Monthly EV update – March 2022

Monthly EV update – March 2022

monthly electric vehicle

New Product Launches

India Launches – March 2022


Vehicle type

Battery specifications

Other specifications


Greta Glide

Electric Scooter

·     Four Li-ion battery pack choices-

o   48V 24Ah battery pack for 60 km range

o   60V 24Ah battery pack for 60 km range,

o   48V 30Ah battery pack for 100 km range

·     Charging time- 2.5 hours

·     Comes with a 3-year battery warranty

INR 80,000

Crayon Envy

Low-speed Electric Scooter

·     Battery Pack- 48V (Lead Acid)/ 60V (Li-ion)

·     Range- 160 km

·       Top speed- 25 km/hrTyre Size- 3.00”-10” (Front and Rear)

INR 64,000

Ignitron Yoda

High-speed Electric Bike (Cruiser)

·     Battery Capacity- 3.23kWh Li-ion

·     Range- 150 km

·     Charging time- 4 to 5 hours

·       Top Speed- 90 km/hr

·       Three riding modes- Eco, Normal, and Sport

INR 1,84,999

Ignitron Cyborg Bob-e

High-speed Electric Bike

·     Battery Capacity- 2.88kWh Li-ion

·     Range- 110 km

·     Charging time- 4 to 5 hours

·       Top Speed- 85 km/hr

·       Will be AI-enabled

·       Three riding modes- Eco, Normal, and Sport

INR 1,64,999

Ignitron Cyborg GT 120

High-speed Electric Bike

·     Battery Capacity- 4.68kWh Li-ion

·     Range- 180 km

·     Charging time- 4 to 5 hours

·       Top Speed- 125 km/hr

INR 1,14,999

Nahak Motors Exito Solo

Electric Moped

·     Battery Pack- 48V 30 Ah

·     Range- 80 km

·     Charging time- 5 hours

Not Available

INR 85,999

Nahak P-14

High-speed Electric Bike

·     Battery Pack- 72V 60Ah

·     Charging time- 3 to 4 hours/ 30 minutes fast charging

·       Top speed- 135 km/hr

·       Front Tyre size- 110/70-17

·       Rear Tyre Size- 140/70-17

INR 2,50,000

Poise NX-120

High-speed Electric Scooter

·     Battery Pack- 72V 20Ah

·     Based on a 2-Battery system (can be used either together or one-at-a-time)

·     Range- 55km one single battery/ 110 km both batteries

·     Charging time- 4 to 5 hours

·       Top speed- 45 km/hr

·       Motor Power- 2.2 kW

·       Front Tyre size- 110/70-12

·       Rear Tyre Size- 120/70-12

INR 1,24,000

(Available only in Karnataka)

Poise Grace

High-speed Electric Scooter

·     Based on swappable li-ion battery configuration

·     Range- 120 km

·       Top Speed- 50 km/hr

·       Motor Power- 800 kW

INR 1,04,000

(Available only in Karnataka)

Oben Rorr

High-speed Electric Bike

·     Battery Capacity- 4.4 kWh

·     Range- 200 km

·     Charging time- 2 hours

·       Top speed- 100 km/hr

INR 99,999 onwards

iVOOMi Jeet

High-speed Electric Scooter

·     Battery Capacity- 1.5 kWh

·     Range- 70-80 km

·     Charging time- 2.5 to 3 hours

·       Tyre Size- 90/90-12 (Front and Rear)

INR 82,999

iVOOMi Jeet Pro

High-speed Electric Scooter

·     Battery Capacity- 2 kWh

·     Range- 100 to130 km

·     Charging time- 3.5 to 4 hours

·       Tyre Size- 90/90-12 (Front and Rear)

INR 92,999


High-speed Electric Scooter

·     Battery Capacity- 2 kWh

·     Range- 115 km

·     Charging time- 3.5 to 4 hours

·       Top speed- 65 km/hr

·       Motor Capacity- 2 kW

INR 84,999

Okinawa OKHI-90

High-speed Electric Scooter

·     Battery Capacity- 3.6 kWh (detachable Li-ion battery)

·     Range- 160 km

·     Charging time- 3 to 4 hours

·       Top speed- 80 to 90 km/hr

·       Front Tyre size- 100/80-16

·       Rear Tyre Size- 120/80

INR 1,21,866

MG ZE EV Facelift


·     Battery Capacity- 50.3kWh (Li-ion)

·     Range- 461 km

·     DC Fast Charging time- 0-80% in 60 minutes

·     AC Charging time- 0 to 100% in 8.5 to 9 hours

·       Maximum Power- 173 bhp

·       Max Torque- 280 Nm

·       Comes in two variants- Excite and Exclusive

Excite variant- INR 21,99,800 onwards

Exclusive variant-

INR 25,88,00 onwards

Source: Industry news articles, JMK Research

Upcoming Launches

Hero MotoCorp’s ‘Vida’ EV brand launched: First electric scooter delayed to July 2022

India’s largest two-wheeler manufacturer Hero MotoCorp has launched its new dedicated brand for electric mobility, Vida. The company’s first electric two-wheeler under the new Vida brand will be unveiled on July 1, 2022. 

MG India to launch E230 EV in 2023 

MG Motor India has confirmed the development of an all-electric, two-door model for an early 2023 launch. Dubbed the E230, the EV will be a global product and India will be one of the first few markets to get it. The E230 is expected to have 150-km range with 20kWh battery, and a two-door, four-seat option. 

Kia EV6 to launch in India by June 2022 

The Kia EV6, the Korean carmaker Kia’s first all-electric offering, is expected to be launched in India by June 2022. The Kia EV6 will be a Completely Built Unit (CBU) and no changes are expected to be made to its design, features, e-GMP platform, or electric powertrain. This product introduction is part of Kia and Hyundai’s EV plans for India that include bringing six all-electric models by 2024.

Volvo to launch its highly-anticipated XC40 EV, gets listed on Indian Website 

Volvo has listed its upcoming XC40 Recharge EV for launch on its official Indian website. The car comes with a range of 418 km and takes 40 minutes to charge from 0 to 80% battery capacity with its 150 kW DC fast charging, and 8-10 hours with 11 kW AC fast charging. 

Long-range Nexon EV to get ventilated seats, more features, to be launched in April

Tata Motors is all set to launch the long-range version of its Nexon EV by April. The long-range Nexon EV will have a driving range of more than 400 km owing to a bigger 40kWh battery pack.

EV Sales Trend

The overall EV sales in March 2022 bounced back to its growth trajectory, clocking 77,128 units. This signifies a m-o-m rise of 41.4% and a y-o-y jump of 196%.

Registered EV Sales Trend in India (March 2021–March 2022)

Source: Vahan Dashboard, Company Press Releases, JMK Research

Note: Sales figures represent EVs registered across 1,397 RTOs in 27 states/ UTs.

As depicted in the figure below, EV registrations in March 2022 were driven by electric two-wheelers and passenger-type electric three-wheelers, which together accounted for 91.17% of total registrations in the month. The shares of these categories were followed by E-Cars (4.62%), cargo-type electric three-wheelers (4.08%), and so on.

