Monthly EV Update – June 2023

Monthly EV Update – June 2023

monthly electric vehicle

Product Launches

India LaunchesJune 2023


Vehicle type

Battery specifications

Other specifications


OSM Stream City


  • 8.5kWh Li-ion
  • Range – 100 km
  • Top Speed – 48 km/hr
  • Charging Time –4 hrs



Voltan Rick


  • 36 Ah / 48 Volt LiFePo4 battery pack
  • Range – 50-60 km
  • Maximum Load – 250 Kg
  • Charging Time –3.5 hrs



Voltan Bajrangi



  • 36 Ah / 48 Volt LiFePo4 battery pack
  • Maximum Load – 300 Kg
  • Maximum Speed – 25 km/hr

INR 84,999


Tata Motors launches the upgraded Nexon EV MAX XZ+ LUXury

Tata Motors has launched the upgraded Nexon EV MAX XZ+ LUX at a starting price of INR18.79 Lakh (ex-showroom, All India for the 3.3 kW AC charger).  Enhanced with a superior and high-tech feature upgrade, this top-of-the-line variant of the MAX boasts of a 26.03 cm (10.25 inch) Touchscreen Infotainment system by HARMAN, high resolution (1920X720) High Definition (HD) display with slick response, Android Auto™ & Apple Carplay™ over WiFi, High-Definition Rear View Camera.

Ather announces 450S, price starts at INR1,29,999

Ather Energy announced the 450S, a new variant, at a starting price of INR1,29,999 (exclusive of state subsidy). It will be powered by a 3kWh battery pack and is expected to have an IDC (Indian Driving Conditions) range of 115 km and a top speed of 90 km/h. Ather Experience Centres across the country will start accepting bookings for the new 450S from July and customers can express interest on Ather’s website to register.

Komaki updates SE electric scooter range with dual disc brake, more range

Electric vehicle manufacturer Komaki has launched upgraded versions of its SE electric scooter range with more mileage and advanced features. The range includes three models – Eco, Sport, and Sport Performance Upgrade. The SE Eco scooter has been priced at INR96,968, SE Sport has been priced at INR1,29,938 while the SE Sport Performance Upgrade comes for INR1,38,427 (all prices are ex-showroom). Komaki SE electric scooter range now comes with LiFePO4 smart batteries, which are app-based and are touted to be fire-resistant to enhance the safety quotient. In terms of range, the Eco can now deliver 75-90 kilometres, the Sport comes with a range of 110- 140 kilometres while the SE Sport Performance Upgrade gives a per charge range between 150 and 180 kilometres.

Hero Electric Launched its New Range of Electric Scooters: Optima CX5.0, Optima CX2.0, and NYX

Hero Electric has released their latest electric scooters, the Optima CX5.0 (Dual-battery), Optima CX2.0 (Single Battery), and NYX CX5.0 (Dual-Battery), in the Indian market. The newly updated Comfort and City speed scooters are now available for purchase at a price range of INR85,000-95,000 and INR105,000-130,000, respectively. The latest range of electric scooters boasts advanced Japanese motor technology that promises a seamless riding experience and German ECU technology for accurate performance.

Upcoming Launches

Simple Energy to launch two new affordable electric scooters in the coming quarter

Simple Energy will be launching two new electric vehicles in the Indian market. The new scooters will sit below Simple One and will be launched in the upcoming quarter. The current Simple One is priced between INR1.45 lakh and INR1.5 lakh. So, it can be expected that the new scooters will be priced around INR1 lakh and INR1.2 lakh.

New EV player mXmoto to launch high-speed electric bike MX9 in India

Delhi-based mXmoto, a new entrant in the Indian electric vehicle landscape, has teased its maiden high-speed electric motorcycle, the MX9. The latest entrant in the market is the mXmoto will begin its journey by launching the MX9 electric motorcycle in July. The mXmoto electric bike will feature 17-inch large wheels and a 60 AMP controller that comes equipped with regenerative braking. It helps deliver a 16% increase in output power, and in stimulating the driving system to achieve higher levels of performance. The MX9 electric bike will come equipped with LifePO4 battery technology which is claimed to offer a high level of safety. It will also help extend the range of battery and prolong riding times, proving to be a practical ride for daily commutes and even long journeys.

Ola Electric to launch a new electric scooter in July

Electric two-wheeler manufacturer Ola Electric will launch a new electric scooter in July. This will be the fourth electric two-wheeler from Ola Electric and will be added to its portfolio which consists of the S1, S1 Pro, and S1 Air electric scooters. Ola Electric’s upcoming electric scooter is likely to be different from the models it sells currently. Very few details about the upcoming electric scooter are known at this point.

Honda Cars India to launch five SUVs by 2030, to bring in Elevate EV in three years

As part of its long-term vision for India, Honda Cars India plans to launch 5 SUVs in the country by 2030. Elevate is the first of five SUVs the company plans to launch by the end of the decade. The company will start taking bookings for Elevate from July and the vehicle will be launched in the upcoming festive season. Elevate is the first SUV among 5 new premium SUVs planned to be launched by Honda in India by 2030. A Battery Electric Vehicle (BEV) based on this SUV is planned to be launched in India within 3 years in line with Honda’s global vision towards carbon neutrality.

Volvo C40 Recharge EV India debut on June 14

Volvo Car India introduced its first-ever electric SUV, the XC40 Recharge, in July last year. Now, after almost a year of its launch, the Swedish carmaker has unveiled Volvo C40 Recharge EV on June 14. The company will assemble the Volvo C40 Recharge EV at its Hoskote facility near Bangalore. Powering the C40 Recharge EV is a 69-kWh lithium-ion battery and a single motor, producing a peak power of 232 hp and a max torque of 420 Nm. It has a top speed of 180 kmph. The Volvo C40 Recharge dual-motor variant uses an 82-kWh battery, generating 396 hp power and 670 Nm torque. The 69-kWh battery offers a WLTP-certified range of up to 460 km, while the 82-kWh battery offers a certified range of 515 km. Currently, the Volvo XC40 Recharge EV retails at INR56.90 lakh (ex-showroom) in the Indian market. The upcoming C40 Recharge EV is likely to be priced around INR60 lakh (ex-showroom) in India when launched.

EV Sales Trend

The overall EV sales in June 2023 witnessed a m-o-m decrease of ~35% to reach 1,01,832 units. On a y-o-y basis, EV sales in June 2023 increased by 39% from that of EV sales in June 2022.

Registered EV Sales Trend in India (June 2022–June 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 June 2023 were again driven by electric two-wheelers and passenger-type electric three-wheelers, which together accounted for 87.06% of total registrations in the month.

Category-wise EV Sales in June 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 9.12% market share.

State-wise Registered EV Sales in June 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 June 2023, the retail sales of high-speed electric two-wheelers (HS E2Ws) in India amounted to 45,734 units. However, there was a significant decline of over 55% m-o-m in the overall HS E2W sales for that month. This notable decrease can be attributed to the reduction in the FAME-II subsidy amount and the consequent increase in vehicle prices, which came into effect on June 1, 2023. The top 10 players in the industry accounted for approximately 91% of the total registrations witnessed in June 2023. Furthermore, compared to June 2022, E2W sales in June 2023 experienced a y-o-y surge of 8%.

