Monthly EV Update – November 2023

Monthly EV Update – November 2023

monthly electric vehicle

Product Launches

India LaunchesNovember 2023

Product

Vehicle type

Battery specifications

Other specifications

Price

e-Sprinto’s Rapo

E2W

  • NA
  • Range- 100 km
  • Top Speed- 25 km/h
  • Motor – 250 W BLDC Hub

INR 62,999

e-Sprinto’s Roamy

E2W

  • NA
  • Range- 100 km
  • Top Speed- 25 km/h
  • Motor – 250 W BLDC Hub

INR 54,999 

PURE EV ecoDryft 350

E2W

  • 3.5 kWh
  • Range- 171 km
  • Top Speed- 75 km/h
  • Charging Time- 4-6 hours

INR 1,29,999

Orxa Energies Mantis

E2W

  • 8.9 kWh
  • Range- 221 km
  • Top Speed- 135 km/h
  • Charging Time- 5 hours (0-80%)

INR 3,60,000

Source: Industry News Articles, Company Websites, JMK Research

Upcoming Product Launches

Simple Energy to launch new affordable electric scooter on December 15

Simple Energy, an EV startup, has announced the launch of a new, more affordable electric scooter on December 15. Called the Simple Dot One, this sub-variant will be positioned below the Simple One. While it will share the same platform as the Simple One, the Dot One will be more accessible with a price tag below INR 1 lakh. While Simple has yet to reveal the exact specification on the electric motor, the Dot One will be equipped with a fixed 3.7 kWh battery pack that claims an IDC range of 160 km and a certified range of 151 km on a single charge. Simple further reveals that the tires on the Dot One are different from those on the regular One, which aids efficiency.

EV Sales Trend

The overall EV sales in November 2023 witnessed an increase of approximately 9.54 % from last month, reaching 1,52,514 units. On a y-o-y basis, EV sales in November 2023 increased by 27.15% from that of EV sales in November 2022.

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

Source: Vahan Dashboard, Company Press Releases, JMK Research

Note: Sales figures represent EVs registered across 1,355 RTOs in 34 states/ UTs.

As depicted in the figure below, EV registrations in November 2023 were again driven by electric two-wheelers and passenger-type electric three-wheelers, which together accounted for 91.73% of total registrations in the month.

Category-wise EV Sales in November 2023

Source: Vahan Dashboard, JMK Research

Note: Sales figures represent EVs registered across 1,355 RTOs in 34 states/ UTs; Others include adapted vehicle, articulated vehicle, forklift, goods carrier, and private service vehicle

Among the states and UTs, Uttar Pradesh secured the number one position in EV registrations this month, with Maharashtra coming in second. Karnataka attained third spot this month, accounting for 10.20% of the market share. In this month, Chhattisgarh has secured a position in the top 12 states, displacing Assam from its previous position.

State-wise Registered EV Sales in November 2023

Source: Vahan Dashboard, JMK Research

Note: Sales figures represent EVs registered across 1,355 RTOs in 34 states/ UTs. Others include Assam, Uttarakhand, Punjab, and 19 other states/UTs.

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

The Overall high-speed electric two-wheelers (HS E2Ws) sales in India increased by ~22% m-o-m in November 2023 to reach 91,172 units. The top 10 players in the industry accounted for approximately 91.14% of the total registrations witnessed in November 2023. Furthermore, compared to November 2022, E2W sales in November 2023 experienced a y-o-y increase of 19%.

High-Speed E2W Sales Trend

Source: Vahan Dashboard, JMK Research

Note: Sales figures represent only high-range E2W (Top speed > 25 kmph) registered across 1,355 RTOs in 34 states/ UTs.

Ola Electric sold 29,764 units in November 2023. Maintaining its significant market leadership with a substantial 32.6% share. TVS stands at second place this month. BGauss has once again secured a spot in the top 10 squad this month.

