Monthly EV Update – January 2023

Monthly EV Update – January 2023

monthly electric vehicle

Product Launches

India LaunchesJanuary 2023


Vehicle type

Battery specifications

Other specifications


Joy Mihos

E2W (E-motorbike)

  • 74V, 40Ah Lithium-ion
  • Range – 100 km
  • Max Speed – 70 km/hr
  • Charging time – 4 to 5 hrs (0-100%)

INR1,49,000 (Ex-showroom)

Godawari Eblu Spin


  • 36V/12Ah, 36V/18Ah
  • Range – 50 km for 12Ah, 60 km for 18 Ah (without load)
  • 40 km for 12Ah, 45 km for 18 Ah (with load)


Godawari Eblu Rozee

E3W (Passenger)

  • 10kWh Lithium-ion
  • Range – 167 km (Certified)
  • Top Speed – 50 km/hr

INR3,40,000 (Ex-showroom)

MTA Shera Comfy

E3W (Passenger)

  • Fixed Lithium-ion
  • Range – 100 km
  • Top Speed – 45 km/hr
  • Payload – 500 kg


MTA Shera R8

E3W (Cargo)

  • Fixed Lithium-ion
  • Range – 110 km
  • Top Speed – 45 km/hr
  • Payload – 500 kg



E3W (Passenger)

  • 6.6kWh Lithium-ion
  • Range – 110 km
  • Max Speed – 45 km/hr
  • Payload – 350 kg
  • Charging time – 4 hrs (0-80%)

Not disclosed


E3W (Cargo)

  • 6.6kWh, 13.2kWh Lithium-ion
  • Range – 107 km (For 6.6kWh), 195 km (For 13.2kWh)
  • Max Speed – 45 km/hr
  • Payload – 500 kg
  • Charging time – 4 hrs (0-80%)

Not disclosed

Altigreen neEV Tez

E3W (Cargo)

  • 8.2kWh LFP cell chemistry
  • Range – 98 km (ARAI Certified); 85 km (City drive)


OSM Kraze

E3W (Passenger)

  • 51.2V LFP cell chemistry
  • Range – 150 km
  • Max Speed – 40 km/hr
  • Payload – 500 kg

INR4,20,000 (Ex-showroom)

OSM Muse

E3W (Passenger)

  • 8kWh NMC cell chemistry
  • Range – 100 km (True); 150 km (IDC)
  • Top Speed – 50 km/hr

INR4,00,000 (Ex-showroom)

OSM M1KA 1.0

E-Pick-up Truck (N1)

  • 38.7kWh
  • Range – 150 km (NEDC (With half load))
  • Max Speed – 80 km/hr
  • Payload – 1000 kg

INR15,00,000 (Ex-showroom)

Hyundai IONIQ 5


  • 72.6kWh Liquid cooled lithium-ion with battery heating system
  • Range – 631 km
  • Charging time – 18 mins (10-80%) with 350 kW DC charger, 57 mins (10–80%) with 50 kW DC charger, 6 hrs 55 mins (0-100%) with 11 kW AC charger

INR44,95,000 (Ex-showroom)

Mahindra XUV400 EC


  • 34.5kWh
  • Range – 375 km (IDC)
  • Charging time – 50 mins (0-80%) with DC fast charger, 6.5 hrs with 7.2 kW Charger, 13 hrs with 3.3kW DC charger

INR15,99,000 (For 3.3kW Charger)

INR16,49,000 (For 7.2kW Charger)

Mahindra XUV400 EL


  • 39.4kWh
  • Range – 456 km (IDC)
  • Charging time – 50 mins (0-80%) with DC fast charger, 6.5 hrs with 7.2 kW Charger

INR18,99,000 (For 7.2kW Charger)

JBM Galaxy


  • Advanced chemistry lithium-ion
  • Range – 1000 km (Daily)

Not disclosed

Source: Industry News Articles, Company Websites, JMK Research

Upcoming Launches

Series of new electric bikes, scooters from TVS in next 18 months

TVS is gearing up to launch multiple new electric models in different segments in the next 18 months and these will fall in the 5kW to 25kW power output bracket. The already available iQube in the market is powered by a 4.4kW motor, so the new models will most likely be positioned above it. This indicates that TVS will be venturing into the premium electric two-wheeler space, and could bring in electric bikes as well.

Tata launches Nexon EV MAX XM at INR16.49 lakh; to hit the market by April 2023

Tata Motors has launched a new variant of the Nexon EV—Nexon EV MAX XM. The new model is priced at INR16.49 lakh (ex-showroom). The delivery of the new variant will start in April 2023. The new variant will come equipped with an electronic parking brake, automatic climate control, electronic stability program with i-VBAC, ZConnect-connected car tech with smartwatch connectivity, and rear disc brakes.

Citroen India reveals electric eC3 hatchback with 320km range

PCA Motors and Citroen have finally taken the wraps off the eC3, the all-electric version of the C3 hatchback. Citroen has opened bookings for eC3 for a token amount of INR25,000. Interested buyers can book the EV from Citroen dealerships or through the brand’s official website. The eC3 is an electric version of the C3 high-riding hatchback and comes in two variants – Live and Feel. It will be available in showrooms from February. The Citroen eC3 gets a 29.2kWh battery pack and it comes with a 3.3kW onboard AC charger. It is also capable of CCS2 fast charging. The eC3 has an ARAI-certified range of 320km on a single charge. The eC3 can do the 0-60kmph run in 6.8 seconds and has a top speed of 107kmph. As far as charging goes, it is compatible with DC Fast Charging where it can charge from 10-80% in 57 minutes. On a home charger, the battery can top up from 10-100% in 10.5 hours.

Honda To Launch First Electric Scooter in India Next Year, Plans More EVs Later

Honda Motorcycle and Scooter India is planning to launch its first electric scooter in the country by March, 2024. While the first EV to be launched will have a fixed battery, the second one will be offered with swappable battery technology. The company also plans to utilise its 6,000 outlets across India to set up charging infrastructure for its EVs.

Skoda Auto India to enter EV market in FY2024

Skoda Auto India is on track to enter India’s electric passenger vehicle market next fiscal with the Enyaq iV, its first electric SUV. The company will sell it as an imported model and eventually get it assembled locally.

EV Sales Trend

The overall EV sales in January 2023 witnessed a m-o-m decline of ~1.6% to reach 1,00,562 units. On a y-o-y basis however, EV sales in January 2023 doubled from that of EV sales in January 2022.

Registered EV Sales Trend in India (January 2022 – January 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 January 2023 were again driven by electric two-wheelers and passenger-type electric three-wheelers, which together accounted for 93.40% of total registrations in the month. The shares of these categories were followed by E-Cars (3.30%), cargo-type electric three-wheelers (3.17%), and so on.

Category-wise EV Sales in January 2023

Source: Vahan Dashboard, JMK Research

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

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 11% market share. This was followed by  Gujarat, Rajasthan, Tamil Nadu, and Delhi with 6% market shares each . While the top 3 states witnessed m-o-m increase in sales, almost all the other states witnessed decline in sales this month.

State-wise Registered EV Sales in January 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 declined marginally by ~0.23% m-o-m in January 2023 to reach 64,202 units. The Top 10 players accounted for 91% of the total registrations witnessed in the month of January 2023. On a y-o-y basis however, E2W sales in January 2023 surged by more than 130% from that of E2W sales in January 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 18,200 units sold. TVS Motors retained its second position this month as well. Ather and Hero electric swapped their positions, securing third and fourth positions respectively. Kinetic Green Energy & Power Solutions Ltd. made a surprise entry to the top 10 squad for the first time this month.

Top High-Speed E2W Players in January 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 Chetak, Jitendra New EV Tech, GoGreen E-mobility Private Limited, MEW Electricals Ltd (BGauss), AMO Mobility, Twenty Two Motors, KLB KOMAKI, and 71 other players.

Electric Three-Wheeler (E3W)

The sales of registered passenger and cargo-type E3Ws in January 2023 stood at 29,724 units and 3,184 units respectively, signifying a m-o-m decline of 2% for E3W – passenger and a decline of 12% for E3W – cargo. Overall E3W sales recorded a m-o-m decline of ~3% over last month. On a y-o-y basis, passenger E3W sales in January 2023 increased by 74% and cargo E3W sales increased by 68% from that of passenger and cargo-type E3W sales in January 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 January 2023 accounted for 34.68% share of the entire E3W market. Mahindra and YC Electric came in at first (8.61% share) and second (~6.91% share) positions respectively. This was followed by Saera Electric Auto (5.05%), Dilli Electric (4.06%), Champion Poly Plast (3.40%), Mini Metro EV LLP (3.39%), and Piaggio (3.25%).

Top E3W Players in January 2023

Source: Vahan Dashboard, JMK Research

Note: Others made up 65.32% of the E3W market in January 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  January 2023 stood at 3,318 units, witnessing a m-o-m decline of ~11%. Tata Motors has been driving the E-car sales this month as well. The Company accounted for ~73% share (against 77% share of the market in December 2022) of the total E-car registrations. Both Tata Motors and MG Motor have been witnessing a decline in sales for the last couple of months. On a y-o-y basis, E-Car sales in January 2023 increased by ~10% from that of E-Car sales in January 2022.

Player-wise E-Car Sales Trend

Source: Vahan Dashboard, Company Press Release, 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  January 2023 stood at 96 units, witnessing a m-o-m decline of 32%. On a y-o-y basis also, E-Bus sales in January 2023 decreased by ~24% from that of E-Bus sales in January 2022.

This month’s sales were again driven by PMI Electro Mobility (with a 50% market share) followed by Switch Mobility (36%).  This was then followed by Mytrah Mobility (9%). Rest of the Companies – JBM Auto, Olectra Greentech, and Ashok Leyland – witnessed miniscule sales this month.