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 17,552 units in June 2023. Maintaining its significant market leadership with a substantial 38% share, Ola Electric experienced a decline in sales. TVS moved into second place this month. Hero Motocorp made an entry to the top 10 squad this month.

Top High-Speed E2W Players in June 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 Jun 2023 stood at 42,923 units and 5,086 units respectively, signifying a m-o-m increase of 9% in passenger E3W and 2% decrease in E3W cargo. Overall E3W sales recorded a m-o-m rise of ~7.5% over last month. On a y-o-y basis, passenger E3W sales in June 2023 increased by 79% and cargo E3W sales increased by more than 70% from that of passenger and cargo-type E3W sales in June 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 June 2023 accounted for 37.81% share of the entire E3W market. Mahindra and YC Electric came in at first (9.36% share) and second (7.23% share) positions respectively. This was followed by Saera Electric Auto (4.92%), Dilli Electric (4.46%), Piaggio (3.69%), Mini Metro (3.13%), Hotage Corporation (2.57%), and Champion Poly Plast (2.45%).

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 June 2023 stood at 7,687 units, witnessing a m-o-m rise of ~4%. Tata Motors has been driving the E-car sales (with 69.30% of the market share) this month as well. Tata Motors has been witnessing a decrease while MG Motor has seen an increase in sales this month. On a y-o-y basis, E-Car sales in June 2023 increased by more than ~97.41% from that of E-Car sales in June 2022.

Player-wise E-Car Sales Trend

Source: Vahan Dashboard, JMK Research

Note: Sales figures represent E-cars registered across 1,350 RTOs in 34 states/ UTs; Others include, BYD, Audi, Volvo Auto, Mercedes-Benz, BMW, Jaguar, KIA Motors, and Porsche.

Electric Buses (E-Buses)

The total sales of E-buses in June 2023 stood at 200 units, witnessing a m-o-m decrease of ~27%. On a y-o-y basis, E-Bus sales in June 2023 increased by ~37% from that of E-Bus sales in June 2022.

Tata Motors is the leader in June 2023 (with a 76.50% market share), followed by PMI Electro Mobility (9.50%), Olectra Greentech (6.50%), Mytrah Mobility (5.00%), and Switch Mobility (2.50%).

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

Tamil Nadu amends policy to enable registration of E-Auto-Rickshaws, E-Taxis

The Tamil Nadu government has issued an order stating that all Passenger Vehicles that are battery-operated (as defined in clause (u) of rule 2 of the Central Motor Vehicles Rules, 1989, such as E-auto-rickshaws, E-taxis, and private EV buses) or Passenger Vehicles that run on methanol or ethanol fuel will be issued permits without a permit fee by the Transport Department. The Tamil Nadu government has now commenced the registration of EVs operating as passenger transportation, such as E-autorickshaws, E-taxis, and EV buses. Before, methanol or ethanol-fueled passenger vehicles and battery-operated passenger vehicles were not eligible for permits.

Punjab announces INR300-crore incentive to promote the use of electric vehicles

The Punjab state government will provide incentives worth around INR300 crore in the next three years to promote the adoption of electric vehicles and reduce pollution. These incentives will be provided on electric two-wheelers, e-cycles, e-rickshaws, e-autos, and electric light commercial vehicles.

Micron to invest US$2.75 billion in setting up semiconductor testing facility in Gujarat’s Sanand

The Government of India has granted the first approval under the INR76,000 crore to US-based semiconductor giant Micron. Micron will set up an outsourced semiconductor assembly and testing (OSAT) plant at Sanand in Gujarat entailing an investment of US$2.75 billion (INR22,516 crores).The project is being set up under the India Semiconductor Mission’s Modified Assembly, Testing, Marking and Packaging (ATMP) Scheme. Government support will help fund the project and facilitate access to essential semiconductor infrastructure, and resources to drive innovation and enhance local talent development.

Ministry of Road Transport and Highways (MoRTH) revises third party premium rules

The Ministry of Road Transport and Highways (MoRTH) has issued a draft notification proposing Motor Third Party Premium and Liability Rules for the Financial Year 2023-24, in consultation with the Insurance Regulatory and Development Authority of India (IRDAI).A discount of 15% has been proposed for educational institution buses, a discount of 50% has been proposed for a private car registered as Vintage Car, whereas a discount of 15% and 7.5% has been proposed for electric vehicles and hybrid vehicles, respectively.

Government plans to penalise erring e-scooter companies

The Centre is considering measures to penalise half a dozen electric scooter makers that have been found guilty of wrongfully claiming subsidies under the flagship FAME II (Faster Adoption and Manufacturing of Electric Vehicles) scheme. The government sent recovery notices last month totalling nearly INR500 crore to seven companies – Hero Electric, Okinawa Autotech, Ampere EV, Revolt Motors, Benling India, Lohia Auto and AMO Mobility – for violating local sourcing norms required to be met under FAME II for claiming incentives. Debarring these companies from availing government subsidies in the future as well as not allowing them to avail sops on vehicles sold over the last 15 months were some of the steps under consideration. The ministry of heavy industries (MHI) – the nodal ministry for the scheme – is discussing the option with other departments of the government since it impacts investments. If a company is disqualified, it will not receive incentives on future sales of electric two-wheelers under the scheme and will additionally have to forego incentives accrued on vehicles sold in the last 15 months.

Tamil Nadu minister targets US$6 billion investment in EVs in 5 years

The Tamil Nadu government is committed to securing US$6 billion (INR49,482 crore) in investments and creating 1.5 lakh new employment opportunities within the electric vehicle sector over the next five years. Making of the Next Global EV Manufacturing Hub, the government has launched the revised ‘Tamil Nadu Electric Vehicles Policy 2023’, and Chennai, Coimbatore, Tiruchirappalli, Madurai, Salem, and Tirunelveli have been earmarked as EV hubs to bolster the state’s growth towards electric vehicles.

Government kickstarts process to select companies for cell-making PLI scheme

Companies with plans of making advanced battery cells in India will soon have a second shot at qualifying for the INR18,100 crore production-linked incentives scheme for the sector. The government has kickstarted the process to select companies for subsidising up to 20 gigawatt-hour (GWh) of battery-cell making capacity as part of the PLI scheme for advanced chemistry cells (ACC).

SMEV petitions Niti Aayog to review FAME Policy

The registered association representing Indian manufacturers of electric vehicles SMEV (Society of Manufacturers of Electric Vehicles) petitioned the Niti Aayog, asking them to review the FAME II subsidy scheme. The Ministry of Heavy Industries’ actions over the past 18 months i.e., withholding subsidies, demanding retrospective claw backs of subsidy given in 2019, delisting companies from the NAB portal and now its latest move to slash subsidies, is likely to impact sales and substantially delay the process of EV adoption and penetration in the country.

SMEV urges government to levy additional green tax on ICE two-wheelers to incentivise EV adoption

The Society of Manufacturers of Electric Vehicles (SMEV) has called upon the government to levy an additional green tax on two-wheelers with internal combustion engines to incentivize EV adoption and help in the reduction of pollution-creating crude oil imports. The Green tax would rationalize the expected drop in sales of EVs on account of a reduction in subsidies starting this month. SMEV believes that an increase in taxes to the tune of 100 basis points on traditionally polluting ICE 2-wheelers will be required to fund subsidies for electric two-wheeler vehicles and put the FAME scheme back on track.

