Monthly EV Update – November 2022

Monthly EV Update – November 2022

monthly electric vehicle

Product Launches

India LaunchesNovember 2022


Vehicle type

Battery specifications

Other specifications


iVOOMi S1 240



  • 4.2kWh
  • Range – 240 km
  • Motor – 2.5 kW

INR1,21,000 (Ex-Showroom)

iVOOMi S1 80



  • 1.5kWh
  • Range – 80 km
  • Top Speed – 55 km/hr
  • Motor – 2.5 kW

INR69,999 (Ex-Showroom)

Ultraviolette F77



  • 7.1kWh Lithium-ion
  • Range – 206 km
  • Top Speed – 140 km/hr



Ultraviolette F77 Recon



  • 10.3kWh Lithium-ion
  • Range – 307 km
  • Top Speed – 147 km/hr



Ultraviolette F77 Limited



  • 10.3kWh Lithium-ion
  • Range – 307 km
  • Top Speed – 152 km/hr






  • 5kWh
  • Range – 125-150 km
  • 4-speed manual gearbox

Volton Booty 120



  • 36Ah
  • Range – 90-120 km (throttle mode), 130-150 km (pedal assist)
  • Top Speed – 25 km/hr
  • Charging time – 3.5 hrs


(Ex- Showroom)

Volton Booty 60



  • 24Ah
  • Range – 50-55 km (throttle mode), 60-70 km (pedal assist)
  • Top Speed – 25 km/hr

·         Charging time – 3.5 hrs


(Ex- Showroom)

Volton Booty 30



  • 12Ah
  • Range – 25-30 km (throttle mode), 35-45 km (pedal assist)
  • Top Speed – 25 km/hr
  • Charging time – 3.5 hrs


(Ex- Showroom)


E3W (Passenger)

  • 2 Battery options – Fast and Fixed


INR7,00,000 (ex-showroom, post government subsidy)

Pravaig Defy SUV


  • 90.9kWh Lithium-ion
  • Range – 500 km
  • Top Speed – 210 km/h
  • Charging Time – 30 minutes (0-80%)



Tata Tigor (New)


  • 26kWh Lithium-ion
  • Range – 315 km
  • Charging Time – 59 minutes




  • 48V Lithium Iron Phosphate
  • Range – 120 km, 160 km, 200 km
  • Charging Time – 3 to 4 hrs

INR4,79,000 (introductory price), INR6,79,000 (for 160 km range), and INR7,79,000 (for 200 km range)

Source: Industry News Articles, Company Websites, JMK Research; Note: Details of iVOOMi 200 not available, hence not included

Upcoming Launches

Mercedes GLB and EQB to launch on December 02 in India

Mercedes-Benz, a German automaker, is all set to launch its ICE version GLB and the EQB electric SUV in India on December 02, 2022. Speaking of Mercedes EQB, it will be the fourth electric vehicle from the German company in India. the EQB will be the first three-row model to be launched in the luxury EV segment in India. The EQB gets a 66.5kWh battery at its core which is smaller than the 80kWh battery pack inside the EQC. It manages to offer a claimed range of around 420 kms. It has a top speed of 160 kmph. The EBQ is likely to be price around INR80 lakh (ex-showroom).

TII to unveil electric heavy commercial vehicles by Dec

Tube Investments of India Ltd. (TII) is planning to unveil electric heavy commercial vehicles in December followed by small electric tractors. This will be the Murugappa Group’s second electric vehicle venture, the first being an electric three-wheeler under the Montra brand in September.

Skoda India to bring e-SUV Enyaq iV in 2 years, eyes localisation after pilot phase

Czech automaker Skoda Auto India is planning to bring its first electric SUV Enyaq iV in the next two years. The company is also evaluating the feasibility of localising the global EV model in India after the pilot phase. Skoda Enyaq iV was globally debuted in September 2022 as the first dedicated EV offering based on the Volkswagen Group MEB platform. Expected to be priced around INR 60 lakh, Skoda Enyag will compete with the likes of Kia EV6 and Hyundai Ioniq 5.

Eko Tejas to sell Muscle Bike E-Dyroth from next month

Andhra Pradesh-based EV start-up Eko Tejas has ventured into high-speed motorcycles with Muscle bike ‘E-Dyroth’, which will be available in the market from December 2022. Presently pre-bookings are going on. The e-motorcycle is designed on the lines of Harley Davidson. The vehicle will have a top speed of 100 kmph, which will be achieved with its 4-kW high RPM mid-drive motor. One battery in a single charge will give up to 150 km range. It also has an option to accommodate another spare battery to have a 300km run at a stretch. The buyer has the benefit of getting 72V/60Ah on purchase.

MG Air EV India launch confirmed

MG had previously spoken about an affordable electric vehicle for India, and as per the latest developments, the carmaker has confirmed that it will be the MG Air EV. To be positioned as an urban commuter, MG has confirmed the launch to take place in 2023. The MG Air EV will be based on the Wuling Air EV, which is on sale in Indonesia. The MG Air EV will most likely get a 25kWh battery pack, capable of offering a range of around 150km on a full charge. The single electric motor that will power the front wheels will be capable of ~35–40 bhp. The 25 kWh battery pack can be fully charged in under 5 hours using a 6.6 kW AC charger, while MG could offer fast charging capabilities as well.

EV Sales Trend

The overall EV sales in November 2022 witnessed a marginal m-o-m increase by 0.1% to reach 1,19,949 units. Besides, there was a y-o-y leap of more than 185%.

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

Source: Vahan Dashboard, Company Press Releases, JMK Research

Note: Sales figures represent EVs registered across 1,341 RTOs in 34 states/ UTs.

As depicted in the figure below, EV registrations in November 2022 were driven by electric two-wheelers and passenger-type electric three-wheelers, which together accounted for 93.02% of total registrations in the month. The shares of these categories were followed by E-Cars (4.09%), cargo-type electric three-wheelers (2.77%), and so on.

Category-wise EV Sales in November 2022

Source: Vahan Dashboard, Company Press Release, JMK Research

Note: Sales figures represent EVs registered across 1,341 RTOs in 34 states/ UTs; Others include adapted vehicle, agricultural tractor and goods carriers.

Among the states and UTs, Uttar Pradesh accounted for the highest EV registration this month witnessing an m-o-m rise in sales of over 10%. This was followed by Maharashtra accounting for 13% of overall EV sales. Karnataka and Rajasthan both attained third spot this month with 9% shares each. This was followed by Gujarat (7%), Tamil Nadu (6%), and Delhi (5%). Tamil Nadu witnessed a rise of more than 25% in registrations this month which was the highest rise in registrations for the month by a state.

State-wise Registered EV Sales in November 2022

Source: Vahan Dashboard, Company Press Release, JMK Research

Note: Sales figures represent EVs registered across 1,341 RTOs in 34 states/ UTs. Others include Chhattisgarh, Andhra Pradesh, Uttarakhand, Punjab, and 17 other states/UTs.

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

The overall HS E2W sales in the country in November 2022 stood at 76,162 units, signifying a decline of 4.6% m-o-m and over 2x y-o-y leap in registrations. The Top 10 players accounted for 91% of the total registrations witnessed in the month of November 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 1,341 RTOs in 34 states/ UTs.

Ola Electric retained its top slot this month as well with over 16,000 units sold. Ampere rose to second position, recording a m-o-m increase of 22% in sales. Okinawa slid to number three slot while Hero Electric remained at number four position. Benling, despite declining by 14% m-o-m, retained its position in top 10 players.

Top High-Speed E2W Players in November 2022

Source: Vahan Dashboard, Company Filings, JMK Research

Note: Sales figures represent only high-range E2W (Top speed > 25 kmph) registered across 1,341 RTOs in 34 states/ UTs. Others include Revolt, Pure EV, GoGreen E-mobility Private Limited, MEW Electricals Ltd (BGauss), KLB KOMAKI, and 80 other players.

Electric Three-Wheeler (E3W)

The sales of registered E3Ws passenger and cargo-type in November 2022 stood at 35,405 units and 3,319 units respectively, signifying a m-o-m increase of 11.21% for E3W – Passenger and rise of 12.17% for E3W – Cargo. Overall E3W sales recorded a gain of 11.3% over last month.

