Monthly EV update – May 2022

Monthly EV update – May 2022

monthly electric vehicle

Product Launches

India Launches – May 2022


Vehicle type

Battery specifications

Other specifications


iVoomi S1



·         2kWh

·         Range- 100km

·         Powered by a 2kW electric motor

INR 84,999

Komaki Z DT 3000



·         Advanced lithium battery

·         52Ah

·         Range- 180-220km

·         Powered by a 3kW BLDC motor

INR 1,22,000

Komaki LY



·         Lithium ferro phosphate battery

·         Range- 80-90km

·         12-inch wheels

INR 88,000

TVS iQube



·         3.4kWh – 5.1kWh

·         Range- 100-140km

·         Powered by 4.4kW

INR 98,564 – 1,08,690

BGauss D15



·         Li-ion battery

·         3.2kWh

·         Range- 115km

·         16-inch wheels

INR 99,999-1,14,999

Odyssey V2



·         IP 67 certified battery

·         Range- 150km

·         12-inch front tyre

INR 75,000

Tata Nexon EV Max


·         Li-ion battery

·         40.5kWh

·         Range – 437km

INR 17.74-19.24 lakhs

BMW i4


·         Li-ion battery

·         80.7kWh

·         Range – 510-590km

INR 69.9 lakhs

Tata Motors- Ace EV



·         Range- 154km

·         Powered by 27kw (36hp) motor with 130 Nm of peak torque

INR 6,60,000

Source: Industry news articles, JMK Research

Upcoming Launches


Vehicle type

Known/ Revealed specifications

Expected Launch Date

Expected Price

Kia EV6


·         Battery: 77.4kWh

·         Range: 528km

2 June 2022

INR 50-60 lakhs

Switch Mobility’s bus


·         NMC battery

June 2022


Batt:RE Stor:ie




May 2022


Source: Industry news articles, JMK Research

Volvo XC90 electric successor to debut by late 2022

The electric successor to the Volvo’s flagship SUV – the XC90 – will be revealed in the final quarter of 2022. XC90 successor will have EV electric and ICE-powered options. It will be based on Volvo’s Recharge Concept. 

EV Sales Trend

The overall EV sales in May 2022 declined m-o-m by 8.6% to reach 66,745 units. There was however a y-o-y leap of 1,917%.

Registered EV sales trend in India (May 2021–May 2022)

Source: Vahan Dashboard, Company Press Releases, JMK Research

Note: Sales figures represent EVs registered across 1,481 RTOs in 34 states/ UTs.

As depicted in the figure below, EV registrations in May 2022 were driven by electric two-wheelers and passenger-type electric three-wheelers, which together accounted for 90.23% of total registrations in the month. The shares of these categories were followed by E-Cars (5.69%), cargo-type electric three-wheelers (3.80%), and so on.

Category-wise EV sales in May 2022

Source: Vahan Dashboard, Company Press Release, JMK Research

Note: Sales figures represent EVs registered across 1,481 RTOs in 34 states/ UTs; Others include adapted vehicles, fork-lifts, agricultural tractors, goods carriers, and omni bus.

Among all the states and UTs, Uttar Pradesh retained its top spot of EV share with 18% of overall sales, followed by Maharashtra with 15% share. Karnataka fell to the third spot with 10% share, followed by Rajasthan (8%), Gujarat (7%), Tamil Nadu (6%), and Delhi (5%).

(State/ UT) Region-wise registered EV sales in May 2022

Source: Vahan Dashboard, Company Press Release, JMK Research

Note: Sales figures represent EVs registered across 1,481 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 the country in May 2022 stood at 39,438 units, signifying a decline of 19.75% m-o-m however a whopping 3,744% y-o-y leap in registrations. The Top 10 players accounted for 92% of the total registrations witnessed in the month of May 2022.

High-Speed E2W sales trend

Source: Vahan Dashboard, JMK Research

Note: Sales figures represent only high-range E2W (Top speed > 25 kmph) registered across 1,481 RTOs in 34 states/ UTs.

Okinawa moved to 1st position this month from previous month’s number 2nd position while Ola Electric moved to the second position. Further, Hero Electric fell to fifth position this month from third position in April 2022. The Top 10 positions were retained by the same players as that in April 2022.

Player-wise High-Speed E2W sales

Source: Vahan Dashboard, JMK Research

Note: Sales figures represent only high-range E2W (Top speed > 25 kmph) registered across 1,481 RTOs in 34 states/ UTs. Others include Benling, Lectrix. GoGreen E-mobility Private Limited, MEW Electricals Ltd (BGauss), KLB KOMAKI, and 33 other players.

Electric Three-Wheeler (E3W)

The sales of registered E3Ws passenger and cargo-type in May 2022 stood at 20,788 units and 2,533 units respectively, signifying a m-o-m increase of 10.94% for E3W – Passenger and increase of 9.37% for E3W – Cargo.