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

Union Budget 2023-24 Highlights

Union Finance minister Ms. Nirmala Sitharaman presented the union budget 2023-24 on Feb 1, 2023. The government has allocated INR35,000 crore to achieve the energy transition, energy security and net zero objectives, which will help the EV industry to work alongside them in addressing the issues related to Climate Crisis. Battery energy storage systems will be promoted by the government to steer the economy on the sustainable development path with the capacity of 4,000MWh.

The following changes introduced in duty for specified auto-components / raw material/ inputs for auto-components/batteries/battery components will have a direct impact on the EV ecosystem:


Specified capital goods/machinery for manufacture of lithium-ion cell for use in battery of electrically operated vehicle (EVs)

Nil Basic Customs Duty (BCD) (upto March 31, 2024)


Lithium-ion cell for use in the manufacture of battery or battery pack of electrically operated vehicle (EVs) or hybrid motor vehicle

Prevailing rate of 5% BCD extended upto March 31, 2024


Batteries for electrically operated vehicles, including two- and three-wheeled electric motor vehicles

Prevailing rate of 5% BCD extended upto March 31, 2024


Specified Parts, components, and subparts for use in manufacture of Lithium-ion battery and battery pack

Prevailing rate of 2.5% BCD extended upto March 31, 2024


Inputs, parts or subparts for manufacture of PCBA of Lithium-ion battery and battery pack

Prevailing rate of 2.5% BCD extended upto March 31, 2024


Vehicle (including electric vehicles) in Semi-Knocked Down (SKD) form

Custom duty rates to increase from 30% +3% social welfare surcharge (SWS) to 35% with nil SWS


Electrically operated Vehicle in Completely Built Unit (CBU) form, other than with CIF value more than USD40,000

Custom duty rates to increase from 60% + 6% SWS to 70% with nil SWS

Centre likely to announce EV battery safety and performance standards this month

The Union Government may announce battery safety and performance standards, which would play a major role in promoting electric vehicle adoption and reducing pollution, this month. Considering the concerns voiced by the industry about the adverse impact of limiting dimensions, the standards, developed by the Bureau of India Standards, would not limit the dimensions and size of batteries. Certain minimum standards, called horizontal standards, have been made to ensure safety. In order to avoid substandard batteries, a certain bare minimum duration has also been fixed.

CESL invites bids to lease out 3,500 e-vehicles for a period of up to 5 years

State-owned CESL has invited bids to lease out 3,500 electric vehicles for a period of up to 5 years. The bids have been invited from original equipment manufacturers (OEMs)/leasing agencies/NBFCs for leasing the 4-watt battery-based cars to various departments and autonomous bodies across 18 states and Union Territories for a tenure of 3-5 years. These states/UTs include Delhi, Maharashtra, Gujarat, Uttar Pradesh, Kerala, West Bengal, Haryana, Assam, Odisha, Rajasthan, Madhya Pradesh, Bihar, and Goa among others.

Uttar Pradesh to refund subsidy to buyers deprived of Electric Vehicle Policy benefits

Those who have purchased electric vehicles after the announcement of the UP Electric Vehicle Policy in October 2022 but did not get the promised subsidies on road tax, registration, etc., will now be eligible for a refund. The policy could not be implemented then due to some technical reasons, but it would provide refunds to all those who purchased electric vehicles after the policy was announced. One does not need to apply for a refund, and the amount will be credited to their accounts directly.

Tamil Nadu EV policy set for booster charge

The Tamil Nadu government is all set to give a fresh charge to its EV ecosystem by updating policy in February. The new policy has taken cues from other top EV hubs such as Maharashtra, Gujarat, and Karnataka. This includes demand-side incentives, a wider range of supply side incentives, incentives for charging infrastructure, as well as policy nudges to transform the current pool of diesel light commercial vehicles into electric. The new policy is expected to offer some incentives for retrofitting, especially commercial vehicles. The new EV policy will also do a rethink on state subsidy to add to the FAME 2 incentives. In addition, the government is mulling incentives on battery charging and swapping but only for public charging and swapping stations.

Tech companies flag issues with Delhi’s EV fleet draft policy proposals

A group of tech companies has flagged certain proposals envisaged in Delhi government’s draft aggregator policy floated last July, which seeks to convert cabs and delivery fleets in the national capital to electric vehicles in a phased manner. Industry body IndiaTech, which represents companies such as Ola, Zomato, and Zepto, has argued in its representation to the Delhi government that the implementation of the policy could create a burden on delivery executives and cab drivers who own or rent vehicles. IndiaTech has said that provisions of the draft policy could impact 11 million gig workers in the Delhi-National Capital Region who need to spend INR60,000-70,000 for purchasing a new electric two-wheeler or INR20,000-30,000 for retrofitting an ICE one. The industry body has recommended lowering the two-year onboarding target to 10-15% (instead of the proposed 10% EVs in the fleet within six months of the notification) along with seeking increased efforts from the government to facilitate the supply infrastructure.

Lens on EV makers’ claim to FAME subsidy: Testing agencies to relook at eligibility

The Centre has directed testing agencies to relook at the Faster Adoption and Manufacturing of (Hybrid and) Electric Vehicles in India (FAME India) eligibility certificates of electric vehicle manufacturers. This is being done after EV makers were alleged of mislabeling imported components as domestically manufactured ones and cornering the subsidy disbursed by the Centre. The center has asked International Centre for Automotive Technology (ICAT) and Automotive Research Association of India (ARAI) to once again check whether the EV makers are honoring localization commitments that were made while seeking the FAME subsidy.

Govt to recover wrongly claimed sops by EV makers

The Centre plans to initiate recovery of wrongly claimed subsidies by electric vehicle makers under a dedicated INR10,000-crore programme that was created to promote local manufacturing and adoption of transport choices that do not leave tailpipe emissions. The Ministry of Heavy Industries (MHI) has begun the process to ascertain the quantum of subsidy used by manufacturers without adhering to the specified degree of localisation committed for availing monetary benefits from the scheme called Faster Adoption and Manufacturing of (Hybrid and) Electric Vehicles in India. EV manufacturers had committed to the government that they would gradually increase the quantum of localisation in the vehicles they sell in the country.

More EV companies lose subsidy as Centre’s probe deepens

The government has suspended the subsidies of around a dozen more electric vehicle makers as investigations progress into alleged incentives misappropriation by some companies under New Delhi’s flagship promotion scheme for green transport technology. A majority of the companies that have seen their subsidies recently paused are engaged in manufacturing three-wheelers. These include Victory Electric Vehicles, Thukral Electric, and Best Way Agencies, among others. Reasons for suspending subsidies include non-compliance with a parts localisation plan upon which the scheme is incumbent, and using outdated battery technology unapproved for the scheme.

Government official dismisses EV lobby claims on FAME subsidy

A top government official has dismissed the claims of a lobby group of electric vehicle makers that claimed that halting their subsidies for the alleged violation of government norms was against the law. The Ministry of Heavy Industries last year halted giving sops as part of an EV promotion scheme to multiple companies like Hero Electric and Okinawa Autotech after it was found that these companies allegedly imported the parts used in their vehicles despite claiming otherwise. The subsidies were part of the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India Phase-2 (FAME-2) scheme.

Charging Infrastructure & Battery Swapping

Stakeholder(s)/ Player(s)


Statiq and Zoomcar

  • Electric vehicle charge point operator Statiq has joined hands with car-sharing marketplace Zoomcar for a pilot in the Delhi-NCR region to enable EV owners to host on Zoomcar and earn additional income by sharing with guests.
  • EV owners wishing to rent out their vehicles would now be able to list their EVs as hosts on Zoomcar’s app. Statiq’s network of charging stations will support the partnership for the hosts to find charging stations on the go.

Hyundai Motors India (HMIL)

  • Hyundai Motors India (HMIL) plans to introduce 10 fast chargers by the first half of CY23.
  • It has already installed its first two Ultra-Fast Public Charging stations across Hyderabad- Vijayawada (Narketpalle) and Delhi- Chandigarh (Kurukshetra) highways even as it has envisaged setting up 10 Ultra-Fast Public Chargers on the Hyderabad- Vijayawada, Delhi-Chandigarh, Delhi-Jaipur, Mumbai-Pune, Bengaluru- Chennai highway belt.

Nashik Municipal Corporation (NMC)

  • The Nashik Municipal Corporation (NMC) has set a March-end deadline to set up 52 electric vehicle charging stations in the city. The NMC has already identified locations for the charging stations. Also, as many as 35 charging stations would be set up by using funds received under the National Clean Air Programme (N-CAP).
  • The civic body has already received INR10 crore for setting up charging stations under the N-CAP, while the United Nations Development Programme (UNDP) has agreed to provide funds for the remaining 22 charging stations.

Tata Power and GAIL

  • Tata Power has signed an agreement with GAIL Gas Limited to install DC fast charging points at two of its CNG stations in Bengaluru.
  • The partnership is in line with Tata Power’s commitment to encourage and promote electric mobility across the country and GAIL Gas’ commitment to delivering convenience to its customers who wish to switch to E-vehicles.

Gogoro, Belrise, and Maharashtra government

  • Taiwan-headquartered electric vehicle and infrastructure company Gogoro is advancing its plans to deploy a battery-swapping network in India.
  • The company, along with Belrise Industries (formerly known as Badve Engineering), has inked a strategic energy partnership with the Maharashtra government to establish a battery-swapping infrastructure.
  • As per the understanding, Gogoro and Belrise Industries are planning a 50-50 JV to invest around US$2.5 billion (INR20,617 crore) over eight years to build energy infrastructure across Maharashtra.