Top High-Speed E2W Players in November 2023

Source: Vahan Dashboard, JMK Research

Note: Sales figures represent only high-range E2W (Top speed > 25 kmph) registered across 1,355 RTOs in 34 states/ UTs. Others include Jitendra New EV Tech, GoGreen E-mobility Private Limited, AMO Mobility, Twenty-Two Motors, KLB KOMAKI, and 114 other players. The sales for Ampere include sales of Ampere as well as Greaves. The sales for Bajaj include sales of Bajaj as well as Chetak Technology. The sales for BGauss include sales of BGauss as well as Mew Electricals. 

Electric Three-Wheeler (E3W)

The sales of registered passenger and cargo-type E3Ws in November 2023 stood at 48,729 units and 5,033 units, respectively, with a m-o-m decrease of ~5% in passenger E3W and marginal decrease of 1% in cargo E3W. Overall E3W sales recorded a m-o-m fall of ~5% over last month. On a y-o-y basis, passenger E3W sales in November 2023 increased by ~37% and cargo E3W sales increased by more than 50% from that of passenger and cargo-type E3W sales respectively in November 2022.

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

Source: Vahan Dashboard, JMK Research

Note: Sales figures represent E3Ws registered across 1,355 RTOs in 34 states/ UTs; E3W (Passenger and Cargo) sales shown in the figure takes into account both e-rickshaw and three-wheeler classes as categorized in the Vahan dashboard.

The cumulative sales of the top 8 electric 3-wheeler players across passenger and cargo segments in November 2023 accounted for 37.34% share of the entire E3W market. Mahindra and YC Electric came at first (10.35% share) and second (6.87% share) positions respectively. This was followed by Saera Electric Auto (5.02%), Piaggio (4.12%), Dilli Electric (3.77%), Mini Metro (2.50%), Hotage Corporation (2.43%) and Bajaj Auto (2.29%). Bajaj Auto made its mark by securing a position in the top 8 this month, surpassing Champion Poly.

Top E3W Players monthly sales

Source: Vahan Dashboard, JMK Research

Note: Others made up 62.65% of the E3W market in November 2023; sales figures for players are inclusive of both cargo and passenger offerings; Sales figures represent E3Ws registered across 1,355 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 2023 stood at 7,021 units, witnessing a m-o-m fall of ~2%. Tata Motors has been driving the E-car sales (with 68.63% of the market share) this month as well. BMW India has secured a position in the top 5 this month with sales reaching 259 units. On a y-o-y basis, E-Car sales in November 2023 increased by ~42% from that of E-Car sales in November 2022.

Player-wise E-Car Sales Trend

Source: Vahan Dashboard, JMK Research

Note: Sales figures represent E-cars registered across 1,355 RTOs in 34 states/ UTs; Others include PCA, Audi, Volvo Auto, Mercedes-Benz, BYD, Jaguar, KIA Motors, Lectrix, and Porsche.

Electric Buses (E-Buses)

The total sales of E-buses in November 2023 stood at 261 units, witnessing a m-o-m increase of ~10%. On a y-o-y basis, E-Bus sales in November 2023 increased by more than 100% from that of E-Bus sales in November 2022.     

Tata Motors is the leader in November 2023 (with a 61.3% market share), followed by Olectra Greentech (24.1%), JBM Auto (8.8%), Mytrah Mobility (4.9%), Pinnacle Mobility (0.3%), and Veera Vahana (0.3%).

Player-wise E-Bus Sales Trend

Source: Vahan Dashboard, JMK Research

Note: Sales figures represent E-buses registered across 1,355 RTOs in 34 states/ UTs.

Policies & Regulations

Delhi government notifies motor vehicle policy aimed at transition to EVs

The Delhi government has notified the motor vehicle aggregator scheme, which mandates the adoption of electric vehicles (EVs) by intermediaries providing transport and delivery services.