Sales Trend of E3W – Cargo and E3W – Passenger

Source: Vahan Dashboard, JMK Research

Note: Sales figures represent E3Ws registered across 1,481 RTOs in 34 states/ UTs; E3W (Passenger and Cargo) sales shown in the figure takes into account both e-rickshaw and three-wheeler classes as categorized in the Vahan dashboard.

The cumulative sales of top 7 electric 3-wheeler players across passenger and cargo segments in May 2022 accounted for 37.70% share of the entire E3W market. YC Electric Vehicle continued to have the highest share of 8.77%, which was followed by Mahindra Electric Mobility (8.14%), Saera Electric Auto (5.86%), Dilli Electric (4.37%), Champion Poly Plast (4.03%), Unique International (3.3%), and MINI METRO EV L.L.P (3.22%). MINI METRO EV L.L.P entered the top 7 squad for the first time, replacing Best Way Agencies which accounted for just 2.32% of the overall E3W market in May 2022.

Top E3W Players in May 2022

Source: Vahan Dashboard, JMK Research

Note: Others made up 62.30% of the E3W markets in May 2022; sales figures for players are inclusive of both cargo and passenger offerings; Sales figures represent E3Ws registered across 1,481 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 cumulative sales of E-cars in May 2022 stood at 3,796 units, witnessing a m-o-m rise of 42.76% and a massive y-o-y surge of 1,522% in registrations. Tata Motors has been driving the E-car sales the entire year. This month, the Company accounted for 91% of the total registrations. BYD and Hyundai witnessed an increase in sales of their E-cars this month as well.

Player-wise E-Car Sales Trend

Source: Vahan Dashboard, Company Press Release, JMK Research

Note: Sales figures represent E-cars registered across 1,481 RTOs in 34 states/ UTs; Others include Ampere, Hyundai, BYD, Jaguar, Audi, Mahindra & Mahindra, Mercedes-Benz, BMW, Volvo, and Porsche.

Electric Buses (E-buses)

The cumulative sales of E-buses in May 2022 stood at 158 units, with a m-o-m fall of 3.66% and a y-o-y increase of 88%. This month’s sales were driven by Olectra Greentech (39%) followed by JBM Auto (32%), PMI Electro (17%), and Tata Motors (11%). Mytrah Mobility made a surprise entry this month with sales of two E-buses.

Player-wise E-bus Sales Trend

Source: Vahan Dashboard, JMK Research

Note: Sales figures represent E-buses registered across 1,481 RTOs in 34 states/ UTs.

Policies & Regulations

Government plans mega tenders for 50,000 electric city buses

After the super success of CESL’s mega 5,450 electric bus tender last month that received enthusiastic response from the industry and realised a cost reduction of 40% over diesel and 34% over CNG buses, the government is planning to bring in multiple tenders for 50,000 buses in the next 1 year. The government is looking at 50,000 buses being deployed over the next 5-7 years in cities as well as smaller towns across the country.

Indian EV makers to soon follow BIS standards for batteries amid fires

As fires and explosions in electric two-wheelers continue unabated, the government is all set to introduce EV battery standards (BIS standards) for EV two-wheelers that will be expanded to four-wheelers at a later stage. The BIS standards for EV batteries will look into size, connectors, specification and minimum quality of cells, and battery capacity.

West Bengal to introduce 1200 electric buses in Kolkata

West Bengal government is planning to introduce 1,200 electric buses in Kolkata in next three years. Already 80 electric buses are functional and by July, total of 125 E-buses will be operational.

Converting old cars into electric vehicles to be made simpler

To make retrofitting of vehicles easy, transparent, and accessible to the public, the Delhi transport department is planning to make the entire process online — from applying for fuel conversion to details about manufacturers, products, cost, dealers and how to apply for kits. Following the orders of the National Green Tribunal, the Delhi government had last year announced scrapping of 15-year-old petrol vehicles and 10-year-old diesel vehicles.

Centre approves new third-party vehicle insurance rates

The central government has revised third-party vehicle insurance base premiums for two-wheelers, passenger vehicles, and electric vehicles, effective June 1. According to the new insurance base rates for electric vehicles released by the Ministry of Road, Transport, and Highways, a new private electric vehicle not exceeding 30 kW can be insured for INR 5,543 for three years, INR 9,044 for vehicles between 30 kW and 65 kW, while vehicles above 65 kW can have three-year insurance for INR 20,907. Two-wheelers under 3 kW can be insured for INR 2,466, electric vehicles between 3 and 7 kW can be insured for INR 3,273, while vehicles between 7 kW and 16 kW will see a price of INR 6,260, and EVs higher than 16 kW will demand a premium of INR 12,849. All the prices for electric two-wheelers are for five-year insurance terms.

DRDO report finds serious battery defects in EVs that caught fire 

The Defence Research & Development Organisation (DRDO) that was tasked with investigating into EV fire incidents by the Union Road Transport and Highways Ministry, has found serious defects in the batteries, including designs of the battery packs and modules. As per DRDO, these defects occurred because the electric two-wheeler manufacturers like Okinawa Autotech, Pure EV, Jitendra Electric Vehicles, Ola Electric, and Boom Motors may have used lower grade materials to cut costs. The Centre for Fire, Explosive and Environment Safety (CFEES) at the DRDO has submitted its fact-finding report to the Ministry.