Log9 Mobility and Pulse Energy

  • Log9 Mobility, a wholly owned subsidiary of Log9 Materials, a Bengaluru-based deep-tech and advanced battery tech start-up, has partnered with Pulse Energy, an EV SaaS start-up to launch the country’s first WhatsApp-based payment gateway for EV charging.
  • As part of this partnership, the duo aims to provide a one-stop solution for payments at charging stations, thereby ramping up the utilisation of fast charging solutions for EV users. The WhatsApp payment option will initially be available to drivers of electric three-wheelers and will later expand to two-wheelers and four-wheelers EVs.

Maharashtra State Electricity Distribution Company Limited (MSEDCL)

  • Due to the rise of electric vehicles, the Maharashtra State Electricity Distribution Company Limited (MSEDCL) has set up 12 EV charging stations in Navi Mumbai. The charging cost has been kept lesser than the rates at private EV stations.
  • The charging stations have been installed at the substation at Raghuleela Mall in sector 30 near Vashi railway station, Kharghar substation at sector 2, substation at sector 19E near Galleria mall on Palm Beach Road, Vashi, sector 15 Airoli substation, Pawane MIDC, sector 8 Rabale MIDC substation, Indira Nagar central road, near Lubrizol company in Turbhe, Tapal Naka in Panvel-Uran Road, sector 50 in Seawoods, sector 9 Palm Beach Road Nerul and in sector 15 of CBD Belapur.

Automotive Research Association of India (ARAI)

  • The Automotive Research Association of India (ARAI) has launched its 100 kW DC fast charger for use on E-cars and E-buses, with the entity planning technology transfers to expand its reach.
  • The ARAI’s Mobility Research Centre will include facilities for Advanced Driver Assistance Systems, and cylinder tests, among others. The charger charges a vehicle for a range of 300 km in 30 minutes.

Sun Mobility

  • Sun Mobility, an energy infrastructure and services provider for electric mobility, has said it aims to serve 10 lakh vehicles through its platform by 2025.
  • The company unveiled its SwapX compact battery swapping station at the Auto Expo 2023. The company also unveiled its next generation smart battery, the S2.1, which has 45% more range and higher power.

Chaudhari Charan Singh International (CCSI) Airport, Lucknow

  • An EV charging station at Chaudhari Charan Singh International (CCSI) airport has been inaugurated and has started functioning for the public. This is the first fast EV charging station for common use in public places in Lucknow.
  • The charging station is capable of charging 30 vehicles in 24-hours. Potential users can download (Adani Total Gas Limited) ATGL’s EV App that is available on both Android and iOS.


  • CHARGE ZONE, a technology-driven EV Charging Network company announced a partnership with Snap-E, a leading provider of eco-friendly public transport service, to set up EV charging infrastructure for Snap-E’s fleet transportation.
  • Through the partnership, CHARGE+ZONE aims to explore the installation, commissioning, and maintenance of fleet transportation charging stations for Snap-E’s cabs in and around Kolkata.

Citroën India and Jio-bp

  • Citroën India has announced a strategic partnership with Jio-bp, a fuels and mobility joint venture between Reliance Industries Limited (RIL) and bp, to build EV infrastructure and services across its network.
  • Jio-bp will install DC fast chargers across Citroën’s key dealership network and workshops across the country in phases. These chargers will also be open to the entire universe of EV car customers to help boost EV adoption among consumers.

South Western Railway

  • South Western Railway’s (SWR) Bengaluru division will be launching EV charging infrastructure in three railway stations. The measure is expected to help EV users who travel long distances using railways.
  • By the end of February, charging infrastructure could be seen in some areas of the stations. As part of the pilot project, Yulu will install charging machines at Krantivira Sangolli Rayanna, Hoodi, and KR Puram stations.

Statiq and Rajasthan Electronics & Instruments Ltd. (REIL)

  • Statiq, a leading electric vehicle charging network, has recently bagged a Rajasthan Electronics & Instruments Ltd. (REIL) contract to supply 253 fast chargers for 4 key highway projects connecting Agra-Lucknow, Meerut-Gangotri, Chennai-Bellary, and Mangaldai-Wakro.
  • The state-owned company will procure the chargers from Statiq and install them across these 4 highway projects. With this win, Statiq will ensure an affordable, accessible, and reliable 4-wheeler charging network on these corridors.

Fortum Charge & Drive (C&D) and Hyatt Regency Hotel & Residences

  • Hyatt Regency Hotel & Residences Pune has joined hands with Fortum Charge & Drive (C&D) India as its charging partner to install EV charging points at their property for their guests.
  • The charging stations are up and running at the hotel.
  • Fortum C&D India is expanding the robust public charging network in the country and has installed a base of 365+ public charging points across 12 states and 2 UTs including 4 highways. Fortum Charging network includes 50/60 kW CCS/CHAdeMO chargers, Type-2 AC chargers, as well as 15/20/30 KW DC001 chargers catering to EVs like Mercedes EQC, BMW i3, Audi e-Tron, Hyundai Kona, MG ZS, Tata Nexon, Tata Tiago, Mahindra eVerito /Tata Tigor etc.

EKA Mobility and Shuzlan Energy

  • EKA Mobility, an electric vehicles and technology company and a subsidiary of Pinnacle Industries Limited, announced a collaboration with Shuzlan Energy, a charging infrastructure provider, to provide a convenient and accessible EV charging infrastructure and advanced charging stations to customers for public transportation across India.
  • Under the collaboration, Shuzlan Energy will be one of the official electric charging solution providers for EKA’s 9-meter buses to set up ARAI and OCPP certified stations of 30kW, 60kW, and 120kW for institutional customers across the country.


  • Electric two-wheeler maker KICK-EV and roadside assistance provider AUTO i CARE plan to set up over 6,000 EV charging and service stations in a phased manner across the country by March 2024. KICK-EV is the e-scooter brand of AUTO i Care.
  • The goal is to install more than 6,000 charging and service stations pan-India in the first phase, with around 1,000 of such stations across Maharashtra, Goa, Rajasthan, Gujarat, and Karnataka.

Source: Vahan Dashboard, JMK Research

Key Manufacturing Updates

Omega Seiki Mobility plans to invest INR 800 cr to set up two manufacturing plants for batteries, powertrains

Electric vehicle maker Omega Seiki Mobility plans to invest INR 800 crore in the next two years to set up two new facilities to manufacture batteries and powertrains in Maharashtra and Haryana respectively. The company, a part of the Anglian Omega Group, has formed a joint venture with iM3NY, a US-based battery technology player, to bring the latter’s cell technology to the Indian market and manufacture it locally. In phase one, OSM will primarily get cells from China and do battery packs. In the second phase, it will build a cell manufacturing facility. The first phase will start in June 2023, and then the next phase will be in 2024-25. It will also manufacture six electric vehicle powertrains with power capacities ranging from 7 KW to 34 KW based on South Korean joint venture partner Jae Sung’s technology in its bid to become a completely integrated electric vehicle OEM.

Simple Energy opens new plant in Tamil Nadu

Simple Energy, a leading electric vehicle and clean energy start-up, inaugurated its first manufacturing plant at Shoolagiri in Krishnagiri district, Tamil Nadu. Named Simple Vision 1.0, the plant, set up with an investment of INR100 crore, is ready to start the final process for the production of its flagship vehicle, Simple ONE. Spread across 2,00,000 sq.ft., the plant can manufacture up to 1 million units annually. The factory has a testing facility for its in-house vehicle testing.

Ather Energy to manufacture 10 lakh more electric scooters, eyes new EV factory

As electric two-wheeler adoption sees some stabilisation after several fire incidents last year, leading EV player Ather Energy said it is in talks with various state governments for establishing an additional factory to meet the demand. The company is ramping up manufacturing output and planning to add 10 lakh units capacity, in addition to the 4,00,000 annual capacity that it currently has.

TN Cabinet gives nod to industrial projects costing INR15,610.43 crore

The Tamil Nadu Cabinet approved industrial projects to the tune of INR15,610.43 crore. The projects involve electric vehicle manufacturing, cell manufacturing, automobile, wireless technology, oxygen plant, and textiles. The projects will be spread across the State and will come up in the districts of Krishnagiri, Theni, Pudukottai, and in suburban Chennai.

Ola to buy 1500 acres in Tamil Nadu for EV factory

Ola Electric is set to acquire around 1,500 acres land in Tamil Nadu to set up an electric vehicle factory. The state govt has approved Ola’s plan to acquire the land and it might become one of the biggest deals for a factory in the Indian automobile industry. It will house the company’s electric vehicles manufacturing facility, a component supplier ecosystem, and a battery cell manufacturing plant.

Tata Passenger Electric Mobility completes acquisition of Ford India’s Sanand plant

Tata Passenger Electric Mobility Limited (TPEML), a subsidiary of Tata Motors Limited (TML), has completed the acquisition of Ford India’s Sanand vehicle manufacturing plant. The Tata companies executed a Unit Transfer Agreement with Ford India Private Limited (FIPL) on August 7, 2022 for the acquisition of FIPL’s manufacturing plant at Sanand, Gujarat, which includes the entire land and buildings (Sanand Property), the vehicle manufacturing plant along with machinery and equipment, and transfer of all eligible employees for a total consideration, exclusive of taxes, of INR725.7 Crore.

Mahindra & Mahindra receives approval for new electric vehicle plant in Pune

Mahindra & Mahindra’s recently announced investment of INR10,000 crore for electric vehicles has been approved under the Maharashtra Government’s industrial promotion scheme for EVs. The approval extends to the company’s new manufacturing plant for electric vehicles that will be built in Pune, Maharashtra, where the automaker plans to build its upcoming Born Electric Vehicles.

