Monthly EV Update – March 2023

Monthly EV Update – March 2023

monthly electric vehicle

Product Launches

India LaunchesMarch 2023


Vehicle type

Battery specifications

Other specifications


Odysse VADER

E2W          (E-motorbike)

  • 3.7 kWh lithium-ion
  • Range – 125 km (Eco mode)
  • Top Speed – 85 km/hr
  • Charging time –4 hrs

INR1,09,999 (ex-showroom Ahmedabad)

Fujiyama Spectra



  • 1.56 kWh lithium-ion (Detachable Battery)
  • Range – 80-90 km 
  • Top Speed – 25 km/hr
  • Charging time –4-5 hrs

INR49,999 –


Fujiyama Spectra Pro



  • 1.34 kWh lithium-ion (Detachable Battery)
  • Range – 80-90 km 
  • Top Speed – 25 km/hr 
  • Charging time –4-5 hrs

INR49,999 –


Fujiyama Vespar



  • Lead & lithium Compatible
  • Range – 90 km
  • Top Speed – 25 km/hr
  • Charging time –4-5 hrs

INR49,999 –


Fujiyama Thunder



  • Lead & lithium Compatible
  • Range – 90 km
  • Top Speed – 25 km/hr
  • Charging time –4-5 hrs

INR49,999 –


Fujiyama Ozone+



  • 60V 42Ah li-ion
  • Range – 140 km
  • Top Speed – 70 km/hr
  • Charging time –5 hrs

INR49,999 –


Komaki LY Pro



  • 62V 32Ah
  • Top Speed – 58-62 km/hr
  • Charging time –4 hrs 55 mins (0-100%)



Hero electric Optima CX5.0



  • 3kWh lithium-ion
  • Range – 113 km
  • Top Speed – 55 km/hr
  • Charging time –3 hrs
  • (0-100%)



Hero electric Optima CX2.0



  • 2kWh lithium-ion
  • Range – 89 km
  • Top Speed – 48 km/hr
  • Charging time –4.5 hrs (0-100%)



Hero electric NYX CX5.0



  • 3 kWh lithium-ion
  • Range – 113 km
  • Top Speed – 48 km/hr
  • Charging time –3 hrs (0-100%)



Chetak Premium



  • 2.8 kWh lithium-ion
  • 12V, 3Ah VRLA Aux battery
  • Range – 90 km (Eco Mode), 80 km (Sports Mode)
  • Top Speed – 63 km/hr
  • Charging time –4 hrs (0-100%)



Matter Aera 5000



  • 5 kWh liquid cooled
  • Range – 125 km


Matter Aera 5000+



  • 5 kWh liquid cooled
  • Range – 125 km


Source: Industry News Articles, Company Websites, JMK Research

Upcoming Launches

MG Comet EV-based compact SUV to debut in 2025

The MG Comet electric city car is all set to create a lot of buzz at the lower end of the Indian EV market with its ultra-compact dimensions, boxy shape, three-door layout, and long equipment list, with a launch likely in May 2023. As for the powertrain, while the Comet is powered by a 17.3kWh battery and a single, rear-mounted motor good for just 40hp, this concept uses a dual-motor set-up with over 100hp and all-wheel drive.

Aventose teases 4 electric scooters and motorcycles for mass and premium markets

Chennai-based electric two-wheeler manufacturer Aventose Energy has been working on a portfolio of 4 electric two-wheeler models which will be launched during 2023-24. The first product to be launched will be mass-market scooters S110 and S110-ER followed by the premium scooter S125. In the motorcycle segment, M125 and M150 will be launched for mass and premium segments respectively. Maiden products S110 and S110-ER being completely made in India will meet the localization policy as well as the latest AIS 156 phase 2 battery standards. S110 variants are rugged and durable yet 20% more efficient due to their ingenious mechanical and electrical design.

HMSI to launch 2 Electric two-wheelers in India in FY2024

Honda Motorcycle & Scooter India Pvt. Ltd. (HMSI) would launch two mid-range electric two-wheelers in India in FY2024 with swappable batteries. The company would manufacture the two electric vehicles for the Indian market at the Narasapura facility in Karnataka. Also, besides the Indian market, the auto company plans to export these EVs to global markets. Besides launching the electric two-wheelers, HMSI aims to launch 6,000 touchpoints nationwide, which will help EV owners with battery charging.

EV Sales Trend

The overall EV sales in March 2023 witnessed a m-o-m rise of ~32% to reach 1,39,789 units. On a y-o-y basis, EV sales in March 2023 increased by 82% from that of EV sales in March 2022. We have seen significant growth of ~157% y-o-y in overall EV sales, from 4,58,746 units in FY2022 to 11,80,597 units in FY2023.

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

Source: Vahan Dashboard, Company Press Releases, JMK Research

Note: Sales figures represent EVs registered across 1,349 RTOs in 34 states/ UTs.

As depicted in the figure below, EV registrations in March 2023 were again driven by electric two-wheelers and passenger-type electric three-wheelers, which together accounted for 89.51% of total registrations in the month. The shares of these categories were followed by E-Cars (6.09%), cargo-type electric three-wheelers (4.13%), and so on.

Category-wise EV Sales in March 2023

Source: Vahan Dashboard, JMK Research

Note: Sales figures represent EVs registered across 1,349 RTOs in 34 states/ UTs; Others include adapted vehicle, agricultural tactor, goods carrier, and recovery vehicle.

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 10% market share. This was followed by Tamil Nadu and Rajasthan with 7% and 6% share respectively. All the states witnessed increase in sales this month.

State-wise Registered EV Sales in March 2023

Source: Vahan Dashboard, JMK Research

Note: Sales figures represent EVs registered across 1,349 RTOs in 34 states/ UTs. Others include Chhattisgarh, Uttarakhand, Punjab, and 19 other states/UTs.