Tripura introduces EV policy, to convert 60,000 vehicles into electric mode 

The council of ministers in Tripura approved the Electric Vehicle Policy for the next five years targeting to convert at least 10% of the total vehicles into e-mode. The cabinet has adopted the Tripura electric Vehicle Policy, 2022, which aims to convert at least 42,000 two wheelers, 10,000 three-wheelers, 7500 four-wheelers, and 500 buses into electrically operated vehicles by 2027. The policy was already made effective in 14 states, including Meghalaya and Assam, and now Tripura has been added to the list as 15th state.

Rajasthan Electric Vehicle Policy approved to encourage adoption of EVs

The Rajasthan government has approved the Rajasthan electric Vehicle Policy (REVP) to encourage adoption of electric vehicles in the state. Rajasthan approved an additional budget provision of INR 40 crore for the State Goods and Services Tax (SGST) reimbursement on the purchase of battery-powered vehicles.

Delhi government to offer up to INR 15,000 subsidy for electric cycle buyers 

Delhi government announced up to 33% incentive for electric cycles. The electric cycle buyers will be eligible to receive incentives of up to INR 15,000 for purchasing the EVs. This is the first such initiative in the country. Under the new policy, passenger electric cycles will be eligible for a purchase incentive of 25% of their sticker price. The first 1,000 individual buyers will get an INR 2,000 additional incentive. For cargo electric cycles, the incentive is 33% of the sticker price. The incentive will be capped at INR 5,500 maximum in this case. 

Delhi government approves 1,500 low-floor electric buses into its public transport fleet

The Delhi government has approved the deployment of 1,500 low-floor electric buses into its public transport fleet. The Delhi Transport Corporation (DTC) is also determined to give 10 sites to different agencies to set up Electric Vehicle charging and battery swapping stations as a part of its Delhi EV Policy 2020.

India partners with Japan for affordable EV charging standard

India has joined hands with Japan to develop an electric vehicle charging standard for emerging markets. Under this partnership, the two countries aim to develop easy-to-build EV charging stations based on Japanese protocols that are claimed to slash installations costs by two-thirds. The CHAdeMO Association, the organization responsible for Japan’s charging standard, will work with India’s standards drafting committee. The drafting committee includes automakers such as Mahindra Electric and Maruti Suzuki.

Charging Infrastructure and Battery Swapping

Stakeholder(s)/ Player(s)

Subject/ Scope


Brihan Mumbai Electric Supply and Transport (BEST)

Installation of EV charging stations

•       To give a push to electric vehicles (EVs) in the city, the Brihanmumbai Electric Supply and Transport (BEST) has planned to install EV charging stations at its bus stops and bus stands.

•       The BEST has identified 55 of its locations across Mumbai including bus stops, bus stands and bus depots where ample space is available for the installation of the charging stations.

•       There will be selected operators who will install electric vehicle charging stations primarily at the BEST bus stops, stands, and depots.

•       All private two-wheelers and four-wheelers will be able to charge their vehicles in the space.

BYD and three EV charging networks

Accessing nearly a 1,000 EV charging stations

•       EV manufacturer BYD has tied up with as many as three EV charging network players in India for the convenience of its customers while recharging their EVs.

•       BYD India currently sells a three-row MPV e6 in the Indian market in the B2B segment. 

Ashok Leyland and Tirex Chargers

Installation of EV chargers

•       Ashok Leyland has joined hands with Tirex Chargers to create the charging Infrastructure for the former’s E-Bus Fleet in Bangalore.

•       As per the tie-up, Tirex will be one of the two approved OEMs for EV chargers in India to work with Ashok Leyland’s EV wing Switch Mobility and will supply DC Ultra-fast chargers for this upcoming project.

Sunfuel Electric

Installation of EV chargers

•       Sunfuel Electric announced plans to install over 70 fast DC chargers on Indian highways.

•       The first supercharger will be installed on the Kalka-Shimla highway by early June 2022, which will make it the first charging station on Indian motorways with a peak output of 120 kW.

Ather Grid and Magenta

Installation of EV chargers

•       EV maker Ather Energy has partnered with Magenta ChargeGrid to expand the Ather Grid charging infrastructure in the country.

•       With this partnership, Ather will gain access to Magenta ChargeGrid’s multiple charging locations across the country.

•       The company currently has a network of over 330 fast charging Ather Grid Points across 35 cities in India and plans to install 5,000 fast chargers in the country in the next 3 years. 

Fortum Charge

Installation of EV chargers

•       Fortum Charge and Drive India has installed 50 public electric vehicle charging points at Forum Neighbourhood mall, Whitefield, Bengaluru. The firm also aims to set up 200 charging points in Bengaluru by the end of this year.

