Monthly EV Update – February 2023

Monthly EV Update – February 2023

monthly electric vehicle

Product Launches

India LaunchesFebruary 2023


Vehicle type

Battery specifications

Other specifications


River Indie

E2W (E-scooter)

  • 4kWh Lithium-ion
  • Range – 120 km
  • Max Speed – 90 km/hr
  • Charging time –5 hrs (0-80%)

INR1,25,000 (Ex-showroom)

Okaya Faast F2f

E2W (E-scooter)

  • 2.2kWh LFP
  • Range – 70-80 km
  • Top Speed – 45-55 km/hr
  • Charging time –4-5 hrs

INR83,999 (Ex-showroom)

Greaves E-Mobility Ampere Primus

E2W (E-scooter)

  • 3kWh lithium-iron phosphate
  • Range – 107 km
  • Top Speed – 77 km/hr

INR1,09,900 (Ex-showroom)

Okaya Faast F3

E2W (E-scooter)

  • 3.53kWh lithium-ion LFP
  • Range – 120-130 km
  • Top Speed – 60-70 km/h
  • Charging time –4-5 hrs

INR99,999 (Ex-showroom)

Citroën E-C3


  • 29.2kWh
  • Range – 320 km
  • Top Speed – 107 km/h
  • Charging time – 57 mins (10-80%) with DC charger, 10.5 hrs (10–100%) with 15A socket

Live: INR11,50,000 (Ex-showroom)

Feel: INR12,13,000 (Ex-showroom)

Feel vibe pack: INR12,28,000 (Ex-showroom)

Feel dual tone vibe pack: INR12,43,000 (Ex-showroom)

Source: Industry News Articles, Company Websites, JMK Research

EV Sales Trend

The overall EV sales in February 2023 witnessed a m-o-m rise of ~5.3% to reach 1,05,976 units. On a y-o-y basis, EV sales in February 2023 increased by 94% from that of EV sales in February 2022.

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

Source: Vahan Dashboard, Company Press Releases, JMK Research

Note: Sales figures represent EVs registered across 1,342 RTOs in 34 states/ UTs.

As depicted in the figure below, EV registrations in February 2023 were again driven by electric two-wheelers and passenger-type electric three-wheelers, which together accounted for 92.07% of total registrations in the month. The shares of these categories were followed by E-Cars (4.26%), cargo-type electric three-wheelers (3.50%), and so on.

Category-wise EV Sales in February 2023

Source: Vahan Dashboard, JMK Research

Note: Sales figures represent EVs registered across 1,342 RTOs in 34 states/ UTs; Others include adapted vehicle, goods carrier, and private service vehicle.

Among the states and UTs, Uttar Pradesh again replaced Maharashtra to secure number one position in EV registration this month, pushing Maharashtra to the second position. Karnataka attained third spot this month with 10% market share. This was followed by Gujarat and Tamil Nadu with 7%, Rajasthan with 6%, and Delhi with 5% market shares each. While Gujarat and Tamil Nadu witnessed m-o-m increase in sales, almost all other states witnessed decrease in sales this month.

State-wise Registered EV Sales in February 2023

Source: Vahan Dashboard, JMK Research

Note: Sales figures represent EVs registered across 1,342 RTOs in 34 states/ UTs. Others include Chhattisgarh, Madhya Pradesh, Uttarakhand, Punjab, and 18 other states/UTs.

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

The overall HS E2W sales in India increased by ~2.21% m-o-m in February 2023 to reach 65,620 units. The Top 10 players accounted for ~92% of the total registrations witnessed in the month of February 2023. On a y-o-y basis, E2W sales in February 2023 surged by more than 100% from that of E2W sales in February 2022.

High-Speed E2W Sales Trend

Source: Vahan Dashboard, JMK Research

Note: Sales figures represent only high-range E2W (Top speed > 25 kmph) registered across 1,342 RTOs in 34 states/ UTs.

Ola Electric retained its top slot this month as well with more than 17,616 units sold. TVS Motors retained its second position this month as well. Ather and Hero electric secured third and fourth positions respectively. BGauss Auto Ltd. made an entry to the top 10 squad for the first time this month.

Top High-Speed E2W Players in February 2023

Source: Vahan Dashboard, JMK Research

Note: Sales figures represent only high-range E2W (Top speed > 25 kmph) registered across 1,342 RTOs in 34 states/ UTs. Others include Jitendra New EV Tech, GoGreen E-mobility Private Limited, AMO Mobility, Twenty-Two Motors, KLB KOMAKI, and 72 other players. The sales for Bajaj include sales of Bajaj as well as Chetak Technology and 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 February 2023 stood at 31,955 units and 3,709 units respectively, signifying a m-o-m increase of ~7% and ~16% for E3W – passenger and for E3W – cargo respectively. Overall E3W sales recorded a m-o-m rise of ~8% over last month. On a y-o-y basis, passenger E3W sales in February 2023 increased by 93% and cargo E3W sales increased by 48% from that of passenger and cargo-type E3W sales in February 2022.

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

Source: Vahan Dashboard, JMK Research

Note: Sales figures represent E3Ws registered across 1,342 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 February 2023 accounted for 36.04% share of the entire E3W market. Mahindra and YC Electric came in at first (10.29% share) and second (7.24% share) positions respectively. This was followed by Saera Electric Auto (5.16%), Dilli Electric (4.28%), Champion Poly Plast (3.47%), Piaggio (2.96%) and Mini Metro EV LLP (2.64%).