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

The overall HS E2W sales in India increased by ~30% m-o-m in March 2023 to reach 85,674 units. The Top 10 players accounted for ~92% of the total registrations witnessed in the month of March 2023. On a y-o-y basis, E2W sales in March 2023 surged by more than 70% from that of E2W sales in March 2022. The Electric two-wheeler is leading the growth chart with 7.26 lakh units in FY2023 over 2.52 lakh units in FY2022, which is y-o-y growth of 185%.

High-Speed E2W Sales Trend

Source: Vahan Dashboard, JMK Research

Note: Sales figures represent only high-range E2W (Top speed > 25 kmph) registered across 1,349 RTOs in 34 states/ UTs.

Ola Electric recorded the highest ever sales in this month with 21,220 units sold. TVS Motors retained its second position this month as well. Ather and Ampere secured third and fourth positions respectively. Revolt again made an entry to the top 10 squad this month.

Top High-Speed E2W Players in March 2023

Source: Vahan Dashboard, JMK Research

Note: Sales figures represent only high-range E2W (Top speed > 25 kmph) registered across 1,349 RTOs in 34 states/ UTs. Others include Jitendra New EV Tech, GoGreen E-mobility Private Limited, AMO Mobility, Twenty-Two Motors, KLB KOMAKI, and 91 other players. 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 March 2023 stood at 39,449 units and 5,780 units respectively, signifying a m-o-m increase of ~23% and ~56% respectively. Overall E3W sales recorded a m-o-m rise of ~26% over last month. On a y-o-y basis, passenger E3W sales in March 2023 increased by 90% and cargo E3W sales increased by 83% from that of passenger and cargo-type E3W sales in March 2022. Electric three-wheelers, across both passenger- and cargo-transporting model, sold a total of 4,04,143 units in FY2023, saw year-on-year growth of 118% (FY2022: 1,85,173 units).

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

Source: Vahan Dashboard, JMK Research

Note: Sales figures represent E3Ws registered across 1,349 RTOs in 34 states/ UTs; E3W (Passenger and Cargo) sales shown in the figure takes into account both e-rickshaw and three-wheeler classes as categorized in the Vahan dashboard.

The cumulative sales of top 8 electric 3-wheeler players across passenger and cargo segments in March 2023 accounted for 37.66% share of the entire E3W market. Mahindra and YC Electric came in at first (9.89% share) and second (6.84% share) positions respectively. This was followed by Saera Electric Auto (4.96%), Dilli Electric (4.56%), Piaggio (3.17%), Champion Poly Plast (2.90%), Mini Metro (2.80%), and Unique International (2.54%).

Top E3W Players monthly sales

Source: Vahan Dashboard, JMK Research

Note: Others made up 62.34% of the E3W market in March 2023; sales figures for players are inclusive of both cargo and passenger offerings; Sales figures represent E3Ws registered across 1,349 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 March 2023 stood at 8,520 units, witnessing a m-o-m rise of ~89%. Tata Motors has been driving the E-car sales this month as well. Tata Motors and MG Motor has been witnessing an increase in sales for this month. On a y-o-y basis, E-Car sales in March 2023 increased by ~140% from that of E-Car sales in March 2022. E-Cars, with 47,029 units in FY2023 saw year-over-year growth of more than ~150% (FY2022: 18,567 units).

Player-wise E-Car Sales Trend

Source: Vahan Dashboard, JMK Research

Note: Sales figures represent E-cars registered across 1,349 RTOs in 34 states/ UTs; Others include Hyundai, BYD, Audi, Volvo Auto, Mahindra & Mahindra, Mercedes-Benz, BMW, Jaguar, KIA Motors, PCA Automobiles, and Porsche.

Electric Buses (E-Buses)

The total sales of E-buses in March 2023 stood at 87 units, witnessing a m-o-m decrease of 11%. On a y-o-y basis, E-Bus sales in March 2023 increased by ~14 % from that of E-Bus sales in March 2022.

This month’s sales lead by Switch Mobility (with a 36% market share) followed by Olectra Greentech (28%), Tata Motors (15%), Mytrah Mobility (14%), and PMI Electro Mobility (7%).

Player-wise E-Bus Sales Trend

Source: Vahan Dashboard, JMK Research

Note: Sales figures represent E-buses registered across 1,349 RTOs in 34 states/ UTs.

Policies & Regulations

Centre gives INR800 crore to oil companies for setting up over 7000 charging stations under FAME II

India’s public sector undertaking oil companies will soon be setting up 7,432 electric vehicle charging stations with the support of an INR800 crore subsidy transfer by the Ministry of Heavy Industries. The new charging stations will be deployed at roughly INR1000 crore of which 80% will be subsidised through the FAME India Phase-II. These new stations will supplement the existing 6,586 public EV charging stations in the country. The subsidy will be offered for the setting up of Combined Charging System (CCS) – II EV fast charger and not for CHArge de MOve (CHAdeMO). The allocated amount will be released to Indian Oil Corporation Limited (IOCL), Bharat Petroleum Corporation Limited (BPCL), and Hindustan Petroleum Corporation Limited (HPCL) for the installation and commissioning of upstream infrastructure and charging equipment of EV public charging stations at fuel retail outlets in the country.

Expenditure against budget allocated under FAME II remains far from target

The Government of India (GoI) had approved the scheme titled ‘Faster Adoption and Manufacturing of Electric (&Hybrid) Vehicles in India’ (FAME India) in March, 2015 for a period of 2 years. On 8th March 2019, the Ministry of Heavy Industries (MHI) notified Phase-II of the Scheme for a period of 5 years, commencing from 1st April 2019, with an outlay of INR 10,000 crore. 100% of the budget allocated at the RE stage under FAME II Scheme has been utilized by the Ministry in the Financial Years 2019-20 to 2021-22. However, the expenditure as against the budget allotted at the RE stage i.e. INR 2897.84 crore for the FY 2022-23 has not reached even halfway-mark till 08.02.2023 with less than two months left in the current financial year.

