Monthly EV Update – July 2023

Monthly EV Update – July 2023

monthly electric vehicle

Product Launches

India LaunchesJuly 2023


Vehicle type

Battery specifications

Other specifications


Lectrix LXS G2.0, LXS G3.0


  • 2.3kWh/ 3kWh Li-ion
  • Range – 100+ km
  • Top Speed – 60 kmph

INR 97,999


Enigma Auto Ambier N8


  • 2.9kWh Lead
  • Range – 200 km
  • Top Speed – 45 kmph
  • Load Capacity- 200kg
  • Charging time- 2-4 hours

INR 1,05,000 to INR 1,10,000 (ex-showroom)

Ola Electric has opened purchase window for S1 Air from July 28; Price details here

Ola Electric has opened the purchase window for its S1 Air scooter on July 28, 2023. The scooter will be available at an introductory price of INR 1,09,999 for Ola community members and those who have booked the S1 Air before July 28. The limited period purchase window will remain open between July 28-30. For all other customers, the purchase window will commence on July 31 at a revised price of INR 1,19,999 with deliveries to beginning early August.

Okinawa Autotech upgrades its OKHi 90 with an AIS156-3 battery pack and next-gen motor

Okinawa Autotech, backed by its Italian JV partner Tactica has gone for an upgrade of its best-selling electric scooter maker OKHi90 with an AIS-156 Amendment 3 compliant battery pack, next-gen motor, and improved technology features. Some of the new features that are added on to the vehicles are a longer seat with dimensions of 803 mm in height and an extended wheelbase of 1,520 mm with the vehicle reaching speeds of up to 80-90 kmph and delivering an IDC range of 160 km per charge. The company’s Mobile app connectivity feature comes with real-time battery SOC monitoring, real-time speed monitoring, and on/off notifications.

MG launches updated ZS EV with ADAS Suite at INR 27.90 lakh

MG Motor India has launched a new Exclusive Pro trim of the ZS EV SUV that comes with a full suite of ADAS features. Introductorily priced at INR 27.90 lakh (ex-showroom, Delhi), the new ZS EV Exclusive Pro is INR 59,000 more expensive than the regular Exclusive trim. The ZS EV has a 50.3 kWh battery that has a claimed range of 461 km as per the ICAT cycle. The car provides a range of 339km on a single charge in the real world. The ZS EV continues to be powered by a front-axle mounted electric motor that produces 176 hp and 280 Nm.

Upcoming Launches

Audi Q8 e-tron and Q8 e-tron Sportback debuts in India

The Audi Q8 e-tron has made its debut in India. The Q8 e-tron is essentially a facelift of the e-tron – Audi’s first electric SUV – and comes in both standard SUV and Sportback coupe SUV body styles. The new Q8 e-tron will launch in August and will have a range of up to 600km (Worldwide Harmonised Light Vehicle Test Procedure (WLTP) cycle). The Q8 e-tron gets a 114kWh battery pack that has a range of up to 600km (WLTP cycle). Audi is providing a 22kW AC charger with the Q8 e-tron and it can support up to 170kW DC fast charging. With the former, Audi claims the Q8 e-tron can charge from 0-100 percent in six hours. With the DC fast charger, the Q8 e-tron can be charged from 10-80 percent in a claimed 31 minutes.

EV Sales Trend

The overall EV sales in July 2023 witnessed a m-o-m increase of ~14% to reach 1,15,756 units. On a y-o-y basis, EV sales in July 2023 increased by 45% from that of EV sales in July 2022.

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

Source: Vahan Dashboard, Company Press Releases, JMK Research

Note: Sales figures represent EVs registered across 1,351 RTOs in 34 states/ UTs.

As depicted in the figure below, EV registrations in July 2023 were again driven by electric two-wheelers and passenger-type electric three-wheelers, which together accounted for 88.52% of total registrations in the month.

Category-wise EV Sales in July 2023

Source: Vahan Dashboard, JMK Research

Note: Sales figures represent EVs registered across 1,351 RTOs in 34 states/ UTs; Others include adapted vehicle, agricultural tractor, articulated vehicle, forklift, goods carrier, motor caravan, private service vehicle (individual use)

Among the states and UTs, Uttar Pradesh secured number one position in EV registration this month, pushing Maharashtra to the second position. Karnataka attained third spot this month with 9.93% market share.

State-wise Registered EV Sales in July 2023

Source: Vahan Dashboard, JMK Research

Note: Sales figures represent EVs registered across 1,351 RTOs in 34 states/ UTs. Others include Chhattisgarh, Uttarakhand, Punjab, and 19 other states/UTs.

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

In July 2023, the retail sales of high-speed electric two-wheelers (HS E2Ws) in India amounted to 54,232 units. July sales have shown marginal improvement, with a m-o-m increase of over 18.58%. The top 10 players in the industry accounted for approximately 90.43% of the total registrations witnessed in July 2023. Furthermore, compared to July 2022, E2W sales in July 2023 experienced a y-o-y surge of 19.02%.

High-Speed E2W Sales Trend

Source: Vahan Dashboard, JMK Research

Note: Sales figures represent only high-range E2W (Top speed > 25 kmph) registered across 1,351 RTOs in 34 states/ UTs.

Ola Electric sold 19,237 units in July 2023. Maintaining its significant market leadership with a substantial 35.4% share, Ola Electric experienced a increase in sales. TVS stands at second place this month. BGauss made an entry to the top 10 squad this month.

Top High-Speed E2W Players in July 2023

Source: Vahan Dashboard, JMK Research

Note: Sales figures represent only high-range E2W (Top speed > 25 kmph) registered across 1,351 RTOs in 34 states/ UTs. Others include Jitendra New EV Tech, GoGreen E-mobility Private Limited, AMO Mobility, Twenty-Two Motors, KLB KOMAKI, and 116 other players. The sales for Ampere include sales of Ampere as well as Greaves. The sales for Bajaj include sales of Bajaj as well as Chetak Technology.

Electric Three-Wheeler (E3W)

The sales of registered passenger and cargo-type E3Ws in July 2023 stood at 48,241 units and 5,496 units respectively, signifying a m-o-m increase of 12% in passenger E3W and 8% increase in E3W cargo. Overall E3W sales recorded a m-o-m rise of ~12% over last month. On a y-o-y basis, passenger E3W sales in July 2023 increased by ~76% and cargo E3W sales increased by more than 100% from that of passenger and cargo-type E3W sales respectively in July 2022.

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

Source: Vahan Dashboard, JMK Research

Note: Sales figures represent E3Ws registered across 1,351 RTOs in 34 states/ UTs; E3W (Passenger and Cargo) sales shown in the figure takes into account both e-rickshaw and three-wheeler classes as categorized in the Vahan dashboard.

The cumulative sales of the top 8 electric 3-wheeler players across passenger and cargo segments in July 2023 accounted for 37.84% share of the entire E3W market. Mahindra and YC Electric came in at first (9.93% share) and second (6.68% share) positions respectively. This was followed by Saera Electric Auto (5.06%), Dilli Electric (4.59%), Piaggio (3.67%), Mini Metro (2.91%), Hotage Corporation (2.31%), and Champion Poly Plast (2.64%).