•       The 50-point electric vehicle charging setup comprises 10 CCS standard 60kW DC fast chargers, four 15kW Bharat DC001 chargers, and 36 7.4kW Type-2 AC chargers. Thus, it can charge 50 EVs together, including all types of four-wheelers plus compatible two-and three-wheeler EVs.

Brihanmumbai Municipal Corporation

Installation of EV charging stations

•       Maharashtra Minister Aaditya Thackeray inaugurated an EV charging station in Mumbai.

•       The station, a first-of-its-kind, will generate 220 units of electricity from food waste collected from its nearby areas, mostly from bulk generators like hotels and offices.

•       The Brihanmumbai Municipal Corporation (BMC) is now planning to set up organic waste-powered EV charging station in each of the 24 administrative wards in Mumbai.

Source: Industry news articles, JMK Research

Other Market Updates

BikeWo appoints 25 dealers, unveils 15 multi-brand EV dealership stores pan India

Hyderabad-headquartered BikeWo launched its flagship multi-brand electric two-wheeler dealerships pan India, starting with Telangana and Andhra Pradesh. As a part of this, the company has appointed 25 dealers and unveiled 15 dealership stores located in Hyderabad, Kurnool, Gadwal, Rajamumdhry, Nellore and Tanuku. Among some of the renowned E2W EV brands that BikeWo has partnered with for EV display and sales in its showrooms include Hayasa, EV Minda, One Moto, E-Motorad, Ekotejas and Battre, among others. BikeWo is the only company that has acquired exclusive rights to sell the E2Ws of Hayasa and EV Minda in Andhra Pradesh and Telangana.

Zyngo to deploy over 18,000 EVs for last-mile delivery by FY 2022-23

Delhi-NCR headquartered third-party logistics service provider (3PL) Zyngo EV Mobility Pvt. Ltd. announced to increase its active fleet size to deploy over 18,000 electric vehicles, which will include 60% electric 2Ws and 40% electric 3Ws, for last-mile deliveries across India by the end of the current fiscal, i.e. FY 2022-23. By ramping up its fleet size and footprints across India, the company aims to capture at least 35% of the entire hyperlocal e-commerce logistics market by 2024. These delivery vehicles will be leased/sourced by Zyngo from the country’s leading OEMs such as Hero Electric, Piaggio, Omega Seiki Mobility, Kinetic Green and Mahindra Electric, among others.

Olectra receives order of 2,100 E-buses from BEST 

Olectra Greentech has bagged a big order for 2,100 electric buses from the Brihanmumbai Electric Supply & Transport (BEST) valuing the order size at INR 3,675 crore. The order of 2,100 E-buses is being considered as one of the biggest orders ever received in India’s electric mobility history. Earlier in May, Olectra was declared an L1 bidder. 

Ather to expand its network in Kerala

Ather Energy plans to further expand its footprint by opening 8 new experience centres in Tier II and III cities across Kerala including Kollam, Trichur, Palakkad, Kannur, Kasaragod, Alappuzha, Kottayam, and Pathanamthitta. Ather will be opening up its outlets in these cities in a staggered manner by Q2 2022.

Marelli launches wireless distributed battery management system for EVs 

Marelli, a leading global automotive supplier, announced expansion of its range of battery management technologies for electric vehicles with a new Wireless Distributed Battery Management System (wBMS). This technology eliminates the wired physical connections typically needed in other Battery Management System (BMS) architectures. The solution will be available starting Q2 2022 to support customer launches in 2024.

Delhi CM flags off 150 electric buses

The Delhi Chief Minister Mr. Arvind Kejriwal flagged off 150 electric buses on May 24. The national capital will boast 2,000 more such buses by next year. The Delhi government is planning to spend INR 1,862 crore on procuring electric buses over the next 10 years.

Hindustan Motors aims comeback as EV company, plans electric scooters and cars

Hindustan Motors seems to be ready for a comeback, this time as an electric vehicle manufacturer. The company joined hands with a European electric vehicle company for making electric scooters at its plant in Hindmotor near Kolkata. Initially, the company is planning to launch an electric scooter, while at a later stage it could bring an electric car as well.

Simple Energy defers deliveries of e-scooter amid rising fire incidents in EVs

EV maker Simple Energy has deferred the deliveries of its maiden electric scooter ‘Simple One’ to September, citing possible policy changes by the government in the wake of the recent incidents of fire in electric vehicles. The Bengaluru-based company, which launched the e-scooter on October 15 last year, has taken a conscious call to postpone the vehicle deliveries to the first week of September from June.

Cumulative EV sales top 50,000 units in Delhi, corner over 12.5% share of new vehicle sales in March

Cumulative electric vehicle sales in India’s national capital since the rollout of its EV policy in 2020, have topped 50,000 units this month with EVs accounting for over 12.5% of all new vehicle sales in March 2022. The Delhi state government had rolled out its maiden EV policy in August 2020 which extended a host of incentives over and above the central government’s FAME 2 Scheme to customers.    