5 industrial corridors in Rajasthan to be promoted as EV, battery manufacturing hubs

The Rajasthan state government will work on developing five industrial corridors as Electric Vehicle and batteries manufacturing sectors along with incentives to promote use of electric vehicles. These regions include Ajmer-Kishangarh, Rajsamand-Bhilwara, Jaipur-Dausa, Jodhpur-Pali-Marwar Industrial area, and Khushkheda-Bhiwadi-Neemrana Investment region.

E-Bus Updates

All 7,000 e-buses under FAME-II may ply on Indian roads in next 1 year

All 7,000 electric buses under the FAME-II scheme are expected to ply in different cities of the country in the next one year, as per Heavy Industries ministry. Out of the 7,000 electric buses under the FAME-II scheme, over 3,000 e-buses are already operating in the country.

50 electric buses launched in Delhi under FAME India Phase II scheme

As many as 50 electric buses were launched in Delhi with support under the FAME India Phase II scheme of the Ministry of Heavy Industries. In 2019, the government approved INR10,000 crore for a period of three years. Out of total budgetary support, about 86 percent of the fund has been allocated for incentives so as to create demand for electric vehicles. The government placed orders for 3,538 electric buses. Out of this, a total of 1,716 buses have been deployed so far.

CESL floats tender for 4,675 e-buses worth INR5,000 crore

State-owned Convergence Energy Services Ltd. (CESL), a wholly-owned subsidiary of Energy Efficiency Services Ltd (EESL), has floated a tender for 4,675 electric buses worth INR5,000 crore. This is the second tender under the National Electric Bus Programme (NEBP). Also, this is the third tender for electric buses following the ‘Grand Challenge’ tender of 5,450 e-buses, and a recently concluded tender for 6,465 e-buses. Three states – Delhi, Kerala and Telangana – are covered in this tender and will deploy 2,400, 775 and 1,500 electric buses respectively.

BEST to roll out first AC double-decker electric bus this month

India’s first AC double-decker electric buses are all set to join the BEST (Brihanmumbai Electric Supply and Transport) fleet by mid-February, more than five months after union minister Nitin Gadkari inaugurated the service. The buses were supposed to come out on the road in September but getting the certification from the Automotive Research Association of India took time. Switch Mobility, a subsidiary of Ashok Leyland, is to deliver 50 buses in the first phase and 10 of them are expected to arrive soon. Each vehicle costs INR2 crore and it can carry around 90 passengers.

In Noida, from March, 100 buses to take you home from Metro stations

The GNIDA (Greater Noida Industrial Development Authority) will start a new bus service with 100 new buses by March end to enhance the connectivity between residential areas and the six metro stations. In June 2022, the GNIDA proposed introducing 25 e-buses in Greater Noida on the lines of Ghaziabad, but the project proposal later changed to this current 100-bus service.

Switch Mobility to rope in dealers and partners to operate e-bus contracts for STUs

Switch Mobility, the electric vehicle arm of Ashok Leyland, will involve its dealer and supplier partners in operating electric buses for the State Transport Undertakings (STUs) under the GCC (Gross Cost Contract) model. The company has emerged as the highest (L1) bidder in 3 of the 8 electric bus contracts, floated by the Government of India-owned Convergence Energy Services Ltd (CESL).

E-bus tender discovers 29 per cent lower price than diesel ones The prices discovered for the 6,465 electric bus tenders were 29 per cent lower than what it costs to operate diesel buses as per State-owned CESL. This unified tender includes demand for electric buses from six Indian states & UTs – Delhi, Telangana, Haryana, Surat (Gujarat), Kerala, and Arunachal Pradesh. This is the first tender under the National Electric Bus Programme (NEBP). The lowest price discovered for a 12-meter bus (intracity) was INR54.3/km and for 12-meter bus (intercity) was INR39.8/km. For a 9-meter bus, the price discovered was INR54.46/km and for a 7-meter bus it was INR61.92/km. The prices do not include any subsidies.

Other Market Updates

India’s EV market expected to cross 1 crore sales mark per year by 2030

According to the Economic Survey 2022-23, the domestic electric vehicle market is expected to grow at a compound annual growth rate (CAGR) of 49 per cent between 2022 and 2030. It is expected that the sector will achieve 1 crore unit annual sales by 2023 and it will create 5 Crore direct and indirect jobs by 2036.

Mumbai’s EV population crosses 20k; at 2L, Maharashtra boasts max e-cars & e-bikes among states

Mumbai’s electric vehicle population has touched 20,000 and crossed the two-lakh mark in the state, as per latest transport statistics. Mumbai continues to have the highest number of e-buses in 2023 and there are indications that three-wheelers may soon go electric as will the kaali-peeli taxis and this could encourage private buyers to go for e-vehicles as well. In addition, latest statistics showed more preference for e-two wheelers than e-cars due to the convenience of charging a battery and range anxiety. Across Maharashtra, there were 7,321 registrations in 2019 which rose to 1,30,377 registrations in 2022 – nearly 18 times rise in demand despite two major Covid-19 lockdowns when automobile sales had dipped.

EVolving India Inc plans to drive ahead on battery power

Vedanta and Tata Steel are among companies rolling out electric vehicle policies to encourage employees to buy them in a year that’s already expected to see record adoption of battery-powered automobiles. Tech companies and banks too are doing their bit. Capgemini, Cognizant, Barclays, Bank of New York Mellon, and Allianz Technology are mandating that a certain proportion of vendors’ fleets for employee transportation should be electric. Hotel chains such as Marriott and Novotel are stipulating a similar rule. MNCs are conducting pilots of electric vehicle models to check on their operational viability, which will lead to higher EV adoption.

Global car companies upbeat about faster adoption of luxury EVs in India

Global luxury carmakers in India see adoption to electric vehicles making a rapid stride in the segment as compared to the mass car market and expect the penetration to be much faster 10-15% by the end of 2023 and almost 50-60% by the end of the current decade. Year-to-date (April to December) EV penetration in the mass car segment stood at 0.8%, up 33 basis points from the FY22 level.

Renault considers making mass-market EVs in India

Renault is considering building a mass-market electric vehicle in India, as part of a renewed push into a market where EV adoption is expected to grow quickly from a small base. The company is studying about launching a made-in-India electric version of its Kwid hatchback. The review will assess potential demand, pricing, and the ability to build the EV with local components.

As EVs gain traction, automakers trim ICE models

Amid growing popularity of electric vehicles among Indian buyers and the government push towards reduced vehicular emissions, automakers are cutting down on the number of car and SUV models that run on conventional fuels. The number of petrol and diesel-powered models sold in the Indian market has reduced 20% in about four years — to 136 as of December 2022 from 168 in 2018-19. The number of EV models rose to 18% from 3% in the same period, while that of CNG-powered ones increased to 19% from 13%.

India identifies copper and lithium mines in Argentina

India has identified two lithium mines and one copper mine in Argentina and it may acquire or lease them soon. In November 2022, the Indian government sent a team of geologists to South America to assess potential lithium deposits. The ownership or leasing rights of the mines will be with Khanij Bidesh India Ltd (Kabil). It is a joint venture of the National Aluminium Company (Nalco), Hindustan Copper (HCL), and Mineral Exploration Corporation Ltd (MECL). It was formed in 2019 to ensure the supply of strategic minerals in India’s market.

Suzuki Motor Corp to launch 6 battery electric vehicles in India by FY2030

Japan’s Suzuki Motor Corporation announced plans to introduce six battery electric vehicles in India by FY2030 as part of its growth strategy and achieve carbon neutrality by 2070 as per the target set by the government. These six models are in addition to the company’s SUV battery EV announced at the Auto Expo 2023 for FY2024. By FY2030, battery EVs will account for 15 per cent of the Company’s total product portfolio, while internal combustion engine vehicles will account for 60 per cent and hybrid electric vehicles at 25 per cent.

Ola scooters report rising suspension failures

Ola scooters has released a statement where it has claimed ‘very high impact road accidents’ as the cause for suspension failures in its scooters. The statement follows the most recent incident where a rider got injured when the scooter’s suspension failed and the entire front wheel broke away. This is not usually seen with most two wheelers and in Ola’s case it may be due to the fact that Ola is the only company that currently uses this unique design for its single-sided front suspension.

Electric two-wheeler sales may miss FY23 target of 10 lakh units by 20 per cent

Electric two-wheeler sales could miss the target of 10 lakh units in fiscal 2022-23 by 20 per cent, mainly due to withholding of around INR1,100 crore subsidy by the government, according to industry body SMEV. In 2022, sales of electric two-wheelers stood at around 6 lakh units, with three major electric two-wheeler makers – Hero Electric, Ola and Okinawa – crossing the 1 lakh annual sales mark for the first time. These original equipment manufacturers (OEMs) dominated the E2W market, controlling over 50 per cent of the total market share, and emerged as the top players in the category.

Zypp Electric launches ZyppDash fleet management dashboard

Zypp Electric has launched ZyppDash – EV Fleet Management Dashboard – to track the real-time location of its fleet operators’ vehicles and rider info which delivery partners can manage on duty riders and allot orders through the application. Zypp, which is adding 1,000-1,500 electric scooters and 1,000+ riders every month, will as part of its client Dashboard, introduce a rider efficiency tracking system that will measure the time taken to complete orders. Also, the dashboard will track the number of orders completed by each rider over a given period of time and any other relevant metrics.

Okinawa Autotech opens R&D Centre in Italy, to unveil electric cruiser soon

Okinawa Autotech, a leading electric two-wheeler manufacturer in India, has inaugurated its first research and development centre in Italy, in association with its joint venture partner Tacita. The facility will focus on new product development, upgrading the existing product portfolio, and also development of an all-new electric powertrain to support the next generation of products from Okinawa. The first product, which is designed at the global centre, will be an electric cruiser motorcycle that is slated to be premiered in the coming months in India. The company plans to invest Euro25 million (INR220 crore) over the next three years in the new facility.