Top E3W Players monthly sales

Source: Vahan Dashboard, JMK Research

Note: Others made up 62.19% of the E3W market in June 2023; sales figures for players are inclusive of both cargo and passenger offerings; Sales figures represent E3Ws registered across 1,351 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 July 2023 stood at 7,471 units, witnessing a m-o-m decrease of ~28%. Tata Motors has been driving the E-car sales (with 65.60% of the market share) this month as well. Tata Motors has been witnessing a decrease while MG Motor has seen an increase in sales like last month. On a y-o-y basis, E-Car sales in July 2023 increased by ~68.07% from that of E-Car sales in July 2022.

Player-wise E-Car Sales Trend

Source: Vahan Dashboard, JMK Research

Note: Sales figures represent E-cars registered across 1,351 RTOs in 34 states/ UTs; Others include Hyundai, Audi, Volvo Auto, Mercedes-Benz, BMW, Jaguar, KIA Motors, and Porsche.

Electric Buses (E-Buses)

The total sales of E-buses in July 2023 stood at 135 units, witnessing a m-o-m decrease of ~32.5%. On a y-o-y basis, E-Bus sales in July 2023 decreased by ~34.78% from that of E-Bus sales in July 2023. Tata Motors is the leader in July 2023 (with a 47.40% market share), followed by PMI Electro Mobility (14.81%), Olectra Greentech (19.25%), Mytrah Mobility (8.14%), and Switch Mobility (6.66%).

Player-wise E-Bus Sales Trend

Source: Vahan Dashboard, JMK Research

Note: Sales figures represent E-buses registered across 1,351 RTOs in 34 states/ UTs.

Policies & Regulations

There are no plans of rolling out FAME III incentive scheme

There were the reports that the government has begun working on the third phase of FAME III, which is likely to include hydrogen-powered vehicles, additional support for electric three-wheelers, and a curtailed version for two-wheelers. Amid slowing growth of electric vehicles, the Ministry of Heavy Industries has stated that it has no proposal to launch the FAME III scheme at present.

Chandigarh EV policy: Diesel bus registrations halted, age-limit for school buses discussed

The UT administration is considering extending the age-limit of school buses to 20 years, with the state transport authority (STA) recommending an additional five-year extension. All commercial diesel/petrol vehicles in the city have a registered age-limit of 15 years. If a commercial vehicle like bus has been used for more than 15 years, its registration is not extended. Now, an exemption is sought for only school buses, wherein an additional five years can be given to them.

Centre to recover INR 469 crore from 7 electric 2W makers for non-compliance with FAME II

The Centre has sought INR 469 crore from seven electric two-wheeler makers, including Hero Electric and Okinawa, for claiming incentives while not complying with the Faster Adoption and Manufacturing of Electric Vehicles (FAME) II scheme norms. In case of non-refund of the amount to the government, the companies will be de-registered from the scheme in the next 7-10 days, and the government will not allow them to participate in the scheme.

Govt. to re-auction of PLI for batteries soon

The Indian government will re-auction the performance-linked incentives (PLI) for 20 GW advanced chemistry cell (ACC) battery manufacturing, following the allocation of the capacity to Hyundai Global Motors, which was found to be impersonating Hyundai Motor. Estimated incentives of INR 7,240 crore will be offered under the INR 18,100 crore PLI scheme, disbursed over five years.

Goa CM Pramod Sawant says all tourist vehicles will have to be electric by Jan 2024

Goa Chief Minister Pramod Sawant announced that all new tourist vehicles will be mandated to be electric from January 2024. Starting January 2024, it will be mandatory for all new tourist vehicles including rental cars and rental bikes, to be electric. It will also be compulsory for all permit holders having multiple tourist taxis, rental bikes, rental cars to retrofit 30 per cent of their fleets to EVs by June 2024.

FAME Rationalisation: Government banking on attractive financing for last-mile mobility

With the upfront FAME cash subsidy being rationalised, the Government of India’s USD 1 billion tripartite partnership with the World Bank, the Asian Development Bank (ADB), and SIDBI, is banking on affordable financing rates for the last mile mobility to facilitate the transition to zero-emission mobility. The programme will assist OEMs of electric two- and three-wheelers impacted by the FAME II subsidy revision prospects, by giving a leg up for the last-mile deliveries business. The scheme will also provide low-interest loans to electric vehicle ecosystem players, such as charging equipment providers and fleet operators.

Odisha Cabinet nod to semiconductor policy

Odisha state cabinet approved Semiconductor Manufacturing and Fabless Policy that promises 25% additional subsidy on capital investment to those who approach the state thorough the Indian government. This will be over and above the 50% subsidy available to investors by the Centre. Smaller investors, who may directly approach the state for semiconductor manufacturing, will get 30% subsidy on capital investment.

Electric two-wheeler firms cut on battery size after FAME subsidy reduced    

Electric two-wheeler makers are focusing on reducing the cost of batteries in their vehicles to ensure volumes amid uncertainties around the government subsidy programme. Players like Lohia Auto, Hop Electric, Ather Energy (Ather), and Simple Energy are working on bringing out more affordable two-wheeler models as uncertainties around Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME) in India II subsidies remain.

FAME III in the works, may cover alternative fuel vehicles this time 

The government has begun working on the third phase of the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME III) financial support scheme, which is likely to cover hydrogen-powered vehicles, additional support for electric three-wheelers and a curtailed version for two-wheelers. Vehicles powered by alternative fuels, such as hydrogen, which did not find support in the previous FAME scheme programmes, may be included in the FAME III scheme.

Indian cabinet allows lithium’s commercial mining to charge up EV ambitions

The Cabinet has approved amendments to the Mines and Minerals (Development and Regulation) Act, 1957, on July 12, allowing for the mining of lithium and other minerals. This is the fifth amendment to the Mines and Minerals (Development and Regulation) Act since 2014, with earlier changes mandating e-auction for mineral resources and allowing extension of mining leases that were expiring.

UP govt gives nod to portal enabling people to apply for EVs, claim subsidy

In a relief to e-vehicle users, the Yogi Adityanath government has approved the establishment of a web portal to facilitate applications and claiming of the subsidy on such vehicles. The first two lakh two-wheeler EVs will be provided with a subsidy of INR 5,000 each. Similarly, the first 25,000 four-wheelers will get subsidy up to INR 1 lakh per vehicle. The initial 400 e-buses (non-government) purchased in the state will get subsidy up to INR 20 lakh per vehicle. Up to 10% of the factory cost will be allowed on the e-goods carrier.

World Bank, Asian Development Bank, and SIDBI to fire up EV finance with a USD 1 billion fund

Government think-tank NITI Aayog and the ministries of heavy industries and road transport & highways are looking to fast-track moves to make affordable finance available for electric vehicles for commercial use. The discussions with the World Bank and Asian Development Bank for the billion-dollar fund creation are in its final stages. The fund will become operational soon after the finance ministry’s approval.

Karnataka EVs face road tax shock

The joyride of electric vehicles in Karnataka may soon hit brakes as the State Government plans to impose road tax on these vehicles. Currently, EVs enjoy an exemption from road tax, but this new development may lead to an increase in their prices. The government is now considering the elimination of this zero percent road tax exemption and instead proposing a 50% road tax.