Category-wise EV Sales in March 2022

Source: Vahan Dashboard, Company Press Release, JMK Research

Note: Sales figures represent EVs registered across 1,397 RTOs in 27 states/ UTs; Others include adapted vehicles, fork-lifts, goods carriers, omni bus, and trailer (agriculture) vehicles.

Among all the states and UTs, Maharashtra’s EV sales surpassed Uttar Pradesh for the first time, accounting for 16% of the overall share of EVs registered this month. These two states were followed by Tamil Nadu (11%), Karnataka (10%), and Delhi (8%).

(State/ UT) Region-wise Registered EV Sales – March 2022

Source: Vahan Dashboard, Company Press Release, JMK Research

Note: Sales figures represent EVs registered across 1,397 RTOs in 27 states/ UTs. Others include Chhattisgarh, Punjab, and rest other 13 states/UTs.

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

The overall HS-E2W sales in the country in March 2022 stood at 49,591 units, signifying a 53% m-o-m and a whopping 376% y-o-y leap in registrations. The Top 10 players, as shown below, accounted for 94% of the total registrations witnessed in the month of March 2022. Ola Electric moved to 2nd position this month from the previous month’s number 4th position despite the fact that it launched its E2W range in December 2021 only. Further, Jitendra New EV Tech made an entry to the top 10 club this month after December 2021, pushing Benling to number 10 and Bajaj Auto to number 11 respectively.

High-Speed E2W Sales Trend

Source: Vahan Dashboard, JMK Research

Note: Sales figures represent only high-range E2W (Top speed > 25 kmph) registered across 1,397 RTOs in 27 states/ UTs.

Top High-Speed E2W Players in March 2022

Source: Vahan Dashboard, JMK Research

Note: Sales figures represent only high-range E2W (Top speed > 25 kmph) registered across 1,397 RTOs in 27 states/ UTs. Others include Bajaj Auto, GoGreen E-mobility Private Limited, MEW Electricals Ltd, KLB KOMAKI, and 20 other players.

Electric Three-Wheeler (E3W)

The sales of registered E3Ws passenger and cargo-type in March 2022 stood at 20,725 units and 3,146 units respectively, signifying an increase of 25% y-o-y for both E3W – Cargo and E3W – Passenger.

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

Source: Vahan Dashboard, JMK Research

Note: Sales figures represent E3Ws registered across 1,397 RTOs in 27 states/ UTs; E3W (Passenger and Cargo) sales shown in the figure takes into account both e-rickshaw and three-wheeler classes as categorized in the Vahan dashboard.

The cumulative sales of top 7 electric 3-wheeler players across passenger and cargo segments in March2022 accounted for 38% share of the entire E3W market. YC Electric Vehicle had the highest share of 10%, which was followed by Mahindra Electric Mobility (9%), Saera Electric Auto (5%), Dilli Electric (4%), Champion Poly Plast (4%), Unique International (3%), and Best Way Agencies (3%).

Top E3W Players in March 2022

Source: Vahan Dashboard, JMK Research

Note: Others made up 62% of the E3W markets in March 2022; sales figures for players are inclusive of both cargo and passenger offerings; Sales figures represent E3Ws registered across 1,397 RTOs in 27 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 cumulative sales of E-cars in March 2022 stood at 3,561 units, witnessing a m-o-m rise of 21% but a y-o-y surge of 307% in registrations. Tata Motors has been driving the E-car sales the entire year. This month, the Company accounted for 95% of the total registrations. Sales of E-cars of BYD, Audi, and BMW witnessed the pace picking up this month.

Player-wise E-Car Sales Trend

Source: Vahan Dashboard, Company Press Release, JMK Research

Note: Sales figures represent E-cars registered across 1,397 RTOs in 27 states/ UTs; Others include Hyundai, BYD, Jaguar, Audi, Mercedes-Benz, BMW, Volvo, and Porsche.

Electric Buses (E-Buses)

The cumulative sales of E-buses in March 2022 declined again and stood at 76 units, with a m-o-m fall of 43% and a y-o-y decline of 20%. This month’s sales were driven by JBM Auto (46%), followed by PMI Electro (25%), and Olectra Greentech (23%,) which accounted for 90% share of the total E-bus sales in March 2022.

Player-wise E-Bus Sales Trend

Source: Vahan Dashboard, JMK Research

Note: Sales figures represent E-buses registered across 1,397 RTOs in 27 states/ UTs.

Policies & Regulations

Government of India releases official notification for winners of ACC-PLI: Hyundai, Ola, Reliance, Rajesh Exports among winners  

The Government approved the production-linked inventive (PLI) scheme ‘National Programme on Advanced Chemistry Cell (ACC) Battery Storage’ for achieving manufacturing capacity of 50 Giga Watt Hour (GWh) of ACC for enhancing India’s manufacturing capabilities with a budgetary outlay of INR 18,100 crore. The following players have won bids to receive incentives under the scheme:

Player/ OEMCapacity Awarded
Hyundai Global Motors Company20 GWh
Ola Electric Mobility20 GWh
Reliance New Energy Solar5 GWh
Rajesh Exports5 GWh

Source: Press Information Bureau, Ministry of Heavy Industries, Government of India

The incentive will be disbursed over a period of five years on the sale of batteries manufactured in India.  

PLI for auto component makers: Maruti, Hero MotoCorp among approved applicants 

The Union government has granted approval to 75 auto component manufacturers for incentives under the production-linked inventive (PLI) scheme, including majors such as Maruti Suzuki India and Hero MotoCorp. The ministry of heavy industries said that the PLI Scheme for Automobile and Auto Components has been successful in attracting a proposed investment of INR 74,850 crore against the target estimate of INR 42,500 crore over five years. A proposed investment of INR 29,834 crore is expected from approved applicants under the Component Champion Incentive Scheme. Incentive upto 18% is aimed to encourage industry to make fresh investments in indigenous supply chain of Advanced Automotive Technology (AAT) products of PLI Scheme for Automotive Sector. 

Government of India orders inquiry into e-scooter fires 

The government of India has ordered an inquiry into the increasing number of incidents of fire in electric two-wheelers, including the ones produced by Ola Electric and Okinawa, and has sought a report within a month as concerns rise over customer safety and vehicle robustness. The Road Transport Ministry asked the Centre for Fire Explosive and Environment Safety (CFEES) to investigate the two cases. CFEES is the defense laboratory of the Defense Research and Development Organisation (DRDO). 

Residential EV Charging Guidebook for Delhi Launched

The Dialogue and Development Commission of Delhi (DDC) and World Resources Institute, India (WRI India) launched the ‘‘Residential Electric Vehicle (EV) Charging Guidebook’ to simplify and enable the adoption of EV charging in all types of residential areas in Delhi. The document guides residential societies in understanding the importance of EV charging and details the processes involved in planning, installing, and managing EV charging stations in the parking space of the societies. The document also addresses some of the common concerns (such as lack of space, capital investment, power load management etc.) and shares the best practices for RWAs.

