Monthly EV Update – December 2023

Monthly EV Update – December 2023

monthly electric vehicle

Product Launches

India LaunchesDecember 2023


Vehicle type

Battery specifications

Other specifications


Simple Dot One


  • 3.7 kWh
  • Range –151 km (Certified), 160 km (IDC)
  • Top Speed –105 km/h
  • Motor Peak Power – 8.5kW

INR 1,39,999

Gogoro CrossOver GX250


  • NA
  • Range –111 km (Certified)
  • Top Speed –60+ km/h


inGO Flee 2.0


  • 1 kWh
  • Range – 50 km
  • Top Speed – 25 km/h
  • Charging Time–4 hours (54.6V/6A)
  • Max Payload–50 kgs on footboard, 25 kgs on carrier

INR 62,000 

Kinetic Green Zulu


  • 2.27 kWh
  • Range – 104 km (Claimed)
  • Top Speed – 64 km/h

INR 94,990

Bajaj Chetak Urbane


  • 2.9 kWh
  • Range–113 km
  • Top Speed–63 km/h
  • Charging Time–4 hours 50 Mins (650W Charger)

INR 1,15,000

Source: Industry News Articles, Company Websites, JMK Research

Upcoming Product Launches

Kia confirms EV9 to launch in 2024, to be its first three row EV in India

Korean auto giant Kia has confirmed that its three-row electric SUV EV9 will make India debut in 2024. Revealing its India plans for next year, the EV9 electric vehicle, along with the new generation Carnival will be launched in India. The EV9 will become the second electric car from the Korean brand after the EV6 and also will be its first three-row EV. According to company, EV9 will hold key to its aim to achieve about 15 per cent market share and passenger EV segment in India which is currently dominated by Tata Motors.

Maruti Suzuki’s first EV will be a top-end SUV with 550 km range, launching next year

The company’s first EV, an SUV, will be launched in the upcoming financial year of 2024-25, emerging from SMG’s Gujarat plant. Currently, SMG’s facility at Hansalpur comprises three plants – Plant A, B, and C. Now, to manufacture the EV, a new plant, also called a production line, will be added at the same location. The company claims that the SUV will have 550 km range on a single charge with a 60-kilowatt-hour battery.

Creatara unveils 2 electric scooter prototypes, eyes market launch in 6-9 months

New Delhi based electric vehicle startup Creatara Mobility Pvt Ltd has unveiled two production-ready electric scooter prototypes, namely VS4 and VM4, with plans to launch them in the market within the next six to nine months. Creatara claims that the prototypes boast a top speed of 100 km/h with a 4kW motor and offer a maximum range of up to 100 km on a full charge, which takes 4-5 hours. Additionally, the prototypes have a portable battery pack, which allows it to be removed from the vehicle to charge at homes or offices. Creatara is also working with vendors to develop swappable batteries for their electric scooters.

EV Sales Trend

The overall EV sales in December 2023 witnessed a decrease of approximately 7.66 % from last month, reaching 1,40,839 units. On a y-o-y basis, EV sales in December 2023 increased by 37.79% from that of EV sales in December 2022.

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

Source: Vahan Dashboard, Company Press Releases, JMK Research

Note: Sales figures represent EVs registered across 1,355 RTOs in 34 states/ UTs.

As depicted in the figure below, EV registrations in December 2023 were again driven by electric two-wheelers and passenger-type electric three-wheelers, which together accounted for 90.10% of total registrations in the month.

Category-wise EV Sales in December 2023

Source: Vahan Dashboard, JMK Research

Note: Sales figures represent EVs registered across 1,355 RTOs in 34 states/ UTs; Others include adapted vehicle and goods carrier

Among the states and UTs, Uttar Pradesh secured the number one position in EV registrations this month, with Maharashtra coming in second. Karnataka attained third spot this month, accounting for 8.43% of the market share. In this month, Assam has resecured a position in the top 12 states.

State-wise Registered EV Sales in December 2023

Source: Vahan Dashboard, JMK Research

Note: Sales figures represent EVs registered across 1,355 RTOs in 34 states/ UTs. Others include Chhattisgarh, Uttarakhand, Punjab, and 19 other states/UTs.

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

The Overall high-speed electric two-wheelers (HS E2Ws) sales in India decreased by ~17% m-o-m in December 2023 to reach 75,366 units. The top 10 players in the industry accounted for approximately 90.93% of the total registrations witnessed in December 2023. Furthermore, compared to December 2022, E2W sales in December 2023 experienced a y-o-y increase of 17.12%.

High-Speed E2W Sales Trend

Source: Vahan Dashboard, JMK Research

Note: Sales figures represent only high-range E2W (Top speed > 25 kmph) registered across 1,355 RTOs in 34 states/ UTs.

Ola Electric sold 30,219 units in December 2023, maintaining its significant market leadership with a substantial 40.10% share. TVS stands at second place this month. Wardwizard Innovations has once again secured a spot in the top 10 squad this month.

Top High-Speed E2W Players in December 2023

Source: Vahan Dashboard, JMK Research

Note: Sales figures represent only high-range E2W (Top speed > 25 kmph) registered across 1,355 RTOs in 34 states/ UTs. Others include Jitendra New EV Tech, GoGreen E-mobility Private Limited, AMO Mobility, Twenty-Two Motors, KLB KOMAKI, and 123 other players. The sales for Ampere include sales of Ampere as well as Greaves. The sales for Bajaj include sales of Bajaj as well as Chetak Technology. The sales for BGauss include sales of BGauss as well as Mew Electricals. 

Electric Three-Wheeler (E3W)

The sales of registered passenger and cargo-type E3Ws in December 2023 stood at 51,526 units and 5,984 units, respectively, with a m-o-m increase of ~6% in passenger E3W and increase of 18.90% in cargo E3W. Overall E3W sales recorded a m-o-m increase of ~7% over last month. On a y-o-y basis, passenger E3W sales in December 2023 increased by ~70% and cargo E3W sales increased by more than 66% from that of passenger and cargo-type E3W sales respectively in December 2022.

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

Source: Vahan Dashboard, JMK Research

Note: Sales figures represent E3Ws registered across 1,355 RTOs in 34 states/ UTs; E3W (Passenger and Cargo) sales shown in the figure takes into account both e-rickshaw and three-wheeler classes as categorized in the Vahan dashboard.

The cumulative sales of the top 8 electric 3-wheeler players across passenger and cargo segments in December 2023 accounted for 34.92% share of the entire E3W market. Mahindra and YC Electric came at first (8.86% share) and second (6.64% share) positions respectively. This was followed by Saera Electric Auto (4.61%), Dilli Electric (3.98%), Piaggio (3.58%), Mini Metro (2.66%), Hotage Corporation (2.31%) and Champion Polyplast (2.26%).

Top E3W Players monthly sales

Source: Vahan Dashboard, JMK Research

Note: Others made up 65.08% of the E3W market in December 2023; sales figures for players are inclusive of both cargo and passenger offerings; Sales figures represent E3Ws registered across 1,355 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 2023 stood at 7,124 units, witnessing a m-o-m increase of ~1%. Tata Motors has been driving the E-car sales (with 67.46% of the market share) this month as well. BYD India has secured a position in the top 5 this month with sales reaching 168 units. On a y-o-y basis, E-Car sales in December 2023 increased by ~88% from that of E-Car sales in December 2022.

Player-wise E-Car Sales Trend

Source: Vahan Dashboard, JMK Research

Note: Sales figures represent E-cars registered across 1,355 RTOs in 34 states/ UTs; Others include PCA, Audi, Volvo Auto, Mercedes-Benz, Hyundai, Jaguar, KIA Motors, Lectrix, and Porsche.

Electric Buses (E-Buses)

The total sales of E-buses in December 2023 stood at 577 units, witnessing a m-o-m increase of ~12%. On a y-o-y basis, E-Bus sales in December 2023 increased by more than 300% from that of E-Bus sales in December 2022.      

Tata Motors is the leader in December 2023 (with a 61.18% market share), followed by JBM Auto (23.74%), Olectra Greentech (11.96%), Mytrah Mobility (1.21%), PMI Electro Mobility (1.04%) , Switch Mobility (0.69%), and Pinnacle Mobility (0.17%).

Player-wise E-Bus Sales Trend

Source: Vahan Dashboard, JMK Research

Note: Sales figures represent E-buses registered across 1,355 RTOs in 34 states/ UTs.