JK Tyre set to offer new products for SUVs, EVs to suit Indian terrain

Indian tyre major JK Tyre & Industries has unveiled its new range of SUV (Sport Utility Vehicles) tyres – Ranger HPe and Ranger X-AT. The new RANGER HPe is designed to cater to the fast-growing EV (electric vehicle) demand while RANGER X-AT is specially designed to handle extreme terrains. To complement the new product additions, the company in its efforts to reinforce its foothold in Maharashtra, inaugurated five new JK Tyre Steel Wheels-Brand Shops in the Aurangabad and Nagpur regions.

BorgWarner opens new EV-focused propulsion engineering centre in Bengaluru

American automotive supplier BorgWarner has expanded its engineering footprint in India by setting up a new technology centre – India Propulsion Engineering Centre (IPEC) – in Whitefield, Bengaluru. BorgWarner will focus on developing EV-specific products such as inverters, DC-DC converters, on-board chargers, integrated drive modules, and battery management systems (BMS) in line with its roadmap of targeting 45% revenues from EV components by 2030.

Tata Nexon EV prices slashed by INR85,000

Tata Motors has reduced prices for its Nexon EV model. Prices for the Tata Nexon EV now start at INRR14.49 lakh (ex-showroom) for the Prime versions and top out at INR18.99 lakh (ex-showroom) for the Max. The Nexon EV Max now also sees a bump in its claimed range at 453km (which is 16km more than the previously claimed range of 437km). The price reduction is a response to the new Mahindra XUV400, the prices of which were announced just a few days back.

Nashik-based modular EV start-up wins national award

Revamp Moto Pvt Ltd, a Nashik-based modular EV start-up, has bagged the National Start-up Award in the ‘Transport Service and Infrastructure’ category. Union minister of commerce and industry Piyush Goyal presented the award to the winners — Jayesh Tope, Pritish Mahajan, and Pushkaraj Salunke (the three partners of Revamp Moto Pvt Ltd) — in New Delhi on the culmination of the Start-up India Innovation week.

TN sets ball rolling to set up INR1k-crore climate fund

The Tamil Nadu government issued orders to set up INR1,000-crore Tamil Nadu Green Climate Fund (TNGCF) to support various climate change-related initiatives and mitigation and greening projects. The first-of-its-kind fund in the country will mobilise resources from government, development finance institutions, and international climate funds. The fund will be managed by the Tamil Nadu Infrastructure Fund Management Corporation (TNIFMC) Ltd with a green shoe option of another INR1,000 crore. The fund will be created through equity, equity-linked instruments, debentures, and convertible instruments, among others, with a 10-year tenure extendable by up to two years.

Fourth electric vehicle inducted to MIA fleet

Mangaluru International Airport (MIA) added a fourth electric vehicle to its vehicle pool for the current fiscal on the occasion of Makara Sankranti. The airport, in August 2022 had last procured two EVs for its routine operations and added one more in October 2022. The specialty of this fourth EV is that it is an SUV that has been modified into a ‘Follow-Me’ or ‘Apron Control’ vehicle for exclusive use on the airside, giving it the distinction of being among the few airports in India to induct an EV for this express purpose. Airports provide Follow-Me vehicles for convenience, safety, or a combination of both and act as a visual aid to guide aircraft from place to place.

Mahindra introduces NEMO Driver App for 3-wheeler EVs

Mahindra Electric Mobility (MEML) has introduced the NEMO Driver app to help its customers deal with range anxiety and plans to charge cycles to increase operational efficiency for its Treo range of electric three-wheelers. The NEMO app lets the driver get updates like state of Charge (SoC), Distance to Empty (DTE), and Time to Charge (TTC) and assists the Mahindra Customer to find his Vehicle and navigate to its accurate location.

Tata Motors begins deliveries of new Ace EV priced at INR9.99 lakh

Tata Motors, India’s largest commercial vehicle manufacturer, began deliveries of the all-new Ace EV, India’s most advanced zero-emission, a four-wheeled small commercial vehicle for intra-city cargo transport, with prices starting from INR 9.99 lakh (ex-showroom). The first fleet of the Ace EV was delivered to leading e-commerce, FMCG, and courier companies and their logistics services providers like Amazon, Delhivery, DHL (Express & Supply Chain), FedEx, Flipkart, Johnson & Johnson Consumer Health, MoEVing, Safexpress, and Trent Limited.

ANAND Group unfolds new cleantech platform ‘ANEVOLVE’ for e-mobility

ANAND Group, one of India’s leading auto component and systems group, announced its new cleantech platform, ‘ANEVOLVE’ to create, design, and manufacture green technology solutions for electric mobility and other sectors. At ANEVOLVE’s launch at the Auto Expo in New Delhi, the company announced three partnerships with sustainable solution providers from Japan, Israel, and Britain.

Sundram Fasteners bags USD$250 million deal from global auto maker

Sundram Fasteners Ltd, engaged in manufacturing of auto components has bagged a US$250 million (INR2,025 crore) contract from a top automobile manufacturer for supply of sub-assemblies to its electric vehicle segment. Sundram Fasteners has drawn up plans to invest INR200 crore to support the new order received from the global automobile manufacturer. The company would ship the parts from its powertrain divisions located at Mahindra World City in Chengalpattu, Tamil Nadu, and Sri City, Andhra Pradesh. The parts will be serviced from the company’s warehouse in North America.

FedEx India deploys EVs to achieve the goal of zero-emission last-mile delivery

Transportation company FedEx Express deployed 30 TATA Ace EVs in Delhi to advance the sustainability goal of zero-emissions last-mile delivery in India. The company plans to transform its entire parcel pickup and delivery fleet to zero-emission electric vehicles globally by 2040.

Ather energy rolls out upgrade to its EV 2-wheeler software AtherStack 5.0

Homegrown electric vehicle company Ather Energy has rolled out AtherStack 5.0, the biggest upgrade to its software engine which drives the vehicle. AtherStack 5.0 will be powering a brand-new user interface (UI) for the dashboard in addition to launching vector maps powered by Google. Built on numerous interconnected layers of software, firmware, system intelligence, and algorithms, AtherStack is the software engine that powers every single user experience on the Ather 450X.

VoltUp to deploy half a million high-speed electric two-wheelers in next five years

Mumbai-based start-up VoltUp plans to deploy half a million high-speed electric two-wheelers in the next five years to accelerate the shift to e-mobility. In the first phase, VoltUp will put 30,000 electric two-wheelers on the road in the next one year to cater to both last-mile delivery service providers as well as individual users for daily transport. The company has reached an agreement to source 30,000 units from Hero Electric for around INR280 crore, which will be leased out to firms operating in the business-to-business (B2B) space as well as individual consumers.

BLive opens new store in Rourkela, Odisha

BLive, a multi-brand electric vehicle platform, has opened its first multi-brand experience store in Rourkela, Odisha. The BLive EV Store offers a wide range of electric vehicles from multiple EV brands, expert support, easy finance, and exciting offers. Buyers can opt for EVs at EMIs as low as INR2,000 per month for a range of electric scooters, cycles, motorcycles, and delivery vehicles. The store has on display electric vehicles from renowned brands such as Kinetic Green, Hero lector, LML – Detel, Batt:re, Gemopia, Techo Electra, E-Motorrad, and others.

EVeium launches its largest Experience Hub in Calicut

EVeium Smart Mobility, an electric 2-wheeler brand under Ellysium Automotives, has launched a new experience hub in the city of Calicut, Kerala. The experience hub will be under the dealership name Hexa Motors. The hub, measuring 3,000 sq. ft, is located on Kannur Road in the heart of Athanikkal, a hub for all automotive manufacturers, both two and four-wheelers. In addition, the Company has launched a new experience hub in Pune with Sarnot Autolines. The experience hub will showcase all the 3 premium electric scooters from the brand: Cosmo, Comet, and Czar.

Godawari Electric Motors opens its first EV showroom in Maharashtra

Godawari Electric Motors, a maker of the Eblu range of products, inaugurated its first showroom Sourabh Wheels Private Limited in Pune, Maharashtra. The showroom will showcase the journey of the brand and become a single touch point for the end-to-end EV needs of the customers.

BYD inaugurates second PV showroom in Bengaluru

The world’s leading new energy vehicle manufacturer BYD India has inaugurated its second passenger vehicle showroom in Bengaluru, Karnataka. The showroom is run and managed by PPS Motors. PPS Motors, located in the software hub in Mahadevapura where most of the automobile dealers are present, will provide access to BYD’s pure electric vehicles with high-quality services for its consumers in Karnataka. Spread across 4,300 sq.ft, the showroom has well-trained technicians, service equipment, service bays, a customer lounge, and a showroom display floor, offering customers the best in-store experience.

Ola plans Bengaluru EV cab service pilot with 1,000 cars

Ride-hailing company Ola is planning to start its own electric vehicle cab service and will begin the pilot in Bengaluru with around 1,000 cabs. It will be available on the Ola app as a separate category along with regular cabs and auto service. The company eventually plans to scale up the number of EV cabs to over 10,000 in one year in the city.

Deals and Investments

Company name

Company type

Deal type


Deal value

(INR Crore)


Bharat New-energy Company (BNC)

EV Manufacturer


Musashi Seimitsu Industry


Coimbatore EV maker BNC gets strategic investment from Japanese partner

Bounce Infinity

Electric Scooter Manufacturer and Battery Swapping Company




Mobility start-up Bounce raises US$20 million from existing investors

Log9 Materials

Battery Manufacturer


Amara Raja Batteries Ltd, Petronas Ventures, Incred Financial Services, Unity Small Finance Bank, Oxyzo Financial Services and Western Capital Advisors


 Log9 Material raises $40 million from Amara Raja, Petronas, others

Cellestial E-Mobility Pvt. Ltd.

