this month by up to 3-4 percent. The exact amount of the increase has not been announced yet but is expected to be in the vicinity of INR30,000 to INR35,000. The price hike is expected because, at the time of the launch, Tata Motors had announced that the introductory prices of the electric vehicle would be only for the first 10,000 customers of the car.
BYD India inaugurates its new passenger vehicle showroom in Lucknow
Warren Buffett-backed EV maker BYD (Build Your Dreams) has announced the launch of its new passenger vehicle showroom in the capital city of Uttar Pradesh, Lucknow. This outlet will be operated by Speed BYD and is located at Faizabad Road. Spread across 8,000 sq. feet with a state-of-the-art 3S facility (sales, spares & services), the showroom is said to have well-trained technicians, service equipment, service bays, a customer lounge, and a showroom display floor to offer a superior in-store experience.
Abhilaya launches EV Fleet in Mumbai for last mile connectivity services
In a bid to reduce its carbon footprint, enable sustainable growth, and make its operations more cost effective, Abhilaya, the last-mile delivery company, has launched a fleet of EV vehicles that will form a part of its last mile delivery fleet in Mumbai. The firm launched 25 two-wheeler EVs in Mumbai to meet the last mile delivery needs of its clients. Abhilaya has procured these vehicles from Bounce. Bounce provides replaceable batteries that will help Abhilaya in seamless fleet operation with no disruption in service during business hours, enabling it in maintaining its quality of service.
Mahindra launches Metaverse platform for the upcoming XUV400
Mahindra has unveiled XUV400verse, the metaverse platform for Mahindra’s all-electric XUV400 in the virtual world, powered by Metadome.ai. The platform will act as a universe that combines the brand’s virtual spaces to offer a unique customer experience, replete with photorealistic graphics.
EKA Mobility, NuPort Robotics release Level 2- enabled ADAS e-bus
EKA, an electric vehicles and technology company, and a subsidiary of Pinnacle Industries Limited, and NuPort Robotics, a Canadian autonomous trucking company, announced the deployment of Level 2 autonomy with ADAS features for EKA Mobility’s electric bus. This technology allows for safer and more comfortable driving as well as traveling experience. This allows NuPort to include progressive Level 2 autonomy and Artificial Intelligence (AI) for electric buses on Indian roads. The module that is now live, enables ADAS features in EKA Mobility’s electric buses, making it the first Indian company to bring such technology to the country.
Vedanta rolls out electric vehicle policy for all employees
In a major step towards sustainability, Vedanta Ltd, a globally diversified natural resources company, launched its EV Policy for employees across all locations. Under the new policy, the company is extending concessions to all its employees with incentives ranging from 30% to 50% for various employee grades for the purchase of 4-wheeler and 2-wheeler electric vehicles. This EV Policy came into effect for the company’s employees for purchases made from December 2022 onwards. Tech companies and banks too are doing their bit. Capgemini, Cognizant, Barclays, Bank of New York Mellon, and Allianz Technology are mandating that a certain proportion of vendors’ fleets for employee transportation should be electric. Hotel chains such as Marriott and Novotel are stipulating a similar rule. At Tata Steel, the car-buying scheme limit has been enhanced by Rs 2 lakh at all corporate levels for EVs.
Trucknetic introduces ‘EVolev’ as India’s first platform for EV Trucks
Trucknetic, dubbed as India’s Uber for Trucks, has recently launched ‘EVolev’ platform for electric trucks. The platform aims at disrupting the EV ecosystem for trucks in India and accelerating its mass adoption. Trucknetic has already been solving the return load problem to bring the cost of logistics down and reduce the carbon footprint in the country.
BLive opens first multi-brand experience store in Jodhpur
BLive, the multi-brand electric vehicle platform, has opened its first multi-brand experience store in Jodhpur, Rajasthan. The global inclination towards transitioning to electric mobility, coupled with rising fuel costs and social awareness to reduce rising carbon emissions, have driven the brand to open its 17th EV experience store in India. The BLive EV Store offers a range of electric vehicles from multiple EV brands. Buyers can opt for EVs at EMIs as low as INR2,000 per month for a range of electric scooters, cycles, motorcycles, and delivery vehicles.