Revised Chandigarh EV Policy

  • To accelerate adoption of EVs in the UT, new and flexible targets have been fixed under different categories of electric vehicles in order to achieve highest penetration of new vehicle registration by the end of policy period.
  • Intent on making Chandigarh a “Model Electric Vehicle city”, the UT administration has decided to offer incentives for electric vehicles (EVs) purchased not just from the city but anywhere across the country. While the EV can be purchased from any other state or Union territory, the incentive will be available only to permanent residents of Chandigarh.
  • Under the revised EV policy, incentives are being offered for up to 42,000 vehicles of different categories, including 25,000 e-cycles, 1,000 e-bikes, and 3,000 cars. Besides, road tax has also been waived on registration of all EVs. The incentive will remain in operation through the five-year policy period till September 19, 2027, or till the time the administration decides otherwise. But it is not available for the government sector.
  • Additionally, approval was given to provide incentives for electric two-wheelers, irrespective of their empanelment with the portal of the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME-II) India scheme.
  • The subsidy for e-bicycles has been increased from 25% of cost capped at INR 3000 to INR 4000. The existing capping of INR 20,00,000 on ex-showroom prices of e-4 wheeler vehicles will be removed, but the cap on incentives (INR 1.5 lacs) will remain unchanged.

Tamil Nadu’s tariff revision for EV charging stations brings cheer to operators

State Electricity Regulator Tamil Nadu Electricity Regulatory Commission’s revised energy tariff for public electric vehicle charging stations has brought relief to the charging station operators. The move is expected to accelerate investments in charging infrastructure and the adoption of battery-powered vehicles in the State. Now, the regulator (Tamil Nadu Electricity Regulatory Commission) has, in its order, pronounced new rates for EV charging stations in the State. Under the latest order, energy charges per kWh have been fixed at INR 6, INR 7.50, and INR 9, depending on peak and off-peak hours. The peak hour rate has been reduced to INR9 kWh from INR12 kWh. Also, fixed charges have been reduced to INR 75 per kW from INR 300 (for 51–112 kW connections) per month and INR 138 (for above 112 kW) per month. For 0–50 kW connections, it will be INR 25 per kW (down from INR 100).

Charging Infrastructure & Battery Swapping

Stakeholder(s)/ Player(s)


Mahindra & Mahindra

  • Mahindra & Mahindra has made further investments of more than INR 500 crore in strengthening its EV (electric vehicle) infrastructure in Tamil Nadu as the automaker is accelerating the development of EV platforms to roll out electric SUVs.
  • The company has built an EV battery test lab at an investment of INR 210 crore at Mahindra Research Valley, the flagship R&D and Innovation centre of the Mahindra Group.

Torrent Power

  • Electric utility Torrent Power Ltd. (TPL) has forayed into the electric mobility infrastructure sector to set up EV charging stations.
  • The company has set up four EV charging stations in Ahmedabad and two more are likely to be launched in Surat.

Municipal Corporation of Delhi (MCD)

  • The MCD has chalked out a plan to take the total number of e-charging stations to 634 by the end of this year and provide the facility uniformly in areas across Delhi.
  • The civic body will emphasise upon setting up facilities in Najafgarh, Rohini and Narela zones in this phase to motivate people to use the electric vehicles in larger numbers.


  • CHARGE+ZONE, an electric vehicle charging company has launched ChargeCloud, a network operating software solution for EV charging station management systems. ChargeCloud offers a wide array of software services that instantly connect chargers to Charge+Zone’s Charging Station Management System.
  • The smart software solution manages charging sessions, increases charger utilisation, and provides real-time data insights to assist users in making informed decisions for peak performance from their charging infrastructure.


  • Chargeup, an electric vehicle charging company, has introduced India’s inaugural solarized battery swapping station in Jaipur.
  • The station located at Beniwal Kanta, Chungi Circle, Ramgarh Mod, Jaipur, is owned and operated by Chargeup and has a capacity of 140 kWh, covering 20% of its energy needs. Chargeup’s future plans include expanding this initiative to 30 stations, covering 80% of Jaipur’s pin codes, and replicating the model in Tier-2 cities. By investing in decentralized solar microgrids, the company aims to power 30% to 40% of its stations with solar energy.

Glida (ex- Fortum Charge & Drive India)

  • Electric vehicle charging infrastructure provider GLIDA plans to invest up to INR 100 crore by March 2024 to increase the number of charging stations. The company, earlier known as Fortum Charge & Drive India, is targeting to increase its total charging points to 1,000 from 450 at present.
  • The new charging stations will come up in cities where the company is already present and in a few new ones, including Indore, Mangalore, Nashik, and Kolkata, followed by developing highway charging infrastructure.

Magenta Mobility

  • Magenta Mobility, an electric mobility, and EV charging solution provider, has launched an EV charger named PLENT with 12 outputs designed to meet the growing demand for safe, smart, and cost-optimal EV charging.
  • PLENT sets a new standard in the charging infrastructure landscape by reducing the cost per charging point especially for fleet operators and residential societies. Its 12 charging outputs of 3.3 kW each, can cater to multiple EVs simultaneously, offering an unmatched cost-per-charging socket ratio.

Source: Industry news articles, JMK Research

Key Manufacturing Updates

EV truck maker Tresa Motors to invest INR 500– INR 1000 crore in manufacturing and R&D facilities

Tresa Motors, an OEM manufacturer of medium and heavy electric trucks, plans to invest between INR 500– INR 1000 crore in establishing both the manufacturing and R&D facilities. The company is currently evaluating potential locations for its manufacturing and R&D facility, with Karnataka and Tamil Nadu being the top contenders.

Servotech Power to manufacture EV charger components, lithium-ion batteries with initial investment of INR 30 crore

Servotech Power Systems, a manufacturer of solar, EV chargers, power-backup and other smart power solutions announced an initial investment of INR 30 crore to manufacture EV charger components and lithium-ion batteries. The initial investment will be made along with the company’s subsidiary Techbec Green Energy Pvt Ltd and another INR 300 crore by March 2025.Servotech Power will utilize the initial investment  to procure testing equipment, manpower, machinery, and cutting-edge technology and supporting other allied activities. To take the plans forward, a facility spanning 40,000 square feet has been bought in Sonipat, Haryana where EV charger components like power modules, connectors, control cards, and PLC modules will be manufactured along with lithium-ion batteries.

Hero MotoCorp to bring Zero electric motorcycles to India. Will be locally built

Hero MotoCorp has confirmed that the company will be bringing Zero Motorcycles to the Indian market in the future. The manufacturer announced the development in its annual report FY2022-23. Hero has made a substantial investment of USD 60 million (approx. INR 490 crore) in Zero Motorcycles in 2022 and has announced it will co-develop new premium electric motorcycles with the California-based company. The Zero electric motorcycles to be sold in India will be manufactured locally. At present, the Zero Motorcycles’ lineup comprises dual-sport, naked, adventure tourer and full-faired electric motorcycle. The bikes pack from 7.2 kWh to 17.3 kWh battery packs and are priced between INR 10 Lakh and INR 20 Lakh.