BEL to manufacture battery packs for Triton electric trucks

The Pune unit of Navratna Defence PSU Bharat Electronics Limited (BEL) will manufacture Li-ion battery packs for the electric trucks of US-based Triton, as part of an MoU signed between Triton and Gujarat State government for setting up an EV truck manufacturing plant, with a commitment to invest around INR 10,800 crore over a span of five years. The agreement was inked to explore manufacturing of battery cells in India for energy storage systems and electric vehicles in the heavy vehicle segment for the requirements of customers in USA, India, and other countries. 

Ford cancels EV production plans in India

Ford has withdrawn its application from the Centre’s production-linked incentive (PLI) scheme worth INR 26,058 crore meant for the automobile and drone industry. Ford was amongst the first tranche of manufacturers which got approval for this scheme. Now, however, the company will not use any of its existing facilities in India – at Maraimalai Nagar, Tamil Nadu, and Sanand, Gujarat – for this purpose.

EV maker Omega Seiki Mobility to foray into trucks, tractors and drones

Electric vehicle manufacturer Omega Seiki Mobility Pvt. Ltd. said it would get into the manufacturing e-trucks in 1.5, 3.5, and 6.5-tonne capacities, e-drones, and e-tractors to broaden its product offerings. The company is also working on a high-speed scooter range and e-rickshaws, according to founder and chairman Uday Narang in a recent interview. Currently, the company manufactures seven EV models, including five three-wheeler models and two two-wheelers.

Starya Mobility introduces retro fitment kit for two-wheelers

Bengaluru-based retrofitting scooter start-up, Starya Mobility has launched a cost-effective electric powertrain developed over the last four years which can convert any petrol scooter to electric. Its 5.5kW patented PMSM Motor,250A controller unit will offer a top speed of 75kph and a range of around 72km per charge.

Nexcharge starts making lithium-ion battery packs in Gujarat

Nexcharge, an exclusive joint venture between Exide Industries and Leclanche inaugurated its fully automated lithium-ion battery packs and modules manufacturing plant at Prantij, Gujarat. The plant is spread across 610,098 sq.ft., which is, claimed to be the largest production facility for lithium-ion battery packs and modules in India, and has an installed capacity of 1.5GWh.

Matter Energy launches EV battery packs & swapping tech for two and three-wheelers

Matter, a technology start-up in energy storage and EVs launched its lithium ion-based energy storage product portfolio for mobility and stationary applications at the India Energy Storage week. Matter’s stationary energy storage systems offerings are intended to support RE generators, transmission operators, discoms, and other end-users.

WardWizard plans to set up lithium-ion advance cell manufacturing unit in India

WardWizard Innovations and Mobility Ltd, which manufactures electric two-wheelers under the Joy E-Bike brand, has announced plans to set up a lithium-ion advance cell manufacturing unit at its electric vehicle ancillary cluster in Vadodara, Gujarat. The company has signed a memorandum of understanding (MOU) with Singapore-based renewable energy management consulting firm Sunkonnect.

Deals & Investments

Company name

Company type

Deal type


Deal value

(US$ Mn)



EV Ride-hailing platform

Equity + Debt

Equity (USD 15mn): BP Ventures and Green Frontier Capital

Venture debt (USD 10mn): Stride Ventures, Alteria Capital, BlackSoil, and UCIC


EV cab firm BluSmart raises $50 mn; plans to expand fleet to over 5,000 cars


E2W Manufacturer


Kuwaiti investor Sivaram Juvva and his company Al Tebah and Omani investor, Ivor Braganza and his company Muscat International Project Management & Services LLC; Other investors


Startup eBikeGo completes USD 5 mn fund infusion

Three Wheels United



Delta Corp Holdings


EV Financing Startup Three Wheels United Bags $10 Mn To Launch In 10 New Cities


EV Ride-hailing platform


Magnifiq Securities


Hyderabad ride-sharing startup Hala raises 1 million USD

Maxwell Energy Systems (Ion Energy’s battery management system unit)

EV Component Manufacturer


Endurance Technologies


Endurance Technologies buys Ion Energy’s battery management system unit for $40 million in an all-cash deal


Revoh Innovations

EV Component Manufacturer


Angel investors Vel Kanniappan and Ravi Renganathan


EV startup Revoh Innovations raises $150M to build new production plant




Ather Energy

E2W Manufacturer


National Investment and Infrastructure Fund Limited’s (NIIFL) Strategic Opportunities Fund (SOF) and Hero MotoCorp


EV Maker Ather Energy Raises US$128 Million In Series E Funding Round 






EV Start-up

Equity + Debt

BeyondTeq, GCC family offices, Strides One, TradeCred, N+1 Capital, and Nitish Mittersain from Nazara Technologies


EV Startup MoEVing Secures US$5 Mn to Add 10K EVs To Its Fleet 

AMW Motors

EV Component Manufacturer


Triton EV


Triton EV acquires AMW’s manufacturing facility in Gujarat, first EV truck to be rolled out this year 

Source: Industry news articles, JMK Research

ABB to acquire controlling stake in EV charging platform Numocity 

The e-mobility division of ABB has agreed to acquire a controlling stake in Numocity, a digital platform for electric vehicle charging in India. ABB would increase its shareholding to a controlling majority of 72% in Numocity and gain the right to become the sole owner of it by 2026. ABB’s holding increased to 77% from 7% three years ago.