Govt to clear dues to EV makers under FAME scheme by month-end

The government will clear the held-up dues of Faster Adoption and Manufacturing of Electric Vehicles (FAME India) beneficiaries by June-end. The implementation of the scheme hit a roadblock after instances of OEMs falsely availing subsidies by selling vehicles with larger-than-permissible imported components were established. To plug such instances in the future, MHI roped in IFCI, a development finance institution under the finance ministry. This slowed down subsidy disbursals as more checks were introduced by IFCI in the FAME scheme.

SMEV seeks special fund to bail out EV OEMS hit by subsidy collapse

The Society of Manufacturers of Electric Vehicles (SMEV) has proposed to the Union Finance Minister to create an INR3000-crore Rehabilitation Fund to revive and sustain operations of OEMs which have been badly affected by the recent FAME subsidy blocks. The total subsidies withheld and due to be paid to various E2W OEMs amount to over INR1200 crore, exclusive of interest. The industry has been awaiting the funds for over 18 months.

Auto companies await clarity on PLI subsidy for FY2023

Auto industry companies in India are waiting for clarity on whether they will receive incentive funds for the first year of the INR25,938 crore production-linked incentive scheme, which has been in effect for over a year. The standard operating procedure (SOP) for the scheme, which is required for products to be certified, was released on April 27, 2023, causing a delay. Companies are also concerned that key changes agreed upon by the industry and government have not been incorporated into the final draft of the SOP. Additionally, some manufacturers were wrongfully claiming subsidies in violation of conditions.

Government plans INR15,000-crore push for batteries

The government is working on a production-linked incentive (PLI) scheme worth as much as INR15,000 crore to encourage the setting up of grid-scale battery storage, with the draft of the scheme expected to be released within a month. After taking inputs from stakeholders on the draft PLI plan, it would be placed before the department for promotion of industry and internal trade (DPIIT) and then taken to an empowered group of secretaries as the PLI scheme would overlap with the work of other ministries. As the process of getting approval from the empowered group, followed by cabinet, would take about six months, the power ministry expects a new PLI for battery storage may be notified around December or in the first quarter of 2024. It would then run for five years, like other PLI schemes.

India reopens semiconductor incentive scheme, invites new applications

The government has re-opened the window for applicants, both new and existing, to reapply for setting up of semiconductor and display fabrication units and to seek incentives from the Centre under the India Semiconductor Mission (ISM). The window for applicants will be open from June 1 and will be kept open till the appropriate resources are there and the government gets good applications.

MeitY transfers cost-effective Li-ion battery recycling tech to 9 recycling companies, startups

The Ministry of Electronics and Information Technology (MeitY) has transferred the cost-effective Li-ion battery recycling technology to nine recycling companies and start-ups as part of Mission LiFE under ‘Promote circularity campaign’. MeitY had developed this technology under the ‘Centre of Excellence on E-Waste Management’ set up at the Centre for Material for Electronics Technology (C-MET), Hyderabad, in collaboration with the Government of Telangana along with industry partner, Greenko Energies, Hyderabad. The novelty of the indigenously developed technology is that it could process assorted types of discarded Li-ion batteries, recovering more than 95 per cent Lithium (Li), Cobalt (Co), Manganese (Mn) and Nickel (Ni) contents in the form of their corresponding oxides/carbonates of about 98 per cent purity.

Charging Infrastructure & Battery Swapping

Stakeholder(s)/ Player(s)


Tata Power and Ayodhya Development Authority

  • Tata Power has collaborated with the Ayodhya Development Authority to set up EV charging points in public parking locations across the city. Under this collaboration, Tata Power proposes to install EV charging points at key locations accessible to the public, including Parking Survya Kund, Guptar Ghat, Amaniganj multi-level parking (MLCP) in front of the Jalkal Department; Kaushesh Kunj MLCP parking near the Ayodhya railway station; Tedhi Bazar MLCP parking on the east and west sides of Ayodhya; and the Collectorate Office parking in Ayodhya.
  • These selected sites have been strategically chosen to provide convenient and accessible charging facilities for EV users, ensuring a seamless charging experience across the city. Tata Power has installed a total of 110 public, semi-public charging stations across Uttar Pradesh till now.

Uttar Pradesh Power Corporation Limited (UPPCL)

  • The Uttar Pradesh Power Corporation (UPPCL) has issued a public announcement for the establishment and operation of 58 electric vehicle (EV) charging stations. These stations will be strategically located across various districts, including Noida, Greater Noida, Ghaziabad, Lucknow, Kanpur, Agra, Mathura, Varanasi, Ayodhya, and Gorakhpur. UPPCL invites E-Bids for setting up charging stations for Electric vehicles. Interested parties can submit their bids online until July 22, 2023, and the bid openings will take place on July 24, 2023.
  • To participate, bidders must provide an earnest money deposit (EMD) of INR1,00,000 for Gautam Budh Nagar (Noida) and INR75,000 for Ghaziabad, Mathura, Agra, Kanpur, Lucknow, Ayodhya, Varanasi, and Gorakhpur. Bidders have the flexibility to bid for multiple cities, if they meet the eligibility and qualification criteria. In the case of bidders submitting bids for multiple cities, the earnest money deposit (EMD) amount should be cumulative for each district.

New Delhi Municipal Council (NDMC)

  • The New Delhi Municipal Council (NDMC) is planning to increase the number of EV charging stations in Lutyens’ Delhi and even provide battery-swapping facilities at some of these points. There are around 100 electric vehicle charging stations across the national capital at present and this would be the first time that some of them would have battery swapping facilities, which is quite prominent in Western countries.
  • Various PSUs, including the Rajasthan Electronics and Instruments Limited (REIL) and the Kerala State Electronics Development Corporation Limited (KELTRON), have approached the NDMC for setting up public charging stations.

Delhi Government

  • The Delhi government plans to install low-cost charging points and battery-swapping stations at 42 new locations to boost electric vehicle adoption.
  • The move will increase the number of public charging points to 173 and battery swapping facilities to 62, totaling 53 locations. At these locations, people will be able to charge their vehicles at just about INR3 per unit.

GO EC Autotech Pvt Ltd

  • Kerala-based start-up GO EC Autotech Pvt Ltd has announced the installation of 1,000 electric vehicles (EV) super-fast charging stations across the country.
  • The company is operating 70 charging stations in Kerala and 33 across India and aims to position the additional stations in capitals, cities and highways, and rural areas to make it easier for EV users, including those living in remote locations, to adopt the technology.

Mangalore Electricity Supply Company

  • In the wake of increasing demand for electric vehicles and charging infrastructure, MESCOM (Mangalore Electricity Supply Company) has planned to open 1,000 EV charging stations within its limits in the next five years.
  • In the first phase, the company will open 195 charging stations under PPP (Public-Private Partnership) mode in Dakshina Kannada, Shivamogga, Chikkamagaluru, and Udupi districts. While the company has already opened 61 charging stations, the process is underway to identify locations for the remaining stations.