FAME-II sops of two EV makers on hold; government seeks localisation proof

The government has stopped processing pending FAME-II subsidies of two electric vehicle makers Hero electric and Okinawa. The processing of their pending claims has been stopped till they submit sufficient evidence to show their compliance to phased manufacturing plan (PMP) timelines. The Government had received complaints regarding misappropriation of subsidies related to the violation of the localisation norms. After examination of reports in respect of two OEMs, the models of these two OEMs have been suspended from the FAME scheme.

Tighter scrutiny on cards for auto PLI disbursals

The government is undertaking measures to tighten scrutiny prior to disbursal of incentives under the INR25,938-crore Production Linked Incentive (PLI) scheme for the automobile and auto component sectors amid allegations that many electric two-wheeler makers have wrongfully claimed subsidies under its flagship FAME II (Faster Adoption and Manufacturing of Electric Vehicles) Initiative. The move comes even as investigations are underway against a dozen electric two-wheeler makers amid allegations of not adhering to localisation guidelines and using imported components, mostly from China, despite their assertions to the contrary when claiming subsidies.

EV infrastructure plugged to INR25 crore recharge, Goa

The state of Goa is set to see a boost in the sale of electric vehicles and other associated infrastructure as the EV subsidy scheme will be relaunched this year. A provision of INR25 crore has been made in this year’s budget for the scheme. Details of the nature of the subsidy have not been announced. In November 2021, the department of non-conventional and renewable energy, had launched a subsidy scheme to promote electric vehicles, but in July 2022, the subsidy was stopped.

Large projects to reserve 50% parking space for EV charging

Large housing complexes that are developed may have to provide charging infrastructure in half the parking lots. Kolkata Municipal Corporation has drafted an amendment in its building rules to make it mandatory for developers to factor in the growth of e-vehicles in the city and accordingly provide charging points at 50% of the parking lots in the complex. Till now, the requirement is restricted to 5% of parking space.

UP to exempt EV buyers from tax, registration fees

In a bid to promote electric vehicles in the state of Uttar Pradesh, Chief Minister Yogi Adityanath’s government has decided to do away with road tax and registration fees on its purchase for three years from October 14, 2022. Besides, the exemption will be valid for five years on the purchase of electric vehicles manufactured in the state itself. On behalf of the government, orders have been given to the RTOs of all the districts to ensure compliance with the instructions with immediate effect. According to the revised notification issued by Principal Secretary L. Venkateshwarlu, as per the Uttar Pradesh Electric Vehicle Manufacturing and Mobility Policy 2022, a 100 per cent tax exemption will be given on electric vehicles sold and registered in Uttar Pradesh from October 14, 2022, to October 13, 2025.

EV charging points to be must for all buildings except single houses in Uttarakhand

To promote electric vehicles in Uttarakhand and ensure sufficient charging points for them, the state cabinet approved a proposal to amend the Building Construction and Development By-Laws/Regulations, 2011. Barring single residential buildings, all non-residential buildings such as group housing, hotels, multiplexes, lodges, and other such buildings spread over 1,500 square meters would have to make infrastructure to charge electric vehicles.

Charging Infrastructure & Battery Swapping

Stakeholder(s)/ Player(s)


Gogoro, Zomato and Kotak Mahindra Prime

  • Taiwan-headquartered Gogoro, a leading battery-swapping ecosystem has announced a partnership with Zomato, one of the largest food ordering and delivery platforms in India, and Kotak Mahindra Prime, a subsidiary of Kotak Mahindra Bank.
  • The partnership will focus on accelerating the adoption of sustainable electric vehicles by delivery partners that are on board with Zomato offering them new, more favourable loan terms which are not available in India today.

SUN Mobility and Zomato

  • Sun Mobility, has entered into an association with Zomato to power 50,000 electric 2-wheelers, across India over the next 24 months.
  • The company will deploy these electric two-wheelers pan India, to promote last-mile sustainability solutions. This association has been confirmed in Delhi with an initial fleet deployment.

VoltUp and BSNL

  • Leading Battery-as-a-Service (BaaS) start-up VoltUp has entered into a partnership with BSNL to launch battery-swapping stations in 4 locations across Gurugram, enabling an infrastructure of 150+ charging docks.
  • The partnership between VoltUp and BSNL will extend to 30 locations across Haryana by the year end. The partnership will expand to major cities with high automobile density, to encourage last-mile connectivity agents to adopt E2Ws and E3Ws in their daily use.

Ather Energy and MRTS

  • Ather Energy announced a partnership with Southern Railways to set up electric vehicle charging stations across 10 Mass Rapid Transit System (MRTS) and Suburban stations in Chennai.
  • The partnership with Southern Railways will provide Ather Energy with a dedicated space of 100 sq. ft. at each MRTS/Suburban station to set up a charging zone, enabling the company to place three chargers in one single location. The fast-charging network can be used by all electric two-wheelers and electric four-wheelers owners.

WATI and Pulse Energy

  • WATI’s flow builder provides seamless integration with WhatsApp payments in a few easy clicks. WATI (WhatsApp Team Inbox), an end-to-end WhatsApp API solution for SMBs, announced its partnership with one of the largest aggregators of EV chargers across India, Pulse Energy.
  • WATI has built a custom automated flow for Pulse Energy, using its low-code flow builder and out-of-the-box integration with WhatsApp payments.

ElectriVa and SIC group

  • Start-up ElectriVa, North India’s leading Charge Point Operator has entered Karnataka joining hands with SIC, a Bangalore-based group having interests in financial markets and allied fields.
  • Both companies have a target of providing EV charging facilities in the top 50 cities of the country in the next year. In the next three years, ElectriVa targets to set up, operate, and maintain more than one-fifth of the total EV stations in India.