Toyota’s Subsidiaries Invest INR 4,800 Cr to Manufacture EV Parts In Karnataka

Toyota Kirloskar Motor and Toyota Kirloskar Auto Parts, subsidiaries of Toyota Group of Companies, have inked an MoU with the Karnataka government to invest US$0.62 billion (INR 4,800 crore) in the state. The investment aims to set up local manufacturing facilities to build electric powertrain parts and components, thus catering to India’s EV manufacturing industry.

Switch Mobility to invest INR 1,000 crore in electric vehicle plant  

Switch Mobility, the electric vehicle arm of Ashok Leyland, will be investing US$0.13 billion (INR 1,000 crore) in a dedicated EV plant in South India. The plan is to set up 30,000 units of E-LCV capacity and 10,000 units electric buses that will help Ashok Leyland to cater to rising demand for EVs for the last-mile goods and public transport.

Jindal Worldwide makes EV foray, acquires Earth Energy EV

Jindal Worldwide has acquired Mumbai-based electric vehicle start-up Earth Energy EV through its subsidiary Jindal Mobilitric. In addition, Jindal Mobilitric will set up a new manufacturing plant in Ahmedabad which will supplement the existing Earth Energy manufacturing facility in Maharashtra. The acquisition will see Jindal Mobilitric take over the indigenously developed technology platform as well as Earth Energy’s brands – Glyde SX and the Glyde SX+ – variants of its commuter scooter as well as the – Evolve R and the Evolve S commuter and cruiser motorcycles. The EV start-up has already appointed distributors across 10 states including – Maharashtra, Gujarat, Karnataka, Kerala, Tamil Nadu, Telangana, Andhra Pradesh, Chhattisgarh, Madhya Pradesh and Orissa, which will be retained by Jindal Mobilitric.

Attero Recycling plans to spend $1 billion to expand as EVs take off

E-waste recycling firm Attero Recycling plans to invest US$1 billion (INR 7,700 crore) to expand its lithium-ion recycling capacity across the globe to 3 lakh metric tonnes per annum by 2027. At present, the company recycles lithium-ion in India only but with fresh investment the company will expand recycling capacity globally to 1.5 lakh MT by 2025 in phase 1 with investment of US$500 million and then to 3 lakh MT by 2027 with additional investment of US$500 million.

Svitch MotoCorp to invest INR 100 crore in electric bike project

Ahmedabad-based EV maker Svitch MotoCorp plans to invest INR 100 crore in the project related to electric bike CSR 762 which is expected to hit the market in this calendar year.  The e-motorbike will be priced at around INR 1.65 lakh on which a subsidy of INR 40,000 will be given as per the government mandate. Svitch Bike, which started in 2019, currently has four bikes — XE+, XE, MXE and the non-electric NXE -in its product portfolio. These models are produced at its Sanand manufacturing facility in Gujarat.

JVs & Partnerships

Companies involved

Purpose of Partnership

Hero Electric and Cholamandalam Investment and Finance Company Limited

•       EV company Hero Electric entered into a partnership with Cholamandalam Investment and Finance Company Limited, the financial services arm of Murugappa Group, to offer easy and smart financing for electric two-wheelers.

•       The collaboration aims to make Hero Electric scooters more affordable for discerning and price-conscious buyers with attractive financing solutions.

GreenPower and Jupiter Wagon Group


•       GreenPower Motor Company Inc., a leading manufacturer and distributor of electric-powered, medium and heavy-duty vehicles, announced that its wholly owned subsidiary EA Green-Power Pvt Ltd. has entered into a joint venture with the Jupiter Wagon Group to bring select GreenPower all-electric vehicles to the Indian market.

•       GreenPower’s EV Star Cab and Chassis Right Hand Drive is a multi-utility zero-emission vehicle with a standard battery pack of 62.5 kWh offering a payload of 4,095 kilograms with a range of 150 km.  

Okinawa Autotech and Tacita

•       Okinawa Autotech has partnered with Italian electric and performance bike firm Tacita to set up a joint venture for the manufacturing of futuristic scooters and motorcycles as well as powertrain for domestic and international markets.

•       The Joint Venture company will be based in India and commence production from 2023.

•       The 2023 range, to be equipped with the best connectivity systems in the market having Okinawa technology, will include a scooter and a high-end performance motorcycle.

Advik and Entecnia

•       Advik Hi-Tech, an automotive component manufacturer, announced a new exclusive technology licensing agreement with Spain-based Entecnia for electric vacuum pumps used in passenger car braking systems.

•       With Entecnia’s patented technology in electric vacuum pumps and Advik’s manufacturing capabilities, this product will cater to electric vehicles and internal combustion engines for automotive applications.

ElectricPe and Electric One

•       ElectricPe has partnered with Electric One, India’s Largest EV Super Stores Chain, to provide robust charging infrastructure and encourage EV adoption.