Tata Power

  • Tata Power, one of India’s leading integrated power companies, plans to expand its EV charging points across India to over 25,000 over the next five years.
  • As the largest EV charging point operator with a nearly 60% market share in the country, the Tata Group company has already installed over 40,000 home chargers, around 4,000 public and semi-public charging points, and 250 bus charging points.

Battery Smart

  • Battery Smart, a battery-swapping service provider in India, has announced its plan to expand its swapping station network to 10 additional cities by December 2023. The company has already achieved its earlier goal to expand its network across 25 cities, conducting nearly 50,000 battery swaps daily.
  • While the company is primarily focused on battery-swapping technology, it is also exploring other areas such as energy storage applications and providing customers with more options within its network. The redeployment of used batteries for storage purposes, and collaborations with OEMs and financial partners are part of the company’s plans to diversify its offerings.

Source: Industry news articles, JMK Research

Key Manufacturing Updates

Tata to build India’s first lithium-ion cell manufacturing gigafactory in Gujarat

Tata Group has signed an agreement with the Gujarat state government to set up a giga-factory for manufacturing lithium-ion cells, with an estimated initial investment of around 130 billion rupees (US$1.6 billion).A giga-factory of this kind will be operational in Gujarat to produce the first-ever lithium-ion cells in India. This plant will have an estimated initial investment of around INR13,000 crore and will have a production capacity of 20 GWh. The state government is committed to increasing carbon-free, energy-efficient, and clean energy production by boosting the production of electric vehicles and reducing carbon emissions.

Taiwan-based Gogoro to set up EV battery manufacturing unit in Pune, Aurangabad

Taiwan-based electric two-wheeler manufacturer Gogoro will set up EV and battery manufacturing facilities in Pune and Aurangabad in Maharashtra. The company will invest up to INR40,000 crore in projects sanctioned by the Maharashtra state government. According to the state government, Gogoro’s EV and battery manufacturing units will come up with an investment of INR12,482 crore. As part of the deal, Gogoro will set up a battery swapping infrastructure and set up a manufacturing facility by the end of this year. Gogoro will set up 12,000 battery swapping stations across the state in the next few years.

RACEnergy inaugurates battery production facility in Hyderabad, which can manufacture 30,000 batteries per annum

RACEnergy, a deep-tech electric vehicle infrastructure company for battery swapping, has inaugurated its 10,000 sq. ft. battery production facility in Hyderabad. Equipped with a 50 MWh battery production plant, it can manufacture 30,000 batteries per annum.This aligns with RACEnergy’s goal of targeting the production of 80,000 two and three-wheelers by 2025, representing a significant step towards the company’s target of having 250,000 swappable batteries in circulation in the same timeframe.

Ashok Leyland to produce its upcoming electric trucks at Hosur LCV facility  

Ashok Leyland, truck, and bus maker company will manufacture its upcoming electric small trucks out of its LCV (light commercial vehicle) facility at the company’s Hosur production complex. The Hinduja flagship has already indicated that it would be launching two new electric small trucks – electric Dost and electric Bada Dost as part of its broader plans to grow the LCV volumes with new product rollouts.

Battery maker IBC expresses interest in investing INR 8,000 crore to set up lithium cell battery plant in Karnataka

International Battery Company (IBC) is considering setting up a proprietary Lithium Nickel Manganese Cobalt prismatic cell manufacturing industry in Karnataka by investing INR8,000 crore. The company will invest in land, plants, machinery, and buildings and set up a non-captive gigafactory.

EV start-up Orxa Energies opens new facility in Bengaluru; Aims to launch maiden e-bike by year end

Orxa Energies, an electric motorcycle start-up, has inaugurated its new facility for electric vehicle manufacturing and battery assembly at Bommasandra Industrial Area in Bengaluru, Karnataka.Spread across 1 acre, the new facility currently has the capacity to manufacture 20,000 electric bikes, branded Mantis. It also accommodates research and development activities, Mantis assembly stations, battery assembly lines, and a product testing centre.

Ola begins construction of Gigafactory for cell production in Krishnagiri, TN

Ola Electric, electric vehicle company, announced the commencement of construction of India’s biggest Gigafactory. The company has installed the first pillar of its cell factory in Krishnagiri, Tamil Nadu. Spread across 115 acres, the Ola Gigafactory will begin operations by early next year with an initial capacity of 5 GWh which will be further expanded in phases to 100 GWh at full capacity.

Raptee opens e-bike production plant in Chennai, to invest INR85 crore

EV Motorcycle Start-up Raptee has opened its first factory for manufacturing electric motorcycles, to be rolled out later this year. The factory which opened in Chennai, is spread across 3 acres, and will also house a majority of Raptee’s Research and Development team on the same campus. Raptee plans to invest INR85 crore in this plant which will have an annual capacity of 1 Lakh units and will serve as its primary production plant for the next 2 years.

iPhone-maker Foxconn looks to set up EV plant in India; talks on with four states  

Foxconn, best known as the maker of the iconic Apple iPhone, is looking to enter electric vehicle manufacturing space in India. As per Foxconn, India will assist with the establishment of a production line this year to provide two-wheeled EV manufacturing services that will cater to the EV two-wheeler market in Southeast Asia.

E-Bus Updates

Himachal govt working hard to make Shimla a ‘Green City’

The Himachal Pradesh government is striving to create adequate charging infrastructure in and around Shimla to facilitate plying of e-buses in the city and make it a ’Green City’. The Himachal Road Transport Corporation (HRTC) has started the process of setting up five new charging stations for 70 e-buses running in Shimla city, and about INR3.63 crore has been deposited by the HRTC to the state electricity board for the installation of transformers for these charging stations. HRTC has also floated tenders for purchasing 75 new electric buses. The fleet of over 1,500 buses of HRTC will be replaced with electric buses in a phased manner and for this adequate charging, and related infrastructure will be created.

Chandigarh administration stops registering diesel buses till September 30

Under the Chandigarh administration’s Electric Vehicle policy, diesel and electric buses have to be registered in a 50:50 ratio every six months, but not a single electric bus has been recorded in 2023-24 so far. Working on promoting eco-friendly transportation in Chandigarh, the State Transport Authority (STA) has decided not to register diesel-run tourist, school/college, and company buses till September 30, 2023.

HRTC fleet to be replaced with e-buses

Himachal Pradesh chief minister Sukhvinder Singh Sukhu flagged off twenty new e-buses from Chaura Maidan Shimla. The state government would replace the entire fleet of 1,500 Himachal Road Transport Corporation (HRTC) buses with e-buses in a phased manner. The infrastructure for this transition has been set-up, and now the total number of e-buses in the town has now gone up to 70.

Centre to float tender for 3,500 electric buses in nine big cities

The central government is planning to produce an electric bus tender to procure around 3,500 new e-buses for nine cities with a population of over 4 million each. The move comes a month after the Ministry of Heavy Industries’ (MHI’s) decision to raise the funding support for e-buses to INR4,307 crore, from the budgeted INR3,545 crore. In May, the ministry slashed subsidies for three-wheelers, four-wheelers, and charging infrastructure as part of a major rejig of the INR10,000-crore electric vehicle incentive scheme FAME-II. The plan is to cover nine cities: Mumbai, Delhi, Bengaluru, Hyderabad, Ahmedabad, Chennai, Kolkata, Surat, and Pune. The new procurement will be done through the diverted funds, savings made on competitive bidding in earlier tenders, and the money that remained unused after the cancellation of orders by a few STUs. Apart from INR762 crore diverted towards the e-buses category, INR536 crore was saved by the government due to competitive bidding in the state-owned Convergence Energy Services’ (CESL’s) earlier tender. Moreover, orders for 348 buses were cancelled by STUs and that fund remains unused.