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

Source: Vahan Dashboard, JMK Research

Note: Sales figures represent E3Ws registered across 1,341 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 November 2022 accounted for 34.14% share of the entire E3W market. Mahindra and YC Electric came in at close first (~8% share) and second (~7.92% share) positions respectively with a margin in sales of just 2 units. This was followed by Saera Electric Auto (5.39%), Dilli Electric (3.77%), Champion Poly Plast (3.22%), Mini Metro EV LLP (3.18%), and Unique International (2.73%). Unique International regained its entry to the top 7 club this month, displacing Piaggio.

Top E3W Players in November 2022

Source: Vahan Dashboard, JMK Research

Note: Others made up 65.86% of the E3W market in November 2022; sales figures for players are inclusive of both cargo and passenger offerings; Sales figures represent E3Ws registered across 1,341 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 November 2022 stood at ~4,907 units, witnessing a m-o-m decline of 2% however a y-o-y surge of about 2x in registrations. Tata Motors has been driving the E-car sales this month as well. The Company accounted for more than 81% share of the total E-car registrations. BMW India and Kia Motors witnessed the maximum increase in sales of 200% and 100% respectively this month over October. Volvo Auto saw a comeback in sales after eight months.

Player-wise E-Car Sales Trend

Source: Vahan Dashboard, Company Press Release, JMK Research

Note: Sales figures represent E-cars registered across 1,341 RTOs in 34 states/ UTs; Others include Hyundai, BYD, Audi, Volvo Auto, Mahindra & Mahindra, Mercedes-Benz, BMW, Jaguar, KIA Motors, and Porsche.

Electric Buses (E-Buses)

The cumulative sales of E-buses in November 2022 stood at 117 units, with a m-o-m decline of over 50% and a y-o-y surge of more than 240%. This month’s sales were driven by Olectra Greentech (37.61%) followed by Switch Mobility (24.79%). This was followed by PMI Electro Mobility (23.08%) and JBM Auto (12.82%) which sold more than 10 E-buses each this month. Mytrah Mobility and VE Commercial, each sold 1 E-bus this month against 12 and 29 E-buses respectively last month. Tata Motors has not been witnessing any sales of E-bus from the last four months now.

Player-wise E-Bus Sales Trend

Source: Vahan Dashboard, JMK Research

Note: Sales figures represent E-buses registered across 1,341 RTOs in 34 states/ UTs.

Policies & Regulations

Haryana notifies Electric Vehicle Policy 2022

The Haryana government has notified the Electric Vehicle Policy, under which 12 schemes have been made live. The aim of the Electric-Vehicle Policy is to promote the manufacturing of electric vehicles and their components in the state. In addition to strengthening the infrastructure, provisions have been made in the policy to reduce the upfront cost of electric vehicles. In this, the buyers of Hybrid EV will also get incentive. The 12 schemes that have been made live to encourage electric vehicles in the policy include purchase incentive for buyers, charging and battery swapping station scheme, Net SGST reimbursement scheme, capital subsidy scheme, employment generation subsidy scheme, electricity duty exemption scheme, stamp duty reimbursement scheme, patent fee reimbursement scheme, R&D incentives, human capacity building excellence centre of excellence scheme, seed and conversion fund scheme, and water treatment incentive scheme.

Key meet to decide on adopting EV policy in Uttar Pradesh

The state government will be holding a key meeting to decide on adopting UP Electric Vehicle Manufacturing and Mobility Policy, 2022. The urban development department will brief the heads of the 17 municipal corporations on the key points of the policy and ask them to implement it across 17 cities of the state. Though UP has the highest vehicle number of electric vehicles in the country, it lacks charging stations in the same proportion. The government is coordinating with NITI Aayog and Asian Development Bank (ADB) to finalise a comprehensive electric mobility plan for Lucknow and it is expected to go green before other cities in the state. According to the roadmap prepared by the department by 2025, some routes across the 17 cities will have to be turned into green routes where only electric public transport vehicles will be deployed. And by 2030 the entire fleet of vehicles engaged for public transportation will have to be battery operated.

Diesel autos to be phased out in NCR by end of 2026: CAQM policy

Diesel-run auto rickshaws will have to be phased out in the entire national capital region (NCR) by December 31, 2026, according to a new policy formulated by the Commission for Air Quality Management (CAQM) to curb air pollution in Delhi-NCR. The policy mandates phasing out of diesel autos in Gurugram, Faridabad, Gautam Buddh Nagar and Ghaziabad by December 31, 2024. Only Compressed Natural Gas (CNG) and electric autos will be registered in NCR states from January 1, 2023, according to the policy.

Centre collaborates with think tank to push production of EV batteries in India

The Centre’s Department of Science and Technology (DST) and green think tank Centre for Science and Environment (CSE) have collaborated to create a platform that will support the development of new EV batteries to suit Indian requirements. A white paper will be prepared on a roadmap to develop new battery technologies in India. This would be followed by the creation of an expert-industry forum or platform to support this process.

Greater Chennai Corporation studies possibility of setting up common e-vehicle charging stations

The Greater Chennai Corporation will soon facilitate e-vehicle manufacturers to set up universal charging stations across the city. An expert team, with Tangedco as the nodal agency, has been formed by the state government to study feasibility to bring universal charging stations for e-vehicles.

Tamil Nadu govt plans to extend 100% road tax exemption for EVs till 2025

The state transport department has proposed to extend 100 percent road tax exemption for electric vehicles for another three years. If approved, EVs will continue to cost 8 percent less. To promote sales of battery-operated vehicles, Tamil Nadu in 2008 fixed road tax for e-bikes as INR750 and for personal cars, owners had to pay 3 percent to 6 percent of the vehicle’s cost as tax. Later, the government halved the tax amount and in 2019 waived off the tax completely up to December 2022.

24 public stations to be operational within a week in Chandigarh

An impediment to greater acceptance of electric vehicles in the Chandigarh—lack of public charging stations — is set to be resolved. A total of 24 charging stations already installed will be made operational in a week. The move comes after the UT administration asked Rajasthan Electronics & Instruments Ltd (REIL) to immediately operationalise the charging stations it has installed across the city.

Chandigarh allots two firms work of setting up charging stations for electric vehicles

The Chandigarh Administration has allotted the work of setting up electric vehicle charging stations, which would be made operational within three months, in the city to two firms. Chandigarh Administrator had approved the Electric Vehicle Policy, 2022 in order to make Chandigarh a ‘model EV city’ by achieving one of the highest penetrations of zero emission vehicles (ZEV) among all Indian cities by the end of the policy period of five years. The policy had come into force on September 20. The work order includes setting up 44 EV charging stations equipped to charge 332 vehicles at a time and 26 battery swapping stations with battery options at various locations in Chandigarh. In the first two years of the EV policy period, 100 public charging stations will be installed in UT. Within six months, all petrol stations will have to set up charging stations. INR8 per unit would be charged for slow and moderate charging, INR10 per unit for fast charging, and INR11 per unit for battery swapping.

Indian Air Force procures electric vehicles to reduce carbon footprint

The Indian Air Force (IAF) inducted a fleet of Tata Nexon electric vehicles, keeping with the government’s initiative on introduction of green mobility. Air Chief Marshal VR Chaudhari flagged off the first batch of 12 electric vehicles. The force is planning to enhance the usage of electric vehicles in a progressive manner by procuring e-vehicles against downgraded conventional vehicles.

Housing societies will need norms for EV charging

A public interest litigation (PIL) filed in the Bombay High Court has sought a court directive to the Registrar of Cooperative Housing Societies to issue guidelines for the installation of electronic vehicle charging stations within co-operative housing societies. The present public interest litigation is necessitated owing to the regulatory and legislative vacuum of there being no guidelines regarding the installation of EV charging stations within co-operative housing societies.

Karnataka Dept sits on e-bike taxi permit applications; last-mile travel hit

It’s been 16 months since the state government unveiled the Karnataka electric bike taxi scheme. While three firms — Rapido, Bounce and Metro Ride — have so far applied for e-bike taxi permits, the transport department hasn’t issued the same to anyone. As per a senior transport department official however, while the application of Rapido has already been rejected, Metro Ride’s documents are being verified and Bounce has been asked to furnish additional details. In July 2021, the government unveiled the ambitious scheme to allow e-bike taxis to help provide first and last-mile connectivity, mainly at Metro, bus, and railway stations.

Centre will bring FAME to more states; J&K to see major EV focus

The government plans to expand the Faster Adoption and Manufacturing of Electric Vehicle (FAME) scheme to more states in the second phase to further boost the adoption of electric vehicles in India. There will be a special focus on Jammu and Kashmir with the roll-out of electric buses in the state. So far, the government has taken bigger cities into account but now it will go for smaller cities and accordingly have expanded the scheme to cover the states of Himachal Pradesh and Assam. The government has also been targeting larger cities that have high level of pollution like Bengaluru, Ahmedabad, Mumbai, and Delhi (for supplying electric buses under FAME). Now, seeing the special nature and requirement of Jammu and Kashmir, government is expanding FAME coverage there.