Policies & Regulations

Government charts plan to paint 800,000 diesel buses green, scheme likely to replace FAME III

The government is working on a plan to replace 8,00,000 diesel buses, which constitute more than a third of the total on roads, with electric ones over the next seven years. This initiative aims not only to reduce vehicular emissions but also to catalyse investments in the electric vehicle (EV) ecosystem in the country. The replacement plan includes 200,000 electric buses for state transport undertakings (STUs), 550,000 for private operators, and 50,000 for schools and employee transportation by 2030.

New EV policy in works, talks on with global carmakers

The government is in talks with domestic and foreign stakeholders to formulate a policy to boost local production of electric vehicles (EVs) and is looking to bring in potential investors from countries such as Germany, the UK, and South Korea. The Department for Promotion of Industry and Internal Trade has been conducting high-level discussions to establish a scheme for subsidising electric four-wheeler makers linked to investments made by these companies for producing vehicles in the country.

Delhi government to extend EV incentives till March

The Delhi government has decided to extend its electric vehicles (EV) policy for an additional three months beyond its expiration on December 31. The policy extension will be in effect until the end of March 2024, pending approval from the cabinet.

Tamil Nadu to unveil battery manufacturing policy

Tamil Nadu is planning to unveil a battery manufacturing policy as part of its goal to emerge as a global leader in electric vehicle (EV) manufacturing. This policy is a crucial component of the ecosystem being developed by the state to strengthen the value chain in the EV sector. Currently, about 40% of the country’s EV four-wheelers and 70% of two-wheelers are manufactured in Tamil Nadu.

No one-size-fits-all in battery swaps, govt wants industry to step up

The government plans to bin an earlier proposal to dictate the size and shape of electric vehicle battery packs to qualify for incentives as it leans towards an industry-led solution to encourage battery swapping. The ministry of heavy industries will seek inputs on how to encourage the industry to come up with its own solution to ensure interoperability in battery swapping networks.

Parliamentary committee bats for extending FAME-II scheme by three years

As part of various initiatives to promote electric vehicle adoption in the country, the Parliamentary Standing Committee on Industry has recommended a three-year extension of the Faster Adoption and Manufacturing of Electric Vehicles (FAME-II) India Scheme. This suggestion arises amidst uncertainties surrounding the fate of the FAME-II scheme, set to expire on March 31. The demand subsidy provided under FAME-II has played a pivotal role in stimulating the initial adoption of electric vehicles in the country.

Parliamentary Standing Committee Report – EV Promotion

  • The Department related Parliamentary Standing Committee on Industry, has presented a Report on the subject Promotion of Electric Vehicles in the country.
  • Some of the key policy recommendations from the Committee are as follows:
  • The Ministry should take necessary steps for achieving better scheme output, including policy changes and financial outlay, for enhancement of manufacturing capabilities for Advanced Automotive Technology products thus creating an ecosystem to manufacture components of electric vehicles locally and promoting manufacturers as global Automotive Champions.
  • The initial targets were revised by bringing down the number of vehicles to be supported under the FAME-II Scheme. The Committee is of the opinion that in order to facilitate the transition momentum to Electric Mobility, more number of electric vehicles need to be supported and, therefore recommends that the Ministry should broaden the scope and extend the FAME-II Scheme for at least 3 more years in consultation with the industry stakeholders to make the Scheme more inclusive.
  • The importance of EV Mobility as a key ingredient of reducing the pollution level in the country, the Ministry of Heavy Industries should play a proactive role through BHEL in providing EPC solutions to support electric vehicle (EV) charging stations, including solar based EV charging stations and, if required, more funds may be allocated to BHEL to facilitate popularizing the EV Mobility. Every Public Sector Undertaking and Government institutions may be asked to participate in the installation of Charging Stations in their own premises for the use of the vehicles coming to their premises.
  • Electric Vehicles should be brought under the Priority Sector Lending (PSL) category until the 30 per cent penetration target fixed for 2030 is achieved, for accelerating India’s commitment towards net-zero emissions.

Over Rs 5,294 crore subsidy given for 11.79 lakh EVs under FAME India scheme: Ministry of Heavy Industries

The ministry of heavy industries has disbursed subsidies worth INR 5,294 crore for the sale of 11,79,669 electric vehicles (EVs) under Phase-II of the FAME India Scheme, as of December 11, 2023. According to the ministry, the subsidized electric vehicles include 10,42,110 two-wheelers, 1,22,690 three-wheelers, and 14,869 four-wheelers. Furthermore, 6862 electric buses have been sanctioned for intracity operations across various cities and state transport units, with 3487 buses already supplied as of November 29, 2023. The ministry has also sanctioned a capital subsidy of INR 800 crore to three oil marketing companies for establishing 7,432 electric vehicle public charging stations. The FAME India Phase II Scheme, with a budgetary support of INR 10,000 crore for five years starting April 1, 2019, supports the electrification of public and shared transportation. This includes the target to support 7090 e-buses, 5 lakh e-3 Wheelers, 55000 e-4 Wheeler Passenger Cars, and 10 lakh e-2 Wheelers, alongside the development of charging infrastructure.

Measures Initiated to Attain Self-reliance in Critical Minerals

The Ministry of Mines has been engaging with resource-rich countries to secure access to critical minerals through both international partnerships and domestic exploration and auction of critical mineral blocks.

  • To further this initiative, a joint venture company, Khanij Bidesh India Ltd. (KABIL), has been established with equity contributions from three Central Public Sector Enterprises namely, National Aluminium Company Ltd, Hindustan Copper Ltd, and Mineral Exploration and Consultancy Ltd. The primary objective of KABIL is to acquire critical mineral assets abroad, ensuring a consistent supply of these strategic minerals to the Indian domestic market.
  • The Ministry of Mines has joined the Mineral Security Partnership (MSP) led by the United States of America. This partnership aims to enhance cooperation in securing the supply chain of critical minerals for member countries by facilitating investments in identified mineral blocks in resource-rich nations.
  • The Central Government has launched the first tranche of e-auction of 20 blocks of critical and strategic minerals on November 29, 2023, which include blocks of Lithium, Rare Earth Elements, Platinum Group of Minerals, Nickel, Potash etc. The auction of these blocks aims to create a steady supply of these minerals, thus reducing our reliance on imports and ensuring a more secure and resilient supply chain.

No proposal to provide duty concession on import of EVs: Govt

The government is not considering any proposal to provide duty concessions and exemption from local value addition for import of electric vehicles into the country. A production-linked incentive scheme for the automobile and auto component industry, with a budgetary outlay of INR 25,938 crore, was announced by the government. The move is aimed at providing financial incentives to boost domestic manufacturing of advanced automotive technologies products, including EVs and their components. Currently, there is no proposal either to provide an exemption from the local value addition cost or to subsidize the import duty on EVs in India.

In works: INR 10,000 crore sop scheme for chip ancillaries

The center will launch a revised incentive scheme of up to INR 10,000 crore to promote the establishment of electronic and semiconductor component plants in the country. The move is aimed at creating a supporting ecosystem for the mega chip- packaging units being set up by the likes of US-based Micron, as well as Indian conglomerate Tata Group and Kaynes Corp, marking the first leg of India’s ambitious journey to emerge as a global hub for electronics manufacturing and design. The new incentive plan, likely to be launched at the start of the next fiscal year, will be an updated version of the current Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors (SPECS).

Bihar cabinet approves new electric vehicle policy

The Bihar Government has approved the Bihar Electric Vehicle (EV) Policy-2023 with the aim to achieve 15 per cent EVs in all vehicle registrations in the state by 2028.

  • To incentivize the adoption of electric vehicles, the EV policy introduces various measures, including subsidies on Motor Vehicle (MV) Tax of up to 75 per cent and purchase incentives of up to INR 1.25 lakh for the first 1,000 personal four-wheeler EVs.
  • Similar benefits are extended for the first 10,000 personal two-wheeler EVs, with subsidies on motor vehicles tax of up to 75 per cent and purchase incentives up to INR 10,000.
  • The policy also promotes the use of renewable energy for EV charging stations, with approved tariff rates for high tension EV charging stations set at INR 8/kVA for the fiscal year 2023-24.
  • The state cabinet also approved a proposal of the transport department to acquire 400 electric buses under the “PM-e Bus Sewa” program for six districts in Bihar.