Log9 bags AIS156 certification for its RapidX 8000 battery
Bengaluru-headquartered Log9 Materials has received the Automotive Industry Standard (AIS) 156 (Rev 3, Ph 1) certification for its RapidX 8000 battery pack for its e-3Ws that largely contribute towards the last mile logistics. The certification was achieved by Log9 RapidX 8000 batteries after a rigorous set of safety tests were conducted by International Centre for Automotive Technology (ICAT). The RapidX 8000 batteries are empowered by InstaCharge technology that enables these batteries to be charged within 35 minutes from 0 to 100%. Moreover, these batteries have industry-first characteristics, such as an operating temperature range of -40° to 65° Celsius up to 15,000 charge-discharge cycles and 10+ years of battery life.
HOP Electric starts deliveries of OXO e-bike from Jaipur
Electric two-vehicle start-up HOP Electric has commenced the deliveries of its flagship high-speed electric bike, the HOP OXO. Within two months of its launch, the company had received over 10,000 bookings and has now started the deliveries of the e-bike in Jaipur from its first batch of 2,500 units. The company will be starting deliveries in other states including Uttar Pradesh, Gujarat, Tamil Nadu, Telangana, West Bengal shortly.
Tata’s 15 AC electric buses set to join Aapli Bus fleet
Tata Motors Limited has delivered 15 air-conditioned electric buses to Nagpur Smart and Sustainable City Development Corporation Limited (NSSCDCL). With this development, the number of electric buses with the Nagpur Municipal Corporation (NMC) is now 61. In the coming days, Tata Motors will deliver 25 AC electric buses to NSSCDCL. This fleet of e-buses is expected to join the NMC’s Aapli Bus service in March 2023.
EKA Mobility receives CMVR certification for its e-LCV
Pinnacle Industries’ subsidiary EKA Mobility has received the Central Motor Vehicle Rules (CMVR) certification from the Central Institute of Road Transport (CIRT) for its 2.5-tonne GVM electric light commercial vehicle. EKA Mobility is the first company to offer an electric pickup truck in the 2.5-tonne GVM category in the India market. A CMVR certification signifies that the company has completed all functional and safety testing and approvals required for sales and trials to begin in the coming months. Production of the e-LCV is expected to begin in Pune this month and the first lot will be rolled out to select customers early next year.
Tata Nano rumored to make a comeback with electric drive
Tata, the largest electric carmaker in India, might consider bringing back Tata Nano hatchback, discontinued years back, with an electric drive. There could be significant changes to the underpinnings, exteriors, interiors, tires, and suspension setup. Moreover, Tata could be in talks with the Tamil Nadu government to acquire Ford’s Maraimalai Nagar manufacturing facility if the plan for the Nano EV launch reaches the production phase.
Lectrix EV plans to expand dealerships to 300 by mid-2023
Lectrix EV, the electric mobility arm of SAR Group, will expand its network in India by adding 300 dealerships by mid-2023. The electric two-wheeler company, which started operations in early 2022, has a network of more than 50 dealers across 14 states in the country, including Delhi, Karnataka, Maharashtra, Uttar Pradesh, Uttarakhand, and Jammu & Kashmir. The electric two-wheeler brand had recently opened two dealerships in Pune, followed by the inauguration of dealerships in Mumbai and Keonjhar, Odisha.
Volvo’s plan is to launch one electric car in India each year
Volvo Car India’s plan is to launch one electric car in the country each year, beginning with the XC40 Recharge, a full-electric SUV, introduced in July this year. The transition to full electrification is being accompanied by an increased emphasis on online sales and a more comprehensive, compelling, and transparent consumer offer.
Ather Energy, Greaves Cotton exit EV association SMEV, choose Siam
Leading electric two-wheeler manufacturers — Ather Energy and Ampere EV by Greaves — have taken membership of the Society of Indian Automobile Manufacturers (SIAM), dominated by internal combustion engine (ICE) vehicle makers. They have exited SMEV, which was set up primarily for electric two-wheeler players and start-ups in this space.