Power Ministry amends guidelines for EV charging infrastructure

The Power Ministry has amended the guidelines for charging infrastructure for electric vehicles under which public charging stations would have the feature of prepaid collection of service charges with the time of the day rates and discounts for solar hours. A committee under the Central Electricity Authority (CEA) would recommend to the states the ceiling limit of service charges to be levied and the time of the day rate for service charges as well as the discount to be given for charging during solar hours. The original guidelines had been issued in January 2022 with the aim of enabling faster adoption of electric vehicles and providing affordable tariff, chargeable from charging station operators and electric vehicle owners.

Government set to revert to issuing permit for commercial EVs at zero fee

The government is all set to bring back the policy for issuing permits for commercial electric vehicles at zero fee. The Centre had discarded the practice over the last two years in order to push penetration of green vehicles. However, now it has decided to revert to the old method of issuing such permits.

Centre to decide on semiconductor fab by Feb

The central government is expected to decide by February 2023 which company would build, and which state would house, a semiconductor fabrication plant. Recently Karnataka formalised a Memorandum of Understanding with the ISMC consortium for a US$3 billion fabrication plant in Mysuru. ISMC is a joint venture between Abu Dhabi-based Next Orbit Ventures and Israel’s Tower Semiconductor. ISMC has sought 150 acres of land at Kochanahalli industrial area in the city for the project, which is expected to provide about 1,500 direct jobs.

Electric vehicle lobby writes to parliamentary committee against fraudulence allegations

An industry body for electric vehicle makers has written to a parliamentary committee against an investigation into alleged misappropriation of subsidies by some manufacturers.

The lobby, Society of Manufacturers of Electric Vehicles (SMEV), in its petition to the parliament standing committee on electric and hybrid mobility said “vested interest groups” were trying to scuttle the government’s e-mobility policy through an anonymous campaign. SMEV was referring to anonymous emails sent to various government departments and media organisations alleging that several electric two-wheeler companies, including leading sellers Hero Electric and Okinawa Autotech, were wrongfully claiming subsidies under the government’s Faster Adoption and Manufacturing of Electric and hybrid vehicles (FAME) scheme.

Heavy Industries Ministry announces new safety tests for electric vehicles

The Ministry of Heavy Industries (MHI) announced a list of safety tests that will be mandatory for electric vehicle manufacturers from April 2023 to receive subsidies under various EV promotion schemes. These tests will enhance human safety of the battery used in these vehicles by requiring checks at three levels – the battery pack, battery management system (BMS), and the cell, as per a circular from the ministry. The new provisions include six tests at the cell level, ten tests at the BMS level, and five tests at the battery pack level.

EV bike-makers misusing rules for low-powered vehicles: Centre

The Centre has urged states to crack down on manufacturers and dealers of electric two-wheelers who are bypassing the regulatory norms by taking advantage of legal provisions that allows certain categories of such two-wheelers out of the ambit of motor vehicles. According to the rules, vehicles equipped with electric motors having 30 minutes power of less than 0. 25 kw and having maximum speed of less than 25 kmph are not treated as motor vehicles. The manufacturers and dealers are misusing this provision. After getting the go ahead from testing agencies by complying with the norms, they are flouting the provision and are fitting batteries of higher capacities that allows these vehicles to run at higher speeds.

Prices of all electric vehicles to be on par with cost of petrol vehicles within a year

The prices of all electric vehicles will be equal to the cost of petrol vehicles in the country within one year, thereby enabling India to save money spent on fossil fuels, Road Transport and Highways Minister Nitin Gadkari said. The minister said the government is already promoting green fuels in a big way. The government, for instance, is also promoting ethanol produced from crop residue instead of petrol and diesel.

With more citizens opting for electric vehicles, Goa to get 40 new charging stations

To bridge the gap between a rapidly growing number of electric vehicles and few charging stations, the state government is looking at installing 40 such stations at a cost of INR3.2 crore.

The Goa Energy Development Agency (GEDA) invited expressions of interest from firms for supplying, installing, commissioning, operating, and maintaining the charging stations at various locations in the state on a design, build, operate, finance and transfer (DBOFT) basis.

Bengaluru gets solar-powered electric vehicle art installation

Bengaluru has got a solar-powered art installation of an electric vehicle to promote the idea of sustainable last-mile mobility for deliveries. The installation has been put up at the Church Street Metro Exit in the city. The installation has been made up of upcycled materials and interactive elements such as throttle interactivity dispensing goodies. The installation is a three-wheeler electric vehicle, and has been created under the initiative, Bengaluru Moving. The initiative has been launched by Purpose Climate Lab to promote and enable the city’s transition towards sustainable modes of transportation. It has been built in collaboration with the Directorate of Urban Land Transport (DULT) and Bengaluru Metro Rail Corporation (BMRCL).

Allot land for EV charging stations in IT corridor of Hyderabad: TSREDCO to KT Rama Rao

With the increasing demand for electric vehicles charging stations in the state, the Telangana State Renewable Energy Development Corporation (TSREDCO) has urged state industries minister KT Rama Rao to allot public places for setting up electric vehicle charging stations in the city, especially in IT corridor. TSREDCO chairman Y Sathish Reddy has requested to allocate the lands pertaining to Telangana State Industrial Infrastructure Corporation (TSIIC) in the IT corridor. As part of this, for the first time in the country, Telangana government has made all the arrangements for the Formula E race in Hyderabad. TSREDCO has identified 1,301 areas across the state for further establishments.

Charging Infrastructure & Battery Swapping

Stakeholder(s)/ Player(s)


Servotech Power Systems

and BPCL

  • Servotech Power Systems has bagged an INR46.2 crore order from Bharat Petroleum Corporation Ltd (BPCL) for supplying and installing a series of EV Chargers at different locations across the country in the next four months.
  • The project to supply and install 800 units of DC fast EV Chargers has already been initiated from Delhi and is expected to be complete by March 31, 2023. The project will span across the country, equipping petrol pumps in major Indian cities with EV Charging capabilities on its course.

Tirex and IOCL

  • Tirex has won a contract from IOCL to supply EV chargers at retail outlets. It will reach 30 MW worth of charger supply PAN India by bagging this contract.
  • Tirex shall supply 25 DC fast chargers of various capacities with connecter CCS2 for this IOCL project. That will allow charging more than one vehicle simultaneously by using shared power. These chargers will be compatible with most new-age electric vehicles available in India.


  • BOLT EARTH announced its plans for deploying a nationwide fast-charging network across India’s state and national highways to further electrify interstate travel in India. The rollout involves electrifying all major highways across the country with Fast-Charging Solutions that will help commuters of all types of EVs including 2-, 3-, and 4-wheelers.
  • The company has partnered with the connected mobility and wayside amenities platform Highway Delite to help identify profitable locations along national highways to establish fast-charging parks. Through this endeavor, BOLT EARTH aims to deploy 10,000+ Fast-Charging stations by the end of 2025, covering 22+ key National and State highways pan-India.

Tata Power

  • In a recent development, Tata Power has set up electric vehicle charging points in Ranthambore National Park. These new charging points are set up at The Tigress Resort in Ranthambore National Park with the aim to encourage ‘Green Tourism’ in the area.
  • These chargers are accessible to all EV owners and not just Tata EV owners.


  • Statiq, a leading electric vehicle charging station network provider, announced the collaboration with Nexus Malls to set up electric vehicle chargers across parking lots at its 17 locations across India. Nexus Malls has malls across cities such as Chandigarh, Amritsar, Mumbai, Pune, Mangalore and more in its ambit. Each of these new charging hubs in the mall parking lots will offer a combination of slow and fast chargers so that users can easily charge their 2-, 3- and 4-wheeler EVs.
  • The move will also help the company inch towards its plans to add over 20,000 new EV chargers to its network before the end of this year and help more EV users to stay charged and commute stress-free.


  • The New Town Kolkata Development Authority (NKDA) will install and operate 12 fast EV charging stations across the township.
  • Charging at these stations will be cheaper than the privately operated stations.