Top E3W Players in February 2023

Source: Vahan Dashboard, JMK Research

Note: Others made up 65.96% of the E3W market in February 2023; sales figures for players are inclusive of both cargo and passenger offerings; Sales figures represent E3Ws registered across 1,342 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 February 2023 stood at 4,510 units, witnessing a m-o-m rise of ~35%. Tata Motors has been driving the E-car sales this month as well. The Company accounted for ~82% share (against 72% share of the market in January 2023) of the total E-car registrations. Tata Motors has been witnessing an increase in sales while MG Motor has been witnessing a decline in sales for this month. On a y-o-y basis, E-Car sales in February 2023 increased by ~53% from that of E-Car sales in February 2022.

Player-wise E-Car Sales Trend

Source: Vahan Dashboard, JMK Research

Note: Sales figures represent E-cars registered across 1,342 RTOs in 34 states/ UTs; Others include Hyundai, BYD, Audi, Volvo Auto, Mahindra & Mahindra, Mercedes-Benz, BMW, Jaguar, KIA Motors, GAIA New Energy, and Porsche.

Electric Buses (E-Buses)

The total sales of E-buses in February 2023 stood at 98 units, witnessing a m-o-m increase of 2%. On a y-o-y basis also, E-Bus sales in February 2023 decreased by ~26% from that of E-Bus sales in February 2022.

This month’s sales were again driven by PMI Electro Mobility (with a 54% market share) followed by Switch Mobility (Ashok Leyland) (18%), JBM Auto (14%), and Olectra Greentech (13%). 

Player-wise E-Bus Sales Trend

Source: Vahan Dashboard, JMK Research

Note: Sales figures represent E-buses registered across 1,342 RTOs in 34 states/ UTs.

Policies & Regulations

Tamil Nadu EV policy 2023

The Tamil Nadu government releases the electric vehicle policy 2023, which aims for INR50,000 crore investments and to generate 1.5 lakh jobs in the state. This new policy shall be valid for a period of 5 years from the date of the policy notification, or till a new Policy is announced. The policy focuses on accelerating EV adoption in commercial vehicles, encourages both public swapping and charging stations, and supports recycling. It will encourage the adoption of EVs in the state with 100 per cent road tax exemption, would waive registration fees, and permit fees for electric vehicles. The policy document says that the state has signed MoU with companies committing investments around INR24,000 crores and employment potential of 48,000 people in the EV value chain during the policy period.

Demand incentives for private/commercial vehicles as follows:

Vehicle Category

Maximum Incentives

Number of Vehicles (#) to be incentivized per year


  • 20% of cost up to INR5,000



  • INR10,000/kWh up to INR30,000


E3Ws (autos/Lights Goods Carriers)

  • INR10,000/kWh up to INR40,000


E4Ws (Cabs/ Goods Vehicles)

  • INR10,000/kWh up to INR1,50,000



  • INR20,000/kWh up to INR 10,00,000


Public charging/Swapping/Private e-aggregator captive charging stations incentives as follows:



Fast charging stations

(For first 200 charging stations)

  • 25% capital subsidy of the cost involved in the purchase of equipment & machinery or up to INR10,00,000 per station

Slow charging stations

(For first 500 charging stations)

  • 25% capital subsidy of the cost involved in the purchase of equipment & machinery or up to INR1,00,000 per station

Public swapping stations

(For first 200 swapping stations)

  • 25% capital subsidy of the cost involved in the purchase of equipment & machinery or up to INR2,00,000 per station

Private e-aggregator charging stations

(For first 50 e-aggregator charging stations)

  • 25% capital subsidy of the cost involved in the purchase of equipment & machinery or up to INR10,00,000 per station

Retrofitting incentives as follows:




  • INR10,000/kWh up to maximum of INR 15,000 for 30,000 vehicles


  • INR10,000/kWh up to maximum of INRs20,000 for 15,000 vehicles

Supply-side incentives as follows:

Types of subsidies

Subsidy %

Turnover-based subsidy

  • 2% of projects annual turnover

Capital subsidy

  • 15% of investment in Eligible Fixed Assets

Special ACC capital subsidy

  • 20% of investment in Eligible Fixed Assets

Himachal gives green push by switching official vehicles with electric ones

Shimla, Authorities in the Himalayan state of Himachal Pradesh, where farming communities are some of the most vulnerable to the changing climate, have initiated steps to curb vehicular pollution by promoting e-vehicles. In a green push, the state transport department this month became the first in the country to switch its entire fleet of petrol and diesel official vehicles to electric ones.

Govt to use electric, alternative fuel vehicles to replace scrapped ones

Government vehicles to be scrapped under the Centre’s vehicle scrappage policy will be replaced with cleaner mobility technology vehicles, said road transport and highways minister Nitin Gadkari. About 900,000 government vehicles would be replaced by electric or alternative fuel vehicles to reduce the country’s crude oil import bill as well as cut down on pollution.

Telangana Govt unveils Mobility Valley, hopes to attract INR50,000 crore investment over 5 years on sustainable mobility

With an aim is to accelerate the growth of sustainable mobility in the country, Telangana government unveiled India’s first new mobility-focused cluster, called Telangana Mobility Valley (TMV) where it plans to attract investments of over INR50,000 crore and create over 4 lakh employment over the next five years. TMV will attempt to help enterprises in all segments of sustainable mobility, including electric two-wheelers, three-wheelers, four-wheelers, advanced cell chemistry, and hydrogen fuel cells, as well as Tier 1 and Tier 2 suppliers and auto engineering R&D firms. Further, investments aggregating INR3,000+ Cr are in advanced stages and will be announced in the next two weeks. These investments will strengthen Electric 3-wheeler, Electric 2-wheeler and charging equipment manufacturing ecosystem in Telangana.

Govt nearly doubles allocation under FAME-2 subsidy scheme

Reinforcing its push towards green mobility, the government has nearly doubled its budgetary allocation for the FAME (faster adoption and manufacturing of electric vehicles) scheme to subsidise the purchase of electric vehicles. As per the budget document, the subsidy under the FAME scheme for fiscal 2024 is projected at INR5,172 crore, compared with the revised estimate of INR2,897 crore in the current fiscal year. This is the highest allocation under the scheme since its launch in 2020. The FAME-2 subsidy accounted for 85% of the total budget allocation for the ministry of heavy industries.