EV charging station business may require up to INR1.05 lakh crore investment by 2032
As per credit ratings agency India Ratings and Research (Ind-Ra), Electric vehicle charging station business may require an investment to the tune of INR1.05 lakh crore by 2032 as the country is expected to need 2.30 lakh such facilities during this period. This massive investment will be required to cater to the growing demand for EVs, which is expected to grow at a compounded annual growth rate (CAGR) of 39 per cent. Ind-Ra also forecasts EV penetration for the overall automobile industry to reach 40 per cent by FY32 from about 4 per cent this fiscal.
Ola S1 Pro gets a flat INR10,000 discount in December, more offers announced
Ola Electric rolled out special offers for the month of December under its ‘December to Remember’ scheme. Under the special year-end offers, the Ola S1 Pro electric scooter received a flat discount of INR10,000, effectively making the asking price INR1.30 lakh (ex-showroom). The company has also introduced zero down payment and low monthly EMIs starting at just INR2,499 while the interest rates start at 8.99 per cent.
Altigreen strengthens retail footprint with new centre in Coimbatore Electric commercial vehicle maker Altigreen on Wednesday inaugurated its retail experience centre in Coimabtore, the second such facility in Tamil Nadu, and 10th dealership in the country. Altigreen has partnered with city based Sakthi Saradha Group for the new experience centre.
Deals and Investments
|
Company name |
Company type |
Deal type |
Investor(s) |
Deal value (US$ Mn) |
Details |
|
e-TRNL Energy |
Energy Storage |
Equity |
Speciale Invest, a deep-tech venture capital firm; Micelio Mobility, a clean mobility fund; and CIIE, the innovation continuum built at IIM Ahmedabad |
0.9 |
|
|
Plugzmart |
Electric vehicle charger manufacturer |
Equity |
VC BlueHill Capital, Meera Reddy of SKCL, Kartik Meyyappan, L Ramkumar, Sivadas Raghava and Shailaja Reddy |
0.4 |
IIT Madras-incubated start-up Plugzmart raises INR3.63 crore |
|
Vidyut Tech |
EV financing service provider |
Equity + Debt |
Force Ventures, Veda VC, and other strategic angels including Sujeet Kumar, cofounder of Udaan; Sahil Barua, cofounder of Delhivery; Kunal Shah, cofounder of Cred; Sriharsha Majety, cofounder of Swiggy; and Rajat Verma, cofounder of Lohum |
4.0 |
EV financing start-up Vidyut Tech raises US$4 million in equity and debt funding |
|
GearHead Motors |
E2W manufacturer |
Equity |
Hemin Shah, Director of Collabera USA and Sudhakar Moparthy, Director of Skillbanc USA. |
0.7 |
E-Bike start-up GearHead Motors bags IN6 crore in pre-seed Funding |
Source: Industry news articles, JMK Research
Shriram Pistons to enter EV parts industry, acquire stake in e-motor specialist EMFI
Shriram Pistons & Rings Ltd. (SPRL) has announced plans to acquire majority stake in EMF Innovations (EMFI), a Singapore-based electric motor design and manufacturing company through its wholly owned subsidiary, SPR Engenious. This will mark Shriram Pistons & Rings’ foray into the EV Mobility space. EMFI is a technology company co-founded by engineering entrepreneurs with substantial R&D and operations in India and Singapore, providing localized cost-effective e-mobility solutions to customers in India and overseas. With this strategic investment, SPRL aims to supply electric powertrain components such as motors and controllers covering all vehicle segments – two- and three-wheelers, passenger vehicles, commercial vehicles and buses.
Mahindra to invest INR10,000 crore for EV plant in Pune
Mahindra & Mahindra has announced that its investment of INR10,000 crore for electric vehicles has been approved under the Maharashtra Government’s industrial promotion scheme for Electric Vehicles. The company, through its subsidiary, will make investments of approximately INR10,000 crore over a period of 7-8 years for setting up the manufacturing facility for the development and production of Mahindra’s upcoming Born Electric Vehicles (BEVs), some of which were showcased in Oxford shire, UK, on August 15, 2022. Based on Mahindra’s new INGLO platform, the five upcoming born-electric SUVs have been categorized into two distinct sub-brands – XUV.e and BE.