Delhi launches portal to buy, register EV; customers to get additional relief

An online portal ‘My EV Portal’ was launched by the Delhi government on March 12, 2022 to purchase and register electric autos (e-autos) in the city. The government will provide 5% interest subvention on the purchase of e-autos on loans under the Delhi Electric Vehicle Policy. The ‘My EV Portal’ is an online portal which will enable the Letter of Intent (LoI) holders to purchase e-autos and claim the incentives provided by the Delhi government. The online portal will provide several options of approved vehicles to people along with ensuring that they receive the interest subvention on their loans via a smooth automated channel. The Interest subvention of 5% on loans on the purchase of EVs is in addition to the applicable purchase incentive of INR30,000 and scrapping incentives of up to INR 7,500 under the Delhi EV Policy. Through this scheme, an electric auto consumer will be able to avail up to INR 25,000 additional benefit.

Delhi to set up EV cell with aim to be ‘electric vehicle capital of India’ 

The Delhi government plans to set up an EV cell which will support and accelerate the implementation of the electric vehicle policy through facilitating disbursement of demand incentives and charging stations. It will function under the aegis of the Delhi Transport Infrastructure Development Corporation (DTIDC), an agency of the transport department. 

Chandigarh administration to run electric vehicle policy past 500 stakeholders 

The Chandigarh administration held a two-day national-level virtual interaction with over 500 stakeholders from the electric vehicle sector from March 11, as it prepares to implement the EV Policy in the city from April 1. The Chandigarh Renewal Energy and Science and Technology Promotion Society (CREST) interacted with stakeholders like EV manufacturers, charging station installers, battery manufacturers, and firms undertaking recycling, before the policy is finalized. 

Charging Infrastructure and Battery Swapping

Stakeholder(s)/ Player(s)

Subject/ Scope


Morris Garage India (MG)

EV Charging installations for residential locations

•        In order to build an electric vehicle ecosystem and provide customers with the convenience of charging infrastructure, MG Motor India announced a new venture -MG Charge.

•        Under this initiative, the company will install 1,000 AC fast chargers in residential localities across the country within 1,000 days.

•        MG Motor India will install Type 2 EV fast chargers that will support most of the leading current and future electric vehicles in the market. These chargers will be sim-enabled and supported through a sharable Charger Management System.

•        These connected AC charging stations will be operational round the clock and will cater to the residents and visitors of these residential societies for their EV charging needs.

Charge+ Zone

Setting up EV charging points along the Gujarat-Maharashtra Highway

•        Electric vehicles charging network firm Charge+Zone has set up 20 unmanned, app-driven EV charging points over 1,000 km along the Gujarat-Maharashtra national highway.  

•        Designed for both personal and public e-mobility, these charging stations have been installed as part of the company’s larger goal of electrifying 10,000 km of national and state highways over the next 3-5 years. 

•        These charging stations have rapid DC charging points catering to electric cars. These can provide up to 80 per cent charge in 45-60 minutes and full charge in 90-120 minutes depending on the EV’s battery size. 

Tata Power and Enviro

Setting up EV chargers in residential complexes

•        Tata Power has collaborated with Enviro – the facility management wing of the NCR-based real estate developer Vatika Group to install 59 EV charging points at its properties across Gurugram, Haryana.

•        These chargers will be made available as public charging stations and semi-public based on the nature of the premises.

Tata Power and Rustomjee Group

Setting up charging stations in Rustomjee Group’s projects across Mumbai

•        Tata Power has collaborated with real estate developer Rustomjee Group to provide electric vehicle charging solutions across its residential and commercial projects in Mumbai Metropolitan Region (MMR).  

•        Under this collaboration, Tata Power will install a dedicated charging infrastructure for residents of Rustomjee in Mumbai MMR.  

•        EV owners will have the access to a 24×7 charging facility along with maintenance support. 

Tata Power Delhi Distribution and Battery Smart

Setting up Battery Swapping stations in Delhi

•        Tata Power Delhi Distribution Ltd entered into partnership with Battery Smart, India’s largest and fastest-growing battery-swapping network for electric vehicles, to set up swap stations for two-and three-wheelers at various locations across North Delhi in 2022. 

•        Tata Power Delhi Distribution’s large power capacity and extensive infrastructure will allow Battery Smart to establish more high-capacity swap stations at key locations to cater to the growing electric two-and three-wheeler market.  

•        The first swap station is live and operational at Azadpur, one of the busiest marketplaces in the capital. 

Midgard Electric and Atomovill

Setting up charging points at Automovill-owned outlets

•        Automovill, a full-stack mobility startup, has announced a strategic partnership with Midgard Electric.  As per the understanding, Midgard Electric will be the EV charging partner at all Automovill-owned outlets. 

•        At present, Automovill operates 70 co-owned workshops for hubs, and more than 500 partnered – workshops for spokes across India.  

•        Midgard Electric provides services like EV charging stations, EV ecosystem consultation, EVCS maintenance and monitoring, battery swap charging station, and fleet charging management. 

Gulf Oil and ElectreeFi

Deploying EV chargers across India

•        Gulf Oil India announced its strategic partnership with Techperspect Software Pvt Ltd (ElectreeFi), a leading E-Mobility Solutions (SaaS) company in India.

•        The strategic investment and partnership by Gulf Oil in the emobility value chain comes after its investment in 2021 in the UK-based Indra Renewables that manufactures smart chargers for the car segment

Magenta and Xavier Institutions

Setting up EV chargers on Xavier’s campuses

•        Magenta has tied up with Xavier Institutes (part of the Jesuit Educational Network) to install EV charging stations at their multiple educational campuses. The EV charging station will be operational 24×7 and the chargers will be controlled using the ChargeGrid App, which features online remote monitoring and an automated payment mechanism. 

•        The charging station will feature a combination of AC and DC Chargers (30kW DC Fast Charger and 7.4kW AC), which will support two-, three- and four-wheelers.  

•        Magenta will install EV chargers across Xavier’s network of educational institutes in India, which pervades 83 University colleges, 7 major Institutes of Business Management, 22 Technical Institutes, 11 Research Institutes, over 92 High Schools and 15 Specialised Institutions.  

Kinetic Green and Indraprastha Gas Limited  

Setting up Battery Swapping stations in Delhi

•        Indraprastha Gas (IGL), one of India’s largest CNG distribution companies, has partnered with Pune-based electric vehicle maker Kinetic Green to launch their first battery swapping station christened ‘Energy Cafe’. The partners aim to roll out a network of battery swapping stations for two- and three-wheelers, starting with the Delhi region.  

•        Initially, IGL will play the role of providing the infrastructure in the Delhi/NCR region, while Kinetic Green will be the technology partner, provide EV domain knowledge, and help bring EV users to the swapping stations. 

ElectricPe and NoBroker

Setting up 100,000 EV chargers

•        ElectricPe, an EV charging platform, has partnered with NoBroker, a property tech platform to set up 100,000 electric charging points in residential areas through this year.

•        The alliance will see charging stations set up across NoBroker residential welfare societies (societies that have onboarded NoBrokerHood society app), including apartments, gated communities, and standalone buildings, making it convenient for consumers to access EV charging in their vicinity. 

Bounce Infinity and Greaves Retail

Deploying 300 battery swapping stations

•        Bounce Infinity has announced a strategic partnership with Greaves Retail, the retail business division from Greaves Cotton to provide battery swapping stations for Greaves Electric Vehicles.  

•        As part of this partnership, the company plans to target 10 cities with 300 Battery Swap stations per city in different parts of the country to help Greaves Retail strengthen last-mile connectivity.  