FICCI submits proposal for continuation of demand incentives for EVs under FAME III

The Federation of Indian Chambers of Commerce and Industry (FICCI) has submitted a proposal to the Ministry of Heavy Industries, advocating for the continuation of the FAME scheme for the next five years, with a review at the end of three years. The time period for the current FAME II scheme is till March 2024. According to FICCI, sudden withdrawal or discontinuation of upfront price incentives will lead to up to 25 per cent price increase of EVs and this may derail EV adoption momentum substantially, also impacting further investments in the EV sector, and disrupting gains made so far.

Government still deliberating battery-swapping policy guidelines

Battery swapping, an alternative to charging electric vehicles, involves exchanging discharged batteries for charged ones. Battery swapping is popularly used for vehicles such as 2 and 3 wheelers which have smaller batteries. Considering its potential advantages in proliferating Electric Vehicles in the country, NITI Aayog conducted an inter-ministerial discussion in February 2022 to formulate a draft policy framework for 2 and 3-wheeler-centric Battery Swapping. NITI Aayog is actively engaging in stakeholder discussions, with a wide spectrum of stakeholders representing Battery Swapping Operators, Battery Manufacturers, Vehicle OEMs, Financial Institutions, CSOs, Think Tanks and other experts. In order to have a prudent policy in place for Battery Swapping which promotes Electric Vehicles without adversely impacting technological innovation, more deliberations on the draft of the Policy are being done by NITI Aayog, Bureau of Indian Standards, Department of Science and Technology and other stakeholder departments.

Delhi government notifies motor vehicle policy aimed at transition to EVs

The Delhi government has notified the motor vehicle aggregator scheme, which mandates the adoption of electric vehicles (EVs) by intermediaries providing transport and delivery services.

Bike taxis are now legal in the city, but they must be exclusively electric.

  • The scheme also sets the stage for licensing aggregators providing passenger transport services and delivery services. All existing or new operators must obtain a license within 90 days of the scheme’s notification or before commencing operations. Licenses will be valid for five years, with annual fees applicable, and zero fees in the case of electric vehicles.
  • 100% two-wheelers, 10% three-wheelers and 5% of four-wheelers in an aggregator’s new fleet (Passenger service) must be EVs within the first six months after notification of scheme. All three-wheelers must be electrified within four years and all four-wheelers within five years (i.e., April 1,2030).
  • 10% two-wheelers and three-wheelers (for transporting goods) and 5% of four-wheelers (for transporting goods) in a Delivery Service Provider’s new fleet must be EVs within the first six months after notification of scheme. All two-wheelers and three-wheelers must be electrified within four years and all four-wheelers within five years (i.e., April 1, 2030).

Govt to pump in additional Rs 1,500 crore for FAME-II subsidy scheme

The Centre has sanctioned an additional INR 1,500 crore for the second phase of the Faster Adoption and Manufacturing of Electric Vehicles in India (FAME-II) program. This infusion addresses the fears that the allocated funds could run out before the scheme’s deadline in March 2024 due to robust electric vehicle (EV) sales. The proposal for enhancement of the outlay for FAME-II from INR 10,000 crore to INR 11,500 crore has been examined by the department of expenditure (DoE). It was approved considering the objectives of the scheme.

Karnataka EV policy’s first taker: TÜV SÜD plans EV testing lab in Bengaluru

With the Karnataka government planning to offer subsidies for setting up testing facilities in the state in its upcoming electric vehicle (EV) policy, German certification, and auditing company TÜV SÜD plans to set up an EV battery lab in the second phase of its recently inaugurated testing centre in Bengaluru. In the initial phase, involving an investment of nearly INR 135 crore, the facility primarily focuses on testing medical devices and electrical components. TÜV SÜD’s newly developed facility spans over three acres, with an initial construction covering 70,000 square feet.

Charging Infrastructure & Battery Swapping

Stakeholder(s)/ Player(s)


MG Motor India partners and Zeon Electric

  • MG Motor India has joined hand with Zeon Electric, a charge point operator, to boost the existing EV charging infrastructure. This partnership will be focused on strengthening the EV ecosystem at key locations, including highways, cities, and MG dealerships in Karnataka, Kerala, Andhra Pradesh, Telangana, Tamil Nadu, Maharashtra, and more.
  • As part of the collaboration, MG customers will enjoy exclusive offers for charging at Zeon kiosks. The partner charging stations, seamlessly integrated into the MyMG App, will be discoverable and visible on the iSmart infotainment screens. Zeon’s network of 300+ AC and DC chargers in key locations will be added to MG’s current network of 12,000 chargers so far.

Xero EVs and VoltUp

  • Xero EVs, a manufacturer of electric two-wheelers, and VoltUp, a battery swapping firm, have tied up to deploy 15,000 electric two-wheelers in the country within the next two years.
  • The collaboration aims to deploy electric vehicles for last-mile deliveries across 12 markets in the country. Xero EVs offers electric transportation solutions through its two electric two-wheelers, namely Xero Mink and Xero Bolt, both designed and manufactured in India. VoltUp specializes in providing swapping solutions for two-wheeled and three-wheeled electric vehicles, eliminating the waiting time for users in need of battery charging.

Maharashtra State Electricity Distribution Company Ltd (MSEDCL)

  • The Maharashtra State Electricity Distribution Company Ltd (MSEDCL) has given its mandatory consent to provide power for the 25 proposed EV charging points at the new bus depot being set up by the Nashik Municipal Corporation (NMC) at Adgaon in Panchavati division.
  • The state power utility will charge about INR 1.25 crore to provide power to the bus depot. The Centre is expected to provide 50 e-buses to NMC in the first phase within the next one or two years. The remaining 50 e-buses are to be provided in the second phase.

Erisha E-Mobility and Uttarakhand Government

  • The government of Uttarakhand has signed a Memorandum of Understanding (MoU) with Erisha E Mobility to establish an EV park and deploy 100 EV charging hubs across the state. The proposed Electric Vehicle (EV) Park, spanning 320 acres with an investment of INR 1500 crore, will serve as a platform for Electric Vehicles manufacturing, ancillary units, technology providers, and researchers to collaborate, fostering the growth of the electric vehicle ecosystem in Uttarakhand.
  • Additionally, the project aims to establish a robust charging infrastructure with the installation of 100 Electric Vehicle charging hubs with the proposed investment of INR 400 crore, strategically located across the state. The total investment of INR 1900 crore will be over a 10-year time period.

Tata Passenger Electric Mobility Ltd. (TPEM) and Glida, Zeon, Statiq, and Chargezone

  • Tata Passenger Electric Mobility Ltd. (TPEM) has signed a Memorandum of Understanding (MoU) with charge point operators (CPOs), Chargezone, Glida, Statiq, and Zeon to further develop India’s charging infrastructure. Chargezone, Glida (formerly known as Fortum Charge & Drive India), Statiq, and Zeon are leading CPOs in the country, with a combined network of nearly 2,000 charging points across key cities.
  • Through this collaboration, the CPOs intend aim to roll out over 10,000 additional charging points within the next 12-15 months. As part of the MoU, TPEM will also collaborate with Chargezone, Glida, Statiq, and Zeon to explore the possibility of introducing a smart payment gateway through co-branded RFID cards. This initiative is designed to facilitate seamless payment for Tata EV users.

Bharat Petroleum and Tata Passenger Electric Mobility

  • Bharat Petroleum Corporation Limited (BPCL) , an Indian public sector undertaking (PSU) and Tata Passenger Electric Mobility Ltd. (TPEM) have signed an MOU to collaborate in establishing public charging stations across India.
  • The collaboration will leverage BPCL’s widespread fuel stations network and TPEM’s insights from over 1.15 lakh Tata EVs on Indian road, to set up chargers at locations frequently visited by Tata EV owners. Additionally, BPCL will gather insights on charger usage to improve customer experience.

Tata Power and Indian Oil Corporation 

  • Tata Power EV Charging Solutions Limited (TPEVCSL), an EV Charging solutions providers, and Indian Oil Corporation Limited (IOCL) have signed a Memorandum of Understanding (MoU) to roll out fast and ultra-fast electric vehicle (EV) charging points across India.
  • The collaboration will see Tata Power install 500+ EV charging points across multiple IOCL retail outlets. These EV charging points will be installed in major cities like Mumbai, Delhi, Kolkata, Bengaluru, Ahmedabad, Pune, and Kochi, as well as across major highways such as the Mumbai-Pune Expressway, Salem-Kochi Highway, Guntur-Chennai Highway, and the Golden Quadrilateral.