Electric Tractor Manufacturer


TI Clean Mobility Pvt. Ltd. (TICMPL)


TI Clean Mobility consolidates holding in e-tractor start-up Cellestial


App-based Aggregator for Cars (including Electric Vehicle Charging)


Epiq Capital, Sequoia Capital, Matrix Partners India, serial entrepreneur and Kunal Khattar


Park+ raises US$17 million in Series C funding from Epiq Capital, Sequoia and Matrix

Electric Pe

Electric vehicle charging app aggregator


Green Frontier Capital, Blume Ventures, and Micelio Fund. Dubai-based NB Ventures, Anchorage Capital Partners, Supermorpheus, and Climate Angels


Electric Pe targets five-city network expansion from its US$5million funding

Source: Industry News Articles, JMK Research

Amara Raja Batteries to sell & transfer new energy business to wholly owned arm ARACT for INR 167 crore consideration

Industrial and automotive batteries maker Amara Raja Batteries Limited (ARBL) announced the sale and transfer of its new energy business to its wholly owned subsidiary Amara Raja Advance Cell Technologies Pvt. Ltd. (ARACT) for a lumpsum consideration of INR167.2 crore subject to adjustment. The new energy business of ARBL comprises lithium-ion cell and battery pack manufacturing as well as an R&D pilot plant for prototyping and manufacturing of Li-ion cells. ARACT, on the other hand, is engaged in developing and manufacturing energy storage and management products, solutions and technologies related to advanced cell chemistries such as lithium cells, and battery packs.

Triton EV to acquire AMW Motors’ Bhuj manufacturing plant for INR210 crore

Electric vehicle maker Triton EV is in the process to acquire debt-ridden AMW Motors’ manufacturing plant in Bhuj, Gujarat, for INR210 crore. The National Company Law Tribunal, Ahmedabad bench has approved a resolution plan submitted by Triton Electric Vehicle LLC last month. Triton Electric Vehicle LLC has emerged as the successful bidder for the plant and machinery, land and building etc. of AMW Motors.

Kia India to invest INR2,000 crore in EVs, to introduce new e-RV in 2025

In line with its endeavor of moving towards sustainability and offering greener mobility solutions in the market, Kia India will invest INR2,000 crore into its EV programme for the country and introduce a new all-electric recreational vehicle (RV) in the market in 2025. The investment has been committed towards R&D, infrastructure development, and manufacturing capabilities to allow it to locally produce EVs in India starting with the new e-RV in 2025.

MG Motor India to invest US$100 million to expand capacity, eyes 70 percent growth in 2023

Backed by improved supplies and sustained booking momentum, MG Motor, the British brand owned by China’s largest automaker Shanghai Automotive, plans to invest US$100 million (INR810 Crore) to expand capacity at its existing facility in Halol, Gujarat and expand the product portfolio in EVs. The company is planning to increase capacity from 1.2 lakh to 1.4-1.5 lakh units this year through a debottlenecking exercise, which will fulfil its requirements for the next few years.

RattanIndia Enterprises completes acquisition of EV company Revolt Motors

RattanIndia Enterprises Limited has completed the acquisition of 100% shareholding in the electric motorcycles company Revolt Motors. This will make Revolt Motors a wholly-owned subsidiary of RattanIndia. Revolt Motors, with its manufacturing facility in Manesar, Haryana, has 30 dealerships spread across the country. With this 100% acquisition of Revolt Motors, RattanIndia Enterprises seeks to scale up Revolt’s growth and make it the largest EV two-wheeler company in the country.

Hero Motors raises equity from PE firm GEF Capital Partners

In a bid to accelerate its push in the electric vehicle space, Hero Motors, the auto-components arm of Hero Motors Company (HMC) Group, has raised equity from private equity firm GEF Capital Partners and its Limited Partners for a minority stake for an undisclosed sum. With a total investment of INR1,500 crore planned for the coming three years, Hero Motors aims to transform itself into a Global EV Solutions Company from India. The funds will be utilized to augment its growth and expansion with a significant focus on serving top global OEMs in the EV sector. The company also plans to set up additional technology centers for research and development (R&D), along with expanding its presence globally by opening new facilities to cater to its customers’ growing demands.

JVs and Partnerships

Companies involved

Purpose of Partnership

Sunlit Power and Lucas TVS

  • Storage battery maker and distributor Sunlit Power has collaborated with Lucas TVS under which it will supply 50,000 electric vehicle motors and controllers manufactured by the TVS group company to various industries.
  • It will include motors with 1kW-15kW capacity for various applications including those for two-wheelers, high-speed passenger autos, and pick-up vans.

Hero Electric and Maxwell Energy Systems

  • Hero Electric has entered into a long-term partnership with Maxwell Energy Systems for the supply of advanced battery management systems.
  • Under the partnership, Maxwell will supply more than 10 lakh units of its battery management systems (BMS) over the next three years to Hero Electric.

Tata Motors and ICICI Bank

  • Auto giant Tata Motors has partnered with leading private lender ICICI Bank to encourage the adoption of electric vehicles in the country.
  • Under the tie-up, ICICI Bank will provide inventory funding to EV dealers of Tata Motors. This would be one of its kind inventory financing program for dealers of Tata Motors.

Electric One and Arjuna Ranatunga (Legendary Sri Lankan cricketer)

  • Electric One, a leading electric vehicle superstore chain has signed a Memorandum of Understanding with the legendary cricketer Arjuna Ranatunga to enter the Sri Lankan 2-wheeler market through the newly formed joint venture company – Electric One Lanka Pvt. Ltd.
  • This joint venture will endeavour to set up over 50 retail outlets co-branded as ‘Electric One powered by AR’ stores across the country in the next five years. The JV will invest about US$5 million (INR40.5 Crore) over the next three years, starting with retail and distribution in the first phase and followed by local assembly and manufacturing in the second phase.

Rajesh Exports, MHI, and Department of Industries and Commerce (Government of Karnataka)

  • Bengaluru-based Rajesh Exports, one of the three selected participants in the Government of India’s INR18,100 Crore Production Linked Incentive (PLI) Scheme for Advanced Chemistry Cell (ACC) Battery Storage, has signed a tripartite agreement with the Union Ministry of Heavy Industries and the Department of Industries and Commerce, Government of Karnataka, for setting up a battery cell manufacturing facility in the state.
  • As per the requirement of the PLI Scheme, the company has incorporated a 100 percent subsidiary firm ‘ACC Energy Storage Pvt Ltd’ for the execution of the 5 GWh project for manufacturing advanced chemistry lithium-ion cells for making battery packs for EVs and energy storage.

Saera Electric and AMU leasing

  • Saera Electric Auto Private Limited (SEAPL), one of the leading players in the electric vehicle industry, has signed a vehicle financing contract with a non-banking financial company (NBFC), AMU Leasing Pvt. Ltd.
  • Under the agreement, customers planning to buy electric vehicles from SEAPL can avail easy financing options from ALPL.
  • Saera Electric Auto is a subsidiary of the Satra Group of Companies, which has a diversified business portfolio in domains like automobile spare parts, electric vehicles, and agriculture equipment.

e-Rise EV and Ipower

  • e-Rise EV, a Rohtak based electric two-wheeler OEM, has tied up with Ipower Batteries Pvt Ltd, one of the leading EV battery pack manufacturing companies, to install a first of its kind EV battery service centre at e-Rise’s physical stores.
  • Under the agreement, Ipower will train the service staff of e-Rise EV to equip them with technical knowledge of handling Li-Ion batteries and other related issues pertaining to batteries that the customer faces from time to time.

Mufin Green Finance and Indian Renewable Energy Development Agency (IREDA)

  • Mufin Green Finance Ltd, a listed NBFC for electric vehicle and climate financing, has partnered with IREDA (Indian Renewable Energy Development Agency) to strengthen its retail EV portfolio for two and three-wheeler (mainly E-rickshaw and E-auto vehicles) pan India over a period of time.
  • Muffin Green Finance intends to extend its reach to 5000 consumers to start with and eventually reach more than 1,00,000 consumers through this partnership.

ARENQ and Kerala Automobile Limited (KAL)

  • ARENQ, manufacturer and distributor of storage batteries, has recently announced a long-term partnership with KAL (Kerala Automobile Limited), the public sector automobile manufacturing company, to supply motors, motor controllers, and batteries for all their electric vehicles.
  • The companies will also jointly conduct R&D for new designs and product development. ARENQ has forged a three-year association with KAL for the distribution of e-vehicles in Kerala and Maharashtra.

Etrio Automobiles and Turno

  • Electric commercial vehicle maker Etrio Automobiles, in collaboration with EV financing platform Turno, will deploy 1,000 e-three-wheelers pan-India in the next 12 months. The deployment of these vehicles will commence from cities such as Delhi, Hyderabad, and Chennai where both Etrio and Turno have a strong presence and eventually expand to various other parts of India.
  • As a part of this collaboration, the eCV makers’ flagship model ‘Touro Max’ vehicles would be deployed across a range of first-mile and last-mile logistics, and commercial transport use-cases including retail and e-commerce logistics, gas delivery, and agri-logistics.

Weber Drivetrain and Wuxi Lingbo

  • Pune-based electric vehicle start-up Weber Drivetrain has announced a strategic Technology Transfer partnership with China-based Wuxi Lingbo Electronic Technology to manufacture controller and BMS for electric two-wheeler vehicles in India.
  • Under this collaboration, Wuxi Lingbo has granted Weber Drivetrain two innovative patent technologies along with all design, architecture, layout, hardware designs and software, ushering in a new phase of development in the Indian EV market. Weber Drivetrain has committed to the complete local manufacturing of Controller and BMS for electric two-wheelers and is all geared up to market its set of products this month.