Punjab approves electric vehicle policy

Punjab cabinet approved the Punjab Electric Vehicle Policy (PEVP)-2022 with a move to check the environmental pollution due to emission from vehicles. The policy desires to reduce vehicular emission, create infrastructure, manufacturing, research and development, job creation, ensuring sustainability, besides establishing Punjab as a favoured destination for manufacturing of electric vehicles, components and batteries. As per the final Punjab EV Policy, following are the purchase incentives for commercial vehicles:

Vehicle Category

Maximum Incentives

Number of Vehicles (#) to be incentivised per year

E-cycles (Passenger)

  • 25% of max sale price or INR4,000 per cycle (whichever is lower)


INR2 Crore (Approx)

E-cycles (Cargo)

  • 33% of max sale price or INR10,000 per cycle (whichever is lower)


INR2 Crore (Approx)


  • INR3,000/kWh up to max of INR10,000

50,000 (Applicable for first users)

INR50 Crore (Approx)

Autos/L5M category

  • INR3,000/kWh up to max of INR30,000

5,000 (Applicable for first users)

INR15 Crore (Approx)


  • INR3,000/kWh up to max of INR15,000

10,000 (Applicable for first users)

INR15 Crore (Approx)


  • INR3,000/kWh up to max of INR15,000

8,000 (Applicable for first users)

INR12 Crore (Approx)

Light commercial vehicles/L5N & N1 category

  • INR3,000/kWh up to max of INR30,000 (for L5N) and INR3,000/kWh up to max of INR50,000 (for N1)

5,000 (Applicable for first users)

INR25 Crore (Approx)

Directorate of Revenue Intelligence starts FAME subsidy probe

The Directorate of Revenue Intelligence (DRI) under the government has initiated a probe into the import of components by electric two-wheeler makers following allegations of wrongly claimed subsidies under a program that seeks to promote domestic manufacturing and the use of non-polluting vehicles. The Centre is also examining legal options to recover the wrongly claimed subsidies. The Directorate of Revenue Intelligence has flagged issues with the implementation of the FAME scheme to the ministry of heavy industries. They have initiated a probe into the import of electric vehicle components and likely customs duty evasion.

Chandigarh administration to register only electric scooters till March 31

As per a notification issued, two-wheelers running on conventional fuels will not be registered by the Registering and Licensing Authority, Chandigarh, up to March 31, 2023. Working on promoting eco-friendly transportation in Chandigarh, the UT administration has decided not to register non-electric two-wheelers between February 10 and March 31, 2023.

Charging Infrastructure & Battery Swapping

Stakeholder(s)/ Player(s)


Kerala State Electricity Board (KSEB)

  • Kerala State Electricity Board (KSEB) wins recognition for its pole-mounted EV charging units. The State has 1,150 pole-mounted stations, which benefits nearly 51,000 two-wheelers and 4,500-plus autorickshaws, according to KSEB estimates.
  • The project has won the Diamond Award instituted by the Indian Smart Grid Forum (ISGF) in the category of Emerging Innovation in Electric Mobility Domains – Electric vehicle and Electric Vehicle Supply Equipment Rollouts.


  • Hero MotoCorp’s electric vehicle arm, Vida has announced that, it has expanded its charging network to three new cities – Bengaluru, Delhi, and Jaipur. The company has set up nearly 300 charging points at 50 locations across the three cities for public use.
  • The charging network is spread across key locations, and each charging station will have DC and AC charging sockets. The fast-charging network is claimed to allow users to charge their scooter’s battery at 1.2 km per minute.

Mahindra Last Mile Mobility

  • Mahindra Last Mile Mobility sets up E3W charging stations, and trains mechanics in Mumbai suburbs.
  • The charging points have been positioned in strategic locations like Malad, Kandivali, Mira Road, Navi Mumbai, Vasai, Virar, Andheri, and so on.


  • Electric two-wheeler maker Ather Energy plans to install over 2,500 charging stations by this year-end to facilitate a hassle-free transition to EVs.
  • The company has already installed over 1,000 fast charging stations across 80 cities in the country.

Bharat Petroleum Corporation Limited (BPCL)

  • Bharat Petroleum Corporation Limited (BPCL), announced the launch of Electric Vehicle Fast Charging Corridor on the Delhi – Jalandhar National Highway with fast charging stations at 12 BPCL retail outlets strategically located along the highway (part of NH-44) as part of its initiative to address the range anxiety of electric vehicle owners.
  • The 750 Km long segment of NH-44 is the fourth such Electric Vehicle Fast Charging Corridor in the country, with fast charging station at roughly every 100 Kms on both sides of the highway. Chennai-Trichy-Madurai, Chennai-Bangalore and Bangalore-Coorg were the first three Electric Vehicle Fast Charging Corridors set up by BPCL.

Magna, Yulu and Yuma Energy

  • Yuma Energy (Yuma), a joint venture between Canada-headquartered Magna, one of the world’s largest automotive suppliers and Yulu, a leading shared electric micro-mobility player showcased its next-generation battery charging and swapping network for electric two-wheelers in India.
  • The JV has already established a network of more than 85 Yuma Stations across Bangalore, Mumbai, and Delhi, and plans to scale to over 500 stations across multiple cities by end-2023.

Rapido and RACEnergy

  • Rapido, a shared ride aggregator, and RACEnergy, a pioneer in deep technology for battery swapping, have announced their partnership to deploy electric autos across the country.
  • The deployment of e-autos will begin in Hyderabad and scale to other cities by the end of December 2023. These vehicles will be integrated with RACE’s advanced swapping technology, giving them access to a strong network of swap points.