Hinduja Tech acquires Drive System Design to strengthen e-mobility portfolio
Hinduja Tech, an engineering services company, acquired US-based Drive System Design (DSD), an award-winning and globally trusted engineering consultancy known for developing innovative solutions for electrified propulsion systems. DSD currently provides advanced engineering to automotive, commercial vehicle, off-highway, defense, and aviation industries from locations in the United Kingdom, the United States, and Asia. The acquisition enables Hinduja Tech to provide end-to-end electrified propulsion systems design and development capabilities, enhancing its full-vehicle design and development position.
Ramkrishna Forgings to take majority stake in EV parts company Tsuyo
Ramkrishna Forgings, a leading supplier of rolled, forged, and machined products, has approved an investment to acquire up to 51% of Tsuyo Manufacturing, a New Delhi-based start-up company engaged in manufacturing powertrain solutions for electric vehicles. The company manufactures and supplies these products for EVs including e-autos, e-rickshaws, e-carts and e-Loaders. Ramkrishna Forgings plans to invest around INR100 crores over the next five years with a view to generate a turnover of around INR500 crores by the end of the fifth year. The proposed investment is aimed at enabling Tsuyo to use the technological expertise and manufacturing skills of both the organizations to enhance its product portfolio and expand its facilities for the manufacture of motors, controllers, e-axles, and differentials.
Neuron Energy to invest INR50 crore in li-ion battery manufacturing biz
Mumbai-based EV battery maker Neuron Energy has announced its plans to invest INR50 crore in the lithium-ion battery pack segment. The investment will be split between INR35 crore of working capital financing and INR15 crore of equity from its partners. Neuron also has plans for backward integration into stocking raw materials and handling production along with a contract manufacturer in the near future. Besides increasing capacity, 40 percent of the investment will be used to fulfil orders from large OEMs.
Amara Raja Batteries plans to invest INR9,500 crore battery mfg, R&D in Telangana
Amara Raja Batteries signed a memorandum of understanding (MoU) with the Telangana government to invest INR9,500 crore over the next 10 years to set up research and manufacturing facilities for lithium-ion battery-making in Mahbubnagar district. The initial facilities would include an energy research and innovation centre in Hyderabad, dubbed the Amara Raja E-hub.
Tata Power announces INR6,000 crore capital investment in Odisha
Tata Power announced INR6,000 crore capital investment in Odisha. The company will set up 1,000 electric vehicle charging points, 1,00,000 solar pumps, microgrids, rooftop and floating solar plants in the next five years.
SRAM & MRAM to invest INR2 lakh crore in Odisha, set up semiconductor unit
United Kingdom-based SRAM & MRAM Group will invest INR2 lakh crore in Odisha to set up semiconductor unit in the state. The group will invest INR30,000 crore in the first phase. Some other big names which made investment commitments or signed MoUs include Intel, Oracle, Global Foundries, Jupiter Solar, Deloitte, IBM, Happiest Minds, Adani Group, EY, and Aaron Capital. A direct investment commitment of INR8,200 crore has been received by the state which is likely to create over 40,000 jobs in the state.
Eicher Motors to invest in Spanish EV firm Stark
Gurugram-based Eicher Motors, the parent company of Royal Enfield, will buy ~10.35% equity stake in Spain-based electric motorcycle manufacturer Stark Future SL for €50 million ($53.22 million or INR442 crore). With this investment, Eicher Motors will nominate a director to the board of Stark, which currently does not have a facility in India. This investment will pave the way for a long-term partnership in collaborative research and development in electric motorcycles, technology sharing, technical licensing, and manufacturing.
JVs and Partnerships
|
Companies involved |
Purpose of Partnership |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Source: Industry News Articles, JMK Research
Global Market Updates
EVs make up 80 percent of new car sales in Norway
Electric vehicles accounted for almost four out of every five new car registrations in Norway in 2022, setting a new record. In December alone, electric cars hogged 82.8 percent of sales as Norwegian households rushed to buy them before a tax change came into force in 2023. Till now, to promote sales, the Norwegian government declared these cars as tax-free and car owners had to pay lower fares for road tolls and public parking. With such growing popularity, and the loss of income for the state, Norwegian authorities have however started to roll back some of the benefits.