Magenta Mobility

  • Magenta Mobility, a Bengaluru-based electric mobility solutions provider has opened its largest EV charging depot in the city. The new charging depot, spanning 11,000 sq feet, has 63 AC chargers of 3.3 kW and 3 DC chargers of 15kW GB/T to ensure a seamless and efficient charging experience with additional space for further expansion.
  • This marks the 23rd charging depot of Magenta Mobility in Bengaluru and the 35th charging depot in India with a plan for 14 more in the first quarter of FY2024. With the capacity to charge up to 70 Electric vehicles at the same time, this is Magenta’s largest charging depot till date.


  • Statiq, a Gurgaon-based EV charging provider, has developed TSEV, an all-purpose app for electric vehicle users and buyers in Telangana.
  • As a white-label solution that is already functional, TSEV provides a single-point interface for not only electric vehicle owners looking to recharge their EVs, but also those intending to purchase a new EV in the state. In effect, the app also doubles up as an e-commerce platform for the sale of EVs in the state.


  • Bolt.Earth has announced the launch of its Open EV Charging Platform that aims to integrate country-wide charging points into a single platform.
  • Already giving access to over 20k+ charging points on the network and having completed successful integrations with over 20+ EV manufacturers, charger OEMs and mobile applications, the Bolt.Earth’s Open EV Charging platform is designed to connect with the growing number of EV drivers and make range anxiety a thing of the past while drastically improving the charging experience of EV users.

Vani Moto

  • A Surat-based start-up Vani Moto has opened ‘Mobilus Next,’ Gujarat’s first battery swapping centre for electric rickshaws and tempos in Surat.
  • The company sells electric rickshaws and tempos under the brand name “Zoomroo.”

Sunlit Power and RDL Technologies

  • Battery maker Sunlit Power has entered a five-year partnership with IoT products and software solutions provider RDL Technology to expand the monitoring capabilities of its products. RDL will develop touch-screen displays, data loggers, vehicle navigation, and monitoring systems for Sunlit Power.
  • The IoT devices will allow the battery maker to remotely monitor and navigate the motor, controller, and battery while also providing customers with customised reports on the battery’s performance.

Source: Industry news articles, JMK Research

Key Market Updates

Okaya EV gets AIS 156 Phase 2 certification from ICAT for its E2Ws

Okaya Electric Vehicles has received ICAT certification for its electric two-wheelers under AIS 156 Amendment III Phase 2. The new regulations cover safety for EVs including the design, construction, and testing of the battery pack and its components. The certification makes Okaya’s EV range compliant with the new norms and with the battery getting a host of safety improvements.

Altigreen delivers 200 fast-charging e-three-wheelers to B2B, B2C customers

Commercial electric vehicle maker Altigreen has delivered 200 Altigreen neEV Tez three-wheelers to Fyn Mobility in a single day in Bengaluru. The neEV Tez vehicles were delivered to B2B and B2C category customers like Buy 2 Coffee, Fyn Mobility, DCO, Motherhood Foods, and Go One at Altigreen’s Retail Experience Centre through Magnum Ventures in Bengaluru.

Amara Raja Batteries’ EV battery receives safety certificate

Amara Raja Batteries, the industrial and automotive battery company has cleared the AIS-156 Amendment 3, Phase 2, and received the ARAI certification for its EV batteries and off-board chargers. Amara Raja’s lithium battery packs for 3-wheeler application (7.5kWh to 8.5kWh) along with powerful off-board chargers 2kW and 3kW have been certified under the amended norms. This certificate supports battery safety, reliability, and advancements.

MYBYK launches two electric bicycle variants

MYBYK, an Ahmedabad-based active mobility service provider, has launched two electric bicycle models. MYBYK Electric – a consumer bike for connecting citizens and tourists and MYBYK Electric Cargo – a bike for gig workers. Both the e-bicycles have the power pedal mode which assists the user and gives a boost when they pedal, reducing their effort by up to 80%.

Motor insurance claims higher for EVs due to parts

Insurance claims from damage to E2Ws are turning out to be up to 20% higher in value than conventional vehicles, while they are 50% higher for four-wheelers. Also, the frequency of claims is higher in EVs compared to internal combustion engines.The higher value of claims is because of the need to replace an entire assembly rather than repair it due to the non-availability of child parts. Also, there is a higher usage of plastic and fibre to keep the vehicle weight low which increases the damage.

EMotorad exports over 50,000 e-bikes to 18 countries

EMotorad, a leading manufacturer of electric bicycles, has exported so far in FY2023 over 50,000 units, against 17,000 units in FY2022, to 18 countries. It has also attained international profitability of US$2 million within two years of its inception. E-bikes of the highest quality, designed to meet the needs of riders of all ages and skill levels worldwide and meeting global quality standards with technology, and innovation helped EMotorad become a leading exporter in the international market.

Number of electric 2-wheelers in Maharashtra crosses 2-lakh mark

In a further boost to reduce carbon footprint, the electric two-wheeler population in Maharashtra has crossed the two-lakh mark last week, with 7% e-bikes registered in Mumbai, according to latest statistics by the transport department. Maharashtra now boasts of the highest number of electric two-wheeler registrations in the country. In the first two-and-a-half months of 2023, over 500 electric vehicles were registered daily on an average across the state, of which 450 were electric two-wheelers.

Mahindra rolls out 50,000th e-Alfa from its Haridwar plant

Mahindra Last Mile Mobility (LMM), a division of Mahindra & Mahindra, has rolled out the 50,000th e-Alfa from its Haridwar Plant. The e-Alfa Mini, which is one of the highest-selling electric three-wheelers for Mahindra was first launched in 2017, with the cargo variant being introduced in 2021.

RevFin targets financing 2 million electric vehicles in the next 5 years

Electric vehicles financing digital platform RevFin Services is targeting to finance 20 lakh vehicles in the next five years, with an aim to grow three to four times every year. With the Indian electric vehicle industry poised for accelerated growth, the company is confident of meeting its target and would continue to raise funds through debt and equity going forward for the purpose.