  • The Airports Authority of India (AAI) has set up an electric vehicle charging station at the airside of Chennai airport for charging ground handling vehicles and passenger shuttle buses.
  • Set up by Indian Oil Corporation Limited, the charging station has a DC charger and one AC Type 2 charger. The charging points and charging capacity (up to 120KW) would be increased in line with demand. The chargers can be operated through a mobile app or a RFID card.

Charzer and Nirman Developers

  • Charzer, a leading EV charging station aggregation platform, has partnered with Nirman Developers. Under this partnership, Charzer will be installing EV charging stations across all the residential and commercial properties of Nirman Developers in Pune, Maharashtra.
  • The charging stations will be accessible to both residents as well as visitors. In addition to installing the EV charging stations, Charzer will also maintain them through regular servicing. Through the Charzer app, users can book a slot for charging and even make payments.

Tata Power Delhi Distribution and Indian Army

  • Power discom Tata Power Delhi Distribution Limited (TPDDL) has collaborated with the Indian Army for installing 17 fast charging points for EVs at Delhi Cantt. All the chargers are operational now.
  • The chargers will be used for charging personal and official electrical vehicles of the Indian Army and the employees working in the Delhi Cantonment area.

Key Market Updates

Okinawa hikes electric scooter prices with FAME-II subsidies on hold; Hero Electric may be next

With FAME-II subsidies put on hold for some players accused of indulging in fraudulent activities, Okinawa Autotech – one of the leading names in the sector — has substantially increased prices of its models in the absence of subsidy support, effectively passing the entire cost of the scooter on to the buyer. Hop Electric, too, is now selling its Oxo e-motorcycle without the FAME incentive at a higher price, and erstwhile market leader Hero Electric is likely to hike prices of certain models in the coming weeks. While the entry-level Okinawa Ridge costs the same amount of money as before, prices of Okinawa’s higher-placed models such as the iPraise Plus, Praise Pro and Okhi 90 have been hiked by a significant margin (of INR33,000; INR12,000; and INR64,000 ex-showroom respectively). This hike may also be necessitated in part by batteries becoming more expensive as they are upgraded to meet the beefed-up safety norms.

Ather Energy’s second plant at Hosur goes on stream, expands capacity to 400,000 units

Bengaluru-based electric scooter manufacturer Ather Energy inaugurated its second manufacturing plant at Hosur in Tamil Nadu, thereby increasing its capacity to 420,000 units per annum. The company had first announced its plan for a second plant on November 29, 2021. The company currently has a production capacity of 120,000 units, which means its manufacturing capability stands augmented by 250 percent.  The company is currently producing 600 electric scooters a day, which is set to grow to 1,500 units soon.

Ather Energy to set up 150 fast-charging grids in Tamil Nadu

Electric two-wheeler maker Ather Energy has drawn up plans to set up 150 fast-charging grids in Tamil Nadu by the end of the current financial year. The company recently inaugurated its first experience centre in Salem under its move to expand retail footprint in the state.

Tork Motors opens experience centre in Pune

Electric motorcycle manufacturer Tork Motors has opened its first-ever experience centre in India in Pune. The new centre will display the revolutionary KRATOS of all the available colours, along with multiple test-ride options.

KSEB develops common app for e-vehicle charging stations

The Kerala State Electricity Board (KSEB) has developed a mobile app – KeMapp (Kerala E-Mobility App) – which will serve as a common platform for accessing the services of e-vehicle charging stations. KeMapp, which is now on test mode, replaces four software solutions for charging-station operations provided by different vendors who had established the stations for KSEB.

Tata Power to offer clean & green energy products & solutions in Odisha Bhubaneswar

Tata Power will offer clean and green energy products and solutions to the people of Odisha. Tata Power is planning to set-up EV charging stations to promote clean mobility across the state. In order to boost the use of renewable energy, TP Discoms will offer rooftop solar installation, solar pumps, and home automation solutions.

GreenCell gets funding from ADB, others for e-bus project, decarbonisation, gender equity

The Asian Development Bank (ADB), Asian Infrastructure Investment Bank (AIIB), and Clean Technology Fund (CTF) signed a US$55 million financing package with GreenCell Express Private Limited (GEPL), a leading shared electric mobility player, to develop 255 electric battery-powered buses (e-buses) to serve 5 million people a year on 56 intercity routes in India.

Additional grants worth US$325,000 from the CTF and US$5.2 million from Goldman Sach’s and Bloomberg’s the Climate Innovation and Development Fund (CIDF) are also made available to Green Cell. CIDF grant will partially finance the decarbonization of 100 of the 255 e-buses by deploying solar power-plus-battery energy storage systems.

Maharashtra: 61% more electric, CNG vehicles bought than diesel ones

CNG and electric vehicle registrations have surpassed diesel vehicle registrations by 61% in Mumbai and 4% in Maharashtra. Between April 1 and November 8, the number of non-polluting vehicles registered in Mumbai was 21,646, which included 7,653 electric vehicles and 13,993 vehicles running on compressed natural gas (CNG). This was more than diesel vehicle registrations which stood at 13,420 during the same period.

Kia India plans to bring more EV6 units to clear pending orders

Kia India is planning to bring more EV6 units to the country to clear the pending bookings. The car will come as a completely built unit (CBU) to India, to be sold at a starting price of INR 59.95 lakh (ex-showroom). So far, the company has delivered 200 units of the EV6 to customers.

Fiat parent eyes electric vehicle hub in India

Fiat parent Stellantis has concluded it can’t currently make affordable electric vehicles in Europe and is looking at lower-cost manufacturing in markets such as India. If India, with its low-cost supplier base, is able to meet the company’s quality and cost targets by the end of 2023, it could open the door to exporting EVs to other markets. So far, Europe is unable to make affordable EVs. So, the big opportunity for India would be to be able to sell EV compact cars at an affordable price, protecting profitability. Stellantis expects that the ‘affordable’ Citroen C3 EV scheduled for launch at the beginning of 2023, might be able to meet this goal.

The price of the Citroen C3 EV could be around INR10 lakh, or even less, considering that 40% to 50% is the incremental cost of producing an EV. The Citroen C3 sports an entry level price tag of INR5.88 lakh and it could be a key milestone in Stellantis’ journey of its EVs achieving cost parity with equivalent ICE vehicles by 2026.

Ather Energy opens first retail store in Patna

EV maker Ather Energy has started retailing in Bihar with the inauguration of its first Experience Centre, Ather Space, in Rukanpura, Patna. The newly launched Gen 3 of Ather 450X and 450 Plus will be available for test rides and purchase at the new store, inaugurated in collaboration with Alankar Energy. Ather Space, the Experience Centre, is an interactive space that aims to educate customers about every aspect of the vehicle and witness the engineering and mechanical efforts that go into each Ather scooter.

Saera Electric to launch electric 2-wheeler in next FY

Saera Electric, which manufactures e-rickshaws out of American bike maker Harley-Davidson’s former assembly facility in India, is readying an electric two-wheeler for launch in the next financial year. The company had acquired the facility at Bawal, Haryana, for an undisclosed sum last year after Harley-Davidson stopped assembly operations in India. Saera Electric, which currently manufactures the Mayuri brand of e-rickshaws, also wants to launch electric four-wheelers for commercial operations at a later date.

BYD inaugurates second showroom in Hyderabad

Electric Vehicle manufacturer BYD has inaugurated its second passenger vehicle showroom in Hyderabad. The new showroom, which is spread across 4,600 square feet, will provide access to BYD’s pure electric vehicles with services for its consumers in Hyderabad. BYD is planning to open 24 showrooms across 21 cities in India by the end of this year and aims to expand to at least 53 showrooms by the end of 2023.

India could become a world leader in producing electric vehicle: Berkeley Research

A study by Berkeley Lab shows that India has the potential to become the world leader in electric vehicles production. Conducted in collaboration with the University of California, Los Angeles (UCLA), the research underlines that making the transition from diesel-fueled trucks to electric-charged will enable the country to meet the goal of net zero greenhouse gas emissions by 2070. At present, India imports 88 per cent of the oil it uses. Freight trucks use nearly 60 per cent of the total petroleum consumed by the country’s transport sector. The study has revealed that electric trucks would be more affordable to operate than diesel. Electric trucks would be instrumental in enhancing India’s energy security and reducing the goods transport cost. Based on India’s current grid emissions, electric trucks would reduce greenhouse gas emissions to nine per cent from 35 per cent per kilometre compared with diesel trucks.