Gautam Adani-led group’s copper-producing factory at Mundra in Gujarat will start operations from March next year

Gautam Adani-led group’s copper-producing factory at Mundra in Gujarat will start operations from March next year, helping cut India’s dependence on imports and aiding energy transition. Copper is known as the “metal of electrification” as deeper electrification requires wires, which are primarily made from copper. Technologies critical to the energy transition like electric vehicles, charging infrastructure, solar photovoltaics (PV), wind and batteries, all require copper. Kutch Copper Ltd (KCL), a subsidiary of the group’s flagship Adani Enterprises Ltd (AEL), is setting up a greenfield copper refinery project to produce refined copper with 1 million tonnes per annum in two phases.

Tesla mulls factory in India to build new USD 24,000 car, set to hold talks with commerce minister

Elon Musk-led Tesla is planning to build a factory in India to produce an ‘all-new USD 24,000 car.’ Representatives from the company will reportedly meet with Commerce Minister Piyush Goyal this month to discuss plans. The new vehicle is expected to be 25% cheaper than Tesla’s current lowest priced offering. Tesla has expressed interest in establishing a factory in India to produce low-cost electric vehicles targeted at the local market and for export. The company has been in discussions with the Indian government regarding an investment proposal for setting up a factory with an annual capacity of about half a million electric vehicles. Additionally, Tesla is looking to utilize India as an export base for shipping cars to countries in the Indo-Pacific region.

Minda Corporation bags INR 750 crore order for EV chargers

Minda Corporation Limited, the flagship company of Spark Minda has secured a significant contract from a leading OEM to produce Battery Chargers for Electric Vehicles. The lifetime value of the order is INR 750 crores. This is part of the company’s three-by-three-by-three (3x3x3) strategy for EV products. This entails Minda Corp will eye three product lines, up to 3kW and cater up to the three-wheeler segment until the EV market takes off in full force.

Foxconn to apply for India chipmaking incentives after USD19.5 billion joint venture pullout

Taiwan’s Foxconn plans to apply for incentives that India is offering under its semiconductor manufacturing policy, a day after the company parted ways with Vedanta on a USD19.5 billion chipmaking joint venture. Foxconn is committed to India and sees the country successfully establishing a robust semiconductor manufacturing ecosystem. Foxconn is working towards submitting an application.

Centre rejects Megha-BYD’s USD 1 billion plan for four-wheeler facility

The Centre has rejected BYD Motors’ proposal to set up a USD 1 billion four-wheeler manufacturing facility in India in partnership with Hyderabad-based Megha Engineering and Infrastructures Ltd. The two companies had in their application to the Department for Promotion of Industry and Internal Trade (DPIIT) proposed to set up an electric vehicle plant in Hyderabad. The DPIIT had sought opinions from other departments on the investment proposal.

Ola Electric’s battery and cell manufacturing facility to be functional in 6 to 9 months

Ola Electric will begin production of its first electric battery cell manufacturing facility in 2023-24, to reduce dependence on high-cost imports. The company’s first NMC (Nickel Manganese Cobalt) battery cell 2170 cell will be ready by the end of this year or early next year. Ola Electric’s 115-acre cell factory will initially have a capacity of 5 GWH, which can be scaled to 100 GWH to manufacture high-nickel cylindrical cells with an energy density of 300 GWh.

E-Bus Updates

Tata Motors delivers prototype of indigenous e-bus to BMTC

Tata Motors presented the prototype of its homegrown electric bus to the Bengaluru Metropolitan Transport Corporation (BMTC). The Bangalore Metropolitan Transport Corporation (BMTC) is gearing up to induct 921 Tata Electric buses in a phased manner by March 2024.

The deal was inked between BMTC and TML Smart City Mobility Solutions Ltd, a wholly-owned subsidiary of Tata Motors. Under this agreement, Tata Motors will not only deliver the 921 units of 12-meter low-floor electric buses but also be responsible for their operation and maintenance for a remarkable span of 12 years.

Deliver 38 electric twin-deck buses by Sept or face action, firm told

The Brihanmumbai Electric Supply & Transport (BEST) undertaking has warned of action against electric vehicle manufacturer Switch Mobility if it fails to deliver 38 air-conditioned double-decker buses by September. BEST has already issued a show-cause notice to Causis E-Mobility, which was awarded a contract for 900 e-double-decker buses but has failed to supply the buses and a prototype as required.

VMC to take SPV route to put electric buses on roads

The Vadodara Municipal Corporation (VMC) is planning to form a special purpose vehicle (SPV) for implementing a project of public transport system that will use electric vehicles. The civic body has already put up a proposal for 200 electric buses to Convergence Energy Services Ltd (CESL). The civic body had sent the proposal under the National Electricity Buses Programme (NEBP). CESL, a subsidiary of state-run Energy Efficiency Services Ltd, is the programme manager for NEBP.

CRUT to add 200 e-buses to its fleet by end of year

Capital Region Urban Transport (CRUT) plans to add 200 e-buses to its existing fleet of 405 buses, expanding the service to cover more parts of the capital region.

Beginning with 24 routes, the Mo Bus presently runs on 58 routes in the city region, which includes Cuttack and Puri. With the new buses, the officials are planning to introduce more routes to cover large parts of the capital region.

JBM Auto shares skyrocket 18%, hit 52-week high on bagging big order of electric buses

JMB Auto and its subsidiaries have won orders for about 5,000 electric buses for supplying to various STUs in the states of Gujarat, Haryana, Delhi, Telangana, Orissa among others and multiple Fortune 500 companies coupled with leading corporates of the country. The company claims to be well-placed to further consolidate its position as an end-to-end electric-mobility solution provider with indigenously developed vehicle technology, battery technology, and charging solutions.

NMPML likely to float fresh bid for 50 e-buses

Nashik Mahanagar Parivahan Mahamandal Ltd (NMPML), the transport wing of the Nashik Municipal Corporation (NMC), is planning to float a fresh bid for the procurement and operation of 50 electric buses. The civic body will give INR25 crore to the agency concerned for procuring buses. In turn, the agency will provide lesser charges to operate the bus service. The operating cost for the transport utility to run the existing buses is INR80 per km, while the operating cost for the electric buses will be INR60 per km. The price difference will help the civic body to reduce its losses.

Olectra awarded Letter of Intent worth Rs 10,000 crore for 5150 e-buses by MSRTC

The consortium of Olectra Greentech and EVEY Trans has been awarded a Letter of Intent (LoI) from the Maharashtra State Road Transport Corporation (MSRTC) to supply, operate, and maintain 5,150 electric buses and allied electrical and civil infrastructure. The contract is worth approximately Rs 10,000 crore and will be operated over a period of 12 years. EVEY will procure the buses from Olectra, which will also be responsible for their maintenance during the contract period of 12 years on a gross cost contract (GCC) basis.

EKA Mobility bags order for 57 e-buses from Mira-Bhayandar Municipal Corporation EKA Mobility, an electric vehicles and technology company and a subsidiary of Pinnacle Industries Limited, received an order for 57 electric buses from the Mira-Bhayandar Municipal Corporation (MBMC) in Thane district, Maharashtra. The 57 e-buses ordered by the MBMC will be manufactured at EKA Mobility’s state-of-the-art smart, lean facility, adhering to the highest quality standards. The e-buses will be equipped with intelligent charging infrastructure to support efficient operations and minimize downtime.