•       Through this alliance, Electric One customer across 82 stores in India will get access to ElectricPe’s EV platform.

Hero Electric and RevFin

•       Hero Electric partnered with RevFin, an advanced digital consumer lending platform, to provide readily available loans to EV riders across India.

•       Both companies have inked an agreement to jointly finance and lease 2,50,000 electric two-wheelers over the next three years and collaborate with multiple e-commerce, logistics, and fleet operations companies to fulfill the objective.  

Hyundai and Tata Power

•       Hyundai Motor India has joined hands with Tata Power to set up fast charging electric vehicle infrastructure across its select dealerships in the country.

•       Under the collaboration, 60 kW DC charging stations will be installed at the company’s 34 EV dealerships in 29 cities to cater to all kinds of electric vehicles through Hyundai and Tata Power EZ Charge Mobile App.

Hero Electric and Statiq

•       The two companies have collaborated to strengthen mobility and charging network for EV users in the northern belt of the country.

•       Under the partnership, Hero Electric will help decide where the next set of EV chargers should be launched based on the consumers’ inquiries, demands and requests.  

Electric One and Ipower Batteries

•       Electric one and Ipower batteries will collaborate to set up 500 EV battery checkup and replacement centres in FY 2022-23. 

•       These centres will ensure EV batteries are checked on time and replaced with lithium-ion batteries to avoid any accidents on road or otherwise. 

Hero Electric and ReadyAssist

•       Hero Electric, a leading electric two-wheeler company, has partnered with ReadyAssist, a 24×7 roadside assistance company, to provide AMC and service support to its B2B customers.  

•       Earlier, the companies also announced their collaboration for training and up-skilling 20,000 mechanics in EV skillsets across the country.  

•       The EV company aims to deliver efficient servicing of e-bikes at the customer hub, offer roadside assistance, and resolve breakdown issues on priority. 

Log9 Mobility and ckers Finance

•       cKers Finance, an NBFC focused on financing sustainability and clean energy in India, has provided a debt financing facility of INR 10 crore to Log9 Mobility, a wholly-owned subsidiary of Log9 Materials. 

•       Log9 is developing advanced cell chemistries which can be used in battery storage technologies across mobility and stationary storage solutions. 

Indeanta Ventures and Log9 Materials

•       Log9 Materials has entered into a long-term partnership with electric-mobility-as-a-service solutions provider Indeanta Ventures. 

•       As per the partnership, Log9 will provide its rapid-charging battery solution (RapidX batteries) to Indeanta Ventures’ electric two- and three-wheeler platforms.  

•       The partners will work closely for the next 3 years to jointly deploy over 15,000 RapidEVs across various parts of India.

Ather Energy and Statiq

•       Electric scooter manufacturer Ather Energy and charging network operator Statiq have partnered to enhance and share the EV charging network operated by both the companies in the northern regions of the country, with a special emphasis on the NCR regions.  

TVS and Rapido

•       TVS Motor Company has inked a strategic partnership with Rapido, an on-demand delivery and mobility platform, which will see both companies collaborate by leveraging synergies of their respective businesses. 

•       Through this partnership, TVS Motor Co and Rapido will bring together their strength in mobility and seamless technology platform respectively to deliver a winning proposition to the demanding user base. This comprehensive partnership will cover both two- and three-wheeler vehicles and extend across ICE and EV segments. 

Badve Group and EVR Motors

•       Indian automotive component firm, Badve Engineering, and Israeli start-up EVR Motors have announced forging a strategic commercial agreement for manufacturing of the latter’s proprietary Trapezoidal Stator – RFPM electric motors in India which will be nearly half the weight and size of similar competing motors.

•       Badve Group, which has already initiated the joint development and localisation process at one of its facilities in Pune, plans to ramp up its production to an annual capacity of 0.5 million units by mid-2023 to meet the rising EV demand. 

Source: Industry News Articles, JMK Research


Tender Name

Tendering Authority


Bid Submission Date

Tender ID

Selection of bidder for Supply, Installation, Testing, Commissioning, Operation and Maintenance of Electric Vehicle Charging Stations in eight cities (Ahmedabad, Bengaluru, Chennai, Delhi, Kolkata, Mumbai, Pune and Surat) on BOO Model for eight years

Convergence Energy Services Ltd. (CESL)

Tender Value: N/A


Total number of charging stations: N/A

17 June 2022 (2:30 PM)


Procurement of EV DC fast, AC slow chargers along with CMC, Guarantee & AMC and onsite services support for 5 years period along with installation & Commissioning

Telangana State Renewable Energy Development Corporation Limited

Tender Value: N/A

Period of Completion/ Delivery Period (In Months): 6

06 June 2022

(3 PM)


SITC Of 25 Nos. Of Fast Public Electric Vehicle Charging Stations At Various Locations In Surat City

Surat Municipal Corporation (Gujarat)

Tender Value: INR 14.58 Crore (Estimated)

Total number of charging stations: 25

Fast Chargers: 25

26 May 2022

ACE(Ele.)/ Light & EEC/01/2022-23

Source: Industry News Articles, JMK Research

Global Market Updates

Daimler Truck acquires stake in Reutlingen-based Manz for cooperation in battery technology; sign strategic partnership

Commercial vehicle manufacturer Daimler Truck AG has acquired a stake in German high-tech machinery manufacturer Manz through a capital increase of around 10%, subject to approval by the relevant antitrust authorities. In addition, as a first step, both companies have signed a strategic partnership to establish a pilot line for the production of lithium-ion battery cells and for the assembly of batteries at Dailmer’s Germany-based Mannheim site.