•        Also, the battery swapping service will be for both electric 2-wheelers (Ampere) and 3-wheelers (B2B & B2C segments). All popular models of Ampere could soon be available to customers with Battery-As-A-Service (BAAS). 


Installation of 10,000 EV charging points Pan-India

•        EV infrastructure provider Bolt announced that it has installed 10,000 EV charging stations in India in six months.   

•        Bolt further plans to deploy 1,00,000 charging points in the next six months by catering to demand coming from non-metro cities such as Jaipur, Nagpur, Nashik, Chandigarh, Surat, Ahmedabad, Lucknow, Bhubaneswar, Vijayawada, among others.   

•        With BOLT’s experience of making Bengaluru the first EV-ready city in India, the top three cities that have seen the maximum usage of the startup’s EV charging stations are Bengaluru, Delhi/NCR, and Hyderabad.   

Adani Total Gas

Setting up of EV Charging Station

•        Adani Total Gas (ATGL), a city gas distribution company, has forayed into the electric mobility segment by launching its first electric charging station in Ahmedabad.

•        The charging station, located at ATGL’s CNG station at Maninagar in Ahmedabad, is part of the company’s planned 15,000 charging stations across the country.


Installation of 5,000 EV charging points Pan-India

•        Exicom, one of India’s power solutions companies with a presence in telecom, mobility, and stationary energy segments, has crossed the milestone of installing over 5,000 EV chargers including AC and DC chargers across 200 cities in India.  

•        The milestone installation was a 200 kW charger for Tata Power at a transport depot in Delhi. 

Statiq and HPCL

Collaboration to set up EV charging stations pan-India

•        Statiq, an electric vehicle charging network startup, has announced its collaboration with Hindustan Petroleum Corporation (HPCL) to set up EV charging stations across the country. 

•        With this alliance, Statiq aims to increase the number of public EV chargers from over 200 in Uttar Pradesh, Bihar, and Uttarakhand to 10,000 EV charging stations by the end of 2022.  

•        These charging units will be of varying combinations of 3.3 kW or 7.7 kW chargers, which will be compatible across all EV makes and ensure that complete charging is possible within a matter of 2-3 hours for electric four-wheelers. 

Source: Industry news articles, JMK Research

India’s largest EV charging station opens in Gurugram

India’s largest electric vehicle charging station with a capacity of 121 charging points for 4-wheelers, has been unveiled in Gurugram, Haryana. With this EV station, the city has now two of the largest electric vehicle charging stations in the country. The first EV station was opened earlier in January with a capacity of 100 charging points for electric cars.

MoEVing opens multimodal charging hub for EVs 

MoEVing, an electric vehicle technology platform, inaugurated its first multimodal charging hub at Yeswanthpur in Bengaluru. The facility will provide a battery swapping station that can be used by two- and three-wheelers. Before this, the company has already established 40 regular charging stations across India, including 10 in Bengaluru.

Delhi to get more e-vehicle charging points at metro stations 

A total of 100 new e-vehicle charging stations will be set up across “prime locations” in Delhi by June 27, 2022, and 71 of these will be at metro stations. Tenders were floated for setting up 100 (charging stations with 500 charging points.  As per reports, Tenders have been closed, and 100 prime locations have been identified where charging stations will be set up and 71 of these will be located at metro stations.

Other EV Market Updates

Toyota conducting pilot for hydrogen-based fuel cell EV in India 

Toyota Kirloskar Motor Pvt. Ltd. and International Center for Automotive Technology (ICAT) are conducting a pilot project to study and evaluate hydrogen-based advanced fuel cell electric vehicle (FCEV) – Toyota Mirai – on Indian roads and climatic conditions. A first of its kind project in India, it is aimed at spreading awareness about hydrogen and FCEV technology in India.

KSEB to induct 65 EVs on its 65th anniversary; Tata Motors to supply these vehicles

Kerala state electricity board Ltd (KSEB) will induct 65 electrical vehicles as the board turns 65 years of being set up in 1957. These vehicles will be supplied by Tata Motors. The board had earlier planned to induct 1,200 electric vehicles, inviting protests and criticisms from the trade unions and officers’ associations. The board management was forced to roll back its decision to purchase a large number of vehicles during negotiation talks with the protestors. The 65 e-vehicles being inducted into the KSEB fleet would replace very old diesel engine vehicles it owns.

Pune gets fleet of 150 Olectra electric buses 

Olectra Greentech has added 150 more electric buses to its fleet in Pune. Olectra’s total fleet of 300 electric buses in Pune is the largest in the segment compared to any city in India. These electric buses are claimed to have a seating capacity of 33 passengers, while they come with electronically controlled air suspension. The lithium-ion battery onboard these electric buses enable the EVs to run around 200 km on a single charge, basis traffic and passenger load conditions. 

Delhi to get 1,500 electric buses, deployment to start in July 

The Delhi Transport Corporation (DTC) board has given in-principle approval for the deployment of 1,500 electric buses in the national capital under an initiative of Convergence Energy Services Limited (CESL).  This will increase the fleet of electric buses in the national capital, where air pollution is a massive concern. Delhi government will procure 921 buses under the FAME-II scheme and 579 buses under the non-FAME-II category. 

Hero Electric adds three new dealerships to its network in Tamil Nadu, crosses 1,000 dealership network mark 

Hero Electric opened three new dealerships in Tamil Nadu to achieve its target of 1,000 touchpoint. The company added Alpha Motors, DK Motors, and Elite Motors in Tirunelveli, Vellore, and Ranipet respectively. These centers offer both sales and service space, allowing customers to choose their desired electric two-wheeler followed by after sales service.

Tata Motors bags an order for 250 EVs from Aurangabad Mission Green Mobility 

Tata Motors will be delivering 250 EVs (175 Nexon EVs and 75 Tigor EVs) to individual customers as part of an order received from Aurangabad Mission Green Mobility (AMGM). In the first phase of the order, 101 EVs were delivered on 15 March 2022, which included 70 Nexon EVs and 31 Tigor EVs. 

Triton to set up manufacturing plant in Gujarat 

Electric vehicle manufacturer Triton Electric Vehicle has announced that it has selected Gujarat for setting up its first manufacturing facility in India. The automaker will set up the facility over a land area spread across more than 600 acres.

Pinnacle Industries forays into EV component business 

Pinnacle Industries has introduced a range of precision electric vehicle components for two-/three-wheelers and aims to become a key point for end-to-end electric vehicle component requirements and solutions.  It targets manufacturing electric vehicle components including sheet metal and tubular pipe components, body parts, seats, and battery packs for two-/three-wheelers. 

Yamaha Motor’s shared mobility platform enters into electric four-wheeler segment 

Moto Business Service India (MBSI), the shared utility platform of Yamaha Motor, has entered into the four-wheeler EV segment by partnering with an all-electric sustainable energy-powered vehicle service organization, Malbork Technologies. MBSI offers services to tech startups focusing on the shared mobility space in India. The company’s objective is to generate employment opportunities as well as to support the growth of mobility platforms.  Moreover, MBSI will acquire two, three and four-wheeler EV vehicles and deploy the same on rental platforms. 

Okaya Power Group’s EV arm crosses 350 dealerships-mark 

Okaya Power Group’s EV arm Okaya Electric Vehicles has crossed the 350 dealership-mark within eight months of the launching of the first outlet in the country in July last year. Currently, it has a network of 353 dealerships spread across 23 states and two Union Territories. 