VoltUp and Bharat Petroleum

  • Battery-as-a-Service (BaaS) start-up VoltUp is collaborating with Bharat Petroleum Corporation Ltd (BPCL) to set up 650 swapping stations with over 7,800 charging docks across 50 cities in the next three years.
  • The company launched three battery swapping stations in BPCL retail outlets in Mumbai on 17th February and by next year, it promises to install 150 swapping stations across the country in association with BPCL.

Source: Vahan Dashboard, JMK Research

Key Market Updates

Tube Investments plans to launch EV 3W and EV trucks in March-April

Tube Investments of India Limited (TII), part of Murugappa Group, will launch its first electric 3-wheeler, Montra, in March and will start ramping up from April this year. Its upcoming EV trucks are also expected to follow the same timelines. The company will start manufacturing and put out the first set of products in March with their current plan and then start selling, increasing volumes from April onwards. On the EV truck, the 55-ton truck will follow a similar timeline.

Kabira Mobility with Al-Abdulla Group to invest INR300 crore to set up manufacturing plant in UP

Electric two-wheeler maker Kabira Mobility along with partner Al-Abdulla Group of Qatar will invest INR300 crore to set up a new manufacturing plant at Jewar in Uttar Pradesh. The new plant spread over 50 acres will have a capacity of 1.2 lakh units per month with eight assembly lines. It will also have a fully automated battery pack assembly and testing line apart from inventory management system and robotic chassis welding line. This new facility is expected to generate direct and indirect employment opportunities for 7,000 individuals.

FADA reaches HC on stopping non-EV’s registration

The Federation of Automobile Dealers Associations (FADA), New Delhi, has approached the Punjab and Haryana high court against UT administration decision to stop registration of non-electric two-wheelers. The association has sought directions for setting aside the electric vehicle policy 2022 introduced by the administration for having introduced mandatory capping of registration of internal combustion engine vehicles on a year-on-year basis and putting an upper limit on vehicles to be registered within the city.

Four EV companies under lens for subsidy misuse

The government is looking into allegations that four key electric two-wheeler manufacturers were artificially keeping the prices of their products lower to claim subsidies. Ola, Ather, TVS Motor, and Vida are under the scanner for allegedly mispricing their electric two-wheelers to make them eligible for subsidy under the scheme Faster Adoption & Manufacturing of Electric Vehicles (FAME). The EV makers may have falsely claimed at least INR300 crore subsidy.

India likely to invite more companies to set up semiconductor units

The Centre is likely to invite a “second round” of applications for semiconductor chip manufacturing in the country under the US$10 billion incentive package. It is also in “advanced talks” with four global semiconductor companies to set up fabs, with those having expressed interest including the likes of New York-headquartered GlobalFoundries and a major Korean semiconductor firm. The second round of applications is expected to open as early as mid-March.

Geological Survey of India finds 5.9 million tonnes of lithium deposits in Jammu and Kashmir

The Geological Survey of India has, for the first time, established Lithium inferred resources (G3) of 5.9 million tonnes in the Salal-Haimana area of the Reasi district of Jammu & Kashmir (UT). This report along with 15 other resource-bearing geological reports (G2 and G3 stage) and 35 Geological memorandums were handed over to the respective state governments during the 62nd Central Geological Programming Board (CGPB) meeting. Out of these 51 mineral blocks, 5 blocks pertain to gold and other blocks pertain to commodities like potash, molybdenum, base metals, etc. spread across Jammu & Kashmir (UT), Andhra Pradesh, Chhattisgarh, Gujarat, Jharkhand, Karnataka, Madhya Pradesh, Odisha, Rajasthan, Tamil Nadu, and Telangana.

Uber to introduce 25,000 electric vehicles in India amid clean car push

Uber Technologies will introduce 25,000 EVs in India for ride sharing over three years.

The EVs will be bought by Uber’s fleet partners from Tata Motors, India’s biggest electric carmaker. India’s federal and state governments are pushing for greater electrification of shared taxis, an area currently dominated by Uber’s local rival BluSmart, an electric mobility start-up.

Stalled FAME subsidy slows growth in electric 2-wheeler sales

The electric two-wheeler segment has hit a speed bump, as the government has stopped disbursing subsidies to several manufacturers that are under investigation for alleged violation of local-sourcing rules. Industry insiders say sales may fall short of the 1-million-unit target this fiscal year, though the number may still be a new record at around three times last fiscal year’s volume.

Tata Tiago EV prices up by INR20,000, remains India’s most affordable electric car

Four months after it opened bookings for its first electric hatchback offered at an introductory price starting at INR8,49,000 through to INR11,79,00 lakh, Tata Motors has increased the sticker price of the Tiago EV by INR20,000 across all seven variants. The Tiago EV XE’s new price is INR8,69,000 which was INR8,49,000 before, and its top model Tiago EV XZ+Tech LUX is priced at INR11,99,000 which was INR11,79,000 at the time of launch. Despite the revised price, the Tiago EV remains India’s most affordable electric car.

EV start-ups in India record the highest funding in a decade, sees a jump of 117%

EV start-ups in India raised a total of US$1.66 billion in 2022, a jump of 117 per cent from 2021, as per a recent report by market intelligence platform Tracxn. Late-stage funding in the sector also rose 124 per cent to US$1.02 billion in 2022. Early-stage funding, too, witnessed a massive growth of 160 per cent from US$202 million in 2021 to US$526 million in 2022. In terms of funding, the Indian EV space is the fourth highest after the US, China, and Sweden. The report found that the biggest early-stage investors are Tiger Global Management, Sequoia Capital, and Qualcomm Ventures while the top late-stage investors are GIC, The Rise Fund, and Tekne Capital Management.