Ola scooter scam: 20 held for duping over 1,000 of crores in pan-India scam

At least 20 people were held after the Delhi cybercrime police busted a gang that had duped over 1,000 persons in an online Ola scooter scam. The twenty people have been held from various parts of the country including Karnataka’s Bengaluru, Haryana’s Gurugram, and Bihar’s Patna. The gang duped over 1,000 persons of crores of rupees online by making them believe that they have bought electric scooters. The online Ola scooter scam came after a First Information Report (FIR) was registered under Section 420 of IPC on the basis of a complaint received by the cyber police station on October 7.

Hero MotoCorp opens first Vida showroom in Bengaluru

Hero MotoCorp’s electric sub-brand Vida has opened its first dedicated EV showroom in Bengaluru, located at the prominent Vittal Mallya Road. It has also commenced customer test-rides of the Vida V1. Spread over 8,500 square feet, this Experience Centre will display Vida V1 scooters, charging stations, an interactive wall that illustrates the brand vision, and product configurators to help customers visualise their Vida V1.

Altigreen EV inaugurates its first dealership in Ahmedabad, Seventh outlet in India

Bengaluru-based electric vehicle manufacturer Altigreen has entered the state of Gujarat with the launch of its first retail outlet in Ahmedabad, Gujarat. This is the company’s seventh dealership launch in India within a span of two months. Altigreen is already present in major metro cities, including Mumbai, Delhi, Bengaluru, and Hyderabad. For the partnership, Altigreen opted to go with Garnet Motors (Green) Private Limited.

Altigreen opens new dealership in Pune

Commercial electric vehicle maker Altigreen recently inaugurated a new retail centre in Hadapsar, Pune with Jubilant Motorworks. This is the company’s eighth dealership in India in a span of 2 months. Currently, Jubilant Motorworks is the dealer partner for Audi and MG Motor, with footprints in the states of Karnataka, Tamil Nadu, Maharashtra, Goa, and Gujarat.

Volvo Group inaugurates new tech lab in Bengaluru

With an intent to establish the largest technology centre outside of Sweden, Volvo Group inaugurated its new Vehicle Tech Lab at its Bengaluru campus in India. Located in the software capital’s Bagnane Tech Park in CV Raman Nagar, the new tech lab will have a virtual reality zone, a driving simulator, a 3D printing machine for prototyping, a live mock-up chassis space and an electromobility zone for development of power electronics for EVs.

Volvo starts delivery of XC40 Recharge, India’s most affordable luxury EV

Volvo has started to deliver XC40 Recharge, its first electric car in India, to its customers this month. Volvo had launched the XC40 Recharge in India back in July this year as the most affordable luxury SUV available in the country at INR55.90 lakh (ex-showroom). It is also the first luxury SUV to be assembled locally in India and is built at the carmaker’s Hosakote facility near Bengaluru in Karnataka. The XC40 Recharge electric SUV draws power from a 78-kWh lithium-ion battery pack. The large battery helps the XC40 Recharge to run for more than 335 kilometres on a single charge.

Tata Motors rolls out 50,000th EV in India from its Pune plant

Mumbai-based home-grown automaker Tata Motors has achieved the production milestone of 50,000 EVs in India. The company rolled out its 50,000th electric vehicle, a Tata Nexon EV, from its Pune facility in Maharashtra. Tata Motors’ current EV product portfolio includes the Tiago EV, Tigor EV, Nexon EV Prime, and the Nexon EV Max. Tata Motors ventured into the passenger vehicle electric mobility segment with the Nexon EV in January 2020.

54% Indians consumers concerned about EV quality, not range

About 50 per cent of Indian consumers are now open to buying EVs while 54 per cent of consumers are still concerned about EV quality. As per the report by CyberMedia Research (CMR), the consumers are not shying away from EVs owing to ‘EV range anxiety’ or ‘upfront costs’, or ‘limited EV charging infrastructure’. For long, limited EV charging infrastructure and range anxiety have been construed as barriers for EV adoption. However, automotive OEMs have already designed EVs with a sufficient range of up to 200 kms or more. The potential consumer for EVs is more concerned by the overall EV quality. EV quality includes not just external build quality but refers to the overall quality of internal components used – including battery and others.

AAI to encourage induction of electric vehicles at airports

In line with the government’s vision of transitioning towards e-Mobility, the Airports Authority of India (AAI) is endeavouring towards switching over to electric vehicles, encouraging airport service providers for inducting them, and developing charging infrastructure at airports. Initially, the AAI inducted 10 EVs for official use at its corporate and regional headquarters at New Delhi under a green initiative. Currently, a total of 45 EVs have been engaged at AAI airports and offices spread across the country for airside operations and city side usage requirements.

Celebi Aviation rolls out JBM electric tarmac coaches at Delhi International Airport

Aligned with the Indian aviation ministry’s aim to decarbonise the aviation segment by 2030, Celebi Aviation India has introduced the first ever full-electric air-conditioned tarmac coaches for passenger transportation in India at the Delhi International Airport. Twelve such EcoLife tarmac coaches, made by the JBM Group in India, have been deployed for the purpose.

Weber Drivetrain opens EV parts plant at Chakan

Weber Drivetrain, a technology-driven start-up, has inaugurated its electric vehicle parts plant in Chakan MIDC, Pune, Maharashtra. The company has committed investment of INR35 crore in Phase 1 for the manufacturing facility, which will be highly automated and have a high-end configurated, fully automatic production line. The plant will produce fully indigenous BLDC hub motors and controllers, from 0.25 kW to 4 kW, for electric bicycles, e-scooters, and e-motorcycles.                                                                                                                                                                                                                                                       

TotalEnergies launches EV fluid range in India

TotalEnergies Marketing India Private Limited (TEMIPL) launched its new EV Fluid range in India for electric and hybrid cars, and electric bikes. The new product ranges – Quartz EV Fluid for cars and Hi-Perf EV Fluid for bikes – have been developed specifically for drivetrain reducers, e-motors, e-transmissions, and batteries in electric and hybrid vehicles. The custom EV fluids are designed with enhanced electrical properties against short circuits and static electricity and excellent compatibility with copper coils and new polymer materials used in electric vehicles.

Aurangabad facility of Volkswagen moves to 100% green energy

Volkswagen Group ‘s Aurangabad facility has transitioned to 100% green energy, ahead of its 2025 target. The facility received its Green Energy Certificate from Maharashtra State Electricity Distribution Company Limited (MSEDCL). The plant will now achieve an approximately 48% reduction in CO2 every year. With this, Skoda Auto Volkswagen India Private Limited (SAVWIPL), which manages the Indian region of five Volkswagen Group brands – Skoda, Volkswagen, Audi, Porsche, and Lamborghini – will focus on the Group’s goTOzero mission.

IIT Madras students’ team Raftar unveils electric racing car

Indian Institute of Technology Madras students launched the first electric formula racing car to come from the institute during an event in the campus. Built completely by students’ Team Raftar, the formula car ‘RF23’ is the result of a one-year-long process in which the team undertook the Design, Manufacturing, and Testing. In terms of performance, the students expect to see significant improvements in speed and lap times compared to the earlier Internal Combustion Engine model due to the higher power delivered by an electric drive.

Ola Electric achieves 1 lakh e-scooter production milestone in 10 months

Bengaluru-based EV start-up, Ola Electric, has rolled out the 1,00,000th electric scooter from its Future factory located in Krishnagiri, Tamil Nadu. The EV maker commenced mass production in late November 2021 and managed to achieve this milestone in just 10 months.

LML to open 100 showrooms across India in next two years

Two-wheeler manufacturer LML announced plans to introduce a 100-strong dealership network across India by FY2024-25. The company plans to launch standardized outlets for the upcoming dealerships that will focus on technology-enabled customer relationship management and sales management framework to strengthen its customer value and trust.

Simple One e-scooter production to start at Simple Vision 1.0 plant from January 19

Bengaluru-based EV start-up Simple Energy will commence operations at its Simple Vision 1.0 plant from January 19, 2023, with the beginning of production of the Simple One electric scooter. The company recently postponed the deliveries of the Simple One from September CY22 to Q1 CY23. While the electric scooter was launched way back in August 2021, its deliveries have been postponed multiple times. The company initially invested INR100 crore in the facility, which has a claimed annual production capacity of 1,000,000 units.

Ola Electric opens 14 new experience centres in India, plans 200 by year-end

Ola Electric has expanded its direct-to-consumer (D2C) footprint by opening 14 new experience centres across 11 cities in the country. The company opened 3 centres in Bengaluru, 2 in Pune, and 1 each in Ahmedabad, Dehradun, Delhi, Hyderabad, Kota, Bhopal, Nagpur, Ranchi, and Vadodara. Ola Electric now has more than 50 experience centres and aims to open 200 by the end of this year.