Electric bus maker PMI Electro in talks to raise INR400 crore

PMI Electro Mobility, an electric bus manufacturer, is in talks with investors to raise INR400 crore. It plans to primarily deploy the equity raised into its special purpose vehicle (SPV) All-Fleet, which purchases buses from PMI and runs and maintains them for state transport undertakings.

UP Roadways to run electric buses on selected routes in Lucknow, Ghaziabad as a pilot project

Uttar Pradesh State Road Transport Corporation (UPSRTC) is set to launch 100 electric buses over selected routes in Lucknow and Ghaziabad as part of a pilot project. In the first phase, these buses will be run on a pilot basis. Later it will be started in other state districts as well.

Other Market Updates

Tata Motors expects EVs to account for 50% of passenger vehicle sales by 2030

Tata Motors aims to have electric vehicles account for 50% of its passenger vehicle sales by 2030. In 2022-23, Tata Motors sold 50,043 EV units, and it expects the EV contribution in its portfolio to increase to 25% in the next five years. The company plans to launch 10 new battery electric vehicles (BEVs) in its domestic product lineup by 2025.

ARAI awards Automotive PLI certificate to Mahindra Last Mile Mobility

Automotive Research Association of India (ARAI) awarded the first Automotive PLI certificate to Mahindra Last Mile Mobility for its flagship electric 3-wheeler. The formal SOP for application to the Automotive PLI scheme was launched by MHI on April 27, 2023, facilitating a systematic smooth application process replete with necessary formats to be uploaded by the eligible applicants (Champion OEMs + Component Champions) through the MHI portal.

Tata Nexon becomes the first electric SUV in India to cross the 50,000 sales milestone

Three years after its launch in 2020, Tata Nexon EV has crossed the 50,000-unit sales mark and become the first electric passenger vehicle to cross the sales milestone. The Nexon EV is currently being sold in over 500 cities across India and has cumulatively clocked over 900 million kilometre and counting, across varying terrains.

Uber launches Uber Green at Mumbai International Airport, offering on-demand EV rides

Ride-sharing app Uber has launched Uber Green at the Mumbai International Airport, offering customers on-demand EV rides with this new service. The new service will be available at a dedicated pick-up zone at Terminal 2 at Mumbai International Airport and across various parts of Mumbai, ensuring that a wider range of passengers can contribute to reducing carbon emissions and promoting sustainable mobility throughout the city.

India’s Yulu eyes expansion as it closes in on profitability

E-bike rental startup Yulu, which is looking to go public, expects to turn operationally profitable by September and plans to expand its presence in India and abroad. The start-up, which currently operates in Bengaluru, Delhi, and Mumbai, will venture into cities including Hyderabad, Pune, Chennai, Kolkata, and Ahmedabad over the next 15 months. The plan comes amid a broader government push for the electrification of shared transport and at a time when Yulu relies on its tie-ups with delivery firms Zomato, Swiggy and Zepto to fend off rivals, including Gogoro-backed Zypp Electric, and SoftBank-backed Ola Electric.

MOVIN introduces Electric Vehicles in Delhi NCR for its first and last mile deliveries

MOVIN, a logistics brand launched as a joint venture between UPS and InterGlobe Enterprises adds Electric Vehicles to its fleet for first and last-mile deliveries. To reduce carbon emissions, aligning with its long-term sustainability goals, the deployment of the EVs begins with Delhi-NCR and will subsequently be covering Mumbai, Chennai, Bangalore, Kolkata, and Pune by the end of 2023.

Lohia Auto cuts costs and focuses on localisation amid FAME 2 challenge

Electric two and three-wheeler maker Lohia Auto is focussing on cutting costs, and sourcing components locally after the Centre decided to slash the FAME 2 subsidies. From the current 60 percent, the company aims to increase localisation to 70-75 percent in the next two years. Lohia Auto intends to optimise internal processes, enhance operational efficiencies, and identify areas where cost savings can be achieved. By effectively managing costs associated with manufacturing and production, the company aims to maintain competitive pricing without compromising on quality.

Matter Aera gets over 40,000 bookings in a month

Matter Aera, an electric geared motorbike, has over 40,000 enthusiastic riders across the country in less than a month of its launch. Pre-bookings were available on the company website, and through the partner ecosystem- including Flipkart and OTO Capital. Matter Aera epitomises a paradigm shift in the future of riding – offering an emission-free experience. The Matter is now gearing up for experience rides and deliveries in the coming months.

E-vehicles in Delhi use 55% of country’s ECS power

Delhi is among the leaders in electric vehicle (EV) adoption in India. According to a report by Central Electricity Authority (CEA), the city consumed 55% of the total power consumed at EV charging stations in the country. The EV charging stations across India consumed 205 million units of electricity. Delhi accounted for over 55% of this consumption, utilising 113.4 million units.

Chandigarh plans to stop registering non-EV two-wheelers from July, cars from December

The Chandigarh administration plans to stop the registrations of ICE (internal combustion engine) two-wheelers by July and registration of fuel-based cars by December 2023. The aim is to discourage the use of non-electric vehicles under the UT’s Electric Vehicle Policy 2022.

Simple Energy starts deliveries of its Super EV

Simple Energy, the Bengaluru-based electric vehicle and clean energy start-up, commenced deliveries of its revolutionary product, the Super EV – Simple ONE. The company plans to facilitate deliveries in a phased manner starting from Bengaluru, which was officially debuted on May 23. Launched at INR1,45,000 (Ex-Showroom, Bengaluru), the new Super EV has received more than 1,00,000 bookings. With its advanced engineering and state-of-the-art battery technology, the 2-wheeler EV promises to revolutionize urban mobility and redefine the way people commute.

Uber gears up for an electric vehicle future amid rising competition

Uber Inc is making a quiet tryst with electric vehicles. In the next three years, based on its demand projection, the shared mobility aggregator would need 150,000 to 200,000 new vehicles to be boarded on its platform to cater partly to expansion and partly to replacing old vehicles. By 2025, 25,000-30,000 cars — 12 to 16 per cent of vehicle additions — would be EVs.

Greaves Finance launches EV financing platform evfin

Greaves Finance, a non-banking financial company (NBFC) and a wholly owned subsidiary of Greaves Cotton has launched a financial platform ‘evfin’, a platform for electric vehicle financing. To expedite the transition towards electric vehicles amidst their increasing adoption, it is crucial to address the complete lifecycle journey of EV usage for consumers, and this platform ensures a smooth EV journey throughout the ownership lifecycle, providing accessible and cost-effective financing options.

FAME II subsidy impact: Ola, Ather increase prices, others E2W players expected to follow

With the lowering of subsidies on electric two-wheelers under the second phase of FAME-II scheme, firms like Ola Electric, Ather Energy, Okaya EV, Ampere EV, TVS Motor Company and Matter Energy have begun increasing the prices of their vehicles.