  • Servotech Power Systems Ltd., a manufacturer of EV chargers and solar solutions, has announced that it has filed two patents in the realm of EV charger technology to revolutionize EV charging infrastructure.
  • These patents enable users to fast charge any GB/T Bharat DC 001 vehicle based on 72V/96VDC through a CCS2 connector using a small additional gadget. These two patents aim to transform the EV charging infrastructure using two different methodologies, contributing to a robust, interoperable, and cost-effective EV charging ecosystem.

Kia India 

  • Kia India, an automotive manufacturer has introduced the “K-Charge” feature in the ‘MyKia’ app —an innovative tool that enables users to discover over 1000 electric vehicle charging stations across the country.
  • This initiative is not exclusive to Kia customers; it extends its benefits to non-Kia users, aiming to alleviate Range Anxiety for EV owners. This move underscores Kia’s commitment to enhancing customer services by consolidating various functions into a single, user-friendly smartphone app.


  • Fujitsu, the digital transformation partner of choice for customers, has launched pilot modelling activities aimed at optimizing the installation of electric vehicle charging infrastructure in India. The initiative leverages Fujitsu’s Fleet Optimization solution, which uses digital twin simulation technology to streamline fleet deployment and operations.
  • As part of this effort, Fujitsu will collaborate with a consortium of global companies and partners to construct a data-sharing platform. The pilot modelling activity will take place between November 2023 and March 2024.

Indian Oil Corporation and Sun Mobility

  • Indian Oil Corporation (IOC) has inaugurated its first battery-swapping station in Kolkata for electric vehicles (EV). The oil marketing PSU established the facility at its retail outlet in New Town on the eastern outskirts of the city in collaboration with Sun Mobility, adding that this marks a significant step forward in promoting sustainable and accessible electric mobility solutions across the city.
  • In the coming months, IOC, in association with Sun Mobility, will install more battery-swapping facilities at its retail outlets, allowing drivers to access its convenient and efficient solution to quickly swap depleted batteries for fully charged ones.

Chandigarh Renewable Energy and Science and Technology Promotion Society (CREST)

  • The stage is finally set for the installation of electric vehicle (EV) charging stations at 32 sites across the city. After a field survey and inspection by its engineering department, the Chandigarh Municipal Corporation has handed over the sites to the Chandigarh Renewable Energy and Science and Technology Promotion Society (CREST) of the UT.
  • The CREST will soon commence the exercise as the tender for installing EV charging stations has already been allotted to a private bidder. While handing over the sites to CREST, the civic body has ensured that all these sites are free of technical or physical glitch for the installation of charging stations.

Source: Industry news articles, JMK Research

EV charging points, battery-swapping facilities to soon cross 5,000-mark in Delhi: Discoms

The EV charging infrastructure is expanding rapidly in Delhi with power distribution companies setting up over 4,500 charging points and battery-swapping facilities across the city and hundreds more to be installed by the end of the current fiscal. The number of charging points and battery-swapping facilities in the city will cross the 5,000-mark in the next few months. According to the latest report of the Central Electricity Authority (CEA), Delhi consumes 55 % of the power consumed at EV charging points across the country. The BSES discoms — BYPL and BRPL — have installed over 3,100 charging points and battery-swapping stations at more than 1,200 locations across South, West, East, and Central Delhi. These include 1,260 (40 %) private, 1,220 (39 %) public and 485 (15 %) captive categories.

Government has no plans for EV port standardization of two wheelers

The government currently has no plans to standardize EV ports for two-wheelers. The Minister of Heavy Industries clarified that there are no plans to establish a universal charging port standard. Consequently, it seems improbable that Ola’s proprietary Hyperchargers, specifically designed for charging Ola Electric scooters, will be compatible with Ather Energy’s users. This is because of Ather Energy’s users, as it is an open-source charging standard, which is also shared by Hero Vida V1 e-scooters and other original equipment manufacturer (OEM) charging platforms.

Now, 10,000 fuel pumps offer EV charging points

Approximately 10,000 fuel pumps across India are currently offering electric vehicle charging facilities, indicating that traditional energy suppliers wouldn’t want to be left behind in the country’s accelerated transition to electric mobility. Indian Oil, a fuel retailer, is leading the race with EV charging facilities at more than 6,300 outlets, according to oil ministry data. Hindustan Petroleum follows with over 2,350 outlets equipped with EV chargers, while Bharat Petroleum has more than 850 outlets. Among private fuel retailers, Shell provides EV charging facilities at over 200 outlets, while Nayara Energy has fewer than 200 outlets. The joint venture of Reliance Industries and BP has EV chargers at fewer than 50 retail outlets.

Key Manufacturing Updates

Elon Musk’s Tesla to set up its first India factory in Gujarat, announcement likely during Vibrant Gujarat event

Tesla is all set to enter India with its manufacturing plant in Gujarat next year. The negotiation for the establishment of the first manufacturing unit of the EV maker in India has reached its final leg and is likely to conclude soon. The announcement related to the Tesla manufacturing unit in the state is likely to take place in the upcoming Vibrant Gujarat Summit, going to be held in January 2024. Gujarat is being considered as an ideal location for Tesla’s export-oriented strategy. The company is likely to invest up to US$2 billion, contingent on a concessional duty of 15% on imported vehicles during the first two years of the plant’s operation.

India’s Himadri Speciality to make lithium-ion battery parts; shares rise

India’s Himadri Speciality Chemical would set up a facility for manufacturing lithium-ion battery components with an estimated project cost of 48 billion rupees (US$ 576.12 million). The plant aims to produce 200,000 million tonnes per annum (MTPA) of lithium iron phosphate, one of the key materials used in making lithium-ion battery cells, in phases over the next five-six years.

ARENQ to set up new INR 28 crore battery manufacturing plant in Pune  

ARENQ, a manufacturer in the energy storage battery sector, is establishing a new manufacturing unit in Khed City, Pune, Maharashtra. The company is investing INR 28 crores in this project, aiming to elevate its total production capacity to 200MW. The new facility, spanning over 80,000 square feet, will be fully automated and complement ARENQ’s existing manufacturing capabilities. It will focus on producing batteries across all segments, showcasing the company’s commitment to innovation and excellence in the energy storage industry.

Tata likely to shift Nexon EV manufacturing to Gujarat’s Sanand

Tata Motors is expected to shift manufacturing of the electric variant of its popular SUV, Nexon, to Sanand soon. The company recently completed acquisition of Ford India Limited’s car manufacturing facility in Sanand, where the company plans to manufacture electric vehicles. The new plant will unlock an additional manufacturing capacity of 300,000 units per annum which is scalable to 420,000 units per annum.

Wardwizard and Triton EV forge partnership for EV manufacturing

Wardwizard Innovations & Mobility Ltd. (WIML), a manufacturer of electric vehicles under the ‘Joy e-bike’ brand in India, signed a Memorandum of Understanding (MOU) with Triton EV (TEV), a US-based electric vehicle manufacturer. This strategic collaboration spans five years and aims to revolutionize the electric vehicle landscape in India and the UAE. Under this strategic alliance, Triton EV has selected WIML as its manufacturing partner for Battery Operated trucks in India and UAE. Furthermore, WIML will expand its manufacturing capabilities to produce Two-wheelers and Three-wheelers for Triton EV.

E-Bus Updates

Bihar transport department to buy 400 more e-buses for five cities

In a bid to reduce air pollution and promote eco-friendly transportation, the state transport department has decided to add 400 more electric buses to its existing fleet of 25 such vehicles by next year. The Bihar State Road Transport Corporation limited (BSRTC) has started the bidding process after the state cabinet’s approval of the proposal to acquire more e-buses. The new buses will run on different routes in five cities – Patna, Bhagalapur, Gaya, Darbhanga, Muzaffarpur and Purnia. The use of e-buses will reduce reliance on petrol and diesel-powered public transport vehicles.

500 e-buses to be added to Delhi’s fleet

In one of the most inductions, 500 low-floor electric buses will be inaugurated in Delhi, expanding DTC’s electric fleet to over 1,300 vehicles. The e-buses have been manufactured by Tata Motors. Currently, Delhi operates a fleet of approximately 7,300 operational CNG public buses, with DTC contributing 4,010 (1,256 AC and 2,504 non-AC), DIMTS operating 3,319. The city has been facing a shortage, with several overaged buses breaking down.

Karnataka State Road Transport Corporation (KSRTC) to add 300 electric buses

The Karnataka State Road Transport Corporation (KSRTC) is planning to add 300 electric buses to enhance connectivity to nearby districts of Bengaluru. While the buses are being procured through GCC contracts, the corporation expects an increase in costs in the absence of a central government subsidy. In a new effort to add more electric buses, KSRTC is planning to get 300 more such buses. These buses will facilitate connectivity for passengers in nearby districts of Bengaluru and other areas lower than 100 km. KSRTC wants to experiment with running electric buses on shorter routes.