  • Bike taxis are now legal in the city, but they must be exclusively electric.
  • The scheme also sets the stage for licensing of aggregators providing passenger transport services and delivery services. All existing or new operators must obtain a licence within 90 days of the scheme’s notification or before commencing operations. Licences will be valid for five years, with annual fees applicable, and zero fees in case of electric vehicles.
  • 100% two-wheelers, 10% of three-wheelers and 5% of four-wheelers in an aggregator’s new fleet (Passenger service) must be EVs within first six months after notification of scheme. All three-wheelers must be electrified within four years and all four-wheelers within five years (i.e., April 1,2030).
  • 10% two-wheelers and three-wheelers (for transporting goods) and 5% of four-wheelers (for transporting goods) in a Delivery Service Provider’s new fleet must be EVs within first six months after notification of scheme. All two-wheelers and three-wheelers must be electrified within four years and all four-wheelers within five years (i.e., April 1,2030).

Hero Electric seeks to settle INR 140 crore penalty imposed by MHI

Hero Electric, an electric two-wheeler manufacturer, seeks a resolution for the contentious INR 140 crore penalty imposed on it by the Ministry of Heavy Industries (MHI). The ministry had issued notices to seven companies, including Hero Electric, with a penalty demand for alleged violation of the Phased Manufacturing Programme guidelines and other issues. Hero Electric, known for producing electric two wheelers, has communicated to the ministry that the government has adopted a case-by-case approach and has resolved the demands imposed on each of the original equi­pment manufacturers (OEMs) based on the merits of each case.

India to seek bids for US$ 960 million battery production program

India is planning to invite bids for an 80 billion rupees (US$ 960 million) incentive program for production of electric vehicle batteries. The program will require winning bidders to set up advanced chemistry battery plants with a total output of 20-gigawatt hours. The government will seek bids from potential investors next month. Companies including Korea’s LG Energy Solution Ltd., and local heavyweights such as Mahindra & Mahindra Ltd., Amara Raja Energy & Mobility Ltd., Exide Industries Ltd., and Larsen & Toubro Ltd. showed interest during a consultation meeting held with government officials.

Karnataka aims for INR 50,000 crore investment with new e-mobility policy

In a bid to create a robust ecosystem for Electric Vehicles (EVs) in Karnataka, the state government unveiled a revised draft EV policy (2023-28) on November 10. The policy aims to attract an investment of INR 50,000 crore while creating job opportunities for one lakh individuals. This proposed policy aims to transform Karnataka into a pioneering force in the field of electric mobility, embracing sustainable practices and equitable growth while fostering innovation and creating a robust EV ecosystem throughout the state.

Phased Manufacturing programme (PMP) for xEV charger parts for eligibility under FAME India Scheme Phase II  

The Ministry of Heavy Industry announced revised phased manufacturing program (PMP) to promote domestic manufacturing of EV chargers, its assemblies/sub-assemblies and parts/sub parts for information. The document mentions the implementation date for different items used in chargers. The charger to comply PMP as per implementation date specified in the document. The document also specifies the formula which will be used for calculation percentage domestic value addition.

Ministry of Road Transport & Highways (MoRTH): 125 M. Electric power train vehicles and hybrid electric vehicles new rules

The Ministry of Road Transport & Highways (MoRTH) has issued the final notification, notifying the insertion of rule 125 M. type approval of Electric power train vehicles and hybrid electric vehicles. The document has provided definitions and approval requirements for electric power train vehicles, including pure electric vehicles and hybrid electric vehicles, strong hybrid electric vehicle, plug-in hybrid electric vehicle, series hybrid electric vehicle and series parallel hybrid electric vehicle.

Tenders

Tenders for advanced chemistry cells under the PLI scheme are likely to be issued by December 

The Centre is preparing to invite tenders for the Advanced Chemistry Cells (ACC) Production-Linked Incentive scheme with a 20-GWh capacity by December. The move offers an opportunity for applicants who did not qualify in the initial round or couldn’t apply to avail the incentives for creating battery storage capacity in India. The heavy industries ministry is likely to conclude consultations with the ministry of new and renewable energy by December. The application process for new bids will begin thereafter.