Gogoro and Metalman Auto

  • Gogoro, Taiwan’s largest electric two-wheeler manufacturer and battery swapping major, has taken the next step in its India-market entry plans. The battery-swapping specialist has entered into a contract manufacturing partnership with Tier 1 automotive component manufacturer – Metalman Auto – to produce a range of electric scooters in India.
  • Production is set to begin in mid-2023, and Metalman Auto will manufacture a range of two-wheelers for Gogoro from its plant in Waluj, Aurangabad, Maharashtra.

Mercedes Benz Energy and Lohum

  • Mercedes-Benz Energy and Noida-based Lohum CleanTech, a battery recycling management company, have announced a strategic partnership to repurpose EV batteries. Lohum is Mercedes-Benz Energy’s first partner in Asia as both the companies continue to push sustainability across the battery supply chain.
  • The agreement will enable Lohum to receive consistent volumes of second-use batteries from Mercedes-Benz Energy (MBE), which it will recycle through its hydro met plant once they reach the end of its life-cycle.

Exicom and Hero Electric

  • Gurugram-headquartered EV charging solutions provider Exicom has inked a pact with Hero Electric, an EV maker, to supply Battery Management Systems (BMS) for the latter’s electric two-wheelers in India.
  • As per the agreement, Exicom will supply over 5 lakh units of its BMS to the EV maker annually. Its BMS would allow Hero Electric to comply with the AIS-156 safety standards applicable from March 2023, phase 1 of which came into effect from December 2022.

3eco Systems and Log9 Materials

  • 3W EV fleet operator 3eco Systems and advanced battery-tech and deep-tech start-up Log9 Materials will collaborate to deploy more than 2,000 InstaCharged heavy-duty Shakti 8 Cargo (S8Ci) EVs across India over the next 18 months.
  • The vehicles’ deployments will be initiated in Bengaluru, Hyderabad, and Chennai and will later be extended to other metro cities. These commercial electric vehicles will cater to e-commerce and hyperlocal logistics players such as Amazon, Flipkart, and Big Basket.

Greaves Cotton and Eta Green

  • Greaves Cotton Limited, a leading manufacturer of Cleantech Powertrain Solutions, has collaborated with Eta Green Power Ltd., an advanced electric drive system design company based in the UK, to have exclusive rights to its technology pertaining to motors and motor controllers with integrated battery chargers for electric 2 and 3-wheelers.
  • The e-powertrain suite will be manufactured at the Aurangabad plant with a high degree of component localization.

Source: Industry News Articles, JMK Research

Global Market Updates

German car sales rebound in 2022, helped by EVs

New car sales in Germany rose slightly in 2022, after two years of sharp drops caused by the coronavirus pandemic and supply bottlenecks. A total of 2.65 million vehicles were registered in Europe’s largest economy in 2022, a 1.1 per cent increase from the previous year. While sales of petrol and diesel cars fell by 11.2 percent and 9.9 percent respectively last year, those of electric vehicles raced ahead. In total, 470,559 battery-powered vehicles were registered in Germany last year, a 32.2 percent jump, and now represent 17.7 percent of German new car sales.

China 2022 lithium production jumps on strong demand, soaring prices

China’s lithium production expanded strongly in 2022, buoyed by strong demand from the new energy sector and soaring prices. China produced 395,000 tonnes of lithium carbonate last year, up 32.5 per cent year on year. Its output of lithium hydroxide climbed 29.5 per cent to 246,400 tonnes. Both lithium carbonate and lithium hydroxide are mainly used in battery making for electric vehicles.

Chinese EV giant BYD set for a surge in 2022 profit as sales jump

China’s BYD Co, the world’s biggest seller of battery electric vehicles and plug-in hybrids, expects its 2022 net profit to be more than five times the amount it booked a year earlier. With sales of 1.86 million cars, it expects a net profit of CNY¥16-CNY¥17 billion (US$2.37-US$2.52 billion) versus CNY¥3 billion (US$0.44 billion) in 2021.

Honda to create division to speed up electrification development

HONDA Motor would create a new division in a bid to strengthen and speed up its electrification business as part of an overhaul of its organisational structure. The shake-up is part of the carmaker’s bid to catch up in the fast-growing market for fully electric vehicles, led by Tesla Inc. and China’s BYD. The new division would consolidate the Japanese automaker’s electrification strategy and development of cars, motorcycles, and power products such as generators.

Honda and GS Yuasa to develop high-capacity, high-output lithium-ion battery

Japanese majors Honda Motor Co and GS Yuasa have announced that they have reached a basic agreement towards collaboration for a high-capacity, high-output lithium-ion battery.  The two companies will establish a joint venture company which will engage in broad scope of collaboration including a li-ion battery for EVs and efficient production operation including the supply chain for key raw materials. The two companies have already been working together on lithium-ion batteries for hybrid electric vehicles (HEVs).

With tiny EV, City Transformer takes aim at Europe’s urban markets

Israeli electric vehicle startup City Transformer aims to launch production of its small urban CT-2 model in Western Europe by the end of 2024 and will soon launch a Series B funding round to raise $50 million. The company has already selected a factory in Western Europe where it will have initial annual production of 15,000 vehicles. The CT-2, which is already approved for use in the European Union and Britain, has a range of 180 kilometers (112 miles) and is 1 meter (3.28 ft) wide in city mode. This makes it narrow enough for four of them to fit into a conventional car’s parking spot. But the EV’s wheel base expands to 1.4 meters for performance mode, which doubles its top speed to 90 kilometers (56 miles) per hour. The CT-2 weighs in at 450 kilograms (0.5 ton), or less than the battery in a Tesla Model 3.

Japan’s Suzuki to invest USD 35 billion through 2030 in EVs

Suzuki Motor Corp will invest 4.5 trillion yen (USD 34.8 billion) through fiscal 2030 in research, development and capital spending to make battery electric vehicles. The Japanese automaker will invest 2 trillion yen in electrification and autonomous driving technologies, while allocating 2.5 trillion yen to build a battery EV plant and for renewable energy facilities.

Audi unveils last of the all-electric futuristic Sphere concept vehicles, Activesphere

Audi has introduced the future electric pickup Activesphere, the fourth and last of the sphere concept. The coupe-like hatchback has an extended roofline and an open luggage bed, big enough for e-bikes or other equipment for water and winter sports. The Audi Activesphere joins the sphere family of concept vehicles with an electric powertrain and quick-charging technology from Audi’s PPE modular system. It combines the sustainability, dynamics, and long-distance capabilities of cutting-edge electric cars with zero local emissions, a range of over 372 miles (~599km), and incredibly quick charging periods owing to 800-volt technology.

Ford cuts electric Mustang’s price up to 9% in response to Tesla

Ford Motor Co. is slashing the price of its electric Mustang Mach-E by an average of US$4,500 following Tesla Inc.’s recent cuts, stepping up the price wars in a sluggish EV market. The discount comes on a model that Ford has already described as unprofitable, but it hopes to offset further margin deterioration by boosting production by 67% this year. The lowest-priced Mach-E now starts at US$45,995, down US$900, while the most expensive GT Extended Range version falls by US$5,900 to start at US$63,995.

US DoE $125 million for next-gen Batteries and Energy Storage research

To support Energy Innovation Hub projects that emphasize multi-disciplinary fundamental research to address long-standing and emerging challenges for rechargeable batteries, the U.S. Department of Energy (DOE) has awarded $125 million over four years for basic research on rechargeable batteries. The Energy Innovation Hub projects supported by this funding opportunity will accelerate discovery and scientific exploration of new battery chemistries, materials, and architectures for transformational energy storage technologies to be deployed in transportation and on the nation’s electricity grid.

Japan’s Suzuki to invest USD 35 billion through 2030 in EVs

Suzuki Motor Corp will invest 4.5 trillion yen (US$ 34.8 billion) through fiscal 2030 in research, development and capital spending to make battery electric vehicles. The Japanese automaker will invest 2 trillion yen in electrification and autonomous driving technologies, while allocating 2.5 trillion yen to build a battery EV plant and for renewable energy facilities.

24M bags $3.2 million US Federal funding to develop Sodium-metal EV batteries

US battery tech firm 24M Technologies has been selected to receive US$3.2 million in funding from the U.S. Department of Energy Advanced Research Projects Agency-Energy (ARPA-E). The funding is part of the ARPA-E Electric Vehicles for American Low-Carbon Living (EVs4ALL) program, which seeks to develop more affordable, convenient, efficient, and resilient EV batteries. The company will partner with the Massachusetts Institute of Technology (MIT) and Carnegie Mellon University (CMU) to use its versatile ‘SemiSolid’ manufacturing platform to develop low-cost, fast-charging sodium metal batteries with good low-temperature performance for EVs.

Leclanché G/NMCA Li-ion cells claim higher energy density, less cobalt usage

Swiss battery maker Leclanché SA has announced major breakthrough in the environmentally friendly production of modern G/NMCA (graphite-nickel-manganese-cobalt-aluminium oxide) cells. As the first manufacturer worldwide, the company claims to reduce the cobalt content in NMCA as cathode material from 20 to 5 per cent, and manufacture electrodes using an environmentally friendly water-based process. The new G/NMCA cells have a 20 per cent higher energy density, despite retaining the same size, weight and performance level. 

Tesla plans US$3.6 billion Nevada expansion to make Semi trucks, battery cells

Tesla Inc would invest more than US$3.6 billion to expand its US-based Nevada Gigafactory complex with two new factories, one to mass produce its long-delayed Semi electric trucks and the other to make its new 4,680 battery cell. The cell plant would be able to make enough batteries for 2 million light-duty vehicles annually, including batteries using the 4680-type cell. The 4680 is key to Tesla meeting a goal of halving battery costs and ramping up battery production nearly 100-fold by 2030.