Tata Motors delivers 100 Starbus EVs to Bengaluru Metropolitan Transport Corporation

Tata Motors, a commercial vehicle manufacturer, has successfully delivered 100 technologically advanced Starbus EVs to the Bengaluru Metropolitan Transport Corporation (BMTC). This delivery is part of a larger order outlined in the agreement between TML Smart City Mobility Solutions Ltd., a subsidiary of Tata Motors, and BMTC. The agreement covers the supply, operation, and maintenance of 921 state-of-the-art 12-metre low-floor electric buses over a 12-year period.

India’s plan for 50,000 e-buses on its roads gets US support

India is aiming to get 50,000 electric buses on its streets by 2027 with help from a joint finance mechanism with the US. The US$ 390 million fund will act as a guarantee for manufacturers seeking loans to expand production. India currently only has 12,000 e-buses in operation. The new fund mechanism from the government is designed to mitigate manufacturers’ risks as they access finance for fresh investments.

Olectra Greentech receives Rs 62.8 cr order for e-bus supply

Electric vehicle maker Olectra Greentech has received an order from Vasai-Virar City Municipal Corporation, Mumbai, for the supply and maintenance of 40 e-buses at a value of INR 62.80 crore. This supply order is on an outright sale basis and these buses will be delivered over a period of seven months.

Eka Mobility to roll out 50 e-buses over next few weeks in Mira-Bhyander and Ulhasnagar

EKA Mobility, a subsidiary of Pinnacle Industries, expects to formally start rolling out the initial orders of 50 electric buses to Mira-Bhayandar and Ulhasnagar municipal corporations over the next few weeks. EKA Mobility announced in July of this year the acquisition of a significant order of 57 electric buses from the Mira-Bhayandar Municipal Corporation (MBMC).

Other Market Updates

Ola Electric becomes first Indian 2W EV company to receive PLI certification for automobiles and auto components  

In a significant milestone for the Indian electric vehicle (EV) industry, Ola Electric has become the first 2W EV company to receive certification under the Production Linked Incentive (PLI) Scheme for automobiles and auto components.  The industry have revealed that Ola Electric has successfully met the stringent eligibility assessment requirements outlined in the PLI Scheme, including a minimum of 50% domestic value addition to its vehicles. This certification positions Ola Electric as the sole EV 2W manufacturer eligible for benefits under the PLI auto scheme.

Tata Motors receives first PLI-AUTO certificate from ARAI for 12m fully built bus in M3 Category  

Automotive Research Association of India (ARAI) has conferred the first PLI-AUTO certificate to Tata Motors in the M3 category for their 12 metre long fully built bus. This recognition is a testament to the conformity of their vehicle model, Tata Starbus 4/12 EV, encompassing both AC and Non-AC variants.

SIDBI grants INR 12.45 crore to deploy 300 Electric 3-wheelers in Delhi and Hyderabad  

The Small Industries Development Bank of India (SIDBI) has granted INR 12.45 crore to ETO Motors to deploy 300 Electric 3-Wheelers (E3W) in Hyderabad and Delhi for first and last mile passenger connectivity. ETO Motors, as part of the financial support, will also build an EV Charging Infrastructure to support the deployment of 300 E3Ws Hyderabad and Delhi. The financial support to ETO Motors is under SIDBI’s Mission 50K-EV4ECO which aims at strengthening the EV ecosystem in India, including uptake for two, three and four-wheelers through direct and indirect lending. The objective of this scheme is to provide access to affordable financing for electric vehicles and to develop charging infrastructure, including battery swapping.

Nexzu Mobility signs MoU with Gujarat government to set up India’s first smart EV park

Nexzu Mobility, a sustainable urban transportation solutions provider, has signed a Memorandum of Understanding (MoU) with the Government of Gujarat, to develop India’s first ever Smart EV Park in a move that promises to redefine the country’s mobility landscape. The company will invest INR 5,000 crores over the next 10 years to set up the park, which is expected to generate employment for over 5,000 people.

Gogoro to go ahead with US$ 2.5 billion battery swapping MoU with Maha government without Belrise  

Taiwan-based global battery systems provider Gogoro has chosen to proceed with the US$ 2.5 billion MoU with the Maharashtra government to build battery-swapping infrastructure in the state, excluding Pune-based auto component maker Belrise Industries. Following the MoU announcement, the collaboration between Belrise and Gogoro did not progress to the joint venture establishment stage. This was attributed to the failure to complete and fulfill various variables and parameters beyond the control of the two partners.

Electric vehicles for last mile link at a few metro stations

Chennai Metro Rail (CMRL) has planned to launch electric vehicles at five stations for first- and last-mile connectivity. A total of 12 electric vehicles with varying capacities are set to operate at the following stations: Koyambedu, Thirumangalam, Wimco Nagar Depot, Thousand Lights (LIC), Meenambakkam, or Nanganallur Road. CMRL recently issued a tender calling for expressions of interest (EOI). According to the tender, four-wheeler electric vehicles with 5, 8, and 14 seats have been planned. These vehicles will transport passengers to and from the stations between 6 am to 10 pm. Commuters can pay for the feeder service using their CMRL smart cards or QR codes. The vehicles are likely to have GPS trackers, SOS for female passengers, and a customer care support system.

Macquarie cheques into EV finance in India with US$ 400 Mn

Australian financial services firm Macquarie is looking to enter the credit space in India by launching a non-banking financial company (NBFC) as part of an electric vehicle (EV) platform it plans to set up in the country. The NBFC will help commercial fleet operators avail credit, addressing a major gap in India’s EV ambitions. Macquarie will soon apply for a licence with the Reserve Bank of India (RBI). For now, the firm has set aside a US$400 million investment in its end-to-end EV platform, which will offer everything from fleet leasing to electrification (battery services) and heavy transportation.

C4V inks MoU with Hindalco for EV battery material

C4V, the US-based Li-Ion battery technology company, has entered into a Memorandum of Understanding (MoU) with Hindalco Industries for the development and supply of Battery Grade Aluminium foils, Coated Foils, and structural components for Li-ion cells. According to the MoU, Hindalco will supply up to 2,000 tons of battery foil to C4V over a five-year period. The agreement outlines a strategic roadmap that includes collaboration on materials and joint technology development. This collaboration is aligned with the evolving demands of the Indian EV market and focuses on achieving self-reliance in India’s EV battery technology.

iVOOMi upgrades battery tech, introduces cloud data connectivity to its vehicles

iVOOMi, an electric two-wheeler original equipment manufacturer (OEM), has undergone significant research and development efforts to enhance its battery technology. The result is a notable increase in power and capacity by 22%-25% , coupled with the introduction of cloud data connectivity to its vehicles. The upgraded battery technology allows iVOOMi vehicles to draw up to 7 kW of power, providing users with superior performance experience and an extended range. This enhancement translates to a 25% increase in range.

Neogen Ionics completes land acquisition in Gujarat to establish Battery Materials facility at a Greenfield site

As part of its future expansion strategy and a crucial step in establishing a greenfield project, Neogen Ionics Limited, a wholly owned subsidiary of Neogen Chemicals Limited, has successfully completed the acquisition of approximately 65 acres in Pakhajan, Dahej PCPIR, Gujarat. Dedicated for battery materials and new future business opportunities, Neogen will set up the plant on this greenfield site to manufacture 30,000 MT of electrolytes and 4,000 MT of electrolyte salts and additives in the first phase.

GoMechanic, MoEVing launch EV service for fleet aggregators

GoMechanic has launched of ‘Electric Vehicle Services’ for India’s key fleet operators in the EV space. Under its new expansion strategy, GoMechanic will enlarge its service portfolio from ICE (Internal Combustion Engine) to EVs (Electric Vehicles) for leading Industry fleet leaders. The GoMechanic network will target to service/repair over 10,000+ smart vehicles across India in the year 2024-25. EV fleet services will include periodic vehicle service to major repairs – including paint, tyres, windshield, side mirrors, brake pads, repair, and replacements.