2023 tax credits for EVs will boost their appeal
Starting Jan. 1, many Americans will qualify for a tax credit of up to US$7,500 for buying an electric vehicle. The credit, part of changes enacted in the Inflation Reduction Act, is designed to spur EV sales and reduce greenhouse emissions. But a complex web of requirements, including where vehicles and batteries must be manufactured to qualify, is casting doubt on whether anyone can receive the full US$7,500 credit next year. For at least the first two months of 2023, though, a delay in the Treasury Department’s rules for the new benefit will likely make the full credit temporarily available to consumers who meet certain income and price limits.
Biden tax credits aim to jolt electric delivery truck demand
The United States will introduce incentives on Jan. 1 for delivery firms and other companies to switch to electric trucks as part of a broad push to get polluting, workhorse vehicles off roads and out of neighborhoods. The first-of-its-kind incentives, established under President Joe Biden’s Inflation Reduction Act (IRA), will offer tax credits of US$7,500 or US$40,000 depending on the size of the electric vehicle. Delivery companies like FedEx and Amazon.com would qualify at the US$7,500 level for many of their electric trucks.
US Treasury will delay EV battery sourcing guidance until March
With a revamped US$7,500 electric vehicle tax credit taking effect January 1, the US Treasury Department will delay until March its release of proposed guidance on the required sourcing of electric vehicle batteries. The announcement means some electric vehicles that will not meet the new requirements may have a brief window of eligibility in 2023 before the battery rules take effect.
Chinese EV maker BYD widens market leadership gap with Tesla in Q3
China’s BYD Auto remained the global market leader, shipping more than 5,37,000 EV units an increase of 197 per cent (on-year) in the third quarter this year, leaving Elon Musk-run Tesla far behind globally. On the other hand, Tesla’s global sales grew only 43 per cent YoY in Q3 2022 to over 343,000 units.
Tesla reports record quarterly deliveries but misses estimates
Tesla reported record production and deliveries for fourth-quarter electric vehicles, but it missed Wall Street estimates, burdened by logistics problems, slowing demand, rising interest rates, and fears of recession. Tesla delivered 405,278 vehicles in the last three months of the year compared with Wall Street expectations of 431,117 vehicles. The company had delivered 308,600 vehicles in the same period a year earlier. On the other hand, BYD sold 683,440 vehicles in Q4, up 157% vs. a year earlier and 27% from Q3. For 2022, sales spiked 209% to 1,863,494 BEV and PHEVs.
Rising battery prices threaten affordable EV push
Falling battery prices have been one of the most consistent trends in the electric vehicle industry for the last decade. Prices dropped from well over US$1,000 per kilowatt hour in 2010 to US$141 per kWh in 2021. The trend has been brought to a halt this year, with BloombergNEF’s annual lithium-ion battery price survey showing a 7 percent increase in average pack prices in 2022 in real terms. LFP batteries have gained significant market share in the last three years, with BloombergNEF expecting them to account for around 40 percent of global EV sales this year.
China’s Nio EC7 EV Debuts as World’s Most Aerodynamic SUV
China-based Nio, a leading EV maker in the local market which also happens to be the world’s largest, has unveiled its Nio EL7, claimed to be the world’s most aerodynamic SUV. The aerodynamic profile of an EV helps it better its per-charge range. As such, the Nio EL7 claims to go up to 940 km courtesy its 150-kWh battery pack. There are smaller – 70 and 100 kWh – battery packs as well with around 500 km of range per charge. Nio already accepts orders for the EC7 with deliveries scheduled to begin in May, 2023. It costs around CNY488,000 (~US$70,100 or INR58 lakh) for the most affordable variant.