Piaggio delivers first batch of Ape Electrik under Switch Delhi initiative

Piaggio Vehicles, along with government of Delhi, has handed over the first batch of 11 Piaggio Ape’ electric e-autorickshaw to the holders of the exclusive permits that were issued by the state government of Delhi under its ‘Switch Delhi’ initiative. The ‘Switch Delhi’ campaign initiative focuses on spreading awareness about the benefits of EVs, particularly zero tail-pipe emissions, as well as encouraging citizens to increasingly opt for green vehicles by availing the government’s incentives under the Delhi EV Policy..

One Moto’s proposed EV facility in Hyderabad on track, Phase 1 to be operational in early 2023

, The first phase of the two-wheeler EV facility to be set up by British EV-tech startup, One Moto, at Zaheerabad over 15 acres of land, is expected to become operational by early 2023. The Company, which plans to invest INR 250 crore in setting up this electric two-wheeler and lithium-ion battery manufacturing facility is also looking at setting up a facility for manufacturing four-wheelers in India.

Deals & Investments

Company name

Company type

Deal type


Deal value

(in USD Mn)


Taqanal Energy

EV cloud connected battery storage


JITO Angel Network along with KITVEN, Lets Venture, and Wellingdon Advisors 


Taqanal Energy raises Rs 9.50 crore in a pre-series round 


EV-focused fintech lending start-up


Northern Arc, LiquiLoans, UK Charity Shell Foundation


EV-Focused Lending Startup RevFin Bags INR 100 Cr In Debt For Business Expansion 

Pi Beam Electric

Vertically integrated platform for logistics and commute applications


Inflection Point Ventures, Sattva Group & Nanavati family, and Ashok Jhunjhunwala, Professor at IIT Madras and President of IIT-M Research Park, IITM Incubation Cell and RTBI.


Pi Beam Electric raises US$1.7 mn led by Inflection Point Ventures

Source: Industry News Articles, JMK Research

Pinnacle Industries to invest INR 2,000 crore to set up EV manufacturing units in Pune, Indore

Pinnacle Industries, which is among the 20 companies that received approval to undertake electric vehicle manufacturing under the production-linked incentive (PLI) scheme, will invest INR 2,000 crore to set up EV manufacturing units in Pune and Indore. The Pune-based company, which has been into automotive seating and interiors for specialty vehicles since 1996, has already set up an electric vehicle unit under the Eka label and has two bus models awaiting regulatory nods.

BikeWo acquires business intelligence platform Munim app

Hyderabad based electric two-wheeler company BikeWo announced it has acquired Bengaluru-based staff management and business intelligence platform Munim App in a cash-and-stock based strategic acquisition deal. With this acquisition, Bikewo has absorbed the workforce and intellectual properties of Munim App into its fold. The founders of Munim App will handle its technology arm and shall be placed on the Board of Advisors of BikeWo, while the organizational structure of the Munim App team remains the same.

Gensol Engg taps INR 268-crore loan to expand EV biz 

Gensol Engineering received a loan of INR267.79 crore from a leading Indian financial institution to expand its electric vehicle business. Gensol has been expanding its fleet of EV cars. As on February 2022, its fleet consisted of 284 such environment-friendly cars that are plying in the Delhi NCR region. With the loan proceeds, the company plans to augment its current fleet with another 3,000 EV cars by the end of year 2022. 

Suzuki Motor commits INR 10,440 crore for EV plant in Gujarat

Suzuki Motor Corporation (SMC), the parent company of Maruti Suzuki, will invest about INR 10,440 crore in the state to strengthen its global EV foray. The Japanese company will build an EV battery manufacturing facility in Gujarat which is slated to come up near SMC’s existing plant.

Tata Motors to invest INR 15,000 crore in Electric vehicles in 5 years 

Tata Motors is planning to invest INR 15,000 crore in the EV segment in the next five years. The company, which is a leader in the newly emerging EV segment with offerings such as Nexon, is also planning to develop around 10 more new offerings in the segment. 

Tata Motors gets first tranche of INR 7,500 crore TPG investment 

Tata Motors received INR 3,750 crore from TPG Rise Climate as the first tranche towards the latter’s INR 7,500 crore investment in the automaker’s electric vehicle business. The company had announced in October 2021 that TPG Rise Climate along with its co-investor ADQ, will invest INR 7,500 crore (US$1 billion) in compulsory convertible instruments to secure between 11% and 15% stake in its EV business. 

Reliance New Energy Ltd acquires assets of Lithium Werks BV 

Reliance Industries’ subsidiary Reliance New Energy Ltd has signed definitive agreements to acquire “substantially” all of the assets of Lithium Werks BV for a total transaction value of US$61 million including funding for future growth. The assets include the entire patent portfolio of Lithium Werks, a leading provider of cobalt free and high-performance Lithium Iron Phosphate (LFP) batteries, and its manufacturing facility in China. 

Battrixx acquires Varos Tech to drive EV battery management systems and IOT protocols 

Battrixx, manufacturer of lithium-ion battery packs for e-vehicles, has announced that it has acquired 100% stake in Pune-based Varos Technology Pvt. Ltd. that specializes in developing IOT tools for EV infrastructure and battery management systems. Battrixx, the battery division of Kabra Extrusiontechnik which is a part of the INR 1,000-crore Kolsite Group, has been making inroads into the two and three-wheeler EV segment offlate.  

Ola Electric makes strategic investment in StoreDot, an Israeli company with extreme fast charging technology  

Ola Electric has invested in an Israeli battery technology company StoreDot, a pioneer in batteries with extreme fast charging (XFC) technology. As part of the investment in StoreDot, Ola Electric will have access to the company’s state-of-the-art XFC battery technology that charges a battery from 0 to 100% in just 5 minutes. Ola will also have exclusive rights to manufacture batteries integrating StoreDot’s fast charge technology in India.  

Infratech firm EVRE raises funds from Acko Tech, CreedCap Asia Advisors 

Integrated charging infratech firm EVRE has raised capital in a pre-series funding round led by Acko Technology & Services and CreedCap Asia Advisors. The fresh capital will be deployed in capacity expansion and R&D. Financial details of the deal were not disclosed. 

EverSource Capital invests in EV operator Lithium  

EverSource Capital’s Green Growth Equity Fund (GGEF), has picked up a majority stake in electric vehicle fleet operator Lithium Urban Technologies Pvt Ltd.  With this investment, EverSource Capital takes majority stake to rapidly scale technology, fleet, and pan-India charging infrastructure. 

Ultraviolette acquires connected vehicle tech start-up Triloki Smart Systems

Electric two-wheeler maker Ultraviolette has acquired Triloki Smart Systems, Bengaluru-based connected vehicle technology start-up. The acquisition of Triloki Smart Systems is part of Ultraviolette’s strategy to push towards scaling up the company’s automotive intelligence platform (AIP) across multiple products and geographies.

Exide announces INR 6000 crore investment in lithium-ion cell unit in Bengaluru

Exide Industries has announced that it will invest about INR 6,000 crore in a state-of-the-art lithium-ion cell manufacturing unit in Karnataka. The project is expected to add about 1,400 jobs. The battery maker has proposed one of India’s largest giga factories for advanced cell chemistry technology. The company has sought 80 acres of land at Haraluru industrial area near the Bengaluru international airport.