Tata Motors aims to operationalise Ford’s Sanand plant in 12-18 months

Tata Motors is looking to commence operations at the Gujarat-based manufacturing plant it acquired from Ford, over the next 12-18 months to scale up its production capacity. The automaker completed the acquisition of Ford India’s manufacturing plant in January 2023 at Sanand through a subsidiary. In August 2022, the company announced that its arm Tata Passenger Electric Mobility Ltd (TPEML) would acquire Ford India Pvt Ltd’s (FIPL) Sanand plant, Gujarat for INR726 crore.

Mahindra Electric Mobility merges with parent Mahindra & Mahindra

Mahindra Electric Mobility Ltd (MEML) is now officially merged into the parent company, Mahindra and Mahindra Ltd (M&M). MEML would merge into M&M with effect from April 1, 2021, to synergise EV development, manufacturing, and sales operations. The merger process, which has been underway, received the final NCLT approval on January 13, 2023.

Tata Motors launches first registered vehicle scrapping facility Re.Wi.Re

Tata Motors launched Recycle with Respect (Re.Wi.Re) – its first Registered Vehicle Scrapping Facility (RVSF) in Jaipur, Rajasthan. This facility has a capacity of 15,000 vehicles per annum and follows the processes for safe and sustainable dismantling of end-of-life vehicles. The National Vehicle Scrappage Policy was introduced with the aim to promote circular economy by creating an ecosystem for phasing out unfit and polluting vehicles and to achieve a lower carbon footprint in the country by replacing them with greener and more fuel-efficient vehicles. Re.Wi. Re is designed to dismantle end-of-life passenger and commercial vehicles of all brands and ensures de-polluting. It is fully digitalised for hassle-free, paperless operations and has dedicated stations for safe dismantling of components such as tyres, batteries, fuel, oils, liquids and gases.

E-Bus Updates

Government will procure 500 e-buses for local travel

The city bus services in Gurgaon and Faridabad will soon increase their footprints, with additional vehicles in their fleet. Tabling the budget in the state assembly, CM Manohar Lal Khattar announced the government’s plans to expand the city bus services in the two NCR districts and start one in Rewari. For this, the government will procure 500 electric buses, including 175 mini buses. Multi-modal bus depots in Gurgaon, Ballabhgarh, Hisar, Sonipat, Karnal and Pipli will also be developed, while Gurgaon will have a city inter-change terminal for buses.

Govt is planning to allocate more FAME II funds for E-buses amid allegations of EV subsidy fraud

The government is considering tweaking the allocation of funds under its electric vehicle subsidy scheme to focus more on replacing diesel buses in public transport, amid allegations that many electric two-wheeler makers had wrongfully claimed incentives. It is looking at the option of increasing the utilization of resources earmarked under the FAME II scheme for electrifying buses.

DMRC to handover feeder e-buses to Delhi govt from April onwards

Delhi Metro will start handing over its fleet of 100 feeder e-buses to the city government from April. These 100 e-buses are the first fleet of electric buses deployed by Delhi Metro in the city.

Switch Mobility delivers India’s first electric double-decker buses to BEST

Switch Mobility has delivered the first set of Switch EiV 22 to Brihanmumbai Electric Supply and Transport (BEST), Mumbai with an aim to revive the legacy of double-decker buses in the city. This first set of deliveries is part of the 200 electric double-decker buses order for BEST. Switch EiV 22 claims to be India’s first and unique electric double-decker air-conditioned bus designed, developed, and manufactured in India that puts to use the global electric bus experience.

100 zero-emission e-buses to be inducted in DTC’s fleet by April this year

Delhi Transport Corporations’ (DTC) electric bus fleet will get 100 new buses by March end or April this year, taking the total number of such buses to 400. This year, the Delhi government is planning to procure 1500 electric buses taking the total number of e-buses to 1800. By 2025, the government is planning to procure 6,380 buses.

Deals and Investments

Company name

Company type

Deal type


Deal value

(INR Crore)


Magenta Mobility

EV charging and mobility solutions

Equity and Debt

Two global investors

165.4 (Equity)

165.4 (Debt)


Homegrown EV mobility solutions provider Magenta Mobility raises US$40 Mn

Mufin Green Finance

EV financing


Symbiotics Investments


Mufin Green Finance raises US$7 Mn green bond from Symbiotics Investments

Sunfuel Electric

EV charging


Sona Comstar chairman Sunjay Kapur


Sona Comstar chairman Sunjay Kapur invests in EV charging operator Sunfuel Electric


EV start-up


ixigo (Le Travenues Technology Limited)


FreshBus gets 26 cr seed funding for proposed intra-city EV bus market foray

Vioma Motors

EV start-up


Colossa Ventures LLP


Colossa Ventures leads Pre-Series A round in Vioma Motors with a 10% stake

Zypp Electric

EV-as-a-service platform





Zypp Electric raises US$25Mn Funding in Series B Round led by Gogoro

Simple Energy

Electric two-wheeler manufacturer




EV start-up Simple Energy raises US$20 Mn from investors in Bridge round

Bike Bazaar

Online two-wheeler financing and marketplace


DEG, a Germany-based development finance institution, Women World’s Banking Asset Management (WAM), Elevar Equity and Faering Capital


Bike Bazaar closes Series D equity funding of INR250 crore

Source: Industry News Articles, JMK Research

TI Clean Mobility to raise INR3000 crore to fuel its EV platform

TI Clean Mobility (TCM), a subsidiary of Tube Investments of India (TII), a Murugappa Group company, has signed definitive documents with TII, Multiples Private Equity Fund III (Multiples), State Bank of India (SBI) along with other co-investors to raise up to INR1,950 crore in the form of equity and compulsorily convertible preference shares. The total investment by Multiples, SBI and other co-investors would aggregate up to INR1,200 crore. TII’s total investment would be INR750 crore, of which TII has already invested INR639 crore by way of equity and ICD. Further, TCM plans to raise an additional INR1,050 crore by the end of March 2024, thereby taking the total fundraise to INR3,000 crore.