Mercedes Benz India to double its EV portfolio to eight models in 8-12 months

Mercedes Benz India, the luxury car maker aims to have a portfolio of eight electric vehicles within a year, as the demand for zero-emission vehicles in India gains momentum. The company currently has EQB, EQC, EQS – 53 AMG – a CBU (Completely Built Unit), and EQS 580-Made in India. In 2023, the company has plans of launching 10 new models and electric vehicles will be amongst the key pillars of its product offensive this year.

BikeWo launches ‘BikeWo Shield’, 5-year warranty, to benefit EV customers

Hyderabad-headquartered BikeWo, a multi-brand electric two-wheeler showroom, launched ‘BikeWo Shield’, a 5-year warranty, to increase the adoption of electric vehicles by giving confidence to the customers regarding the safety and reliability of the vehicle. The warranty is for the motor, controller, and converter. Under the BikeWo showroom, customers will be able to avail the best offers, access to the nearest charging stations – in association with Chargenet, and live experience such as a test drive, before investing in the model of choice.

EMotorad’s revenue jumps on X-Factor e-bikes

Leading e-bike manufacturer EMotorad has sold over 50,000 units and generated a revenue of INR140 crore. The company projects to generate INR165 crore by the end of FY23. The YoY 100% revenue increase is attributed to the newly-launched X-Factor e-bike series. In the coming fiscal year, the company is set to achieve a 400% rise in revenue owing to the growing demand for eco-friendly mobility alternatives in Tier 2 and Tier 3 cities across India.

Okinawa achieves 2.5 lakh electric scooter sales milestone in India

Okinawa Autotech, one of India’s largest electric two-wheeler manufacturers, has achieved the 2.5 lakh sales milestone. The company rolled out its 2,50,000th unit, a Praise Pro e-scooter, from its state-of-the-art manufacturing plant in Rajasthan to mark this achievement.

WTiCabs takes a leap by deploying 100 Electric Vehicles in Bangalore

WTiCabs deploy electric vehicles for a large IT client in Bangalore, marking the efficiency of the company towards delivering emissions-free staff transport services. By offering cutting-edge workplace commute services, WTiCabs has been successfully revolutionizing the overall employee transportation and corporate car rental experience.

Olectra Greentech’s India’s first e-tipper receives roadworthiness nod

Olectra Greentech Limited, a group company of Megha Engineering & Infrastructures Limited (MEIL), announced that India’s first 6×4 heavy-duty electric tipper from its stable received the country’s first homologation certificate from automobile regulatory agencies. The electric tipper is now roadworthy, adhering to all the Central Motor Vehicles rules. The Olectra e-tipper is India’s first certified heavy-duty electric tipper engineered and manufactured in-house. The first order for 20 e-tippers is in the final stage of discussions.

iX Energy converts Tata 407 LCV into an EV

iX Energy, a clean energy startup, has developed an innovative technology solution to convert the popular and reliable Tata 407 LCV into an EV without compromising on performance and robustness. iX Energy has developed an in-house EV conversion system. This includes a powertrain, battery pack, cooling systems, user interface, telematics system, and proprietary software to ensure great performance and safety. The EV-converted Tata 407 has a range of 135 km on a single charge and a maximum speed of 75 kmph. It can also climb grades of up to 22% at full payload. The battery can be charged up to 80% in just one hour using a DC fast charger.

E-Bus Updates

Tata Motors’ Lucknow plant to supply buses to Delhi govt

The Tata Motors’ Lucknow plant is expected to supply the first batch of 100 electric buses to the Delhi government within the next few days. The company signed an agreement with Delhi Transport Corporation (DTC) on December 23, 2022 to supply 1,500 low-floor air-conditioned buses for the national capital.

BMTC floats tender for procurement of 20 mini e-buses to combat last-mile connectivity

City dwellers will soon be able to depend on Bengaluru Metropolitan Transport Corporation (BMTC) buses for meeting their last-mile connectivity woes. BMTC had floated a tender for the procurement of 20 mini e-buses and 5 chargers to be run on a pilot basis. The bidder will also be responsible for the maintenance of the buses and chargers. The transport body is looking for non-AC mini electric buses that are about 6-7m in length. The buses will be able to run for 150 km daily at an 80 per cent charge for the first five years. They should be charged within an hour and the battery consumption should be less than 0.8 kWh/km. The low floor ratio of the bus should not be more than 50 per cent of the total salon area and the maximum bus floor height should be 400-650 mm. The prototype will have to be delivered to BMTC within 90 days from manufacture and the remaining 19 are to be delivered within 180 days.

Olectra bags order for 550 e-buses from Telangana State RTC

Olectra Greentech Limited, a subsidiary of Megha Engineering & Infrastructures Limited (MEIL), has received an order for 550 pure electric buses from the Telangana State Road Transport Corporation (TSRTC). As per the firm press release, it is the single largest order for electric buses in South India from TSRTC and is vital in Telangana’s electric mobility step for large-scale clean, green public transportation. The order is to supply 50 standard floor 12-metre intercity coach e-buses and 500 low floor 12-metre intracity e-buses.

Delhi govt to add 100 electric buses to DTC fleet by April first week

The Delhi Transport Corporation is likely to add 100 more electric buses to its fleet by the first week of April. The new additions will take the Delhi Transport Corporation’s (DTC) electric bus fleet to 400.

Key Manufacturing Updates 

HMSI to commission 600,000-unit dedicated-EV assembly line at Karnataka plant in March 2024

Honda Motorcycle and Scooter India (HMSI) has revealed that the company is building a dedicated-EV facility at its Narasapura plant in Karnataka. Christened the ‘Factory E’ – the assembly line will be equipped with state-of-the-art machinery and boast high levels of automation to achieve maximum production efficiency when it begins mass production around mid-March 2024. HMSI, which will initially install a capacity of 600,000 units at Factory E, anticipates achieving annual EV production volumes of 1 million units by 2030, in line with the projected growth in the E2W category in the country.