IREDA sanctions INR 267 crore loan to BluSmart Mobility

State-run Indian Renewable Energy Development Agency (IREDA) has sanctioned an INR 267.67-crore loan to BluSmart Mobility for the purchase of 3,000 all-electric cars. From the sanctioned loan of INR 267.67 crores, the first tranche of Rs 35.70 crore has been disbursed by IREDA to the company.

JVs & Partnerships, M&As

Companies involved

Purpose of Partnership

Hero Electric and Sun Mobility

•        Hero Electric has partnered with Sun Mobility to deploy electric 2Ws integrated with the latter’s smart-swappable battery technology.  

•        The two companies are looking at deploying 10,000 electric 2Ws by the end of this year. 

Hero Electric and L&T Finance

•        Hero Electric has joined hands with L&T Finance to offer consumers easy financing solutions for its entire product portfolio across its 750-plus dealership network.  

•        As part of the tie-up, customers can avail finance with no hypothecation and with hassle-free-quick loan approvals in under three minutes at attractive interest rates ranging from 7.99% onwards. 

Hero Electric and Kotak Mahindra Bank

•        Hero Electric has partnered with Kotak Mahindra Prime Ltd to offer easy financing solutions for two-wheelers to its customers.  

•        Kotak Mahindra Prime Ltd is a subsidiary of Kotak Mahindra Bank, primarily formed to finance passenger vehicles.  

•        The pact will allow Hero Electric customers to avail funding of up to 100 per cent ex-showroom price of a vehicle with a tenure range of 12 to 36 months.

BLive and OTO Capital

•        Multi-brand electric vehicle store BLive has partnered with OTO Capital to offer easy financing solutions for electric two-wheelers.

•        BLive has both online and offline presence and OTO Capital is a platform providing affordable finance plans.

•        The partnership between the two brands will cover sales, marketing, and promotion of multiple two-wheeler EV brands on lease model on the BLive platform.

•        The partnership will be spread over 12 months and will apply to all models of electric scooters and e-bikes available at the BLive store.

Honda and HPCL

•        Honda Power Pack Energy India Private Limited, Honda’s new subsidiary for battery sharing service, and Hindustan Petroleum Corporation Limited (HPCL) have signed a memorandum of understanding (MoU) commercial agreement to collaborate to provide battery sharing services in the latter’s retail outlets in major cities across the country.

Tata Elxsi and Renesas

•        Tata Elxsi, a global leader in design and technology services, and Renesas Electronics Corporation, a premier supplier of advanced semiconductor solutions, announced their collaboration on a state-of-the-art design center in Bangalore that will develop targeted solutions for electric vehicles.

•        The new Next Generation EV Innovation Center (NEVIC) was opened in January of this year.

Ather and Bharat FIH (Foxconn’s subsidiary)

•        Ather Energy has joined hands with Bharat FIH, a Foxconn Technology Group company, to develop and manufacture key components for Ather’s scooters. 

•        As part of this partnership, Bharat FIH will be offering a host of manufacturing services that include printed circuit board (PCB) assemblies for battery management systems, dashboard assembly, peripheral controlling units, and drive control modules. 

Ather Energy with HDFC Bank and IDFC First Bank

·        Ather Energy has partnered with HDFC Bank and IDFC First Bank to offer retail finance for its e-scooters.   

·        The collaboration will allow Ather Energy customers to avail instant loans from the two private lenders at low-interest rates and with a maximum LTV (Loan-to-value).  

One Moto India and Global Assure

•        One Moto India, a British electric vehicle brand in India, has partnered with Global Assure, a leading roadside assistance company, to support One Moto India customers for any automotive breakdown along with other assistance services.  

•        Under the programme, customers can avail themselves of services like Towing of Vehicle, Flat Tyre repair/Change, Onsite repair, Key Lockout Services, Ambulance Referral, Extraction of Vehicle, Message Relay to Relatives/colleagues/emergency number, Hotel Assistance, and 24×7 Response Centre.

One Moto India and Reliance General

•        One Moto India, the Indian subsidiary of a premium British electric two-wheeler manufacturer, has announced its partnership with Reliance General Insurance.   

•        Following the partnership, Reliance General Insurance will exclusively provide motor vehicle insurance to all One Moto India customers.  

Exide and SVOLT

•        Exide Industries has entered into a long-term technical collaboration agreement with China’s SVOLT Energy Technology Co Ltd for lithium-ion cell manufacturing.

•        Under the multi-year agreement, SVOLT will grant Exide an irrevocable right and license to use, exploit, and commercialise necessary technology and know-how owned by them for lithium-ion cell manufacturing in India.

•        Additionally, SVOLT will also provide the support required for setting up of a state-of-the art green field manufacturing plant on a turnkey basis.

CETL and Tsuyo

•        China-headquartered Contemporary Electric Technology Company (CETL), a spin-off from one of the largest EV battery manufacturers CATL, has announced a multi-year partnership with Delhi-based start-up Tsuyo to jointly develop high-end efficient EV motors and controllers for the Indian market ranging from 10kW to 600kW.   

•        The partners aim to introduce EV powertrain products specially developed for Indian conditions.  

Quiklyz and BluSmart Mobility

•        Quiklyz, the vehicle leasing and subscription business of Mahindra & Mahindra Financial Services (MMFSL), announced its tie-up with BluSmart Mobility, an EV ride-hailing service and platform.  

•        As part of this arrangement, Quiklyz will provide customized lease for up to 500 Electric Vehicles which will be deployed on BluSmart’s 100% EV fleet. 

Omega Seiki and Rabbit Express

•        Omega Seiki Mobility has entered into a partnership with Rabbit Express, an Egyptian company, to enter the African market.

•        As part of the tie-up, Omega Seiki will supply around 20,000 electric two and three-wheelers. Rabbit Express, which is one of Egypt’s largest last-mile delivery companies, has a fleet of 5,000 vehicles and caters to the e-commerce sector.

Jitendra New EV Tech and Log9 Materials

•        Bangalore-based advanced battery technology start-up Log9 Materials has inked a Memorandum of Understanding (MoU) with Nashik-headquartered EV manufacturer Jitendra New EV Tech. 

•        As part of the understanding, Jitendra New EV Tech will introduce a new electric scooter range named ‘JMT 1000 HS’ incorporating Log9’s InstaCharge battery technology. The e-scooters have been designed and targeted for the last-mile logistics and delivery segment in India.  

•        Powered by Log9 batteries, the e-scooters will be able to fully charge in 15 minutes and have a battery life of more than 10 years. The e-scooter has a range of upto 82 km and payload capacity of upto 150 kg. 

Amazon India and Sun Mobility

•        Amazon India is working with Sun Mobility to expand the deployment of EVs integrated with battery swapping technology for its transportation and logistics services.

•        These vehicles will be part of Amazon India’s commitment of adding 10,000 electric vehicles in its India delivery fleet by 2025.Under the partnership, Sun Mobility will be setting up its swap points across its customer locations including Amazon warehouses in major cities like Delhi, Bangalore, Mumbai, Pune, Ahmedabad, Jaipur, and Hyderabad.