Other Market Updates

Exponent Energy aims to expand operations to five new cities by FY24.

Exponent Energy, an energy tech startup, aims to expand its operations to five new cities by FY24. The company unveiled its 15 minutes rapid charging solution for the electric vehicle industry, and it aims to deploy 1,000 e pumps and 25,000 EVs powered by Exponent by 2025. Exponent claims that its energy stack addresses two problems that have prevented rapid charging on LFP cells, those of lithium plating and extreme heat.

At 0.90%, Chandigarh trails in EV penetration

Despite a vigorous push from the UT administration, electric vehicle penetration remains quite low in Chandigarh. Among Union territories, Delhi was placed on the top, boasting 2.71% EV penetration, followed by Chandigarh, while the national average stands at 0.81%.

Kolkata gets app-based rental platform for e-bikes Residents can now crisscross the city on an electric scooter using an app-based self-driven e-bike rental platform that began operations in Kolkata, partnering with India Post for docking zones apart from other popular points in the city. The battery-powered bikes, which can clock a maximum speed of 25 kmph, began operations with 350 green scooters and can be picked up by commuters from nine docking stations: five post offices at Dum Dum, Beadon Street, Bhowanipore, Sarat Bose Road, Tollygunge, and New Alipore — and three city crossings at Gariahat, Naktala, and Kasba.

Valtech Mobility expands India operations, introduces Valtech Mobility   

Valtech, a global business transformation agency, has announced the expansion of its operations in India by introducing Valtech Mobility, a leading provider of mobility and automotive solutions. Valtech’s Automotive Mobility Center of Excellence (CoE) in Pune, India will bring expertise in connected vehicles, shared mobility, electrification, and data monetisation to regional and global customers. It will assist automotive companies in navigating the mobility landscape, delivering mobility solutions and services to some of the world’s best automotive brands.

Tamil Nadu adopts a cluster-based approach to develop charging infrastructure, shortlists 6 cities

With an eye on mandating an all-electric vehicle fleet by 2035, the state of Tamil Nadu has started in earnest to ensure that adequate infrastructure comes up in time, to ensure a smooth transition towards zero-emission vehicles. The cities of Chennai, Coimbatore, Salem, Madurai, Tirunelveli, and Trichy are on a priority list of the Tamil Nadu government, which leads from the front, accounting for 46% of the country’s total electric vehicle manufacturing, to form a cluster with an adequate charging infrastructure to create decent volumes.

World Economic Forum to develop first zero emission road freight cluster in India

The World Economic Forum announced the launch of India’s first zero-emission road freight cluster initiative, which aims to reduce the country’s greenhouse gas emissions. Adani Ports and SEZ, Apollo Tyres Ltd, TCI Group (Transport Corporation of India Limited) and UltraTech Cement are the partners that will anchor this cluster development through their own early actions. The Company and the other partners have committed to deploying 550 electric trucks on the west coast of Gujarat and Maharashtra within the next 18-24 months.

Indian truck makers eye electric as one way to tackle pollution

Ashok Leyland, an automotive manufacturer, has announced plans to manufacture autonomous electric trucks for Indian ports. The company is entering into partnerships with Adani Enterprises Ltd. and Reliance Industries Ltd. to introduce hydrogen fuel cell vehicles and is investing INR 1,200 crore (USD 146 million) to its electrical vehicle subsidiary, Switch Mobility.

Fisker to make 100 Ocean Extreme Vigyan Edition electric SUVs for India

Fisker, an automotive company is to enter the Indian market with its all-electric Ocean SUV. The American start-up firm will produce 100 Fisker Ocean Extreme Vigyan Edition SUVs specifically for the India market. Fisker expects to complete the homologation process for India by September and plans to commence deliveries in Q42023.

Bharat Forge’s e-mobility arm is setting up a unit for the electric retrofit of trucks

Kalyani Powertrain Ltd (KPTL), the electric mobility arm of Bharat Forge Ltd, is setting up what the company calls a “re-powering factory” at Pune for retro fitment of existing diesel-powered commercial vehicles into electric vehicles. KPTL is preparing to launch the repowering micro-factory as it seeks to electrify old trucks. KPTL will be focusing on ICE ICVs (intermedia commercial vehicles) for conversion into EVs. It has become the first company to secure AIS 123 (EV retro fitment) certification for the N3 category in India.

Exide expands into EV battery market, receives INR 700 Crore worth of orders for lithium-ion solutions

Exide Industries’ subsidiary, Exide Energy, secured INR 700 crore worth of orders for lithium-ion packs and modules in the last fiscal year. The company aims to capitalize on India’s growing EV battery market and is setting up a lithium-ion cell manufacturing plant in Karnataka.

BYD seeks nod for USD 1 billion plan to build EVs, batteries in India

China’s BYD Co has submitted a USD 1 billion investment proposal to build electric vehicles and batteries in India in partnership with a local company, three people with direct knowledge of the plan. BYD and privately held Hyderabad-based Megha Engineering and Infrastructures have submitted a proposal to Indian regulators to form an EV joint venture,  asking not to be named because the application is private.

Tesla is in talks to set up an India factory for electric cars starting at INR 20 Lakh  

Elon Musk’s Tesla has opened discussions with the Indian government for an investment proposal to set up a car factory in the country with an annual capacity of as many as 5 lakh electric vehicles with prices beginning from INR 20 lakh.  The company which has a significant presence in China, including factories — is also looking at using India as an export base as it plans to ship cars to countries in the Indo-Pacific region.

Greaves Retail plans bigger play in the retro fitment of ICE 3Ws & 2Ws to electric

Greaves Retail (GR), one of the three businesses of Greaves Cotton Ltd (GCL), has seen early signs of success in its pilot programmes undertaken for retro fitment of existing ICE three-wheelers and two-wheelers into electric vehicles as the company gears up for the huge untapped opportunity in the EV retro fitment segment. Greaves Retail is intensely working on offering retro fitment services in three and two-wheeler segments as it believes that its experience in multi-brand sales, service, and spares would come in handy to race ahead in this opportunity.

Foxconn dumps USD 19.5 billion Vedanta chip plan in blow to India 

Taiwan’s Foxconn has withdrawn from a USD19.5 billion semiconductor joint venture with Indian metals-to-oil conglomerate Vedanta. Foxconn, an electronics maker, and Vedanta signed a pact last year to set up semiconductor and display production plants in Gujarat. Foxconn has determined it will not move forward on the joint venture with Vedanta.

Vedanta Aluminium deploys more electric forklifts to decarbonize the mining fleet

Vedanta Aluminium has deployed 44 electric lithium-ion forklifts across its operations in Odisha and Chhattisgarh. Undertaken in collaboration with GEAR (Gemini Equipment and Rentals) India and Taron Lift & Move, the company aims to significantly work towards decarbonising its industrial vehicle fleet. The company has also committed to decarbonizing 100% of its Light Motor Vehicle (LMV) fleet by 2030 and 75% of its mining fleet by 2035.