Request for Proposal for selection of Integrated Operator for Procurement, Supply, Operation & Maintenance of E3W Auto for identified cities of UP

Bids (e-Tender only) are invited from eligible Bidders for the selection of an Operator to operate e-auto, following the Technical and Operational Specifications, and other terms of conditions outlined in the RFP. The Selected Bidder (“Integrated Operator” or “Operator”) will be responsible for the design, manufacture/procurement, supply, operation, and maintenance of e-auto in the identified cities, along with fulfilling other obligations specified in the RFP Document. The Due Date for Bids is 04th December,2023. The Identified cities include Lucknow, Varanasi, Prayagraj, Agra, Mathura, Gorakhpur, and Ayodhya.

CESL Invites Bids to Procure 3,600 Electric Buses under PM-eBus Sewa Initiative

CESL (Convergence Energy Services Limited) has invited bids for the selection of  a bus operator for the procurement, supply, operation, and maintenance of 3,600 electric buses and the development of allied electric and civil infrastructure on Gross Cost Contracting (GCC) under PM-eBus Sewa. The document has provided state-wise details of the number of buses, the respective earnest money deposit (EMD), and minimum average annual turnover (MAAT) requirements for the tender. The deadline for bid submission is December 14, 2023, and bids will be opened on the same day.

PCMC to issue fresh tender for EV charging stations

Unable to find an eligible contractor or company to set up Electric Vehicle (EV) charging stations, the Pimpri-Chinchwad Municipal Corporation (PCMC) has decided to mellow down the terms and conditions of the contract and issue a fresh tender in December. The civic body has decided to establish 22 EV Charging stations with over 100 charging points across Pimpri-Chinchwad. In the past year, the civic body has issued the tender three times but to no avail. The central vigilance committee guidelines of having a minimum experience of three years and overall turnover included in the contract have made almost all the contractors ineligible for the contract.

Charging Infrastructure & Battery Swapping

Stakeholder(s)/ Player(s)

Description

Bengaluru Metro Rail Corporation Limited (BMRCL)

  • In another attempt to generate non-fare revenue, Bengaluru Metro Rail Corporation Limited (BMRCL) has been setting up EV charging infrastructure across its metro stations. BMRCL is planning to extend this facility with 30 new swap stations at new metro stations.
  • Starting in 2021, BMRCL has been leasing out land for setting up these charging stations to encourage more EV users. As of now, BMRCL has identified 69 metro stations for setting up the EV charging infrastructure and swapping stations. Out of them, 38 locations have been commissioned for EV sector players, and 30 swap stations are currently under construction. In the above 69 locations, four are two-wheeler charging stations, and the remaining 65 are swapping stations.

Servotech Power Systems

  • Servotech Power Systems, an EV charging station company, has secured an order for 2,649 electric vehicles (EV) charges from the state-owned refiner Bharat Petroleum Corporation.
  • The company will be responsible for manufacturing, supplying, and installing 2,649 AC EV Chargers strategically across the nation, equipping petrol pumps in major Indian cities under the BPCL E-drive Project, playing a key role in the widespread implementation of EV charging solutions. The range of EV chargers includes 3 kW and 7 kW for this project. The manufacturing and production of these AC chargers have already commenced, and the supply of the chargers will start on December 15th and will be completed within three months.

Terra Charge and SNM Cabs

  • Terra Charge by Terra Motors, an EV Charging Infrastructure company, has announced its collaboration with SNM Cabs, an all-electric mobile-based ride-hailing service provider, to develop a dedicated EV charging hub with 11 efficient chargers near Pune airport.
  • Terra Charge, which recently ventured into the EV charging infrastructure business in India, will work closely with Pune-based SNM Cabs to establish advanced EV charging infrastructure exclusively for the SNM electric cab fleet.

Altigreen and Bolt.Earth 

  • Altigreen, a manufacturer of electric vehicles for the last-mile sector, has joined forces with Bolt.Earth, a leading provider of charging infrastructure for electric vehicles, to collaboratively install 100 3.3 kW charging points for electric 3-wheelers within a month, with plans to establish over 5,000 charging points in the next 3 years.
  • Both Bolt.Earth and Altigreen acknowledge that the current charging infrastructure in the country is insufficient to fully support the growing trend of electrification. Therefore, this partnership aims to play a pivotal role in overcoming the major obstacles to the adoption of electric 3-wheelers by deploying charging solutions in a timely manner.