Source: Industry News Articles, JMK Research


Tender Name

Tendering Authority


Bid Submission Date

Tender ID

Supply and Installation of DC Fast Chargers for Electric Vehicles

Bharat Petroleum Corporation Limited (BPCL)

1,000 units of 25-30 kW DC Fast Chargers and 350 units of 50-60 kW DC Fast Chargers

March 23, 2022


Providing EV Charging Stations at BESCOM owned premises across BESCOM

Bangalore Electricity Supply Company Limited (BESCOM)

Open hyperlink to view requirements

March 9, 2022


Selection of partner for Establishing, operation and maintenance of EV charging stations at designated locations in Delhi.

Telecommunications Consultants India Limited

Not Available

March 9, 2022

TCIL/ CIVIL /2021/ EV 2

Procurement Operation and Maintenance of 115 Midi AC fully Built Pure Electric Buses along with supply installation and Commissioning of fast Charging Infrastructure on wet leased Basis for Nagpur Urban Region

Nagpur Municipal Corporation Nagpur


115 electric buses

March 28, 2022


SITC of 25 Mos. of Slow Public Electric Vehicle Charging Stations at various locations in Surat City with Comprehensive Operation and maintenance up to 10 years

Surat Municipal Corporation

25 slow charging stations

April 4, 2022

ACE(Ele.)/Light & EEC/10/2021-22


Integrated contract of establishment of Electric Vehicle (EV) charging stations, operation of e-cars as Taxis both online & offline, e-Auto Rickshaws & e-Scooters on rental & leasing basis at Vadodara Railway Station for the period of 05 years.

Western Railways- Vadodara Division

Winner will set up 3 EV Charging stations at own cost and will also be permitted to provide e-cars as Taxis both online & offline, e-Auto Rickshaws & e-Scooters on rental & leasing basis at Vadodara Railway Station for the period of 05 years

April 19, 2022


Contract for provision and management of Electric Vehicle Charging station at Various stations of Ahmedabad Division for the period of 5 years on a fixed cum revenue sharing basis

Western Railways- Ahmedabad Division

*Setting up the following number of chargers in respective locations:

•       5 in Ahmedabad

•       3 each in Bhuj, Gandhidham, Gandhinagar

•       2 each in Mahesana, Sabarmati

•       1 each in Asarva, Kalol, Maninagar, Naroda, Palanpur, Vatva

*For location-specific area (in sq. m.), refer the link

April 20, 2022


Invitation for Expression of Interest for Empanelment of Financial Institutions (Banks/NBFCs) for financing electric vehicles across India.

Convergence Energy Solutions Limited (CESL)

Mandatory terms for financing EVs

April 6, 2022




Min. loan to value Ratio


Max. interest rate


Loan tenor

24 months to 60 months

Processing fee

4% of loan value or INR 4,000/- (whichever is lower)


Max. 1% of loan vale

Selection of Charge Point Operators (CPOs) and electric Mobility Service Providers (eMSPs) for Bilateral Interoperability and Roaming Facility of EV Charging Stations.

Convergence Energy Solutions Limited (CESL)

CESL is looking to collaborate with EV charging focused firms who have developed an all-in-one mobile and web applications using which customers can:

•       keep tabs of their charging data, find nearby chargers

•       have integrated settlement logics based on revenue sharing arrangement with EV ecosystem partners, and transactions scheduling and payment transfers to multiple Charge point operators

*Detailed scope of work can be found in ‘Section-4’ of the document

April 20, 2022


Construction of MESCOM Electric vehicles charging station at Bejai, Mangalore.

Mangalore Electricity Supply Company (MESCOM)

Open hyperlink attached to view requirements

April 8, 2022


Inviting bids for Supply and Maintenance of 200 numbers of electric 2- Wheelers with Carriage box to Health Medical & Family Welfare Department, Mangalagiri and its delivery locations.

New and Renewable Energy Development Corporation of Andhra Pradesh (NREDCAP)

200 E2Ws with carriage boxes


•       Range must be 150 km and above with dual battery

•       Battery must be based on Li-ion chemistry

•       Warranty of 5 years/50,000 km

•       Carriage Box shall contain 2 inner boxes fastened tightly with outer box with top opening and lock and key and the box must be fiber reinforced plastic as per the drawing enclosed suited and fastened to the vehicle

April 18, 2022


Inviting bids for Supply and Maintenance of 945 numbers of electric 2- Wheelers with Carriage box to Health Medical & Family Welfare Department, Mangalagiri and its delivery locations.


945 E2Ws with carriage boxes


•       Range must be 80 km and above

•       Battery must be based on Li-ion chemistry

•       Warranty of 5 years/50,000 km

•       Carriage Box shall contain 2 inner boxes fastened tightly with outer box with top opening and lock and key and the box must be fiber reinforced plastic as per the drawing enclosed suited and fastened to the vehicle

April 18, 2022

: NREDCAP/EV/H&M/17-106/945/2021-22

Supply and Maintenance of 7 numbers of 3- Wheeler Electric Garbage Collection Autos to NP Kunta and its habitation villages Ananthapuramu District.


7 E-garbage collection autos for a period of 3 years


•       the battery must be 80 Ah 48V capacity and above

•       Gross Vehicle weight is minimum 750 kg and above

•       load carrying capacity is 300 to 350 Kg

•       range per full charge shall be 80 Km

April 6, 2022

NREDCAP/EV/E- Garbage Autos/NP Kunta/17-109/2021-22

NIT for Supply and Commissioning along with 3-year comprehensive onsite Warranty maintenance, trial run, training of 409 Nos. of EV Chargers in 9 Cities and across 3 National Highways and 1 Expressway

Rajasthan Electronics and Instruments Limited


Total 409 EV Chargers

•       389 Nos. of DC Fast 122 kW (CCS 2, CHAdeMO, AC Type-II) EV Charging equipment

•       20 Nos. of CCS-2 (100kW) Heavy Duty EV Charging Equipment

*Additional details mentioned in Annexure-XI of the document


April 7, 2022



Source: Industry News Articles, State Municipal Corporations, JMK Research

Global Market Updates

Source: Industry News Articles, State Municipal Corporations, JMK Research

All-electric Lotus Eletre officially revealed as brand’s first SUV 

Lotus unveiled their all-electric Eletre as the brand’s first SUV. The Eletre is the first of four new EVs set to arrive by 2025 from the British carmaker. The SUV will have a maximum range of 600 km on a single charge and will only take 18 minutes to charge the battery from a 350 kW charger. The car will be manufactured in Wuhan, China. 

Foxconn to build first battery plants for EVs in southern Taiwan

Foxconn, the world’s biggest contract electronics manufacturer, announced plans to manufacture battery packs and cells for the first time at its new facilities in southern Taiwan, moving to gain more control over the supply of strategic materials central to the booming electric vehicle industry. The company plans to build factories for battery packs, cells, and energy storage systems, as well as for the design and assembly of electric buses in Kaohsiung.

Ford splits EV, ICE units in major overhaul, announces US$50 billion on EV business to compete against Tesla

Ford Motor Co announced that its electric vehicle (EV) and internal-combustion engine (ICE) units would be run as separate entities, in a move aimed at supercharging its EV business as it plays catch up with Tesla Inc. Ford Motor Company has announced to increase its EV investment to US$50 billion through 2026, up from the previous US$30 billion investment announcement by 2025. The automaker aims to produce more than 2 million electric vehicles annually by 2026, representing about one-third of Ford’s global volume.