  • Ola Electric has hiked the prices across its S1 range of products by INR15,000. The Ola S1 is now priced at INR1,29,999 and S1 Pro at INR1,39,999. The cheapest model in its portfolio – S1 Air – will now cost INR99,999.
  • Ahmedabad-based EV startup Matter Energy has increased the prices of its electric bikes by INR30,000 from June 6.
  • Ather Energy has also revised the prices of its 450X scooter by INR8,000 with effect from June 1. As a result, its e-scooter 450X (with Pro Pack) will be available at INR1,65,000 (ex-showroom Bengaluru).
  • TVS Motor has raised the price of its iQube E2W range by INR17,000-INR22,000 depending on the variant.
  • Greaves Cotton-owned Ampere EV has also increased the prices of its products by INR21,000-INR39,100.
  • Okaya EV has increased its vehicle price from INR15,900 to INR25,900 across its range.
  • The two-wheeler maker Hero MotoCorp has increased price of its electric scooter VIDA V1 Pro by around INR6,000 to offset the impact of curtailed subsidy structure on E2Ws. The company’s flagship electric scooter VIDA V1 Pro will now be available at INR1,45,900 including FAME II subsidy and portable charger.
  • Like other electric two-wheelers, Bajaj Chetak has also received a price hike following the revised FAME-II subsidies. Till May 2023, the Bajaj Chetak was available at a starting price of INR1.22 lakh and now it is priced at INR1.44 lakh (ex-showroom, including revised FAME-II subsidy). Effective from June 1, the electric scooter is now costlier by INR22,000 due to the reduced incentives under the FAME-II scheme.
  • Jaipur-based electric vehicle start-up Hop Electric announced a price hike on their electric scooters following the reduction in the FAMEII subsidies for the electric two-wheelers. The company, at present, has three EVs in its portfolio – the Lyf and Leo electric scooters, and the flagship Oxo electric motorcycle. Following the price hike, the high-speed and low-speed variants of the Leo will now cost INR97,500 and INR84,000, respectively. On the other hand, Lyf has been priced at INR67,500.
  • Hero Electric and Okinawa Autotech are the only companies that have decided not to increase the prices of its e-scooter models.

Deals and Investments

Company name

Company type

Deal type


Deal value

(INR Crore)


Oben Electric

EV start-up



Stride Ventures and Indian Renewable Energy Development Agency (IREDA), Mumbai Angels and other high-net-worth individuals (HNIs)


Oben Electric raises INR40 crore in extended pre-Series A funding  


E-Mobility as a Service platform

Equity and asset lease

HNIs (High net-worth investors)


BillionElectric unveils e-mobility platform for E-CVs, secures US$10 Mn in seed funding

Revoh Innovations

EV subcomponent manufacturer



Nexzu Technologies and Whiteboard Capital


IIT-Madras incubated startup Revoh Innovations raises INR3.4 crore in seed funding

Everest Fleet

Fleet management company





Everest Fleet raises US$20 million in funding led by Uber, eyes EV expansion


Digital lending fintech


United States International Development Finance Corporation


Revfin secures US$5 million from DFC

Attron Automotive

Battery-tech start-up


Anicut Capital, Pontaq VC, Venture Catalyst, and Yashovardhan Shah



Attron Automotive raises INR4.75 crore from investors, aims to reduce EV dependence on China



EV Charging Technology company


Angel Investors


EV charging company 82Volt raise INR 5 crore from angel investors


EV Manufacturer


Al Futtaim Group


EV startup River raises US$ 15Mn funding led by Al Futtaim Group

Source: Industry news articles, JMK Research

Charge+Zone to raise over INR1,000 crore to expand EV ecosystem

Charge+Zone, an EV charging company announced that it has completed the first phase of installing 1600+ EV charging stations across 450+ locations and covering more than 15,000 km of highway across the country. With this milestone, it also announced plans to raise US$125 million (INR1,030 crore) in equity as part of its Series A2 funding round. These funds will primarily be deployed to accelerate the next phase of expansion of its retail network in State and National Highway Charging infrastructure, product R&D, and strategic investment in e-mobility companies.

Simple Energy to raise US$100 Mn in next phase

Simple Energy, an electric vehicle manufacturer is in the process of raising US$100 million as part of its next round of fund raising even as it scales up its supply chain and retail footprint for its just launched product Simple One. The company wants to open 100 plus retail outlets across India by the next 8-10 months. It will invest in working capital and retail and service networks and marketing channels.

Valeo plans to invest INR1500 crore on capex, 35% of it for EV business

Valeo, the Indian subsidiary of French auto component major is expecting to double its turnover in the country to EUR800 million and quadruple its clean energy business in the next five years. Valeo is making a swift transition towards the global strategic plan of Move Up. The company has lined up an investment of INR1,500 crore in India to accelerate its business in the country. Of this amount, 35 percent is allocated for the electrification space.

JVs and Partnerships

Companies involved

Purpose of Partnership

TVS Motor and Zomato

  • The two-wheeler and three-wheeler manufacturer, TVS Motor has partnered with Zomato to bolster last-mile delivery services.
  • As part of the association, 50 TVS iQube Electric scooters were provided to delivery partners onboarded on Zomato through a fleet operator – Chartered Bikes x BLive. As part of this strategic partnership, TVS Motor will deploy over 10,000 TVS electric scooters over two years.

BYD India and Bajaj Finance

  • BYD India, a subsidiary of New Energy Vehicle manufacturer BYD, has signed a Memorandum of Understanding (MOU) with Bajaj Finance, the lending arm of Bajaj Finserv to offer finance solutions to BYD dealers and customers across India.
  • BYD India partnering with Bajaj Finance, aims to offer its customers and dealers access to a diverse range of financing solutions.

Magenta Mobility, Altigreen and Exponent Energy

  •  Magenta Mobility, an electric mobility and charging solutions provider, has joined hands with Exponent Energy, an energy-tech start-up, and Altigreen Propulsion Labs, an electric commercial vehicle manufacturer.
  • Altigreen’s neEV Tez powered by Exponent fully charges in 15 minutes. This, along with Exponent’s epump network empowers Magenta to unlock utilisation, and flexibility for last-mile logistics.

Ampere and Salesforce

  • Salesforce has collaborated with Ampere, the electric two-wheeler scooter brand under Greaves Electric Mobility, to offer a better consumer experience.
  • Greaves Electric Mobility will leverage Salesforce to power its sales, service, and dealer management systems, as it expands its retail footprint nationwide to meet the rising demand. The firm will use Salesforce to automate sales, service, and dealer management processes, deploying Salesforce Sales Cloud and Service Cloud.

Mufin Green and SIDBI

  • Mufin Green Finance, an India-based Non-Banking Financial Company (NBFC) with support from SIDBI (Small Industries Development Bank of India), accelerates the EV uptake in India by extending its financing solutions in the domain.
  • SIDBI has already sanctioned financial assistance for the NBFC in the form of a term loan, with a maximum limit of INR10 crore. As part of the partnership with SIDBI, Mufin Green Finance becomes an authorized partner of SIDBI to promote EV financing among industry stakeholders including fleet operators, aggregators, etc., and develop the MSME sector.