Okaya EV Chargers and IOC

  • Okaya EV Chargers is planning to set up 2,550 electric vehicle chargers across India through a partnership with the Indian Oil Corporation (IOC), with an investment of INR 125 crore.
  • As many as 362 such chargers have already been installed in over 20 states in a step towards bolstering the electric vehicle infrastructure in the country, according to Okaya EV Chargers. The chargers being set up comprise a diverse range of high-and low-voltage options, including 3.3-kW and 7.4-kW chargers, 30-kW wall-mounted CCS (combined charging system) 2 DC fast chargers, as well as 60-kw CCS2 DC fast chargers.

Gogoro and HPCL

  • Gogoro Inc., a global technology company specialising in battery swapping ecosystems designed to facilitate sustainable urban mobility solutions, has announced the signing of a Memorandum of Understanding (MoU) with Hindustan Petroleum Corporation Ltd. (HPCL), a significant player in the Indian oil industry.
  • The collaboration will see implementation of two-wheeler battery swapping services at HPCL retail gas outlets throughout India over the course of the coming years.

MG Motor India and Charge Zone 

  • MG Motor India, a British automobile brand has announced its collaboration with Charge Zone, an EV charging infrastructure company, to strengthen the EV ecosystem in India.
  • This partnership, representing another initiative by MG to contribute to the development of an accessible and efficient EV ecosystem in India, aims to address the critical and widespread need for a robust charging infrastructure to support the growing fleet of electric vehicles in the country.

Tata Power

  • As the EV (electric vehicle) momentum gathers pace, Tata Power continues to ramp up its charging infrastructure across the country and in the September 2023 quarter, the company expanded its number of charging stations by 22 per cent when compared with the June 2023 quarter. Now, the company has 4,932 public and captive charging points, of which 561 were added during the September 2023 quarter.
  • With the addition of 11,529 new home charging points in Q2 of this fiscal, the total home charging units stand at 61,959. Tata Power added 180 e-bus charging points in the September 2023 quarter, marking the highest-ever deployment of charging points for e-buses in a quarter. With this addition, the total e-bus charging points have increased to 464.

Evnnovator , CHARGE+Zone and Mercedes-Benz

  • Evnnovator and CHARGE+ZONE, eMSP and Charge Point Operating entities, have collaborated with Mercedes-Benz, to deliver an industry-first vertically integrated end-to-end charging solution. This charging solution has been designed specifically for Mercedes-Benz customers.
  • Evnnovator’s innovative eMSP platform offers FICH EV Charging App, empowering users to seamlessly locate, access, and pay for charging services offered by multiple Charge Point Operators (CPOs) through a single platform. On the other hand, CHARGE+ZONE operates Charge Cloud, a cloud-based Charging Management Software. It effectively integrates high-speed EV chargers from the Mercedes-Benz Franchise Network and establishes seamless connectivity with Evnnovator’s eMSP platform.

ElectricPe

  • Bengaluru-based electric vehicle (EV) charging aggregation platform ElectricPe has set an ambitious target to install 100,000 charging points over the next two years to cater to the growing EV market.
  • The company currently operating in Bengaluru, aims to expand its charging points from 15,000 to 20,000, with further growth to 25,000. The primary focus for the current financial year is enhancing user experience. Over the next 18 months, ElectricPe plans to extend its operations to three additional cities, each with around 25,000 charging points.

Tamil Nadu Generation and Distribution Corporation (TANGEDCO)

  • The Tamil Nadu state government has unveiled an ambitious plan to increase its existing 400 charging stations to approximately 2000 charging stations by the end of FY2025, marking a nearly five-fold expansion.
  • The state government will work closely with its power and distribution arm, Tamil Nadu Generation and Distribution Corporation (TANGEDCO), as well as oil marketing companies, to boost EV adoption in the state as part of its plan to decarbonise both public and private transportation.