Sony Honda Teases Its First EV Ahead of Debut at CES 2023
Sony Honda Mobility (SHM), a joint venture between Sony and Honda, will unveil its electric vehicle at the annual Consumer Electronics Show (CES) in Las Vegas on January 4, 2023. The joint venture expects to start production of its first electric vehicle in 2026 with a focus on North American production and online sales in that market. Japan will be the second market followed by a European launch.
Tesla shares tank after U.S. discounts doubled on key models
Tesla Inc (TSLA.O) shares tanked after the luxury electric car maker started offering US$7,500 discounts on Model 3 and Model Y vehicles delivered in the United States this month, fueling concerns the company is facing softening demand as economies slow. On Dec. 1, Tesla started offering a US$3,750 “credit” on Model 3 and Model Y vehicles delivered before the end of the year. It raised the credit to US$7,500. It also recently started offering free supercharging for 10,000 miles (16,093 kms) for vehicles delivered in December.
Israeli start-up makes inroads with personal flying vehicle
An Israeli-made electric vehicle designed to fly commuters on short trips far above streets overcrowded with cars has made its maiden unmanned flight, a milestone will help it reach the market in the next two years. The test-phase voyage may not look out of the ordinary at first given the huge progress made in drone technology. But this one, being developed by Israeli start-up AIR, will be able to carry two people – an operator and passenger – as far as 100 miles on a single charge.
U.S. Postal Service to double EV delivery fleet purchases
The U.S. Postal Service (USPS) will more than double its planned electric delivery vehicles purchases, tapping funding from Congress and responding to pressure from the White House to cut emissions. USPS now plans to buy at least 66,000 electric vehicles through 2028 after committing in July to buy 25,000 next-generation electric delivery vehicles and disclosing it was considering buying up to another 20,000 commercially available vehicles. Congress in August gave USPS US$3 billion as part of a US$430 billion climate bill to buy electric vehicles and charging infrastructure.
Indonesia considers US$320 Mn in incentives to boost EV sales in 2023
Indonesia may allocate 5 trillion-rupiah (US$320.41 million) from next year’s budget to incentivize electric vehicle purchases. The Buyers could get a discount of 80 million-rupiah for EVs made by firms with factories in the country, as well as other incentives for hybrid cars and electric motorcycles. The government plans to offer subsidies to sellers to cover the costs. The government plans to give subsidies of up to 80 million rupiah (US$5,130) for each purchase of an electric car made onshore. A hybrid electric car will get an incentive of around 40 million rupiah, an electric motorbike about 8 million rupiah, while a motorbike converted into an electric one will get 5 million rupiah.
Audi To Manufacture Electric Vehicles at All Plants From 2029
Audi plans to stop manufacturing internal combustion models by 2033. Audi has laid out a roadmap for its e-mobility strategy that entails rolling out electric vehicles from all its production facilities across the globe as well as opening manufacturing plans in new locations. EV manufacturing currently limited to facilities in Brussels, Belgium and Böllinger Höfe, Germany. The new Q6 e-Tron SUV will be Audi’s first EV to be manufactured at the company’s facility in Ingolstadt with production to commence from 2023. By 2024 Audi will also have its new plant in China. Additionally, EV manufacturing will also commence at the company’s plants in Neckarsulm (Germany), San José Chiapa (Mexico), and Győr (Hungary) in the coming years.
California approves US$2.9 bn investment to double car chargers in state
The California Energy Commission approved a US$2.9 billion investment plan to accelerate the state’s 2025 electric vehicle charging and hydrogen refueling goals. The investment will result in 90,000 new EV chargers across the state, more than double the 80,000 chargers already installed. Combined with funding from utilities and other programs, these investments are expected to ensure that the state achieves its goal to deploy 250,000 chargers by 2025.
Mercedes gears up powertrain network for EVs from 2024
Mercedes-Benz laid out plans for an investment of over EUR1 billion (US$1.06 billion) to adapt its global production network for electric powertrain systems – including battery assembly, electric drive units, and axles – from 2024. Plants in Kamenz and Untertürkheim in Germany as well as Beijing, which already assemble batteries for electric and hybrid models, will assemble batteries for models on the upcoming MMA and MB.EA platforms, with another battery assembly site in Koelleda pending support from regional government.