Deals and Investments

Company name

Company type

Deal type


Deal value

(US$ Mn)


Motovolt Mobility

E2W Manufacturer


Vikrampati Singhania of JK family, Ankur Agarwal of Crystal Corp and Dubai-based Wami Capital


Electric 2-wheeler maker Motovolt Mobility raises Rs 16 crore for expansion

Clean Electric

Energy Storage Solution Provider


Kalaari Capital, Climate Angels, LV Fund, 7Square Ventures, and CIIE Regional Innovation Foundation


 Clean Electric raises US$2.2 million funding round led by Kalaari Capital 


E2W Battery Swapping Platform


Capital-A, Anicut Capital, Ekta Kapoor, Sunil Kalra, and Sachin Mehra


Chargeup raises US$7 million in Pre-Series A1 funding to expand services, ramp up FineTech platform

Corrit Electric

E2W Mobility Solution Provider




EV Startup Corrit Electric Raises $9 Mn To Launch Last-Mile Delivery E-Bikes

Electra EV

EV Powertrain Manufacturer


GEF Capital


GEF Capital invests $25 mn in Ratan Tata-owned Electra EV


E3W Solution Provider


JSW Ventures


JSW Ventures invests US$2.5 million in EV startup MoEVing

JVs and Partnerships

Companies involved

Purpose of Partnership

Micelio Mobility with ARAI and MHI

  • Micelio Mobility announced a collaboration with ARAI and the Ministry of Heavy Industries (MHI) to establish Digital Twin Centres for Emerging Automotive Systems at the first ‘Micelio Global Clean Mobility Summit 2022’.
  • The Digital Twin Centres will act as a virtual representation of up-to-date real-life scenarios to facilitate and enhance simulations, testing, monitoring and integration of clean mobility solutions. It will lead to reductions in cost and increase in efficiency. The Centres will be utilised by start-ups, MSMEs, researchers, and academia for the development of indigenous automotive solutions with reduced costs and increased efficiencies.

JSW Steel and Switch Mobility

  • Switch Mobility Ltd has signed a deal with JSW Steel to introduce electric buses to facilitate commuting for JSW’s employees at the company’s Vijayanagar plant in Karnataka.
  • This is the first significant and largest electric bus order in the country for employee transportation with 71 ‘SWITCH EiV 12’ buses being delivered to JSW Steel.

Castrol and KI Mobility solutions

  • Castrol India Limited (CIL), one of India’s most valued lubricant players and Ki Mobility Solutions Pvt. Ltd. (KMS), a leading Indian player in the independent automobile aftermarket business, have announced a collaboration to leverage each other’s strengths and expand the country’s automotive aftermarket ecosystem via ‘myTVS’, KMS’s digitally integrated multi-brand service platform for two and four wheelers.
  • CIL will acquire a 7.09% stake in KMS with a planned investment of up to INR487.5 Crores, marking CIL’s largest all-cash deal till date. With this strategic investment, CIL aims to expand its presence in service and maintenance for both internal combustion engine (ICE) and electric vehicles and leverage myTVS’ digital and operational capabilities.

Tata Motors and IndusInd Bank

  • Auto major Tata Motors has joined hands with IndusInd Bank to offer an exclusive Electric Vehicle Dealer Financing solution to its authorised passenger EV dealers.
  • Under the scheme, IndusInd Bank will provide additional inventory funding with attractive pricing to authorised passenger EV dealers of Tata Motors. This additional inventory funding would be over and above the ICE finance limit of the dealers and payment tenure will range from 60 to 75 days. IndusInd Bank will also offer additional limits to cater to high demand phases, which will be available to dealers twice a year.

Tata Power and IHCL

  • Assam government’s Electric Vehicle Policy of Assam has started gaining momentum as the Indian Hotels Company Ltd (IHCL) in association with Tata Power unveiled in Vivanta Guwahati an Electric Vehicle Charging Station for Electric Vehicles.
  • The EV station and its services is located conveniently in the premises of the Vivanta hotel in Khanapara, Guwahati for the benefit of all hotel occupants, visitors to the property and for general public.

BYD India and Kotak Mahindra

  • EV manufacturer BYD India signed an MOU with Kotak Mahindra Prime, a subsidiary of Kotak Mahindra Bank, to offer financing solutions to its dealers and customers.
  • Under this partnership, Kotak Prime will offer vehicle financing loans basis the financial needs of BYD India’s buyers.

Quiklyz and Mahindra Logistics, MoEVing Urban Technologies, Creativity at Best Technologies (CABT), Magenta EV Solutions, and Terrago Logistics

  • Quiklyz, the vehicle leasing and subscription business of Mahindra & Mahindra Financial Services (Mahindra Finance/ MMFSL), has signed memorandums of understanding with prominent Last Mile Mobility players for leasing over 1,000 electric three-wheelers.
  • Quiklyz plans to deliver these leased vehicles over the next six months. The MOUs have been signed with Mahindra Logistics, MoEVing Urban Technologies, Creativity at Best Technologies (CABT), Magenta EV Solutions, and Terrago Logistics.

Tata Motors and HDFC Bank

  • Auto major Tata Motors has joined hands with HDFC Bank to offer an electric vehicle dealer financing solution to its authorized passenger EV dealers.
  • Under this scheme, the automaker will provide its dealers additional inventory funding over and above their ICE finance limit with pricing linked to Repo Linked Lending Rate (RLLR).

Steel Strip and Redler Technologies

  • Auto component maker Steel Strip Wheels Ltd has signed an MoU with Israel’s Redler Technologies to establish a joint venture in India.
  • The JV will focus on developing, manufacturing, and selling motion controllers for EVs in India.

Yulu Bikes and Bajaj Auto

  • Shared mobility service provider Yulu Bikes will take the covers off its third-generation electric two-wheeler platform in collaboration with strategic partner Bajaj Auto by the end of the ongoing calendar year.
  • The platform – which has been developed by Bajaj Auto exclusively for Yulu Bikes with inputs from the company – has high levels of localisation.

Hero Electric and  Battrixx

  • Electric two-wheeler maker Hero Electric has inked a partnership with Battrixx, the advanced battery pack manufacturer, to develop lithium-ion batteries for its e-scooters.
  • The batteries are conceptualized and designed in-house by Hero Electric’s R&D team.

Three Wheels United and Zyngo

  • Three Wheels United (TWU), a global fintech company for EV financing, has joined forces with Zyngo, India’s EV logistics platform, to accelerate the adoption of electric vehicles for last-mile delivery.
  • Through this partnership, Three Wheels United will facilitate loans for partner drivers of Zyngo to easily switch from conventional cargo autos to EV cargo vehicles. TWU and Zyngo will deploy over 2,500 EV 3-wheelers across Delhi NCR, Bengaluru, Chennai, and Hyderabad by the end of the financial year 2023.

MT Autocraft and EMTC


  • MT Autocraft, a leading supplier of machined components and assemblies, the parent company of the MTA E-Mobility (MTA EV), has inked a joint venture agreement with the Korean technology major EMTC to manufacture automatic powertrain for electric two-wheelers and three-wheelers.
  • This follows the Indian auto component maker’s recent diversification into electric mobility with an investment of INR100 crore in MTA EV. The joint venture will indigenise and manufacture the Korean partner’s next generation multi-speed automatic EV powertrains for 2Ws and 3Ws at MTA EV’s newly started manufacturing facility at Palwal in the national capital region.

Hero Electric and Nidec

  • Hero Electric, the leading electric two-wheeler OEM, has announced a preferred partner relationship with Nidec of Japan, one of the world leaders in electric motors. Nidec’s e-motors are to be deployed on Hero’s city speed range of e-bikes from February 2023.
  • Hero Electric entered into a partnership with NIDEC Japan over two years ago and began co-developing e-bike motors for its entire range, starting with its city speed products. Nidec India is among the 75 auto component manufacturers that have been approved for incentives under the PLI scheme for automobile and auto components earlier this year.

Cummins and Tata Motors

  • U.S.-listed Cummins Inc has signed an agreement with Indian automaker Tata Motors to develop hydrogen-powered internal combustion engines, fuel cells, and battery electric vehicle systems for commercial automobiles in India.
  • India will be one of the first markets to receive Cummins’ hydrogen engines.