Jio and MG Motor India

  • MG Motor India, a British automobile brand has announced industry-first broad range of connected car features in partnership with Jio Platforms, India’s leading digital services provider.
  • As part of this association, MG Motor India will offer seamless integration of Hinglish Voice Assistant-enabled experiences powered by Jio’s Digital Assets in its newly-launched Comet EV— The Smart Electric Vehicle.

Tata Motors and BluSmart

  • Tata Motors Finance (TMF), an automotive financier has partnered with EV ride-hailing service provider BluSmart Mobility. The credit facility is offered in the form of an umbrella financing cum lease solution that will enable BluSmart to expand its fleet by 200 electric vehicles.
  • TMF has extended the INR25crore structured credit facility to BluSmart to facilitate the expansion of its fleet and operations in Delhi NCR.

Ready Assist and Okaya EV

  • ReadyAssist and Okaya EV have partnered to provide a full stack after-sale service and emergency assistance to Okaya’s B2B and B2C customers.
  • Under this partnership, ReadyAssist will provide Okaya’s B2B customers with exclusive Annual Maintenance Services. This program has been customised to cater to the requirements of Okaya’s electric vehicle fleet, ensuring smooth operations, minimising downtime, and maximising efficiency for businesses.

Matter Motors and Airtel

  • Matter Motor Works, a technology-led innovation start-up, and Bharti Airtel announced a strategic partnership to deploy Airtel’s IoT solution in Matter AERA, India’s first and only geared electric motorbike.
  • As part of the partnership, Airtel will enable advanced automotive grade E-Sims on all Matter AERA bikes. In the first phase, 60,000 Matter bikes will be enabled with Airtel E- Sims with advanced IOT features, offering a smart and connected experience on Airtel’s pan-India superior network.

Musashi and BNC Motors

  •  Japanese auto parts maker Musashi announced its entry in the electric mobility space in India in collaboration with BNC Motors and it will invest INR 70 crore in the first phase of the business.
  • Musashi India, a wholly owned subsidiary of Musashi Seimitsu Industries, manufactures transmission components for IC engine-powered two and four wheelers. The company will use its platform of design and engineering capability to manufacture its new EV unit consisting of a motor, PCU, and gear box.

Ola Electric ,IDFC First bank and L&T financial services

  • Ola Electric has announced its partnership with IDFC First Bank and L&T Financial Services. Both the financial companies are offering the lowest interest rates at 6.99% for a tenure of 60 months at zero down payments.
  • With this, Ola Electric asserts its commitment to #EndICEAge by making EVs more affordable and accessible to all. Customers can now take home an Ola scooter at zero down payment with industry’s lowest monthly EMIs.

Ather energy and Bajaj Finance

  • Ather Energy entered a strategic partnership with Bajaj Finance Ltd (BFL), part of Bajaj Finserv Ltd, to provide easy financing options to customers of electric two-wheelers.
  • Ather Energy aims to leverage Bajaj’s reach and penetration across India to make EVs more accessible and affordable for customers.

JLR Motors and Agratas

  • JLR (formerly known as Jaguar Land Rover) will partner with Indian battery company Agratas to source packs that will give EVs a range of up to 450 miles / 720 kilometres. The new batteries would give 120kWh from 342 litres of cell capacity, compared with 84kWh from 387 litres in the I-Pace pack.
  • Batteries are planned to be manufactured first in Gujarat, India, after Tata struck an agreement with the state in early June to develop a cell factory with an initial capacity of 20GWh.

Greaves cotton and Bike Bazaar Finance

  • Greaves Electric Mobility Private Limited (GEMPL), the e-mobility business subsidiary of Greaves Cotton Limited, has entered into an agreement with Bike Bazaar Finance, an RBI-registered non-banking finance company that specialises in retail financing of used and new-vehicles.
  • Under the agreement, Bike Bazaar Finance will provide financing for GEMPL’s ELE-branded L3 electric vehicles. This partnership with an E3W company is the first of its kind for Bike Bazaar and will initially be implemented in UP and Bihar, with plans to expand nationwide soon.

Ashok Leyland and Aidrivers

  • Ashok Leyland, the Indian flagship of the Hinduja Group and the country’s leading commercial vehicle manufacturer, and Aidrivers, a specialist in AI-enabled autonomous solutions, are partnering to produce autonomous electric terminal trucks to address the Net Zero emissions needs of the port industry.
  • This unique truck model, which will be based on an Ashok Leyland platform and equipped with Aidrivers’ autonomous eco-system, will be produced at Ashok Leyland’s manufacturing facilities. Orders can be placed now for delivery in 2024, and the inaugural fleet of vehicles is anticipated to be ready for real terminal operations early next year.

HSBC and Tata Motors

  • HSBC India has partnered with Tata Motors, India’s leading automobile manufacturer for a corporate employee financing solution to accelerate the adoption of zero emission electric vehicles.
  • This partnership is in line with the shared vision of the two organizations to promote sustainability and decarbonize road transport, paving the way for a greener and cleaner future.

RAMP and Hala Mobility

  • RAMP GLOBAL, a cloud-based ecosystem for automotive aftermarket services, has recently partnered with Hala Mobility to foray into the electric vehicles’ maintenance, management, leasing, and tracking.
  • The company’s first move is to drive efficiency and reliability of solutions for EV adoption as a clean mobility alternative.

Pure EV and SIDBI

  • PURE, a leading electric two-wheeler company dedicated to sustainable mobility solutions, has partnered with SIDBI (Small Industries Development Bank of India) to deploy 20,000 electric two-wheelers nationwide.
  • At an event hosted by SIDBI and World Bank India, PURE was chosen as a pioneering partner in the EVOLUTION program, enabling the deployment of 50,000 leased vehicles to aggregators and facilitating the seamless and sustainable adoption of electric vehicles.

Ather and IDFC First, Bajaj Finance, and Hero FinCorp

  • Ather Energy, an electric scooter manufacturer, announced a new 60-month vehicle loan product that will make electric scooters more affordable. Ather has partnered with IDFC First, Bajaj Finance, and Hero FinCorp for this.
  • This is the first time that a finance product with a tenure of 5 years has been rolled out in the EV industry.

SIDBI and Niti Aayog, World Bank, Korea-World Bank

  • SIDBI (Small Industries Development Bank of India) has tied up with the Niti Aayog, World Bank, Korea-World Bank partnership facility and Korean economic development cooperation fund to finance electric vehicles for small, and medium industrial units.
  • The financing will be done under a new project called Evolve, which is electric vehicle operations and lending for a vibrant ecosystem, under which SIDBI will give access to affordable commercial financing for EVs.

Zingbus and Sheru

  •  Zingbus , an intercity bus service provider, has joined forces with Sheru, a leading provider of battery management and energy storage solutions, in a ground-breaking partnership aimed at scaling up e-mobility for intercity commutes.
  • As part of the strategic collaboration, Zingbus plans to expand its fleet by adding 2,200 electric buses and 4,000 electric cars over the next five years. To ensure efficient battery management, Zingbus will utilize Sheru’s cutting-edge battery management solution.

BluSmart and MG Motor

  • BluSmart, an EV ride-hailing service and EV charging superhub infrastructure operator has placed an order for 500 units of MG ZS EV – India’s first pure-electric internet SUV.
  • These EVs will form a part of BluSmart’s premium fleet in Delhi NCR and Bengaluru. The partnership reflects the shared vision of accelerating EV adoption in the country and decarbonising mobility.