Panasonic agrees to supply EV batteries to Lucid Group
Tesla Inc battery maker Panasonic had concluded an agreement to supply lithium-ion batteries to electric vehicle maker Lucid Group as the Japanese company seeks to expand its customer base. Lucid will use Panasonic batteries in its long-range Lucid Air and its Gravity SUV, which will begin production in 2024.
Redwood Materials joins electric vehicle, battery trek to South Carolina
Redwood Materials is the latest company to set up shop in South Carolina’s growing community of electric vehicle and battery manufacturers, the Carson City. Redwood will build a US$3.5 billion battery materials campus in Ridgefield, about 30 miles (48.28 km) northwest of Charleston, that will recycle, refine and remanufacture cathode and anode materials such as nickel, cobalt, lithium, and copper.
VW, Italy’s Enel launch JV for high-speed charging
Volkswagen Group and Italy’s Enel have formed a joint venture to build 3,000 high-speed charging points across Italy for electric vehicles, investing EUR100 million (US$105.38 million) each. The charging points will be accessible to drivers of cars made by all manufacturers at 500 locations by the end of 2023 and will have a capacity of up to 350 kilowatts.
Mercedes plans 1 bn-euro electric van plant in Poland
German automaker Mercedes-Benz plans to inject more than EUR1 bn into a new plant in Poland dedicated to building fully electric vans. The site will be located in Jawor, southwestern Poland, where the group has already been manufacturing combustion engines since 2019 and battery systems since 2021.
Rivian pauses JV plans with Mercedes-Benz to make electric vans in Europe
Rivian Automotive is pausing its joint venture with Mercedes-Benz Vans, just three months after the companies entered a partnership to make electric vans in Europe. The electric vehicle maker will focus on its consumer and existing commercial business as it tries to become cash flow positive in its U.S. operations.
US finalizes US$2.5 billion loan to GM, LG battery joint venture
The US Energy Department had finalized a US$2.5 billion low-cost loan to a joint venture of General Motors Co and LG Energy Solution to help pay for three new lithium-ion battery cell manufacturing facilities. The loan will help finance construction of new lithium-ion manufacturing facilities in Ohio, Tennessee and Michigan, supporting 6,000 construction jobs and 5,100 operations jobs at the three plants.
China’s CATL to provide EV batteries for Honda starting in 2024
Honda Motor Co has announced that Chinese battery giant CATL would supply batteries for seven years for its EVs in China. The Chinese firm would provide 123 GWh worth of batteries starting in 2024 through 2030 for the Honda’s e:N series.
Korean firms plan US$4 billion-plus battery plant in Georgia
Hyundai Motor Group and a South Korean battery maker say they will jointly invest US$4 billion to US$5 billion in Georgia to build a new plant northwest of Atlanta. The plant would supply electric batteries for Hyundai and Kia EVs assembled in the US. The plant, to be located just west of Cartersville, would begin production in 2025.
Cummins completes acquisition of Siemens’ CV biz through Meritor
Global technology provider Cummins Inc. has completed acquisition of the commercial vehicles business of Siemens, a global supplier of high-performance electric drive systems for commercial vehicles. This acquisition adds key capabilities in direct drive and transmission-based remote mount electric motors, inverters, software and related services which are critical elements in the next generation of electric powertrains.
BP to expand EV charging network at M&S stores
BP Plc has said its British electric vehicle charging business bp pulse will install high-speed charge points at around 70 Marks & Spencer retail outlets. The oil major is stepping up the pace of liquidating fossil-fuel assets to raise funds to invest in renewable-energy projects.
Siemens, others call for only zero-emission freight trucks to be sold in EU by 2035
More than 40 manufacturers, shippers and industry groups including Siemens, Maersk, and Unilever called on the EU to mandate that all freight trucks be zero-emission models by 2035. The letter from the group of signatories asks for a five-year exemption for vocational vehicles such as construction, mining and timber trucks that will require longer to develop and produce at scale.
Volkswagen to build new electric SUV with over 700kms range
Volkswagen is looking to build a new EV at its Wolfsburg plant, which will be based on the MEB+ platform. By utilizing its own “unit cell” technology, the automaker claims that its vehicles will be able to go up to 700km per charge.