Audi inaugurates India’s first ultra-fast charging station in Mumbai  

Audi, the German luxury car manufacturer, has inaugurated India’s first ultra-fast charging station in Bandra Kurla Complex (BKC), Mumbai. Developed in collaboration with Charge Zone, the 450kW ultra-fast charging ‘e-tron hub’ features a high-powered gun capable of delivering up to 360kW/500amps, ensuring efficient and high-performance charging. Until March 2024, Audi e-tron owners can enjoy free charging at the ‘e-tron hub’, and the charging station is compatible and open for all electric vehicles.

Mahindra set to drive in its first electric truck in 2025  

Domestic automaker Mahindra & Mahindra is developing its inaugural range of electric light commercial vehicles (LCVs) to establish a presence in a fiercely competitive segment that transitioning from conventional fuels to cleaner technologies, including compressed natural gas (CNG) and electrification. Mahindra plans to launch its first line-up of electric four-wheeler commercial vehicles in 2025, complementing its existing range of electric three-wheeler cargo products.

Zypp Electric plans to incorporate 500-1000 Gogoro e-scooters in its fleet  

India and the US are set to partner to accelerate New Delhi’s transition to electric public transport systems to meet its net zero goals, signalling the growing trade and political ties between the two countries as they seek to counter China’s influence on the global stage. As per the proposal, which has been forwarded for inter-ministerial consultations, the US will extend US$ 150 million (about INR 1,250 crore) to set up a fund as a payment guarantee for companies supplying electric buses to ailing state transport undertakings (STUs). The two sides are in talks to finalise the modalities of the financial mechanism.

KPIT unveils breakthrough Sodium-ion battery technology to alleviate Lithium dependency  

KPIT Technologies, an independent software integration partner to the automotive and mobility ecosystem, has unveiled its Sodium (Na)-ion battery technology. This battery technology promises to reduce import dependency on core battery materials. It has several use-cases for automotive and mobility, especially for electric two and 3-wheelers and commercial vehicles. It has promising applications in stationary deployments, such as UPS backups and grid storage, as well as in the marine and defence sectors.

BluSmart Mobility taps Tata Motors, MG Motor India for 3800 e-cars

BluSmart Mobility, a ride hailing company, plans to purchase 3,800 electric cars from Tata Motors and MG Motor India as it expands its presence in the growing Indian market for electric mobility. With this latest addition, BluSmart’s electric vehicles fleet will increase from the current 5,500 to 9,300. The majority of the cars will be sourced from Tata Motors, the firm will further augment its fleet over the next couple of years to take the total fleet size to 21,000-22,000 by 2025.

E-rickshaw pilot project to soon resume in Matheran

The Raigad district administration has signaled the early resumption of the e-rickshaw pilot project. A recent Supreme Court order released recently allows the state government to continue with the e-rickshaw pilot project in the hill station until further orders. During the three-month trial, seven e-rickshaws were put into service. Notably, Matheran has 94 hand-pulled rickshaw owners.

Hindustan Zinc begins EV trucks deployment at mines

Vedanta Group firm Hindustan Zinc has initiated the deployment of electric trucks at one of its mines. The company officially launched the first fleet of electric vehicles in partnership with Inland EV Green Services. Crafted for Indian conditions, these trucks boast a remarkable 55-tonne capacity each, coupled with an impressive charging capacity, capable of going from 20 to 100 per cent in just 90 minutes.

Emobi develops E2W in collaboration with Japan’s Musashi

The Bengaluru-based Emobi Manufactury Private Limited has developed an electric two-wheeler in collaboration with Japan’s Musashi Seimitsu CO Ltd. (Musashi) using Musashi’s high-performance powertrain with Battery-As-A-Service provided through Honda Power Pack Energy India (HEID). Designed for performance, reliability, and affordability, the electric two-wheeler targets the last mile delivery / bike taxi segments. It is engineered to match the standards of 125cc ICE variants and is expected to be among the best-in-class for the target segment.

Terra Charge announces Blanket Solution to electrify last mile delivery and logistics companies

Terra Motors Charging Solutions, an EV ecosystem developer, has announced the Terra Charge Blanket Solution—a comprehensive EV package. This all-encompassing package aims to make a significant impact on the US$ 2 billion Indian Electric Vehicle market, offering a range of features, including L5 Loader vehicles, designed to cater to the needs of the last-mile delivery and the logistics arena. It will also provide personalized financing options for EV purchases, build charging infrastructure, and provide centralized management software with dashboards and mobile app access for real-time insights.

Deals and Investments

Company name

Company type

Deal type


Deal value

(INR Crore)



Digital lending Platform


Omidyar Network, with participation from the Asian Development Bank, Companion Capital Limited, and existing investors Green Frontiers Capital and LC Nueva

115 Series- B

Revfin secures US$ 14 million in Series B funding  


EV Ride Hailing


Existing investors, founders, and the leadership team


BluSmart secures INR 200 crore in recent equity round  

BatX Energies

Battery Recycling


Zephyr Peacock, Lets Venture, JITO Angel Network, and family offices of Mankind Pharma, Excel Industries, BluSmart, and others

41.36 (Pre-Series A)

Li-ion battery recycler BatX Energies raises US$ 5 Mn in pre-Series A  

Exponent Energy 

Energy Tech


Eight Roads Ventures, TDK Ventures, Lightspeed, YourNest VC, 3one4 Capital, AdvantEdge VC, and Dr. Pawan Munjal (Executive Chairman, Hero MotoCorp)

164 (Series-B)

Exponent secures US$26.4 million in Series B funding 

Source: Industry news articles, JMK Research

EVRE to invest INR 200-250 crore to set up commercial EV charging hubs  

EVRE, a third-party B2B charging solution provider, is set to invest INR 200-250 crore in setting up 800-1,000 commercial electric vehicle (EV) charging hubs over the next two years. Currently, the company operates 120 charging hubs across eight cities. The company is looking for local partners globally, specifically in European Union, South-East Asian countries, and West Asia. In addition, it also plans to enter the highway segment of public charging and wants to create a large-scale charging infrastructure that will be different from what the current players are doing.

Taiwan’s Gogoro plans to rev up India investment to make electric 2-wheelers

Taiwan’s Gogoro is planning to scale up investments in the Indian market for the local production of electric two-wheelers and set up a battery swapping network to support these vehicles over the next few years. Gogoro has already firmed up plans to invest US$ 1.5 billion in Maharashtra to manufacture vehicles and set up swapping stations in the state by the end of the decade. The company will make additional investments to grow its footprint in other states.

Hindalco to set up INR 800 crore battery foil plant in Odisha to tap EV market

Hindalco Industries, an aluminium rolling and recycling company, is planning a substantial expansion of its manufacturing capacity for high-quality aluminium foil used in rechargeable batteries to serve the rapidly growing market for electric vehicles and energy storage systems. The company is investing INR 800 crore to build a new plant near Sambalpur in Odisha, which will initially produce 25,000 tonnes of this resilient product which forms the backbone of Lithium-ion and Sodium-ion cells.

Kinetic Green in final leg of INR 250 crore fund raise, eyes 1 lakh EV sales in FY25 and INR 1000 crore turnover

Kinetic Green, the electric vehicle arm of the Kinetic Group, is in the final stages of raising approximately US$ 30 million or INR 250 crore from external investors to fund its expansion plans. The company is likely to close the fundraise within the next quarter. Having generated around INR 300 crore in business by selling a modest number of electric two and three-wheelers in 2023, Kinetic Green aims to surpass INR 1000 crore in turnover in FY2025.

Amara Raja plans INR 1,500 crore capex for expansion of new energy business

Amara Raja Energy and Mobility, an industrial and automotive battery major formerly known as Amara Raja Batteries, is planning to invest approximately INR 1,500 crore as capital investment (capex) over a two- to three-year period as it seeks to expand its new energy business in the form of lithium-ion cells and battery packs, EV charging products, and energy storage solutions. The company is in the process of establishing its first 2 GW per hour NMC line, with commercial production scheduled to commence sometime in FY2026. For these three projects, the initial outlay to be spent over the next two to three years is estimated to be around INR 1,500 crore. Land acquisition has been successfully concluded, and construction has recently commenced. The company plans to incur a capex of INR 500–600 crore in the next year for equipment purchases and various other activities, with a similar expenditure expected in FY2026.

Graphite India to buy 31% stake in Godi for INR 50 crore

Graphite India, a manufacturer of graphite electrodes, is set to invest INR 50 crore to acquire a 31% stake in Hyderabad-based Godi India. Godi India specializes in advanced chemistry R&D to support manufacturing of sustainable batteries for EVs and supercapacitor-based energy storage systems. This strategic investment aligns with Graphite India’s broader goal to diversify into advanced battery technologies and energy storage systems. The agreement involves Graphite India signing a definitive transaction for the INR 50 crore investment in compulsory convertible preference shares of Godi. Upon full dilution, this investment will confer a 31% holding in Godi India.