Ather Energy and IDFC Bank

  • Ather Energy, a smart electric scooter manufacturer, has announced its partnership with IDFC Bank to offer a first-in-the-industry financing option to customers.
  • The scheme also provides flexibility to customers to purchase an Ather 450X or a 450 Plus with a down payment as low as 5% of the on-road price applicable in the respective city. The two companies will work in tandem to examine EV use cases for various Amazon business groups for its network and logistical requirements.

Euler Motors and Shriram Transport Finance

  • Delhi-based electric vehicle manufacturer Euler Motors has formed a strategic partnership with Shriram Transport Finance, an asset financing company, to provide accessible retail financing of its Euler HiLoad EV.
  • With this partnership, Euler aims at the deployment of the electric cargo loader with lower interest rates and high loan to value (LTVs) for customers across the country. The company will utilise Shriram Transport Finance’s financing and segment expertise in the transportation sector in its bid to deploy over 20,000 EVs in the next two years.

FLASH and Elimen

  • Pune-based electronic and electrical component manufacturer FLASH has entered into a technical collaboration with Elimen Group, a leading Poland-based designer and developer of electromobility solutions, to manufacture traction motors and controllers for Electric Vehicles in India.
  • Beyond electric two- and three-wheelers, FLASH will now expand its presence into the burgeoning electric passenger car and commercial vehicle segments. FLASH will manufacture and market these systems in India, while Elimen Group will continue to cater to other international markets. The collaboration will manufacture traction motors and controllers for all EV segments, ranging from two and three-wheelers to passenger and commercial vehicles, including electric buses with up to 300 kW applications.

Uno Minda and Buehler Motor

  • Auto component major Uno Minda has entered into a Joint Venture agreement with Buehler Motor, a Germany-based global supplier of customised mechatronic drive solutions. They will jointly develop, manufacture, and market traction motors in India and other SAARC nations.
  • The JV will offer traction motors for battery driven electrified two-wheelers and three-wheelers. In addition, the JV plans to incur capital expenditure of INR110 crore including sustaining capex over a period of the next six years. Uno Minda will be investing about INR17 Crores as equity investment in the JV to part finance this capital expenditure, while the remaining will be funded through a mix of debt and internal accruals of the JV entity.

Amazon India and TVS Motor

  • Amazon India and TVS Motor Company announced a strategic engagement to strengthen electric mobility, electric infrastructure, and connected services. As part of this collaboration, a fleet of electric two-wheelers and three-wheelers from TVS Motor will be deployed for Amazon’s last-mile deliveries.
  • The two companies will work in tandem to examine EV use cases for various Amazon business groups for its network and logistical requirements.

EKA Mobility and EVR Motors

  • Israeli start-up EVR Motors has entered a partnership with India-based EKA Mobility, an electric vehicles and technology company and a subsidiary of Pinnacle Industries. EVR Motors will design small, lightweight electric motors for e-buses and light commercial vehicles (LCVs) in India.
  • Under the collaboration, EVR will make the electric motors for EKA, based on breakthrough proprietary technology. EKA will source these e-motors and integrate them into the vehicles it will provide in the Indian market.

Gogoro and Zypp

  • Taiwan-based battery-swapping ecosystem provider Gogoro announced a strategic B2B initiative and partnership with Gurugram-based Zypp Electric, an EV-as-a-Service providing platform. Together, the companies will be focused on accelerating the urban shift of logistics fleets and last-mile deliveries to electric using battery swapping.
  • Gogoro and Zypp plan to launch their B2B pilot in December 2022 which includes Gogoro Network GoStations, Gogoro smart batteries, and Gogoro smart scooters.

Saera Electric and Shriram Transport

  • Saera Electric has inked a financing tie-up with Shriram Transport Finance to enable customers planning to buy electric vehicle, avail easy financing options from Shriram Transport Finance.
  • The Satra Group of companies, which owns Saera Electric, has a diversified business portfolio in domains like automobile spare parts, electric vehicles, and agriculture equipment. The signature brand of Saera Electric is Mayuri, popular for e-rickshaw and e-cart.

Source: Industry News Articles, JMK Research

Global Market Updates

EV battery production faces supply chain, geopolitical headwinds

A fragile supply chain marred by geopolitical tensions could hit the planned expansion of electric vehicle battery production and slowing EV adoption as per a report by S&P Global Mobility. The original equipment manufacturers’ battery-electric and hybrid vehicle sales aspirations will face strong headwinds as they scramble for raw materials, with annual market demand for lithium-ion batteries pegged at about 3.4 Terawatt hours (TWh) by 2030.

China’s BYD to sell EVs in Mexico next year, aims up to 30,000 sales in 2024

Chinese electric-vehicle maker BYD will launch its cars in Mexico next year. A senior executive pegged its sales target at up to 30,000 vehicles in 2024.

Nissan gets $1.44 bln green loan for zero-emission mobility investments

Japan’s Nissan Motor Co has signed a JPY 200 billion (US$1.44 billion) green loan agreement to fund zero-emission mobility investments. The syndicated loan was arranged by Mizuho Bank and MUFG Bank with contract periods of five and seven years.

Mazda, Suppliers to Invest $11 Billion on Electric Vehicle Push

Mazda Motor Corp. and its suppliers plan to invest 1.5 trillion yen ($10.6 billion) in an electric-vehicle expansion plan, with the automaker forecasting they’ll account for 25%-40% of its global sales in 2030. The investment includes spending on facilities by Mazda’s suppliers.

Hyundai Motor, SK On in EV battery supply pact in North America

South Korea’s Hyundai Motor Group and battery maker SK On have signed a pact on the supply of electric vehicle batteries in North America. The memorandum of understanding (MOU) lets the two companies cooperate in providing its batteries to Hyundai Motor Group’s plants in the United States after 2025 for production of electric vehicles. The partnership allows the two firms to shape a response to the US tax credit qualifications required under August’s Inflation Reduction Act. From next year, at least 40 per cent of the value of critical minerals for batteries will have to come from the United States or a US free-trade partner in order to receive tax credits, a threshold set to rise to 80 per cent in 2027.

Indonesia says lithium, anode plants are being built to support EV ambitions

Indonesia is building a lithium refinery and an anode material production facility to complement its nickel-based battery materials industry, as it aims to set itself up as a hub for making electric vehicles. Investors are currently building a lithium hydroxide plant with 60,000 tonnes capacity in the heart of the nickel industry in Morowali, Septian Hario Seto. An anode material plant with 80,000 tonnes capacity is set to start construction in January.

Renault Trucks help Coca-Cola beat Pepsi and Tesla

Soft drinks giant Coca-Cola has unveiled its electric Renault trucks ahead of Pepsi’s release of the Tesla Semi. Coca-Cola has already started operations with its new electric vehicle trucks in Belgium while Pepsi is still building up its Mega charger station. Both Renault and Tesla’s long-haul EV trucks mark their arrival into the heavy-duty segment of the electric vehicle industry.

Phoenix Motorcar partners with CATL for battery development

California-based Phoenix Motor Inc. announced the signing of a non-binding Memorandum of Understanding with Contemporary Amperex Technology Limited (CATL) for the co-development of batteries for Phoenix Motorcars’ product lines. The MOU will support the long-term supply of battery solutions and related products for Phoenix’s commercial electric vehicles including Gen 4 vehicles, as well as the potential cooperation on Gen 5 and Edison Future (Gen 6) models in the future. Phoenix Motor Inc. builds electric drive systems and light and medium duty EVs and sells electric forklifts and electric vehicle chargers for the commercial and residential markets.

Vietnam’s VinFast ships first electric vehicles to U.S. customers

Vietnam’s electric vehicle maker VinFast has shipped its first batch of 999 cars to the United States, capping a five-year bid to develop an auto production hub in the Southeast Asian country for markets in North America and Europe. The first cars are expected to be handed over to customers by the end of December.

Philippines to cut tariffs on electric vehicles parts

A Philippine inter-agency panel chaired by President Ferdinand Marcos Jr approved removing tariffs on electric vehicles to spur demand amid high fuel costs. Marcos will issue an executive order cutting to 0% the most favoured nation tariff on EVs like passenger cars, buses, vans, trucks, motorcycles, and bicycles, and their parts for five years. Current import duties range from 5% to 30%.

Domino’s takes the EV route to deliver pizzas in this country

Domino’s Pizza has announced that it will use the Chevy Bolt to deliver pizzas across the U.S.

In a press release, the company has stated that more than 100 custom-branded 2023 Chevy Bolt electric vehicles are arriving at select franchise and corporate stores throughout the U.S. this month.