Goyal Aluminiums receive an allotment of land to set up a new EV manufacturing plant in Noida

Goyal Aluminiums has received an allotment of land to set up a new manufacturing plant for an electric vehicle from the Greater Noida Industrial Development Authority (GNIDA). The allotment of land will give a push to its aggressive expansion plans and keep growth rates strong. The company has been allotted 4,000 square meters of land in its sector industrial area on lease for 90 years. Goyal Aluminiums has plans to invest INR200 crore to set up an EV manufacturing plant in Uttar Pradesh.

ANEVOLVE POWERTRONICS opens power electronics plant in Bhiwadi, Rajasthan

ANEVOLVE, the cleantech company a part of ANAND Group, launched its first state-of-the-art plant for power electronics in Bhiwadi, Rajasthan. The plant will manufacture EV products such as inverters, AC/DC converters, and onboard chargers, along with non-auto sectors such as BLDC fans as part of the cleantech platform’s vision of ‘Clean Technologies for a Greener Planet’.

Hero Electric defers commissioning of Rajasthan plant to end of 2024

Electric two-wheeler maker Hero Electric which, in September 2022, had signed an MoU with the Rajasthan government to set up a mega EV manufacturing plant in the state’s Salarpur industrial region and commence production by end-CY2023, has now revealed that it will be deferring the commissioning of this new facility by around 12 months. Hero Electric, which is yet to receive the 170-acre land parcel planned to house the greenfield, 2-million capacity electric two-wheeler plant from the Rajasthan government. This confidence stems from its existing installed capacity which is sufficient to manufacture a projected volume of 100,000 units in CY2023. For CY2024, the EV OEM has targeted domestic market sales in the range of 170,000 to 220,000 units.

Deals and Investments

Company name

Company type

Deal type


Deal value

(INR Crore)


TI Clean Mobility

E3W Manufacturer


Multiples Private Equity Fund lll, State Bank of India (SBI)

267 (Multiples Private Equity Fund lll), 133 (State Bank of India (SBI))

TI Clean Mobility raises INR400 crore from Multiples Private Equity Fund III, SBI

Kabira Mobility

E2W Manufacturer


Al-Abdulla Group


Al-Abdullah Group (Qatar) invests US$50 Mn in EV start-up Kabira Mobility


EV charging infrastructure company


Equity + Debt




379.58 (Equity)

66.06 (Debt)

CHARGEZONE raises US$54 million in Series A1 Round led by BlueOrchard


EV cab service provider


IEG Investment Banking Group, Direct Capital, Devonshire Capital, and Westova Global


EV cab company Evera raises US$7 million in funding led by IEG Investment

Source: Industry news articles, JMK Research

Note: Investment of TI Mobility is a part of the 1950 crore investment raised by TI mobility in February 2023.

Ola Electric to raise US$300 million

E-vehicle manufacturer Ola Electric is close to raising funds of around US$300 million for its expansion plans and to meet other corporate needs. The fundraising would be managed by investment bank Goldman Sachs, and the funds would be raised from existing and marquee global investors and sovereign funds.

M&M to raise to US$1.3 bn for EV unit

Auto major Mahindra & Mahindra Ltd is in advanced talks with global investors to raise US$1-US1.3 billion by selling shares in its electric vehicle unit, adding the move is aimed at accelerating the expansion plans of its newly formed subsidiary, EV Co. Mahindra is likely to raise capital in multiple tranches over the next two fiscal years, primarily through stake sales in the EV subsidiary, which is currently valued at over US$9.1 billion.

DAO EvTech earmarks INR100 crore investment in TN, to hire 2,000 people

Electric mobility start-up DAO EvTech has drawn up plans to invest INR100 crore in Tamil Nadu and employ about 2,000 people by 2025. DAO commenced production at its facility in Chakan, Pune, and has enabled two-wheeler electric vehicle manufacturing capabilities and investments from US-based DAO Evtech LLC.

World Bank arm IFC to invest INR600 crores at valuation of up to INR6,020 crores in Mahindra & Mahindra’s new last mile mobility company

In a bid to scale up electric three-wheelers and small commercial vehicles (SCVs) that are more affordable, The World Bank Arm International Finance Corporation (IFC) is investing INR600 crores in a new last mile mobility (LMM) company – a wholly owned subsidiary of Mahindra & Mahindra that will be newly incorporated. The IFC’s first investment in EV manufacturing in the country and the first in electric three-wheelers globally will be in the form of compulsory convertible instruments at a valuation of up to INR6,020 crores. The INR600 crores investment will result in ownership of between 9.97% to 13.64% for IFC in the New Co.

JVs and Partnerships

Companies involved

Purpose of Partnership

BLive and Chartered Bike


·        BLive, a multi-brand electric vehicle platform, has teamed up with Chartered Bike Pvt Ltd (CBPL), provider of electric mobility solutions, specialising in public bike sharing, in-campus mobility, e-commerce delivery, and last-mile delivery services.

·        The partnership value is about INR120 crore with estimated deployment in three phases – INR30 crore in the first year, INR40 crore in the second year, and INR50 crore in the third year. The partnership between BLive and CBPL is aimed at helping last-mile delivery companies, such as Zomato, Swiggy, Amazon, Flipkart, Delhivery, Porter and many more, to resolve the supply gap of electric vehicles in the market.

BYD India and Evera

·        Electric vehicle manufacturer BYD India has bagged a supply order for 100 all-electric e6 MPVs from Evera. Evera provides app-based EV cab services in New Delhi.

·        The partnership of these companies working with electric vehicles is expected to expand the presence of BYD in the Indian market.