Ola Electric Mobility signed MoU committing investment worth INR7,614 crores with Government of Tamil Nadu

Ola Electric committed investments of INR7,614 crore in Tamil Nadu to roll out electric light motor vehicles days after the state government unveiled its electric vehicle policy to boost the industry. The investment includes setting up lithium-cell manufacturing facilities with a capacity of 20 GW and to roll out electric light motor vehicles. The project comprises an electric vehicle cell plant and an electric 4-wheeler plant to be set up in SIPCOT Bargur, Krishnagiri district generating employment for 3,111 people.

Tata Motors to raise US$1 billion via equity sale in EV business that makes Tiago EV, Nexon EV

Tata Motors is reportedly raising US$1 billion by selling a minority stake in its EV business that manufactures popular electricians such as the Nexon EV, Nexon EV Max and the Tiago and Tiger EV. Tata Motors is already in discussion with sovereign wealth funds and private equity investors in UAE, Saudi-Arabia and Singapore, for the equity sale.

Greaves Cotton acquires 60% stake in Excel Controlinkage

Greaves Cotton, a multifaceted engineering business, announced a four-tranche deal to pay INR385 crore to acquire Excel Controlinkage’s full stake in the motion-control systems company. Greaves Cotton will acquire 60% of Excel Controlinkage in the first tranche, which is expected to be completed in FY2026, and 100% of the company in the next three tranches for a total of INR385 crore. The acquisition will help Greaves expand its range of fuel-independent powertrains, start exporting, and strengthen its EV ecosystem.

Renault Nissan Alliance to invest INR5,300 crore in India, plans six new models including 2 EVs

In a bid to make a comeback in the mainstream Indian market, the Renault Nissan Alliance has committed a fresh investment of INR5,300 crore in the Indian market which will see it introduce six models including two electric vehicles in the country. The Alliance has announced a new long-term vision for the country, which aims at increasing production and R&D activities, introducing EVs, and transitioning to carbon-neutral manufacturing. Under the new framework agreement, the Renault Nissan Technology Business Centre (RNTBCI) will move to an ownership of 51% Renault and 49% Nissan.

Shriram Pistons and Rings acquires 75% of Japanese injection moulding major Takahata Precision

Shriram Pistons and Rings, the country’s piston manufacturer will acquire 75% shareholding of Japanese company Takahata Precision India Private Limited (TPIL) through its wholly owned subsidiary, SPR Ingenious Limited (SEL). This will mark SPRL’s foray into the manufacturing of precision injection moulded components. With this strategic investment, SPRL aims to diversify its product portfolio beyond the current pistons, rings, engine valves, and EV components to precision plastic injection moulded parts.

JVs and Partnerships

Companies involved

Purpose of Partnership

Zingbus and NHEV

  • Tech-based intercity bus service provider zingbus has partnered with the National Highways for Electric Vehicles (NHEV) an ease of doing business (EoDB) pilot initiative, for a joint e-mobility project to help private diesel bus operators accept and work with electric vehicles.
  • By deploying a successful pilot, zingbus expects the electric vehicles to be more profitable with a 15%-20% decrease in the running cost. Hence, the pilot’s success will motivate the bus owners to buy electric buses and switch to green mobility for a sustainable future.

Tata Motor and Uber

  • Tata Motors, an electric passenger vehicle manufacturer, has signed an agreement with ride-hailing company Uber to supply 25,000 electric vehicles.
  • Under the agreement, Uber will deploy Tata Motors’ XPRES-T EVs by partnering with fleet operators in Delhi National Capital Region, Mumbai, Kolkata, Chennai, Hyderabad, Bengaluru, and Ahmedabad.

EKA Mobility and CESL

  • EKA Mobility, an electric vehicles & technology company, and a subsidiary of Pinnacle Industries Limited, has received a letter of allotment (LoA) for the procurement, operation, and maintenance of 310 electric buses on gross cost contracting, from Convergence Energy Services Ltd.’s (CESL) recently concluded tender for 6465 electric buses.
  • The tender was rolled out by the state-owned CESL, a wholly owned subsidiary of Energy Efficiency Services Ltd (EESL), under the National e-Bus Program Phase 1.

Webasto and ESY India

  • Webasto, the German manufacturer of heating, cooling, e-mobility, and EV Charging products, is entering India in collaboration with ESY India, a leading POS (Point of Service) company, to tap into India’s fast-growing electric vehicle market.
  • Leveraging its automotive heritage, Webasto offers a wide range of products like Webasto Next and Webasto Pure with solutions that are scalable up to 22 kW, allowing users to choose the right power for their needs. The Webasto Charge Connect system provides the user with a seamless experience from the first plug-in to payment at the end of charging. ESY India will also be launching a mobile app that will create a continued support and information system.

Fyn Mobility and Exponent Energy-Altigreen

  • Fyn Mobility, a last mile e-mobility player has partnered with Exponent Energy- Altigreen to leverage Fyn’s IOT-enabled smart EV fleets to operate a fleet of 1500 vehicles that can be offered full charge within 15 minutes.
  • Fyn will be able to operate a fleet of 15-minute full charge EVs thanks to the new Altigreen Neev Tez fleet and Exponent’s e-pump network.
  • With this partnership, Fyn plans to roll out EVs to be cross utilized with a single commercial EV for 2 shifts covering close to 18 hrs of service making the overall cost of operations to businesses much more affordable and opening up new opportunities within the industry.