Maruti Suzuki goes aggressive on EV plans, will offer six models by FY 2030-31

Maruti Suzuki will drive out as many as six electric vehicles in the country by FY 2030-31. At present, the car maker only offers vehicles with petrol engines and with CNG technology as an option. The carmaker had previously confirmed that its EVs will be equipped with a 60-kWh battery pack. Once launched, the Maruti Suzuki eVX electric vehicle will be of up to 550 km of driving range on a single charge.

Lectrix EV launches instant loan eligibility pre-booking tool with IDFC FirstBank  

Lectrix EV, the electric vehicle brand from the SAR Group, has launched a feature to check instant loan eligibility for any two-wheeler on their website, without a paywall attached to the process. In collaboration with IDFC FirstBankas one of the financiers for this, the free instant loan eligibility calculator widget on Lectrix EV website will help the customers understand their CIBIL score in 3 easy steps.

Ashok Leyland seeks shareholder approval to finance Switch Mobility with INR4,000-5,000 crore

Ashok Leyland, an Indian automotive manufacturer will seek shareholders’ permission to finance, or to stand guarantee for, INR4,000 to INR5,000 crore to Switch Mobility Automotive, a step-down electric bus manufacturing subsidiary. The loan will be funded by internal accruals at the Hinduja Group’s main company. At the end of March 2023, the company’s cash and bank holdings were INR501 crore.

TI Clean Mobility enters the Indian eSCV market  

TI Clean Mobility (TICMPL), a subsidiary of Tube Investments of India, has announced its entry into the country’s largest electric small commercial vehicle (eSCV) category. TI Clean Mobility was formerly present in electric three-wheelers, electric tractors, and electric heavy commercial vehicles. TI Clean Mobility has also signed into formal agreements to buy a 50% ownership in Jayem Auto through a mix of primary subscription and secondary acquisition of shares, for a total of up to INR206 crore, to strengthen its R&D and quick product development capabilities.

COMSOL taps into modelling thermal runaway and abuse in batteries

COMSOL, multiphysics simulation systems provider is tapping into the requirement of the automotive ecosystem and solving the industry’s challenges of modelling thermal runaway and abuse in batteries, and enabling determination of the right cell arrangement, as well as battery pack designs which can consistently offer reliable operation. COMSOL Multiphysics simulation enables cell- and pack-level modelling along with analyses of thermal management of EV battery packs of varied chemistries.

Deals and Investments

Company name

Company type

Deal type


Deal value

(INR Crore)



Aggregator of commercial electric vehicles



Bertelsmann India Investments (BII) (INR 164 crores) and others


LetsTransport raises USD 25 mn in latest funding round

Neuron Energy

EV smart battery manufacturer



Equanimity Investments and the Rajiv Dadlani Group, besides participation from the Chona Family Office (Havmor Group), Kayenne Ventures, Family Offices, and HNI investors.


Neuron Energy secures Rs 200 million in pre-series A round funding

Kinetic Engineering

Automotive manufacturer



Various available sources including promoters & sale of its non-core assets


Kinetic Engineering Limited to raise Rs.54 Cr by way of equity issue & OCCPS issue to Promoters and Sale of Non-core assets crore in seed funding

Battery Smart

EV battery swapping network



Existing investors, Tiger Global, and Blume Ventures, The Ecosystem Integrity Fund (EIF) and British International Investment (BII)


Battery Smart raises USD 33 Million in funding to expand EV battery swapping network in India


EV start-up





EV startup Vegh raises US$ 5 million in pre-series funding


Source: Industry news articles, JMK Research

With a fund raiser on a slow track, Ashok Leyland to fund Switch Mobility’s growth plans  

Having engaged over a couple of dozen investors over 18 months period, Ashok Leyland, medium and heavy truck maker – has decided to infuse funds itself into its EV arm – the Switch Mobility to cater to its growth plans.  The company continues to look for like-minded investors to build its electric vehicle arm – which will need close to INR 5,000 crore in investments to grow into a leading EV player in the fast emerging zero-emission public transport space.

Electric CV financing firm Ascend Capital plans to raise INR 500 crore in the next 18 months

Ascend Capital, a Jaipur-based electric commercial vehicle (eCV) financing firm is planning to raise INR 500 crore over the next 18 months as it looks to finance over 1 million electric commercial vehicles by 2030. The company has so far invested about INR 80 crore in its own business and has financed over 8,000 commercial EVs.

JVs and Partnerships

Companies involved

Purpose of Partnership

Ather energy and Bharat Petroleum Corporation Limited (BPCL)

  • Ather Energy, an electric scooter manufacturer, has partnered with Bharat Petroleum Corporation Limited (BPCL), to further strengthen and expand India’s largest EV two-wheeler fast charging network, the Ather Grid.
  • Through this strategic collaboration, Ather Energy will gain access to BPCL’s extensive network of over 21,000 fuel stations across India, facilitating the installation of Ather’s public fast-charging Grid.

MG Motor and IONAGE

  • MG Motor India, a British automobile brand , has joined forces with IONAGE, an eMobility Service Provider, to strengthen destination charging infrastructure across India, thus encouraging intercity travel by electric vehicles (EVs).
  • The partnership was officially announced with the inauguration of 10 destination charging stations across Lucknow, Trivandrum and Cochin, marking the beginning of a transformative partnership towards sustainable mobility.

MG Motor and Gujarat Government

  • MG Motor India, a British automobile brand has announced that it had signed two MoUs with the Government of Gujarat as part of its community-focused initiatives for students and the general public.
  • It collaborates with 25 colleges, aiming to upskill 20,000 students. The program’s primary focus is on imparting future-ready skills through hands-on training on Electric Vehicles (EV) and Connected Vehicles in engineering colleges and ITIs throughout India. It emphasises technical and soft skills development as well as mentorship to prepare students for future challenges. The program also offers internships and real-world experiences to provide practical knowledge in a professional setting.

Erisha E Mobility and Lakshmi India Finance

  • Erisha E Mobility, an electric vehicle manufacturer and Lakshmi India Finance, a Non-Banking Finance Company have recently signed an MoU agreement for EV financing. The collaboration aims to provide loan facilities to potential customers in Rajasthan, Madhya Pradesh, and Gujarat who wish to purchase electric three-wheelers manufactured by Erisha E Mobility.
  • This partnership will enable the companies to provide better financial solutions to customers, thereby creating improved earning opportunities.

Godawari Electric Motors and IDBI Bank

  • Godawari Electric Motors, the manufacturer of the Eblu range of products, has entered into a collaboration with IDBI Bank to offer exclusive financing options for its customers across India.
  • The new partnership with IDBI Bank avails access to loans with a maximum tenure of 3 years, at an 11% rate of interest, and a low processing fee of 1%. The maximum LTV offered under this financing option is 80%.

PMI Electro Mobility and REC

  • Electric commercial vehicles manufacturer PMI Electro Mobility has signed an agreement with public-sector enterprise REC Limited to provide finance for its commercial EVs.
  • As a part of the MoU, PMI will have the ability to avail INR 480 crore of financial assistance from REC in the form of debt for funding requirements.

LoanTap and Mufin Green Finance

  • LoanTap Financial Technologies Private Limited has partnered with Mufin Green Finance Limited to drive the growth of electric two-wheeler financing in India to accelerate EV adoption across the nation.
  • LoanTap’s I-Loan platform has been at facilitating affordable financing for electric two-wheelers. With LoanTap’s expertise in consumer finance and Mufin’s expertise in climate financing, this partnership will be instrumental in developing the EV ecosystem by offering loans for electric vehicles, charging infrastructure, and swappable batteries.