Volkswagen plans to build EV factory worth two billion euros in Germany

Volkswagen has approved an investment worth €2 billion (US$2.19 billion) to establish a new electric vehicle plant in Germany. Volkswagen is putting effort to push its business in the region in order to create its foothold in the market and compete with EV maker Tesla. This factory will be built in Wolfsburg.

Sony and Honda are starting a new company to make electric vehicles

Sony and Honda have announced that they plan to start a joint venture to make and sell electric vehicles. The company will be established later this year, and deliveries will begin by 2025. Details of the agreements are still being worked out and will be subject to regulatory approval.

Gogoro Unveils World’s First Swappable Solid State Battery Prototype for Electric Vehicles 

Gogoro, a global technology leader in battery swapping ecosystems, announced the world’s first solid-state lithium ceramic battery prototype for two-wheeler battery swapping. Jointly developed by Gogoro and ProLogium Technology, a global leader in solid-state battery technology, the new Gogoro solid-state battery prototype integrates with Gogoro’s existing vehicles and swapping network. Gogoro estimates that its solid-state batteries will increase capacity of current lithium batteries by 140% or greater, from 1.7kWh to 2.5kWh.  

Honda looking to raise US$2.75 billion through green bonds for EV push 

Honda Motor is looking to push its electrification process by raising US$2.75 billion through US dollar denominated green bonds. The automaker is looking to issue US$1 billion worth of 3-year notes, US$1 billion worth of 5-year notes, and US$750 million worth of 10-year notes in this move. The green bonds are expected to yield 1.12 percentage points above Treasuries for the automaker.

Italy to give new electric car buyers subsidy of up to 6,000 euros

Italy plans to subsidise up to €6,000 (US$6,570) of the purchase price of new electric vehicles as part of its plan to support the country’s automotive industry. The country has set aside €8.7 billion (US$9.5 billion) until 2030, including around €700 million (US$765 million) for this year, to support its car-making industry. The subsidy of up to €6,000 (US$6,570) is subject to the purchase of new vehicles costing up to €35,000 (US$38,325) and includes a €2,000 (US$2,190) contribution linked to the scrappage of a polluting combustion-engine car. The purchase of hybrid electric vehicles costing up to €45,000 (US$49,275) will be subsidised with up to €2,500 (US$2,738), while the plan also includes incentives of €1,250 (US$1,369) for combustion-engine (Euro6) cars when older vehicles are scrapped.

Honda to Spend US$1.1 Billion on EV Upgrade in Ontario 

Honda Canada Inc. has unveiled plans for a major upgrade to its Ontario facilities to produce cleaner vehicles. The company revealed that it would invest about US$1.1 billion over six years to produce an electric hybrid version of its CR-V compact SUV at its plant in Alliston, Ontario.

Ford, SK and KOC sign MoU for electric battery facility in Europe 

Ford, SK, and Koç Holding have signed a non-binding Memorandum of Understanding (MoU) for a new, industry-leading joint venture business in Turkey. Following the signing of the non-binding MoU, Ford, SK, and Koç Holding will work towards finalising the joint venture later this year. This would lead to the creation of one of the largest commercial vehicle electric battery facilities in the European region. The joint venture would be located on a site near Ankara and will manufacture high Nickel NMC cells for assembly into battery array modules. Production is intended to start as early as mid-decade with an annual capacity likely to be in the range of 30 to 45 Gigawatt hours. 

Ford to offer seven new electric passenger vehicles in Europe by 2024 

Ford announced that it will be offering a new generation of seven, all-electric, fully-connected passenger vehicles and vans in Europe by 2024.  With its extended range of electric passenger and commercial vehicle models, Ford expects its annual sales of electric vehicles in Europe to exceed 600,000 units by 2026. 

EV battery maker LG will add up to 1,200 jobs in Michigan 

Electric vehicle battery maker LG Energy Solution plans a US$1.7 billion expansion in western Michigan that will add up to 1,200 jobs by 2025. The project at the company’s site in Holland, located about 249 kilometres northwest of Detroit, was approved for US$56.5 million in state grants and a 20-year tax break worth US$132.6 million. 

Volkswagen to Invest US$7.7 Billion in Spanish Electric-Car Hub 

Volkswagen AG will invest more than €7 billion  (US$7.7 billion) in Spain including a battery plant to establish an electric-vehicle supply chain in the country. Volkswagen, which owns the Seat brand, plans to create an e-mobility hub in Spain led by a battery factory in Valencia and transform its local Martorell and Pamplona car-making facilities to start making electric vehicles. The battery factory will have a capacity of 40 gigawatt-hours and generate output in 2026. 

Volkswagen forms joint ventures to secure cobalt, nickel for EV batteries  

Volkswagen announced that it will partner with Huayou Cobalt and Tsingshan Group to secure nickel and cobalt supplies in China in an effort to control battery prices as raw materials observe a surge in prices.  Volkswagen’s partnership with Huayou in China’s southwestern Guangxi region will majorly focus on the refining of nickel and cobalt sulfates and precursor and cathode material production.  

Vietnam’s Vinfast to Build US$2 Billion Electric Vehicle Factory in U.S

Vietnam’s automaker VinFast has signed a preliminary deal to initially invest US$2 billion to build a factory in North Carolina to make electric buses, sport utility vehicles (SUVs) along with batteries for EVs. Construction will begin this year as soon as the company gets necessary permits and is expected to finish by July 2024. The plant’s initial capacity will be 150,000 units per year.

Britishvolt and Bakrie’s VKTR team up for sustainable EV battery nickel

Electric vehicle battery startup Britishvolt and VKTR, part of Bakrie & Brothers’ auto unit, will together develop sustainable nickel refining capacity in Indonesia and look into building a battery plant there. The two companies will form a joint venture called Indovolt BV VKTR to provide nickel sulphate, a crucial ingredient for high-performance EV batteries, which will eventually be produced using renewable energy in line with Britishvolt’s environmental, social, and governance (ESG) goals. 

US President Biden to invoke Defense Production Act for electric vehicle battery materials

President Joe Biden will invoke the Defense Production Act to encourage domestic production of minerals required to make batteries for electric vehicles and long-term energy storage. It will also help the U.S. minimize dependence on foreign supply chains. The President’s order could help companies receive government funding for feasibility studies on projects that extract materials, including lithium, nickel, cobalt, graphite, and manganese, for EV production. The Defense Production Act allows the President to use emergency authority to prioritize the development of specific materials for national production.

About Us

JMK Research & Analytics is a specialist research and consulting firm focussing on various cleantech segments in India and the Asia Pacific markets including, Renewables, E-mobility, Energy Storage (ESS) and Green Hydrogen.

Based on our in-depth sector experience, strong industry network, we provide key insights and detailed industry information which helps clients develop successful business models and market strategies.

Contact Us

JMK Research and Analytics Pvt. Ltd

212A,  Suncity Trade Tower, Sector 21, Gurugram, Haryana- 122016

Phone: +91-7428306655

Follow Us
Subscribe US