EkoTejas, SBI insurance, and Bajaj Allianz

  • EkoTejas, an Andhra Pradesh-based electric two-wheeler manufacturer, has tied up with Bajaj Allianz, SBI insurance and others to offer EV financing solutions. The company has recently partnered with seven financial institutions, insurance providers and NBFCs (non-banking financial institutions) including Bajaj Finance, TJSB Bank, Shriram Insurance, SBI insurance and Bajaj Allianz.
  • With these partnerships, EkoTejas is helping customers to buy electric two and three-wheeler EVs with affordability. The company has an established dealer presence in about ten states including Maharashtra, Madhya Pradesh, Bihar, Haryana, Odisha, Uttar Pradesh, Andhra Pradesh, Telangana, Tamil Nadu and Karnataka.

Omega Seiki and Mufin Green Finance

  • Electric vehicle maker Omega Seiki Mobility (OSM) announced a strategic partnership with Mufin Green Finance to provide leasing and retail finance for 7,500 EVs to OSM’s customers by next year.
  • Under the partnership, Mufin will finance 3,500 cargo electric three-wheelers to OSM’s B2B customers this year and another 4,000 cargo and passenger E-3Ws to retail customers by 2024 with a total financing amount pegged at INR300 crore. The facility will be available across the company’s existing 140+ dealer touchpoints and all new dealerships to be opened in 2023.

Hero Electric and Dhoot Transmission

  • Hero Electric has partnered with the Aurangabad-based Dhoot Transmission for sourcing new wiring harness solutions.
  • Dhoot Transmission, which is the largest wiring harness manufacturer in the two-wheeler segment in India, manufactures a comprehensive entire range of wiring harnesses, EV components, electronic sensors and controllers.

Chargeup and Zomato

  • Chargeup, a company building Finance-Network-Technology Platforms in the electric vehicle sector, has partnered with Zomato to enable Zomato’s delivery partners to get easy financing and leasing options to make a seamless switch to electric mobility.
  • With Chargeup expanding its battery-swapping station network to Tier-I, and Tier-II cities, the new partnership will continue to reach more Zomato delivery partners going forward.

Three Wheels United, Eqaro Guarantees, and Log9 Materials

  • Three Wheels United (TWU), a global fintech company for EV financing, has collaborated with Log9 Materials, an advanced battery-technology company, to offer financing solutions for batteries and EV Vehicles deployed through their OEM partners.
  • As a part of the tri-party collaboration, over 500 3-wheeler electric vehicles will be deployed across Bengaluru, Chennai, Mumbai, and Delhi NCR over the next six months.

Flash Electronics and GEM Motors

  • Pune-based Flash Electronics, an automotive manufacturer has strengthened its electric vehicle portfolio with a new technological collaboration with Slovenia’s GEM Motors – a company specialising in the development of high-tech electric motors for EV applications.
  • Flash Electronics offers EV products such as traction motors, controllers, DC-DC converters, BLDC motors, vehicle-specific charging boxes and BMS. Under the new partnership, both brands will manufacture hub motors in the range of 1kW to 15kW for application in various categories of electric vehicles.

TVS Motors and ION Mobility

  • TVS Motor Company, one of the leading global manufacturers of two-wheelers and three-wheelers, has entered into an investment agreement with the Singapore-based ION Mobility (ION) to provide the necessary ecosystem support to be successful in the electric two-wheeler markets of Singapore and Indonesia.
  • The partnership is in line with TVS Motor Company’s commitment to build an aspirational product portfolio while associating with sustainable and scalable brands.

Source: Industry News Articles, JMK Research

Global Market Updates

U.S. to loan Li-Cycle US$375 million for New York recycling plant

The U.S. Energy Department will lend Li-Cycle Holdings Corp US$375 million as it builds a battery recycling facility in New York set to become one of the country’s largest sources of lithium by next year. The loan is the latest move by Washington to spur development of a domestic electric vehicle supply chain, with greater battery recycling capacity seen as crucial to meeting President Joe Biden’s goal for half of new U.S. vehicles to be electric by 2030.

Chinese EV maker showcases world’s 1st car powered by sodium-ion battery

Chinese EV maker JAC has showcased the world’s first electric vehicle that is powered by a cheaper sodium-ion battery which could help reduce the cost of future EVs by 10 per cent. Sodium-ion batteries use cheaper raw materials and can offer EV makers an alternative to existing technologies that rely on lithium and cobalt as the main ingredients. The sodium-ion battery was developed by Beijing-based startup Hina Battery Technologies.

US to unveil guidelines on EV battery tax credits next month

US plans to release additional information on the provision of tax credits for new electric vehicle purchases next month. US government tax credits of up to US$7,500 to each buyer of a new electric vehicle assembled in North America and with batteries made of a certain amount of critical minerals produced in the region.

Kaluza and Mitsubishi Motors Collaborate on Japan’s First Electric Vehicle Smart Charging Service

Multinational automobile manufacturer, Mitsubishi Motors Corporation (MMC), and UK-born energy software platform, Kaluza, announce partnering on the launch of Japan’s first telematics-based smart charging service to increase the affordability of electric vehicles and maximize their value for a decarbonized energy system. As per the new service, Kaluza’s software will directly connect with MMC’s all-new Outlander (PHEV model) via telematics, removing the need for separate smart charging hardware. Kaluza will optimize charging to help customers reduce their EV costs and carbon emissions through a seamless digital experience.

Hyundai Motor begins EV production in the US amid subsidy woes

Hyundai Motor begins EV production in the US amid subsidy woes. The EV production in Alabama comes before the Hyundai Motor Group kicks off the construction of its dedicated EV plant in the world`s most important automobile market. The group plans to start construction on the 300,000-unit-a-year EV and battery plant in Georgia in the first half of this year and begin production in the first half of 2025.

Indonesia will introduce EV purchase incentives in March

The government plans to introduce incentives on electric vehicle purchases in March in a bid to boost EV adoption while helping the country to reduce the consumption of costly imported fuel. The incentive for two-wheelers would be available for both conventional motorbike conversion and the purchase of new electric motorbikes.