Mercedes-Benz partners Sila for upcoming electric G-Class

Mercedes-Benz announced its partnership with Sila, a next-gen battery materials company, to feature Sila’s silicon anode chemistry in batteries as an option in the upcoming electric Mercedes-Benz G-Class. Sila’s technology claims to enable a 20-40 percent increase in energy density reaching more than 800 Wh/l at cell level compared to today’s commercially available cells with a comparable format. With this major development, Mercedes-Benz aims to store much more energy in a smaller area, thus increasing range and enabling future vehicles to traverse further on a single charge. 

Hyundai, Kia to invest $16.5 billion to boost production of EV 

Hyundai Motor company and its affiliate Kia plan to spend 21 trillion won or US$16.5 billion to boost the production of EVs in South Korea. The investment includes establishment of new factory that will gradually have the capacity to make around 150,000 cars a year. Both the automakers aim to increase annual EV production in the country to 1.44 million units by 2030 from an expected 350,000 units this year.

Hyundai Motor Group to invest $5.5 bln to build EV, battery facilities in U.S

Hyundai will break ground to build its first dedicated full EV and battery manufacturing facilities in the US in Georgia in early 2023. The new facility is expected to begin commercial production in the first half of 2025 with an annual capacity of 300,000 EV units. 

Ford sells about 8% of its stake in electric-vehicle startup Rivian

Ford Motor Co. has sold off about 8% of its stockholdings in Rivian Automotive Inc. pushing shares of the electric-vehicle startup to an all-time low. Ford sold about 8 million shares through Goldman Sachs. Before the sale, Ford held about 102 million shares in Rivian, accounting for 11.4% of the company. 

Tesla recalls nearly 130K vehicles due to overheating infotainment system

Tesla recalled 129,960 vehicles this month to fix infotainment systems that may overheat before and during fast charging. Tesla says it is resolving the flaw with an over-the-air software update, which refreshes software wirelessly like a smartphone app update, making the recall less burdensome for Tesla and affected owners. Tesla owners won’t need to take their vehicles to a service station. Tesla has issued seven recalls this year for the 2022 Model 3 and six for the 2022 Model Y, all of which have been addressed with over-the-air software updates. 

Japan’s Subaru to build its first electric vehicle factory

Subaru Corp. aims to build a dedicated electric vehicle factory in Japan in the late 2020s as part of a US$1.9 billion ramp-up to respond to surging demand for battery cars in the North American market- which is its major market. It plans to launch a mixed-production line of gasoline and electric vehicles around 2025 before opening an EV-only production line in the new factory after 2027.

U.S. to spend more than $3 billion on EV battery manufacturing

The Biden administration will allocate more than US$3 billion in infrastructure funding to finance the electric vehicle battery manufacturing. The funds will be allocated by the Department of Energy from the US$1 trillion infrastructure bill President Joe Biden signed last year. Among the initiatives will be the processing of minerals for use in large-capacity batteries and recycling those batteries.

Stellantis to spend US$2.8 billion on its Canada factories to push EV goals

Stellantis NV has planned to invest US$2.8 billion to modernize its two Canadian assembly factories to build electric vehicles. Stellantis is aiming to add a new car platform that can be used to make electric vehicles at its plants in Windsor and Brampton, Ontario. According to a report by Bloomberg, this investment by Stellantis will restore employment at the two factories, which have been adversely impacted in recent years.

Ducati’s first electric bicycle MG20 launched at USD 1,663

Ducati launched its first-ever folding electric bicycle, called MG20 in in the international market. The two-wheeler manufacturer introduced this e-bicycle at a price of US$1,663 equivalent to INR 1,28,915. The brand states that the Ducati MG20 electric bicycle is specifically designed for city commuting. Powering the Ducati MG20 e-bicycle is a 36V 10.5Ah 378 Wh Samsung battery with a 250kW electric motor placed at the rear.

Nano One and BASF join to develop li-ion battery materials

Vancouver-based technology company Nano One signed a joint development agreement (JDA) with BASF to produce lithium-ion battery materials. Under the JDA, the companies will co-develop a process with reduced by-products for commercial production of next-generation cathode active materials (CAM) based on BASF’s HEDTM-family of advanced CAM and using Nano One’s patented One-Pot process and metal direct to CAM technologies. This multi-phase agreement includes detailed commercialization study for pre-pilot, pilot and scaled up production.

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