AMU Leasing and Mahindra & Mahindra

  • AMU Leasing, an NBFC exclusively serving the EV ecosystem, has entered into a strategic partnership with Mahindra & Mahindra.
  • The collaboration aims to accelerate the adoption of electric vehicles in India’s retail market. The agreement focuses on introducing new-age electric three-wheelers for both passenger and commercial use. As part of this collaboration, the highly anticipated Treo Plus, available in passenger and cargo configurations, will soon be launched.

Quantum Energy and Scoo EV

  • Quantum Energy, an Electric Vehicle firm, has announced its strategic tie-up with ScooEV, an EV two-wheeler rental company. Under this collaboration, a fleet of approximately 1000 e-scooters will be powered by Quantum Energy’s Bziness Pro in the last-mile delivery space.
  • The Bziness Pro is equipped with a 1200W motor, enabling it to reach a top speed of 55 kmph. It comes with an LFP battery that gives a range of up to 135 km on a single charge and comes with a warranty of 3 years or 90,000 km.

MLR Auto and Vidyuttech

  • MLR Auto, a subsidiary of Greaves Electric Mobility (GEMPL), the e-mobility business of Greaves Cotton, has announced its strategic partnership with Vidyuttech, a financing platform and lifecycle management service provider.
  • Under the partnership, Vidyuttech will provide flexible financing for MLR’s electric three-wheelers. With Vidyuttech’ s financing and life-cycle management services expertise, MLR’s customers will benefit from simplified electric vehicle ownership. Vidyuttech’s pay-per-km battery lease and attractive interest rate of approximately 10% are designed to facilitate the adoption of Electric 3-wheelers.

BLive and Revamp Moto

  • BLive, a multi-brand EV store, has joined hands with Revamp Moto to establish its retail presence in India, starting from Hyderabad.
  • BLive will introduce its EV models RM Buddie 25 and RM Mitra to the country’s retail market especially in Tier-II and Tier-III cities. Through this partnership, BLive will support the EV maker to expand its presence through its extensive market reach and expertise to support higher EV adoption in the country.

Odysse and Flipkart

  • Odysse , an EV manufacturer announced its strategic partnership with Flipkart, an e-commerce marketplace.
  • This partnership aims to provide customers across the country with a seamless and hassle-free experience to pre-book and purchase Odysse’s range of electric bikes and scooters bundled with attractive launch offers.

Mahindra and NXP Semiconductor

  • Mahindra & Mahindra, an automotive manufacturing corporation has tied up with NXP Semiconductors, a semiconductor company in secure connectivity solutions for embedded applications.
  • As per the MoU, the automaker and NXP will jointly explore the electric and connected vehicle landscape, covering a wide range of vehicles including utility vehicles, light commercial vehicles, farm equipment, and tractors.

Joy e-bike , Gramin Sevikas and UNDP

  • Wardwizard Innovations & Mobility, an electric vehicle manufacturer under the brand name ‘Joy e-bike’, has partnered with Gramin Sevikas, an association with the Jharkhand Government and Airport Authority of India, along with the United Nations Development Programme (UNDP), to embark on the “Resilience Building of Communities around Birsa Munda Airport, Ranchi” project.
  • By providing electric scooters, Joy e-bike aims to contribute to the development and growth of the communities around Birsa Munda Airport.

Ola Electric and Shriram City Union Finance


  • Ola Electric has tied up with Shriram City Union Finance to offer low-cost loans starting from 8.99% for a tenure of 48 months.
  • The company claims approvals will be guaranteed in minutes. Customers can avail of these financing options online and offline by walking into their nearest Experience Centre for a detailed download on financing options before finalising their purchase through the Ola app.

Hero Electric and IDFC First

  • Electric two-wheeler maker Hero Electric has announced a strategic collaboration with IDFC FIRST Bank to offer easy and affordable finance options to its customers. Offering a low Equated Monthly Instalment (EMI) starting at INR 2,731, and a 100% Loan to Value (LTV) offer.
  • According to the tie-up with IDFC, Hero Electric customers choosing this plan will have the flexibility to repay their loans conveniently over an extended period, while experiencing the benefits of eco-friendly and cost-effective mobility solutions.

Okaya EV and 12 financial institutions

  • Electric two-wheeler start-up, Okaya EV has tied up with 12 financial institutions to provide attractive financing schemes to customers. The company has partnered with HDFC, Axis, IDFC, Loan Tap, Bike Bazaar, and more to make its electric two-wheeler range more accessible.
  • As a part of the tie-up, Okaya EV is offering interest rates starting from 5.99 per cent. Customers also get the option of zero down payment, zero processing fees, and a flexible term of up to 48-month loan window for both their low and high-speed electric vehicles. Okaya claims that loan approvals will be provided in only 30 minutes, making for a simplified procedure.

Bolt.Earth and ASDC 

  • Bolt.Earth, a provider of electric vehicle (EV) charging infrastructure, recently announced its collaboration with the Automotive Skills Development Council (ASDC), a dedicated platform for skill development in India’s automotive industry.
  • The course, developed in partnership with ASDC, will provide a deep understanding of Level-1, Level-2, and Level-3 chargers, as well as a comprehensive overview of the EV charging infrastructure.

Altigreen and Lohum 

  • Altigreen, manufacturer of commercial cargo electric vehicles in India, and Lohum, a producer of sustainable energy transition materials, have partnered for the sustainable disposal of the electric vehicle batteries.
  • Altigreen and Lohum have joined forces to establish an innovative framework for achieving Alitgreen’s responsible battery disposal and recycling targets. Lohum as an Extended Producer Responsibility (EPR) partner registered under India’s Battery Waste Management Rules (BWMR 2022) will enable Altigreen to seamlessly meet these targets.

Quantum Energy and Bike Bazaar

  • Quantum Energy, an electric scooter start-up has inked a strategic tie-up with Bike Bazaar, a finance solutions provider for pre-owned and new vehicles.
  • Quantum Energy’s Bziness Pro e-scooter has a claimed range of 135km on a single charge, equipped with Lithium Iron Phosphate (LFP) battery. It comes with a warranty of 3 years or 90,000km. The agreement involves collaborating and powering a substantial number of Quantum Bziness Pro e-scooters.

Enigma and EZfinance

  • Enigma, an E2W manufacturer announces its strategic partnership with EZFinance, a financial institution to strengthen Enigma’s ability to offer end-to-end financing support to its valued dealers and to ensure a streamlined purchasing experience for customers nationwide.
  • Dealers associated with Enigma, spanning the entire country, will have the distinct advantage of exclusively accessing the extensive suite of financing solutions provided by EZFinance.

CoE, Mobis India, Birla Institute of Technology & Science (BITS) Pilani Hyderabad and the Telangana government

  • A centre of excellence (CoE) for new mobility, focussed on connected, autonomous, secure, and electric vehicles, will be established in Hyderabad as part of a strategic collaboration between auto parts company Mobis India, Birla Institute of Technology & Science (BITS) Pilani Hyderabad and the Telangana government.
  • This CoE will be the first of its kind in India and aims to empower engineers with cutting-edge knowledge and skills in the rapidly evolving field of new mobility.