Blowhorn, Denso, and Honda

·        Bengaluru-based same-day delivery start-up platform Blowhorn has partnered with Japanese auto majors Denso and Honda to develop a sustainable, environment-friendly solution for the delivery of perishable goods in India.

·        The trio is running a pilot with electric bikes for commercial delivery of perishable foods and pharmaceuticals across Bengaluru. Designed by Honda, the e-bikes feature battery-swapping technology and come with mobile refrigeration units by DENSO.

Gentari and MoEVing

·        Malaysia-based clean energy solutions provider Gentari has signed MoU with electric mobility provider MoEVing.

·        Gentari will provide 1,000 three-wheeler and 500 four-wheeler electric cargo vehicles on subscription to MoEVing.

Omega Seiki Mobility and cKers Finance

·        As an effort towards encouraging EV adoption in the country, Omega Seiki Mobility, an Anglian Omega Group Company, and cKers Finance Private Limited, a non-banking financial company (NBFC) focused on financing climate-friendly businesses including EVs in India, has signed a Memorandum of Understanding.

·        Through this tie-up, Omega Seiki Mobility customers for the E3W loader category, can get their vehicles financed by cKers Finance.


Gentari and Tata Motors

·        Clean energy solutions provider Gentari has signed an agreement with Tata Motors for the delivery of 5,000 units of e-commercial vehicles. The memorandum of understanding (MoU) through its affiliate entity is for three years.

·        The MoU includes the delivery of 1,000 units in the first year for deployment in cities, such as Delhi, Bengaluru, Hyderabad, Pune, and Kolkata.

RunR Mobility and EMF Innovations


·     High-speed electric scooter manufacturer RunR Mobility has partnered with EMF Innovations, a tech company that delivers cost-effective and reliable electric mobility solutions.

·     With this partnership, EMF Innovation will be the powertrain design and manufacturing partner for RunR Mobility.

Tata Motors and OHM E Logistics


·     Tata Motors has received a supply order for 1,000 XPres-T EVs from the Hyderabad-based OHM E Logistics for electric cab transportation services.

·     The all-electric sedan will be delivered to OHM E Logistics in a phased manner.

BLive and Delhi international airports


·     BLive, a Bengaluru-based multi-brand electric vehicle store, will use electric kick scooters for food delivery at Mumbai and Delhi international airports.

·     The company has joined hands with Lite Bite Foods (LBF) and Devyani International (DIL), to provide EV solutions and benefit over 30k air travellers daily.

MG Motor India and WTiCabs


·     MG Motor India has signed an agreement with WTiCabs India for 100 vehicles, which includes MG Hector and MG ZS EV.

·     It will be used for the Rent-a-car division of WTiCabs India.

Saietta and Avtec


·     Saietta, the UK-based electric drive specialist, has signed a master supply agreement with AVTEC, one of the largest independent manufacturers of powertrain and precision-engineered products in India and part of the CK Birla Group.

·     The partnership brings together AVTEC’s expertise in the design and manufacture of transmissions with Saietta’s motor and inverter capability. The resulting eDrives have been designed for three- and four-wheel lightweight electric vehicles for its first set of commercial agreements which have been secured with one of the largest OEMs in the Indian light-duty mobility market.

AMU Leasing,3ev Industries, and 3eco Systems


·     AMU Leasing Pvt Ltd, 3ev Industries Pvt Ltd, and 3eco Systems Pvt Ltd have announced a new collaboration to introduce a new initiative aimed at deploying over 600 converted ICE-to-EV 3-Wheel L-5N Cargo Vehicles in India.

·     The collaboration will build on the existing fleet of 1000+ newly built EVs at 3eco. The 600 EVs under this partnership are already fully committed by 3eco for turnkey last-mile services to leading enterprise end-customers under multi-year contracts, with all these EVs planned for sale and RTO registration within nine months.

Zecat and Borzo


·     Borzo (erstwhile WeFast), a global intracity- courier/delivery service, has partnered with Zecat (Zero Carbon Transportation) to facilitate and fulfil its last-mile deliveries using electric vehicles. The partnership will enable Borzo to convert 10% of its Delhi-NCR fleet to electric vehicles in the next 2 months.

·     Marking a beginning to its EV plans with this partnership, Borzo has deployed the first batch of electric vehicle fleet in Delhi and plans to grow the EV fleet size by 4x in the next few months. The company also plans to expand its EV fleet operations into other metro cities across the country with a vision to convert 20% of its last-mile fleet force to EVs, by the year-end.

Hero MotoCorp and  Zero Motorcycles


·     Hero MotoCorp, a manufacturer of motorcycles and scooters and California-based Zero Motorcycles, a leading EV and powertrain manufacturer, have signed agreements to collaborate on premium electric motorcycles.

·     The collaboration will combine the expertise of Zero in developing powertrains and electric motorcycles with the scale of manufacturing, sourcing, and marketing of Hero MotoCorp.

Source: Industry News Articles, JMK Research

Global Market Updates

The U.S. Government has released a proposed guidance on the new clean vehicle

The U.S. department of treasury has released a proposed guidance on the new clean vehicle provisions of the Inflation Reduction Act that will lower costs for consumers, build a resilient industrial base and spur manufacturing in the U.S., and strengthen supply chains with like-minded partners that are vital for energy security. To be eligible for a US$7,500 credit, clean vehicles must meet sourcing requirements for both the critical minerals and battery components contained in the vehicle. Vehicles that meet one of the two requirements are eligible for a US$3,750 credit.

Critical Mineral Requirement:

To meet the critical mineral requirement and be eligible for a US$3,750 credit, the applicable percentage of the value of the critical minerals contained in the battery must be extracted or processed in the United States or a country with which the United States has a free trade agreement, or be recycled in North America—as mandated by the Inflation Reduction Act.