EV maker Nio to build 1,000 battery-swap stations in China in 2023

Chinese electric vehicle startup Nio Inc plans to build 1,000 battery-swapping stations in China in 2023. Nio will build 400 battery-swapping stations along highways and 600 in urban areas with a focus on the country’s third- and fourth-tier cities and counties.

Omega Seiki signs MoU with Brandwin to manufacture and distribute electric trucks in Bangladesh

Omega Seiki Mobility and Brandwin group have signed a Memorandum of Understanding wherein Brandwin will be manufacturing and distributing its range of electric trucks including 1-ton and 3-ton models of M1KA in the country as early as 2024. The production line is currently under construction and initially, the company will be selling CKD (Completely Knocked Down) kits of the M1KA in Bangladesh. Both companies will be investing INR82 crore (US$10 million).

BYD to build US$1.2 billion EV battery plant in central China

BYD, the world’s largest maker of electrified vehicles, plans to invest US$1.2 billion to build a new factory for its batteries in China. FinDreams Technology, the Chinese company’s battery unit is aiming to build a facility with the capacity to produce 40GWh per year of its Blade Battery in the city of Zhengzhou in Henan province.

Tesla to open U.S. charging network to rivals in US$7.5 bn federal program

Tesla will open part of its U.S. charging network to electric vehicles made by rivals as part of a US$7.5 billion federal program to electrify the nation’s highways to cut carbon emissions. By the end of next year, Tesla will open 3,500 new and existing superchargers along highway corridors, as well as 4,000 slower chargers at locations like hotels and restaurants, to non-Tesla customers.

Global demand for lithium batteries to leap five-fold by 2030

Global demand for lithium batteries is expected to surge more than five-fold by 2030, as more people opt for electric vehicles and energy storage systems, as per the public-private alliance Li-Bridge report. Demand for lithium batteries in the United States is expected to grow more than six times and translate into US$55 billion per year by the end of the decade, but still the country is expected to depend on imports for supply.

Vietnam EV maker VinFast gets permit to start construction on U.S. factory

Vietnam’s EV maker VinFast has said North Carolina regulators had given the automaker one of the environmental permits it needs to begin construction on a planned US$ 4 billion EV assembly plant in the U.S. state. The Vietnamese company, a subsidiary of conglomerate Vingroup JSC, has been moving to expand in the United States, where it hopes to compete with existing automakers.

BMW steps up global production of EVs, to invest 800 million euros in Mexican plant

The BMW Group is accelerating its ramp-up of e-mobility and poised to gain even more momentum with its next vehicle generation. It estimates the share of 50% of the company’s worldwide sales of fully electric vehicles could be reached earlier than 2030.  The German carmaker is investing EUR800 million in expansion of its international production network to achieve this. The plant in San Luis Potosí, Mexico will produce fully electric models in the future and is setting up its own high-voltage battery assembly for this purpose.

Another US$237 million granted to the Honda battery plant project in Ohio

Ohio’s privatised economic development office has finalised an agreement with Honda to infuse US$237 million into the development of a massive battery plant project that the Japanese automaker plans to use to transform the state into its North American electric vehicle hub. Jobs Ohio posted details of the package of three grants. They include a US$140 million economic development grant for the plant Honda is building jointly with LG Energy Solution of South Korea, a US$10 million workforce grant for the project itself, and US$87 million to retool Honda’s existing facilities.

Volkswagen recalls 21K electric SUVs over faulty battery software

German automaker Volkswagen has recalled nearly 21,000 of its ‘ID.4’ electric SUVs over faulty battery software that could lead to a “loss of propulsion” sans warning. A reset or deactivation may cause a loss of drive power, increasing the risk of a crash in the recalled EVs. The recall affects 2021 models produced between May 26, 2020, and January 20, 2022.

Kenya Power to convert its 2,000 vehicles to electric over 4 years

Kenya’s sole power distributor Kenya Power aims to convert its 2,000 petrol and diesel-driven vehicles to electric over the next four years. The move is part of a rising trend in the East African economy to take advantage of the abundant electricity supply from renewable sources, and switch vehicle and motorcycle engines to electric from fossil fuels. Kenya Power will phase out its petrol and diesel vehicles by retrofitting electric engines and buying new electric vehicles.

Tesla hikes price of Model Y over 2% after US alters tax credit rule

Tesla has raised prices on its Model Y in the US, apparently due to rising demand and changes in US government rules that make more versions of the small SUV eligible for tax credits. The Austin, Texas, electric vehicle company bumped up the price of the Model Y Long Range version by about 2 per cent to US$54,990 and the Performance version by about 2.7 per cent to US$57,990. The moves come three weeks after Tesla cut prices nearly 20 per cent on some versions of the Model Y. The price cuts were made to boost sagging demand, and also to make more versions of the Model Y eligible for the USD 7,500 electric-vehicle tax credit in the Inflation Reduction Act.

Electric cars gain record market share in Europe

Electric car sales set a new market share record in the European Union in 2022, as the region seeks to rid itself of fossil fuel cars. Battery-powered electric cars accounted for 12.1 per cent of new car sales, compared to 9.1 per cent in 2021 and 1.9 per cent in 2019, according to the European Automobile Manufacturers’ Association (ACEA). The EU has agreed to ban sales of new petrol and diesel cars from 2035 as part of the 27-nation bloc’s effort to build a carbon-neutral economy by 2050. Sales of electric vehicles rose 28 per cent last year, with more than 1.1 million vehicles sold.

Indonesia considers slashing VAT on electric car sales to 1%

Indonesia is considering reducing the value-added tax (VAT) on electric car sales from 11 per cent to 1 per cent to drive up demand and attract investment. The country has a target of having at least 1.2 million electric motorcycles and 35,000 electric cars in use by 2024.

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