LG Chem to invest over US$3 billion to build U.S. battery cathode plant

South Korea’s LG Chem Ltd said it will invest more than US$3 billion to build a battery cathode factory in Tennessee, as it ramps up plans to meet rising demand for U.S. electric vehicle components. It’s one of the first major EV-related investments announced by a South Korean firm in the U.S. since a new United States law was passed in August that puts automakers and battery suppliers relying heavily on China for sourcing, at a cost disadvantage.

US Energy Department Awards US$74 million for Battery Recycling, Reuse

The US Energy Department has awarded nearly US$74 million from the bipartisan infrastructure law for 10 projects to advance recycling and reuse of batteries for electric vehicles and other purposes. The funding will go to academic and commercial applicants in seven states, including four in California. Other grant winners are in Nevada, Michigan, New Jersey, Tennessee, Indiana, and Alabama.

Panasonic and Redwood Materials strike multibillion-dollar battery component deal for U.S. production

Panasonic Energy of North America, the largest supplier of battery cells for electric vehicles in the U.S., has struck a deal with Nevada-based battery recycling company Redwood Materials to buy a key material for the production of batteries. Redwood Materials will supply high-nickel cathode to Panasonic Energy starting in 2025. Right now, Panasonic imports almost all the cathode material used in the production of battery cells at its plant in Sparks, Nevada. That facility supplies cells to the Tesla gigafactory, which manufactures battery packs that power Tesla vehicles sold in North America.

UK Electric car owners will have to pay taxes from 2025

Electric car owners will have to pay taxes from 2025 in UK. Vehicle Excise Duty (VED) is a type of tax charged on all vehicles driven on UK roads. Until now, electric car owners have been exempted from VED, but it is going to change in April 2025.

Saudi Arabia presents its very own EV brand

Saudi Arabia has unveiled its first electric car brand. It is called Ceer and is a joint venture between the Saudi sovereign wealth fund PIF (Public Investment Fund) and the Taiwanese contract manufacturer Foxconn. The latter will develop the electric platform for a range of Ceer models, including sedans and SUVs. The vehicles will be manufactured in Saudi Arabia and sold in the Middle East and North Africa (MENA) region from 2025.

Suzuki and PowerX to explore biz potential for ultrafast EV chargers in Japan and India

Suzuki Motor Corporation has signed an MoU with the Tokyo-based PowerX Inc, which manufactures and sells battery energy storage systems, to start exploring business partnership opportunities in Japan and India. The business partnership between the two Japanese companies will explore the potential of battery energy storage systems and ultrafast EV chargers in Japan and India. PowerX manufactures, sells, and provides services using its proprietary battery products for energy storage, ultrafast EV charging, and home and marine applications. Additionally, the company is building its own GW scale battery plant in Okayama prefecture, Japan. At 5GWh of annual production capacity, it will be one of the biggest in Japan.

Indonesia to set up US$2bn EV fund with China’s CATL, CMB International

The Indonesia Investment Authority, the country’s sovereign wealth fund, is to set up a green electric vehicle fund of at least US$2 billion with China’s battery maker CATL and CMB International. Indonesia is keen to develop its own EV and battery industries at home after banning exports of nickel ore to ensure supply for investors since 2020. Earlier this year, CATL announced a US$6 billion power battery project in Indonesia in partnership with Indonesian companies.

Vale to supply GM with nickel for EVs, starting in 2026

Brazilian mining giant Vale SA will supply General Motors Co with battery-grade nickel for future electric vehicles, starting in 2026. Under the long-term agreement, Vale Canada will provide GM with battery-grade nickel sulfate, a key ingredient in EV battery cathodes, from a proposed plant in Becancour, Quebec. The agreement with Vale is the latest in a series of GM deals aimed at locking down the supply of critical battery minerals as the automaker ramps up electric vehicle production in 2025 and beyond.

Volvo Cars expect to deliver its electric SUV by 2024

Swedish carmaker Volvo will deliver its new electric car by 2024 despite significant supply chain problems. The problems with parts and components that have hurt the industry are slowly coming to an end, including the global semiconductor chip shortage. The company presented the EX90, its newest EV in Stockholm. Volvo calls the EX90 electric SUV a “highly-advanced computer on wheels” and it is safer than its previous cars and has a range of up to 600 km (373 miles). The car, which can seat up to seven people, will be built in the United States and China using CATL batteries as part of Volvo’s goal to produce EVs only by 2030.

Foxconn electric vehicle alliance plans boxy three-seater

Foxconn-led electric vehicle consortium MIH announced plans for its first car, a boxy single row three-seater. Taiwan’s Foxconn, the world’s largest contract electronics manufacturer, has ramped up investment in EVs and semiconductors in recent years, announcing deals with US start-up Fisker and Indian conglomerate Vedanta. Betting on strong demand in Asian markets for smaller electric cars, MIH Consortium plans to build its first car, which it calls Project X, in 2023 and start mass production the following year. The three-seater will cost less than US$20,000.

EU threatens US over electric car subsidies

The European Union has threatened to take retaliatory measures against the United States for electric car subsidies that favour domestic manufacturers. The 27-nation bloc is upset about Washington’s “Inflation Reduction Act”, which will see vast spending on green energy initiatives and includes tax breaks for US-made electric cars and batteries. Those benefits for American electric vehicle makers would put e-cars made in the EU at an unfair disadvantage on the lucrative US domestic market. The Inflation Reduction Act opens up a US$7,500 tax credit for the purchase of an electric car, but the vehicle has to roll out of a US factory with locally manufactured batteries.

Japan to invest up to US$500 million to manufacture advanced chips

Japan will invest up to US$500 million in a new semiconductor company led by tech firms including Sony Group Corp. and NEC Corp. as it rushes to re-establish itself as a lead maker of advanced chips. The new chip company will be named Rapidus and aims to begin making chips in the second half of the decade.

Myanmar adjusts electric vehicles tariffs to zero

Myanmar imposed zero tariffs on electric vehicles imports effective from November 2, 2022. The move is aimed at encouraging the use of EVs in the country and developing EV industry and related businesses. The customs tariffs on Battery Electric Vehicles imported under Completely Built Up, Completely Knocked Down and Semi-Knocked Down were to be reduced to zero until March 31, 2023. The zero-tariff treatment on the electric cars was granted with approvals from the Union Government. The zero-tariff granted BEVs included road tractors, passenger vehicles, trucks, three-wheeler vehicles, electric motorcycles, electric bicycles, ambulances, prison vans and hearses. The accessories and spare parts for BEVs, approved by the Ministry of Electric Power and the Ministry of Industry, were also to be granted zero-tariff treatment.

Zoom video conferencing to arrive on new Tesla electric vehicles soon

Zoom is working with Elon Musk-run Tesla to bring video conferencing into its new electric vehicles. With the Zoom Mail and Calendar Clients, users no longer need to leave the Zoom platform to access their email and calendar. Popular email and calendar services will be integrated directly into Zoom, meaning users can quickly access their communications and scheduling, and get their work done more efficiently. Zoom Mail and Calendar Clients and Zoom Mail and Calendar Services will be available in beta to only US and Canada upon launch.

Tesla opens its EV connector design to other automakers

Elon Musk-owned electric vehicle company Tesla has started to allow other automakers to use its EV connector design. The Tesla charging connector, which combines AC charging and up to 1 mega-watt of DC in a “slim package”, is the most well-known connector in North America. It is half the size, twice as powerful, and has no moving parts compared to Combined Charging System (CCS) connectors. Tesla’s Supercharging network has 60 per cent more NACS posts than all the CCS-equipped networks combined. NACS is the common charging standard in the US. Tesla owners can expect charging at other networks without adapters as network operators already have plans in place to implement NACS at their chargers.

Tesla’s Cybertruck to start mass production at end of 2023

Tesla aims to start mass production of its Cybertruck at the end of 2023, two years after the initial target for the long-awaited pickup truck. Tesla was working on readying its Austin, Texas plant to build the new model with early production set to start in the middle of 2023. In 2019, Tesla had projected an initial price of under US$40,000, but prices for new vehicles have shot higher since then and Tesla has raised prices across its line-up.

JLR partners with Wolfspeed for silicon carbide semiconductors supply

Jaguar Land Rover announced a strategic partnership with Wolfspeed Inc for supply of silicon carbide semiconductors for the next generation electric vehicles. Under the partnership, Jaguar Land Rover will use Wolfspeed’s advanced silicon carbide technology specifically in the vehicles’ inverter, managing transfer of power from battery to electric motors.

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