JVs & Partnerships

Companies involved

Purpose of Partnership

Mahindra Last Mile Mobility and Attero

  • Mahindra Last Mile Mobility Limited (MLMML), a subsidiary of Mahindra & Mahindra, has entered into a strategic collaboration with Attero, a player in lithium-ion battery recycling and e-waste management. The Partnership is focused on effective EV battery recycling.
  • MLMML, a company specializing in electric vehicle technologies, offers an extensive selection of Li-ion electric 3-wheelers, including models such as the Treo, Treo Plus, Treo Zor, Treo Yaari, and Zor Grand. The collaboration between MLMML and Attero is specifically aimed at promoting the sustainability and recycling/reuse of lithium-ion batteries.

Log9 and BluWheelz

  • BluWheelz, a technology-driven logistics firm specialising in first, mid, and last-mile solutions, has recently announced a strategic partnership with Log9, an energy solutions provider.
  • The collaboration aims to harness Log9’s comprehensive ecosystem of commercial assets, enhancing operational capabilities for BluWheelz. BluWheelz operates an electric vehicle fleet within the e-commerce, quick commerce, and food tech industries. Meanwhile, Log9 is making notable strides in sustainable transportation by deploying its first fleet of 2-wheelers in North India.

Motovolt and Swobbee

  • In a transformative move to enhance electric two-wheeler accessibility in India, Motovolt Mobility Pvt. Ltd. has joined forces with German climate-tech firm Swobbee. This collaborative effort addresses challenges associated with EVs, with a primary focus on battery charging time, cost, and life to elevate the overall user experience in the country.
  • The partnership is poised to revolutionize the sector with the commitment to establish 200 battery swapping stations across India within the next 24 months. The initial phase has commenced with the launch of the first two Swobbee battery swapping and charging stations in Delhi and Kolkata.

Omega Seiki and Ready Assist

  • Omega Seiki Mobility (OSM), an EV manufacturer, has entered into a strategic partnership with ReadyAssist to introduce an extensive roadside assistance program for its three-wheelers, aiming to deliver a seamless and reliable customer experience. ReadyAssist’s Roadside Assistance (RSA) program will cover all deployed OSM vehicles, focusing on prompt emergency assistance, after-sales support, and the overall reliability of its electric three-wheelers in the first year.
  • During the second year, a retail subscription plan will be introduced, granting access to the ReadyAssist RSA for all existing OSM vehicles. In addition to roadside assistance, ReadyAssist will extend support for hub movements through towing services based on ad-hoc orders, following a Garage-to-Garage (G2G) model.

OTO and Mufin Green Finance

  • OTO has announced a strategic partnership with Mufin Green Finance to reshape the landscape of electric vehicle (EV) financing, particularly for underserved customer segments. Recognising the evolving EV industry landscape, OTO’s collaboration with Mufin Green Finance not only provides the latter access to OTO’s digital-savvy customer base within the two-wheeler sector but also represents a strategic move towards the burgeoning electric mobility sector.
  • OTO has set an ambitious goal to sell 35,000 electric vehicles in 2024, reinforcing its dedication to fostering the adoption of sustainable solutions. With plans to allocate over 250 crores in green mobility, OTO aims to deploy over 100 crores through Mufin Green Mobility.

Revamp Moto and Bolt.Earth

  • In a recent collaborative initiative, Revamp Moto announced its partnership with Bolt.Earth to integrate an operating stack into their existing vehicles.
  • This strategic alliance aims to redefine vehicle capabilities within the EV industry, enhancing efficiency and delivering a smarter, more intuitive experience for end-users.

Hero MotoCorp and Ather Energy

  • Hero MotoCorp, a manufacturer of motorcycles and scooters, has partnered with Ather Energy to establish an interoperable fast-charging network in India.
  • This collaboration aims to provide electric vehicle (EV) users with the convenience of seamlessly utilizing both VIDA and Ather Grids across the country. The integrated network is set to span 100 cities and include over 1900 fast-charging points.

Log9 and TORK Motors 

  • Log9 and TORK Motors have partnered to promote interoperable charging infrastructure in India through the Bharat Charge Alliance (BCA) initiative. Both Log9 and TORK Motors are members of BCA.
  • As a battery pack manufacturer, Log9 has introduced Type 6-Bharat LEV fast charging across its new battery platforms in the two and three-wheeler space. Type 6 is set to become the low-voltage fast charge standard in the next generation, with multiple OEMs adopting the same. Under this partnership, both TORK Motors and Log9 will allow customers of both brands to utilise their chargers and charging network, which is based on BCA’s LEV DC interoperable standard (IS 17017-25 and IS 17017-2-6 released by BIS in 2021).

Quantum Energy and RevFin

  • Quantum Energy, an electric vehicle (EV) startup specializing in the design, development, manufacturing, and sales of electric scooters, has partnered with Fintech startup RevFin, an advanced digital consumer lending platform, which is revolutionizing the way the financing is being done.
  • Under this collaboration, Revfin will empower the fleet companies with the required funds to add Quantum Energy’s innovative Bziness and Bziness Pro e-scooters to their fleets. With the increasing trends of e-commerce, quick commerce, and fast adoption of electric scooters in the logistics sector this association will help the fleet companies.

ZEVO and  Machphy Solutions

  • ZEVO, a tech-enabled EV mobility platform, has entered into partnership with Machphy Solutions to deploy its innovative temperature-controlled last-mile delivery solutions across 10 cities in India.
  • The collaboration aims to offer sustainable and climate-friendly solutions for temperature-controlled logistics (TCL) in the delivery of frozen goods and pharmaceuticals. ZEVO’s system, operating with an overnight plug-in electric charge, can maintain intracity operations for up to 16 hours at -20°C with a range of 120 km. The solution utilises advanced thermal materials for efficient energy storage, providing a sustainable and cost-effective option for EV operators in the last-mile delivery segment.

Source: Industry News Articles, JMK Research

Global Market Updates

EKA Mobility partners with Japan’s Mitsui and Netherlands’ VDL Group to manufacture EVs

Pune-based EKA Mobility has formed a strategic partnership with Japan’s Mitsui & Company and Netherlands-based VDL Group to manufacture electric buses and light commercial vehicles in the country. As per the agreement, Mitsui and VDL together will invest US$ 100 million (approx. INR 830 crore) in EKA Mobility for significant minority stakes. The resources will be utilized to scale up research and development and enhance manufacturing capacity. EKA Mobility, which commissioned a production unit in Pune earlier this year, plans to scale up production capacity to roll out 5,000 electric buses and 6,000 light commercial vehicles per annum in the first phase. This would be further increased to produce 12,000 electric buses and commercial vehicles each in the medium term, as per market demand.

EU, UK extend trade rules to avoid tariffs on electric vehicles

The European Union and Britain agreed to give electric vehicle (EV) makers until the end of 2026 to comply with local content rules, delaying the imposition of tariffs on EVs traded with the UK. The extension from the previous 2024 deadline would save manufacturers and consumers up to 4.3 billion pounds (USD 5.45 billion) in additional costs. Britain and the EU are each other’s largest market for exports of EVs, which are being encouraged as an alternative to carbon-emitting internal combustion engine vehicles powered by gasoline or diesel.

Tesla moves forward with a plan to build an energy-storage battery factory in China

American electric automaker Tesla’s plans to produce energy-storage batteries in China moved forward with a signing ceremony for the land acquisition for a new factory in Shanghai. The new factory will initially produce 10,000 of Tesla’s Megapack units annually for sale worldwide.

BYD’s first European plant to come up in Hungary

BYD, a manufacturer of new energy vehicles, has announced the next stage of its European strategy: the construction of a brand-new manufacturing and production centre in Szeged, Hungary. The state-of-the-art facility will be the first of its kind built by a Chinese automotive company in Europe and will have the advanced car production line. The factory will be built in phases and is expected to create thousands of local jobs, boost the local economy, and support local supply chains. BYD has not specified which models it plans to manufacture in Europe.

EU and UK sign off deal providing much-needed certainty for EU EV manufacturing

The EU and UK have signed off on extending current battery and electric vehicle rules of origin under the Trade and Cooperation Agreement (TCA). European manufacturers have welcomed this solution, which will help support the competitiveness of Europe’s burgeoning electric vehicle manufacturing industry.