Source: Industry News Articles, JMK Research

Global Market Updates

Volkswagen buys Xpeng stake, partners with SAIC to boost China EV lineup

Volkswagen, an automobile manufacturer is partnering with Chinese EV start-up Xpeng and joint venture partner SAIC to build new models and potentially co-create platforms, as it attempts to use local expertise to protect market share. The Volkswagen brand will partner with Xpeng Inc to produce two models targeting the middle-class segment which will carry the VW logo but feature Xpeng know-how on software and autonomous driving, a win for the EV start-up that is less than a decade old.

Energy storage firm Nhoa considers partnership for EV charging unit

Energy storage and e-mobility company Nhoa is making strategic moves to bolster its fast-charging network, Atlante, for electric vehicles in southern Europe. The ambitious expansion aims to build upon the existing 1,200 charging points and install approximately 2,000 new stations across key countries in the region, namely Italy, France, Portugal, and Spain.

Seven global carmakers join forces for high-powered EV charging network across North America

Seven of the world’s leading automakers – BMW Group, General Motors, Honda, Hyundai, Kia, Mercedes-Benz Group, Stellantis NV – are creating a joint venture to accelerate the transition to electric vehicles in North America, by making EV charging more convenient, accessible, and reliable. The joint venture will include the development of a new, high-powered charging network with at least 30,000 chargers to make zero-emission driving even more attractive for millions of customers.

Indian EV start-up Pravaig Dynamics to set up manufacturing plant in Saudi Arabia

Pravaig Dynamics, a Bengaluru-based electric vehicle start-up, will set up its first manufacturing plant abroad. The EV startup has signed a Memorandum of Understanding (MoU) with Saudi Arabia to build a facility that will produce electric vehicles for United States, Gulf and European countries. The EV maker aims to manufacture 10 lakh electric cars from the factory in Saudi Arabia when it becomes operational. The MoU was signed recently with Saudi India Venture Studio at the G20 YEA India Summit 2023.

Dead EV batteries turn to gold with U.S. incentives

A clause in the US Inflation Reduction Act is driving a push for electric-vehicle battery recycling in North America, with the country set to challenge China for dominance in the field. The clause qualifies EV battery materials recycled in the US as American-made, enabling automakers using those materials to qualify for EV incentives. The expected growth in the US EV battery recycling market has boosted the industry and could eventually make it more difficult for buyers in developing countries to buy old, used EVs. Recycling could make it easier to establish closed-loop supply chains, where recycled minerals are used to produce new batteries.

Stellantis, Samsung SDI to build second Gigafactory in the USA

Stellantis and Samsung SDI recently announced that they have signed a memorandum of understanding to establish a second battery manufacturing facility in the United States, under the existing StarPlus Energy joint venture.Targeted to start production in 2027, the plant aims to have an initial annual production capacity of 34 gigawatt hours (GWh).

Local assembly of EVs in India just a matter of time: BMW

German luxury carmaker BMW will locally produce its electric vehicles in India. BMW, which saw 9% of its sales in India coming from EVs in the first half of 2023, expects to reach up to 25% by 2025.

Audi and SAIC join forces for EV development

Audi and Shanghai Automotive Industry Corporation (SAIC) have agreed to co-operate on electric vehicle development in a move aimed at strengthening their respective positions in the Chinese car market, according to a statement made by the Chinese state-owned car maker. The announcement of the agreement comes after Audi entered into talks with SAIC – owner of MG Motor – on plans to source an electric vehicle platform from the Chinese group’s IM Motors brand as an alternative to the delayed Scalable Systems Platform (SSP) architecture of its Volkswagen Group parent.

Vietnam EV maker VinFast to start construction of US factory next week

VinFast, a Vietnamese automaker would start construction of a USD 4 billion electric vehicle factory in North Carolina next week as part of its push to expand in the United States market. The project’s first phase includes a USD 2 billion investment in a factory capable of producing 150,000 vehicles a year.

UAE has updated National Electric Vehicle policy

The National Electric Vehicles Policy of UAE aims to foster collaboration with federal and local partners, as well as, the private sector, to establish a national network of electric vehicle (EV) chargers throughout the UAE. The policy seeks to achieve several goals, including reducing energy consumption in the transport sector by 20 per cent, building a centralised database of electric vehicle charging stations to streamline the charging process and enhance convenience for electric vehicle users, and improving the road quality and maintaining the UAE’s top positions in global road quality rankings. Road and Transport Authority in Dubai plans to transform taxis in Dubai into 100 per cent eco-friendly vehicles by 2027.

Stellantis inks USD 11 billion in contracts for vital semiconductors by 2030

Stellantis, an automotive manufacturing corporation has signed contracts worth EUR 10 billion (USD 11.2 billion) through 2030 with semiconductor makers to guarantee the flow of vital chips for electric vehicles and high-performance computing functions. The company’s new supply agreements through 2030 cover silicon carbide chips that extend the range of EVs, computing chips to operate EVs, and high-performance computing chips that will provide infotainment and autonomous driving assist functions.

Kia to invest USD 200 million in US plant, build EV9 SUV in 2024

Kia will invest more than USD 200 million in its assembly plant in the U.S. state of Georgia to begin production of its electric EV9 SUV next year. The company will add about 200 jobs to build the three-row SUV alongside four other models at the West Point, Georgia, plant. It will be the first Kia electric vehicle assembled in North America and comes as automakers are shifting away from gas-powered vehicles.

Tesla says Model 3 consumer tax credits likely to be reduced after December 31

The USD 7,500 federal tax credits for Tesla’s Model 3 electric vehicles are likely to be reduced after December 31. Tesla did not elaborate on the reasons for the change, but the move comes as U.S. government is set to enforce more stringent rules on batteries next year, in a move to boost domestic manufacturing of the key EV component and reduce the U.S. dependence on China.

EV charger maker Tritium wins order from Hawaii under federal funding program

Tritium DCFC, an EV charger manufacturer had won an order from Hawaii to make high-speed electric vehicle chargers – the first funds to roll out in a federal program meant to blanket the country with charging infrastructure and boost EV adoption. The U.S. government plans to dole out USD 5 billion to states over five years as part of the National Electric Vehicle Infrastructure Program (NEVI) to electrify highways and interstates with 500,000 chargers. Hawaii, which was granted access to USD 2.6 million in September as part of the first round of funding, is buying 32 150-kilowatt Tritium chargers and 16 power units.

BYD to set up three plants in Brazil

Chinese electric vehicle manufacturer BYD is expanding its manufacturing footprint to the emerging market of Brazil, which is the largest in South America. The EV maker has confirmed an agreement to begin manufacturing EVs in Bahia, Brazil, and start operations in three factories simultaneously in the Camacari complex, 50km from Salvador. The complex will consist of three manufacturing units. While one will be dedicated to the production of chassis for electric buses and trucks, the other will produce hybrid and electric automobiles, with an estimated capacity of 150,000 units per year in the first phase. The third unit, focused on lithium and iron phosphate processing, will serve the global market, utilising the existing port infrastructure at the location.

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