Tesla launches EVs in Thailand amid competition from cheaper brands
Tesla Inc launched two electric vehicle models in Thailand, marking its first foray into the regional autos hub that has long been dominated by Japanese manufacturers. The launch of two EVs with prices ranging between 1.7 million baht to 2.5 million baht (US$48,447 to US$71,205) comes as Thailand makes a push for EV adoption and production by offering tax cuts and subsidies. The U.S. automaker plans to start selling its EVs in Southeast Asia’s second-biggest economy via online channels, with deliveries set to start early next year. But it faces stiff competition from Chinese brands like BYD and Great Wall Motors, which have set up showrooms and distribution partners in recent years to reach customers and offer EVs with prices starting at 800,000 baht (US$22,799).
Apple delays launch of its electric vehicle ‘Apple Car’ until 2026
Apple has reportedly delayed the launch of its electric vehicle, referred to as the ‘Apple Car’, until 2026. Since the tech giant has trimmed back the amenities and technologies for the vehicle, Apple Car will now cost under US$100,000 instead of the over US$120,000 that it was first expected for. The list of features for the car is expected to be finished by 2024, and testing will start sometime in 2025 ahead of the Apple Car’s expected launch in 2026. Apple Car was first reported to arrive in 2024.
Mercedes Opens Its First EV Only Dealership in The World in Japan
Mercedes-Benz’s first dealership in the world dedicated to its all-electric Mercedes-EQ brand has opened in Yokohama, Japan. Mercedes-Benz has rolled out five electric models since 2019 and sees further growth in the electric vehicle market in Japan. Across all car types, Mercedes-Benz sold 51,722 cars in Japan last year.
Elon Musk unveils Tesla Semi trucks at Nevada factory
Tesla Inc Chief Executive Elon Musk unveiled the company’s first heavy-duty Semi truck at an event in the electric automaker’s Nevada plant, making its first foray into the trucking industry. The company successfully completed a 500-mile test of the Semi’s driving range on Nov. 15 between Fremont and San Diego. The truck is a Class 8 vehicle, meaning it has a weight limit allowing it to transport more than 33,001 pounds (~15,000 kg) of cargo. It was initially meant to go into production in 2019 after being unveiled in 2017, but plans were delayed due to battery constraints.
Switzerland considers a ban on electric vehicle this winter
Switzerland is reportedly planning to ban electric vehicles in the country. According to a report in The Telegraph, officials in the country have drafted a proposal that would restrict power usage to prevent blackouts and power cuts. If this happens, Switzerland would become the first country to do so. Switzerland is heavily dependent on hydropower to meet its energy requirements; about 60 percent of the country’s power comes from hydropower. However, production slows down during the winter months. The country also imports electricity from neighboring France and Germany, both of which are now facing an energy crisis like the rest of Europe due to the Ukraine war.
VW says S.Africa must end coal dependence for EVs
South Africa must wean itself off coal if locally produced electric vehicles – a key element of the government’s decarbonisation plan – are to be climate friendly. Wealthy nations have already committed US$8.5 billion to help Africa’s most industrialised nation (South Africa) cut its emissions. The South African government is seeking roughly 10 times that amount, including US$7.5 billion, to fund a transition to EVs.
GM launches first large EV plant in Canada
US AUTO giant General Motors launched Canada’s first full-scale electric vehicle plant in Ingersoll, Ontario. It had been retooled with more than US$382 million from the federal and Ontario governments. It is part of a larger Canadian EV strategy that includes both mining critical minerals such as lithium and producing EV batteries for the North American auto industry. The plant will build BrightDrop Zevo 600 electric delivery vans. GM aims to have as many as 50,000 of them rolling off its assembly line per year by 2025.
China’s BYD to start selling EVs in Japan by early 2023
BYD Co’s Japanese division would start selling its first battery electric vehicles in the country early next year, as the world’s largest EV maker further steps up its plan to either sell or make its cars available across major markets. The company is planning to introduce two more models by the end of 2023 and more than 100 dealerships in Japan by the end of 2025.