YearApplicable %
Beginning in 202780

Battery Component Requirement:

To meet the battery component requirement and be eligible for a US$3,750 credit, the applicable percentage of the value of the battery components must be manufactured or assembled in North America—as mandated by the Inflation Reduction Act.

YearApplicable %
Beginning in 2029100

Vehicles placed-in-service on or after April 18, 2023 will be subject to the critical mineral and battery component requirements laid out in the rule.

Europe declares end of ICE age in 2035

After years of considering ways to wean Europe’s motorists off internal combustion engine (ICE) vehicles, the EU has officially banned the sale of petrol and diesel cars from 2035. The move will change the contours of the automotive industry globally. The legislation will result in a push to secure critical mineral supplies essential for electric vehicles.

Canada revs up its EV batteries manufacturing

As the world accelerates toward emissions-free driving, Canada is making a big push into batteries for electric vehicles — touting tax incentives, bountiful critical minerals, and clean energy to attract multinationals. Its efforts appear to be paying off, with companies such as Volkswagen and Stellantis opening plants and more than Can US$18 billion (US$13 billion) in investment attracted to the sector, which is emerging as second only to top battery manufacturer China.

Ford, partners sign deal for US$4.5 billion EV battery material plant in Asia

Ford Motor Co. signed an investment agreement with PT Vale Indonesia and China’s Zhejiang Huayou Cobalt to build a US$4.5 billion nickel processing plant in Indonesia. The high-pressure acid leaching, located in Pomalaa where Vale operates a nickel mine, is expected to produce 120,000 tons a year of mixed hydroxide precipitate, a material extracted from nickel ore that is used in batteries for electric vehicles.

White House touts Amazon EVs, Google EV tax credit tool

The White House highlighted new U.S. company moves to support electric vehicles, as final rules on tax credits aimed at boosting the industry are expected this week. Amazon is rolling out the first 3,000 delivery vehicles it has acquired as part of a commitment to bring 100,000 vehicles to the road by 2030, and First Student, a major supplier of school bus services, is pledging to replace 30,000 fossil fuel-powered school buses with electric buses by 2035. The federal government will buy 13,000 light- and medium-duty zero-emission vehicles this fiscal year, about four times more than last fiscal year.

Tesla’s 50% discount in China creates ‘havoc’ in the market

Elon Musk’s Tesla Incorporation has allegedly triggered a massive price war in China. Tesla cars are reportedly being offered in the country at discounts of up to 50 percent and competitors are being forced to cut their prices to maintain sales. It started in October 2022. Elon Musk’s electric-vehicle maker — a major player in hyper-competitive China — cut prices on models produced at its enormous factory on the outskirts of Shanghai. Matters escalated in January 2023, with another discount that left Tesla’s locally-made cars up to 14% cheaper than last year, and in some cases almost 50% less expensive than in the US and Europe.

Indonesia sets aside US$455 Mn to subsidise electric motorcycle sales

Indonesia will allocate IDR7 trillion (US$455.88 Mn) in state funds to subsidise electric motorcycle sales through 2024, as it pushes mass adoption of EVs to attract investment in the domestic industry. The government will also announce incentives for electric cars on April 1. The subsidies will cover sales of 800,000 new electric motorcycles and the conversion of 200,000 combustion engine motorcycles.

VW aims to produce 3 Mn small EV cars in 2025-2030 in Spain

German carmaker Volkswagen plans to produce 3 million small electric vehicles at its two plants in Spain between 2025 and 2030. The German car maker is pushing the electrification of its production and plans to build a battery plant in Spain.

Mercedes set to invest billions in e-vehicles plants

Mercedes will invest billions of dollars to modernize its plants in China, Germany and Hungary over the coming years, as the carmaker prepares to switch to electric vehicles and cut emissions. The European Union has set a goal to halve CO2 emissions per passenger car over their life cycle by the end of this decade compared to 2020 and is seeking agreement on a 2035 deadline to end the sale of fossil fuel cars.

Volkswagen picks Canada for first battery cell plant outside Europe

Volkswagen chose Canada to build its first battery cell plant outside Europe, granting its cars access to both Canadian and U.S. subsidies as it works to localise the electric vehicle production chain in the region. Canada, home to a large mining sector for minerals including lithium, nickel, and cobalt, is trying to woo companies involved in all levels of the EV supply chain via a multi-billion-dollar green technology fund as the world seeks to cut carbon emissions.

Over 1.2 crore EVs sold in 2022 globally, may reach 1.7 crores by 2023 end

The global passenger electric vehicle sales rose by 53 per cent (year-on-year) in Q4 2022 to bring the year’s total to over 10.2 million (more than 1.2 crores) units and by the end of 2023, EV sales are expected to reach nearly 17 million units. During Q4 2022, battery EVs accounted for almost 72 per cent of all EV sales, while plug-in hybrid EVs accounted for the rest, according to Counterpoint Research.

Mercedes-Benz begins building battery recycling factory in southern Germany

Mercedes-Benz laid the foundation stone for a sustainable battery recycling factory in Kuppenheim, southern Germany. The pilot plant will have an annual capacity of 2500 tonnes and will contribute to the production of more than 50,000 battery modules for new electric Mercedes-Benz vehicles. Recycled batteries will come from test vehicles and start-up batteries.

Iran announces discovery of large lithium deposit

Iran has discovered a large deposit of lithium, a key component of batteries for electric vehicles and electronic devices. For the first time in Iran, a lithium reserve has been discovered in Hamedan, in the west of the country. This reserve is believed to hold 8.5 million tonnes of lithium.

Tesla Superchargers now open to other EVs at ‘select sites’ in the US

Elon Musk-run Tesla has officially begun allowing other electric vehicles to fuel up at some Supercharger stations in the US. For months, the company has allowed other companies’ EVs to use its chargers in Europe, and it is now doing the same in the US. The non-Tesla Supercharger pilot is currently available for supercharging stations in 16 more countries.

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