Wardwizard Innovations inks MoU with BEEAH to sell EVs in GCC, African countries

Wardwizard Innovations & Mobility, an electric vehicle company has signed a Memorandum of Understanding (MoU) with BEEAH Group (BG), a sustainable waste management firm co-owned by the Sharjah government in the UAE. This collaboration aims to promote the use of electric vehicles and contribute to environmental improvement across the GCC countries and African nations. As a part of this strategic alliance, WIML and BEEAH Group will conduct technical and commercial feasibility studies to produce two-wheelers, three-wheelers, and battery-operated trucks, both small and large, in the UAE.

SQM ties up with Hancock on USD 1.1 billion bid for Australian lithium developer Azure

Chile’s SQM has teamed up with Executive Chairman of Hancock Prospecting, Gina Rinehart, to make a sweetened A$1.7 billion (US$ 1.14 billion) bid for Australian lithium developer Azure Minerals. The deal would give lithium producer SQM a foothold in Australia with a stake in Azure’s Andover project and a partnership with Hancock, which has rail infrastructure and local experience in developing mines.

ABB to supply 1,300 robots to Volvo to build next-gen EVs

ABB, a longstanding supplier to Volvo Cars, is to supply more than 1,300 robots and functional packages to help the Swedish car maker build the next generation of electric vehicles and achieve its ambitious sustainability targets. The automotive industry’s historic transformation, driven by increasing consumer demand for electric vehicles and a desire to operate more sustainably, is creating new opportunities as well as challenges for global manufacturers.

Canada Set to Mandate Zero Emissions for All New Cars by 2035

Canada is expected to announce a mandate requiring all new cars to be zero emissions by 2035.The upcoming regulations, known as the Electric Vehicle Availability Standard, aim to ensure a sufficient supply in the Canadian market and reduce wait times for electric vehicles. This move aligns with the global trend of countries promoting electrification. The proposed standard dictates that zero-emission vehicles, including battery electric, plug-in, and hydrogen models, must constitute 20% of new car sales in 2026, 60% in 2030, and reach 100% by 2035.

Germany to end e-vehicle subsidy programme

Germany’s electrical vehicle subsidy programme will end prematurely after paying out around EUR 10 billion since 2016, the latest sign of belt-tightening following the adoption of a revised 2024 budget this week. The new budget had to be slimmed down after a ruling by Germany’s constitutional court that blew a EUR 60 billion (US$65.36 billion) hole in the country’s state budget and forced the government to shelve some programmes designed to speed up Germany’s green transition. The e-car subsidy was originally intended to apply until the end of 2024. Subsidies already applied for will be paid out, but no new applicants will be accepted from December 18, 2023.

Greaves Technologies partners Danisi Engineering, plans foray into Europe

Bengaluru-based Greaves Technologies, a full-service engineering, and R&D, and digital services solutions provider and part of the highly diversified Greaves Cotton Group, has partnered with Italy’s Danisi Engineering that specializes in offering vehicle engineering and prototyping solutions for the automotive industry. The alliance aims to leverage Greaves Technologies’ presence in India to build and grow IT and software engineering capabilities, as well as capacities for Danisi Engineering in India. Additionally, it provides Greaves Technologies with opportunities to expand into the European market, where Ferrari and Fiat are key customers of Danisi.

Bolivia signs US$ 450 million lithium deal with Russia

Bolivia, home to some of the world’s biggest lithium reserves, has signed a US$ 450 million deal with Russian state firm Uranium One Group to produce key components for batteries and electric vehicle. Under the agreement, the Russian firm’s parent company, Rosatom, will invest in Bolivia over two years to build a pilot lithium plant in the country’s south.

Thai state oil giant PTT starts making lithium-ion EV batteries

Thai oil and gas conglomerate PTT has commenced the production of lithium-ion batteries as part of its efforts to create a supply chain for its EV brand Neta and capitalize on the growing green car market. The plant, owned by joint venture NV Gotion and situated in Rayong province southeast of Bangkok, has set up a production line to make lithium-ion batteries with a capacity of 2 gigawatt-hours per year.

Japan plans tax breaks for 10 years to boost EV, chip production

The Japanese government is planning to implement tax incentives over a decade to stimulate mass production in five areas, including electric vehicle (EV) production and semiconductor devices manufacturing. The ruling Liberal Democratic Party in Japan is set to incorporate these tax breaks in the fiscal 2024 tax reform framework, which are expected to be finalized as early as this week.

South Korea to provide US$ 29 billion to support battery industry over 5 years

South Korea will provide 38 trillion won (US$ 29 billion) in financing to strengthen its battery industry over the next five years, as global competition to secure battery supply chains remains fierce. South Korean battery firms like LG Energy Solution, Samsung SDI and SK On, a unit of SK Innovation, held a 49% share of the global battery market excluding China as of 2022. The country plans tax incentives and loan support for South Korean firms investing overseas to secure mining rights for minerals and other battery materials and strengthen financial support for companies that refine and reuse minerals.

First EV charging station funded by Biden’s infrastructure law goes online

The first electric vehicle charging station funded by a US$ 7.5 billion U.S. government program has commenced operating in Ohio, as part of the White House’s initiative to address a key concern for potential electric vehicle buyers. The White House aims to expand the nationwide network of chargers to 500,000, including high-speed chargers spaced no more than 50 miles (80 km) apart on the nation’s busiest highways and interstates. The funding comes from the US$ 1 trillion 2021 infrastructure law.

Lohum partners Ministry of Energy & Infrastructure, UAE and BEEAH to setup UAE’s first EV battery recycling plan

Lohum Cleantech, a leading electric vehicle battery recycling company is expanding its presence globally and has announced its partnership with the Ministry of Energy & Infrastructure, UAE, and BEEAH to setup UAE’s first EV battery recycling. The partnership comes in light of UAE’s COP28 agenda and aligning with the UAE’s net zero by 2050 strategic initiative, Circular Economy Policy and supporting emissions-free mobility with future-ready solutions. The venture will entail the setting up of an 80,000 sqft refurbishing and recycling lithium batteries facility, in UAE. The facility will annually recycle 3,000-tonne of lithium-ion batteries and repurpose 15MWh battery capacity into sustainable Energy Storage Systems (ESS) per annum. This is expected to account for more than 80 percent of the current expected EV batteries management demands.

Stellantis EVs to use Ample’s modular battery swapping tech from 2024

Stellantis, an automotive manufacturer, and Ample have signed a binding agreement to establish a partnership in electric vehicle (EV) battery charging technology capable of delivering a fully charged battery in less than five minutes. The two partners have agreed to collaborate on integrating Ample’s Modular Battery Swapping solution in Stellantis electric vehicles. Battery swapping technology enables an EV customer who stops at a battery swapping station to have their depleted EV battery swapped out for a fully charged battery in a matter of minutes.

EV sales in the United States cross one million marks for the first time ever

According to data from National Automobile Dealer Association (NADA), sales of battery electric vehicles (BEVs) during the January to November period reached 1,007,984 units, marking a significant year-on-year increase of 50.7%. These record-breaking EV sales in the United States in the first 11 months of 2023 counter suspicions that demand for such vehicles is slowing down in key markets worldwide. Instead, incentives and the introduction of new or updated models are bolstering a positive sentiment towards new purchases. In particular, the Joe Biden administration’s Inflation Reduction Act has not only attracted increased investments from manufacturers into EVs but also potentially stimulated demand in the US.

Ford commercial unit, Xcel Energy partner up to install 30,000 EV charging ports

Ford’s commercial unit is set to collaborate with utility firm Xcel Energy to deploy 30,000 electric vehicle charging ports across the United States by 2030. Under the program, Xcel Energy will install charging infrastructure for business customers that qualify for and enrol in an approved Electric Vehicle Supply Infrastructure (EVSI) program at their service locations. Most upfront costs for this Infrastructure will be offset by the utility firm.

Eatron Technologies and About:Energy win funding to extend EV battery lifetime

Eatron TEchnologies and About:Energy have secured funding from UKRI’s Faraday Battery Challenge to develop a first-of-its-kind AI-powered decision engine that delivers increased battery longevity, accelerates time-to-market, and cements the UK’s position as a global leader in AI-powered intelligent battery management systems. Current battery management systems (BMS) rely on simple empirical methods that sacrifice accuracy in return for reduced computational effort. Conventional AI-powered methods, meanwhile, remain challenging to integrate within the BMS due to their complexity, demanding training process, and the need for large volumes of input data.

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