MG Motor India and LOHUM

  • MG Motor India has joined hands with Lohum Cleantech, a producer of sustainable energy transition materials, for the reuse and life cycle management of EV batteries.
  • Under the collaboration, Lohum will reuse end-of-first-life batteries of MG electric vehicles to build sustainable 2nd-life Battery Energy Storage Systems (BESS) for a wide variety of clean energy applications in India’s urban and rural landscape.

RunR Mobility and LoanTap

  • RunR Mobility, an electric vehicle manufacturer backed by MECPower Solutions, has partnered with Pune-based LoanTap Financial Technologies, to provide financial support to customers for the purchase of affordable E2Ws, along with a special bulk deal offer.
  • The collaboration focuses on making RunR Mobility’s variants more affordable and accessible to corporations, small and medium businesses, and end-consumers with attractive financing solutions. It will also enable fleet operators, last-mile delivery operators, and retail customers to leverage RunR Mobility’s EV scooters hassle-free.

Source: Industry News Articles, JMK Research

Global Market Updates

Germany to earmark EUR900 Mn in subsidies for e-car charging systems

Germany is to earmark up to EUR900 million (US$983 million) in subsidies to expand electric vehicle charging stations for households and companies. Europe’s biggest economy currently has some 90,000 public charging points and aims to have one million by 2030 in hopes of boosting growth in electromobility as it targets carbon neutrality by 2045. Germany had around 1.2 million fully electric vehicles on its roads by the end of April, well below its goal of 15 million by 2030.

Spain offers income tax rebate for electric car buyers

Spain will reimburse up to 15% of income tax to people who buy an electric vehicle before the end of the year to encourage cleaner driving. The initiative is part of an anti-inflation package worth EUR8.9 billion (US$9.7 billion) in which other measures already in place – such as public transport subsidies and value-added tax cuts to basic foods – will be extended until December 31. Those measures had been set to expire on June 30. The maximum income tax deduction would be EUR20,000 (US$21,900).

Biden administration aims for US$2 billion in grants at US electric vehicle transition

President Joe Biden’s administration intends to invest US$2 billion from last year’s Inflation Reduction Act to accelerate domestic manufacturing of electric vehicles and resuscitate plants that are struggling. Speeding grants and other subsidies to fund the conversion of existing auto plants to build electric vehicles could help the White House blunt criticism from automakers and the United Auto Workers (UAW) union over proposed environmental rules aimed to help usher in the EV era.

Hyundai raises its EV investment to US$28 billion, which will reduce China’s operations

Hyundai Motor will raise average annual investment in electrification by nearly two-thirds, spending US$28 billion in the next decade, and further restructure its struggling China business as part of a strategy to boost electric vehicle (EV) sales. To meet the target, Hyundai plans to boost local production of EVs in its three key markets – the United States, Europe, and South Korea – as more countries roll out incentives for locally manufactured vehicles.

China’s Nio to get near US$740 million investment from Abu Dhabi-backed firm

CYVN Holdings, a firm backed by the Abu Dhabi government, will invest about US$738.5 million in Nio. Nio and peers Xpeng and Li Auto are among those companies to grab a larger EV market share in the world’s largest automotive market dominated by BYD. Under the deal with CYVN Holdings, Nio will issue about 85 million new Class A shares at US$8.72 per share to the firm.

Stellantis, Foxconn form 50-50 JV on semiconductors for auto industry

Carmaker Stellantis and iPhone assembler Foxconn have created a 50-50 joint venture to design and sell semiconductors for the automotive industry from 2026. The joint venture, called SiliconAuto, will supply Stellantis, including its new ‘STLA Brain’ electronic and software architecture, Foxconn, and other customers. SiliconAuto will provide customers an auto industry-centric source of semiconductors for the growing number of computer-controlled features and modules, particularly those needed for electric vehicles.

Japan to give Toyota US$841 million support for domestic EV battery output

Japan will give Toyota up to US$841 million in subsidies for the automaker’s investment in domestic production of batteries used in electric vehicles. The mass production of the batteries was expected to start in stages from October 2026 onwards.

Hyundai to utilise US$5.9 bn in overseas operations’ money for EV investments

Hyundai Motor Group will utilise KRW7.8 trillion (US$5.9 billion) worth of reservation money held by its overseas operations to push forward the group’s planned investments in domestic electric vehicle plants. Hyundai Motor plans to complete a 150,000-unit-a-year EV plant in its main Ulsan plant, by 2025.

Ford completes US$2B investment to build EVs at German plant

Ford has completed a US$2 billion investment to convert its factory in Cologne, Germany, to build full-electric vehicles. The plant will be the first in the company’s global production network to be carbon neutral. Ford will begin building the Explorer battery-electric compact SUV this year at the Cologne facility ahead of deliveries in early 2024. The new EV is based on Volkswagen Group’s MEB platform and will compete against VW Group models on the same platform such as the VW ID4 and forthcoming Cupra Tavascan, as well models such as the Nissan Ariya and Toyota bZ4X.

Japan increases support for domestic EV battery output

Japan raised support to produce storage batteries to up to US$2.2 billion pledging nearly US$1 billion in new subsidies for Toyota and other manufacturers as part of a push towards greater economic supply chain security. The move shows Tokyo is confident about ramping up battery production support after the United States and Japan struck a deal on electric vehicle battery minerals in March that is key to giving Japanese automakers wider access to a new US$7,500 U.S. EV tax credit.

Saudi Arabia signs US$5.6 Bn deal with Chinese EV company

Saudi Arabia’s Ministry of Investment has signed a US$5.6 billion deal with Chinese electric car maker Human Horizons to collaborate on the development, manufacture, and sale of vehicles. The agreement accounts for more than half of the more than US$10 billion in investments signed on the first day of an Arab-China business conference in Riyadh, in sectors spanning technology, renewable energy, agriculture, real estate, metals, tourism and healthcare, among others.

One in every seven cars sold is now an EV, with China’s BYD once again dominating the market

One in every seven cars sold during the first quarter this year was an electric vehicle, dominated by China’s BYD at 21.1 %market share while Tesla was at the second spot, with a 16 %share. Global passenger EV sales in Q1 2023 rose 32% YoY. Battery EVs accounted for 73% of all EV sales during the quarter, while Plug-in Hybrid EVs (PHEVs) made up the rest. EV sales are expected to reach over 14.5 million units by the end of 2023. The US surpassed Germany to become the world’s second-largest EV market while China remained the leader.

Hyundai Mobis breaks ground on new EV battery system plant in Indonesia

Hyundai Mobis, the parts, and service arm of the Hyundai Motor Group, has begun construction of a new EV dedicated battery system plant in Indonesia, which it plans to have completed by the first half of 2024. With the rise of the ASEAN market, Hyundai Mobis seeks to expand and develop the Indonesian plant into a long-term strategic base capable of accommodating major customers worldwide. The battery system plant in Indonesia will become a solid footing for Hyundai Mobis’ global electrification business targeting the ASEAN market. Building on the country’s ample natural resources, the Indonesian government is accelerating efforts to secure leadership in the EV market.

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