Nissan and Hitachi look to charge elevators with EV batteries

Japanese carmaker Nissan Motor Co Ltd and a Hitachi Ltd subsidiary announced plans to roll out a system to keep elevators running during blackouts by drawing power from the batteries of electric vehicles. During a pilot project unveiled recently, the firms said they had kept an elevator with capacity for nine people running at slow speed for 10 hours by drawing power from the battery of a Sakura, a fully electric micro “kei” car made by Nissan. Currently, few cars are capable of bi-directional charging, where vehicles can become a power source for homes, or feed energy back into the grid, though carmakers such as Ford Motor Co and Renault SA are among those jumping on the bandwagon.

Unions press Biden administration to not change EV tax credit rules

Major unions and public interest and environmental groups are urging President Joe Biden to reject efforts by the European Union and other foreign governments to revise U.S. electric vehicle tax incentives. The US$430 billion U.S. Inflation Reduction Act (IRA) passed in August restricts US$7,500 consumer tax credits to North American-made EVs, but the U.S. Treasury in December, 2022 said consumers leasing vehicles assembled outside North America could benefit from the US$7,500 commercial green vehicle tax credit. Foreign governments have been pressing the Biden administration to do more to expand credit eligibility.

One-in-five new cars in California zero-emission in 2022

One-in-five new cars sold in California in 2022 was a zero-emission vehicle, as the largest car market in the United States charges towards its goal of electrifying its fleet. The California Energy Commission said 18.8 percent of new cars sold in the state in 2022 were EVs, PHEVs, or fuel cell electric vehicles, all of which California includes in its zero-emission category. Ten years ago, that figure was 2 percent.

Shell to deploy Sun Mobility battery swapping tech in the Philippines

Sun Mobility, a leading provider of energy infrastructure and services for electric vehicles in India, has signed a strategic agreement with the Pilipinas Shell Petroleum Corporation. The partnership will explore the pilot deployment of Sun Mobility’s advanced battery-swapping technology in the Philippines for electric two- and three-wheelers. The partnership supports the recently passed Electric Vehicle Industry Development Act (EVIDA) that aims to promote sustainable electric transportation in the Philippines.

KTM to sell electric version of Chetak in Europe from Q1 of 2024

Swiss sports bike maker KTM, which has a manufacturing joint venture with Indian manufacturer Bajaj Auto, will begin selling the electric model of the resurrected iconic Chetak in the first quarter of 2024 in Europe. The 50.1:49.9 joint venture also rolled out the 1 millionth KTM bike from the Chakan plant near Pune. The E-Chetak especially the second generation, is a great commuter product for a market like Europe.

Indonesia says BASF, Eramet near US$2.6 bn deal to process nickel for EV batteries

Germany’s BASF and French miner Eramet are finalising a US$2.6 billion partnership deal to invest in a facility in Indonesia to process nickel for use in batteries for electric vehicles. The Indonesian announcement comes as the country has been courting global companies to build facilities to produce EV batteries and electric cars to exploit the country’s rich nickel resources.

Indonesia close to EV deals with BYD Group and Tesla

Indonesia is finalising agreements with China’s automaker BYD Group and US carmaker Tesla to invest in electric vehicle production facilities in the Southeast Asian country. Indonesia is aggressively promoting investment into batteries and EVs at home to take advantage of its rich nickel resources.

Vietnam EV maker VinFast plans promotions in response to Tesla price cuts

Vietnam’s electric-vehicle maker VinFast will launch promotions to protect the market competitiveness of its models in the United States, a week after Tesla announced aggressive discounting to spur demand. VinFast, which started operations in 2019, is gearing up to expand in the United States, where it hopes to compete with existing automakers by offering two models, the VF8 and VF9, which have starting prices of US$59,000 and US$83,000 respectively.

Uber is working with automakers to design EVs customized for ride-sharing, delivery

Uber Technologies Inc. is working with automakers to design lower-cost electric vehicles tailored for its ride-hailing and delivery businesses, part of its effort to electrify its fleet. The company is working with manufacturers on vehicles optimized for city use, ferrying passengers and deliveries. For ride-sharing, this includes cars with lower top speeds and seating areas where passengers can face each other.

Shell unit to acquire EV charging firm Volta for about US$169 Mn

A U.S.-based subsidiary of oil company Shell would take over the electric vehicle charging network operator Volta in an all-cash deal valued at about US$169 million. Shell USA Inc will acquire all outstanding shares of Class A common stock of Volta for 86 cents apiece in a deal that is expected to close in the first half of the year.

Biden administration imposes China chip curbs on Macau

The Biden administration hit Macau with sweeping new export controls it previously imposed on shipments of advanced chips and chipmaking equipment to Beijing, flagging the risk that the technology could be diverted from the region to the rest of China. The United States, in October 2022, placed new restrictions on China including controls on advanced computing integrated circuits and certain semiconductor manufacturing items.

Vulcan Energy, Stellantis to develop renewable energy assets in Germany

Automaker Stellantis is set to invest in a geothermal energy project in Germany with lithium developer Vulcan Energy Resources to help power a manufacturing facility for electric vehicles. Stellantis expects battery electric vehicles to make up 100% of its European passenger car sales by 2030.

Hertz to offer 25,000 EV rentals to Uber drivers in Europe

Car rental firm Hertz will make up to 25,000 electric vehicles available to rent to drivers of ride-hailing company Uber in European capitals by 2025. The rollout of the rental deal, which will include models from Tesla and Polestar, will start this month in London where Hertz will add more than 10,000 EVs by 2025 that Uber drivers will be able to rent.

Suzuki to co-develop two-speed EV transmission with Inmotive

Suzuki Motor Corporation has signed a joint development agreement with Canada-based Inmotive Inc for the development of a two-speed EV transmission for a future Suzuki electric vehicle. With this joint development agreement for the two-speed EV transmission, Suzuki believes that it has the possibility of extending the EV range through efficient use of motor torque while also lowering costs due to using a smaller electric powertrain unit and improving driving performance.

Carmaker Stellantis seals batteries material deal with Element 25

Carmaker Stellantis has signed a deal with Australian miner Element 25 for the supply of manganese sulphite for batteries for its electric vehicles. The agreement marks another step in the effort by Stellantis to secure long-term supplies of raw materials essential for electric vehicles as carmakers prepare for a surge in global demand for EVs in the transition toward cleaner motoring. Based on the five-year binding agreement, Element 25 will supply Stellantis with high-purity manganese sulphate monohydrate to be used in battery packs.

Nevada lithium mine gets US$700M conditional loan from Energy

The U.S. Department of Energy announced a conditional loan of US$700 million to an Australian mining company to pursue a proposed lithium project in Nevada, as the U.S. seeks domestic supplies for lithium, a key component in electric vehicle batteries. The company projects the site could produce enough lithium to support production of about 400,000 electric vehicles annually for decades.

Chinese EV maker BYD to build Vietnam component plant

Chinese electric vehicle maker BYD Auto Co plans to build a plant in Vietnam to produce car parts, in a move that would reduce the company’s reliance on China and deepen its supply chain in Southeast Asia as part of a global expansion. The investment in northern Vietnam would exceed US$250 million, expanding parent BYD Co’s presence in Vietnam.

Mercedes to build its own electric vehicle charging network in North America

Mercedes-Benz will build its own worldwide electric vehicle charging network starting in North America in a bid to compete with EV sales leader Tesla. The German luxury automaker will start building the North American network this year at a total cost of over US$1.05 billion. When completed in six or seven years, the network will have 400 charging stations with more than 2,500 high-power plugs.

South Korea’s SK On plans a new, lower cost EV battery by 2025

South Korea’s SK On plans to produce a new, lithium-iron-phosphate electric vehicle battery by 2025 as part of an effort to deliver lower-cost batteries to automakers squeezed by rising EV costs. SK On is investing in new U.S. battery plants and by 2026 expects to have 150 gigawatt-hours of capacity.

Tesla sales in China slump as competition intensifies as cheaper electric vehicles take over car market

Tesla sales in China, the world’s largest car market and a crucial element of the company’s fortunes, slumped at the end of 2022 as domestic manufacturers like BYD gained ground with lower-priced electric vehicles. Tesla sold around 56,000 cars in China in December 2022, a decline of 21% from a year earlier and 44% from November 2022.

Tesla cuts prices once again in China, introduces S and X models

Tesla Inc. cut prices on its Model 3 and Model Y electric vehicles in China by more than 10%, while also announcing prices for Model S sedans and Model X sports utility vehicles that it’s introducing to get a better grip in the premium end of the world’s biggest EV market. Starting prices for the locally-built Model 3 have been lowered to CN¥229,900 (US$34,054) from CN¥265,900 (US$39,353) and to CN¥259,900 (US$38,465) from CNY¥288,900 (US$42,757) for the Model Y.

More U.S. consumers want EVs but prices are a concern

More U.S. consumers want to buy an electric vehicle but are concerned about rising prices, while fewer aimed to purchase gasoline-powered vehicles, as per consulting firm Deloitte. Nearly 7 in 10 prospective EV buyers in the United States expect to pay less than US$50,000 for their next vehicle. More than half of the respondents in the survey said a lack of affordability was the biggest concern when it comes to EV adoption, at a time when top EV makers are raising prices amid high inflation.

South Korea fines Tesla US$2.2 million for exaggerating driving range of EVs

South Korea would impose a 2.85 billion won (US$2.2 million) fine on Tesla Inc. for failing to tell its customers about the shorter driving range of its electric vehicles in low temperatures. Tesla had exaggerated the driving ranges of its cars on a single charge and their fuel cost-effectiveness compared to gasoline vehicles as well as the performance of its Superchargers on its official local website since August 2019 until recently. The driving range of the U.S. EV manufacturer’s cars plunge in cold weather by up to 50.5% versus how they are advertised online.

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