Vadodara Municipal Corporation (VMC)

  • More than three years after it started discussing the possibility of providing electric vehicle (EV) charging stations in the city, the Vadodara Municipal Corporation (VMC) has finally come up with a concrete proposal to implement it. VMC is now looking to enter into an agreement with Adani Total Energies E-Mobility Ltd (ATEL) to set up 20 EV charging stations in the city.
  • The proposal, presented to the civic body’s standing committee, outlines a 10-year operation plan with VMC receiving INR 1.5 per charging unit for the first six years and INR 2 per unit thereafter. Additionally, the civic body will gain 25% of the carbon credits generated by the facility.

Source: Industry news articles, JMK Research

Key Manufacturing Updates

Made-in-India Tesla inches closer: Agreement with Musk’s co in works

India is nearing an agreement with Tesla Inc. that would permit the US automaker to export its electric cars to the country starting next year and establish a factory within two years. As part of agreement, Tesla would commit to an initial minimum investment of around US$ 2 billion for the plant and aim to increase purchases of auto parts from the nation to as much as US$ 15 billion. The US automaker would also explore the possibility of manufacturing some batteries in India to reduce costs.

Hyundai plans INR 700 crore battery plant by 2025

South Korean carmaker Hyundai Motor India is betting on localization of battery packs to be key in driving down prices of its electric vehicles in the country. The company is investing INR 700 crore on battery assembly plant in Chennai, Tamil Nadu, which will have a capacity of 75,000 battery packs annually in the first phase by 2025.

India and EU sign MoU on semiconductor ecosystem

India and the European Union (EU) signed a Memorandum of Understanding (MoU) on semiconductors on November 24, which will allow the EU and India to collaborate on semiconductor supply and innovation. As per the European Commission’s statement, the EU and India intend to do the following under this Memorandum: Share different semiconductor ecosystems’ experiences, best practices, and information. Identify opportunities for research, development, and innovation partnership among universities, research institutions, and enterprises. Promote the semiconductor industry’s skills, talent, and workforce development, as well as collaboration, through the organisation of workshops, collaborations, and the promotion of direct investments. Maintain a level playing field in the sector, especially by exchanging information on governmental subsidies awarded.

Toyota Kirloskar Motor to invest INR 3,300 crore in third plant at Bidadi

Toyota Kirloskar Motor and the Karnataka government have signed a Memorandum of Understanding (MoU) for the further expansion of the car maker’s manufacturing facility at Bidadi in Karnataka. As per the MoU, TKM will make an additional investment of INR 3,300 crore to set up its third manufacturing facility with a capacity of 100,000 units at Bidadi, approximately 35 km from Bengaluru. This expansion has the potential to generate employment for up to 2,000 individuals.

Local & foreign EV companies will be offered equal incentives

Any incentives that India offers to facilitate local manufacturing of electric vehicles will be equal for foreign as well as domestic investors. The government’s approach is for the industry as a whole and not for any specific company. The government is in the process of drawing up a policy to incentivise local manufacturing of electric cars, at a time when US EV maker Tesla and its relatively lesser-known Vietnamese rival VinFast are firming up their India entry strategy. The Department for Promotion of Industry and Internal Trade, which operates under the aegis of the ministry of commerce & industry, has been holding high-level discussions to put in place a scheme for subsidising electric four-wheeler makers linked to investments made by them producing vehicles in the country. Local manufacturing, the government feels, will also boost employment generation while bringing down overall car prices.

TATA AutoComp inaugurates battery energy storage system plant  

TATA AutoComp, an auto-component conglomerate, inaugurated its manufacturing facility for a Battery Energy Storage System (BESS). The Li-Ion Based BESS will be manufactured under its joint venture Tata AutoComp Gotion Green Energy Solutions. Tata AutoComp will manufacture Battery Energy Storage Systems for Tata Power. These will be deployed in the construction of 120 MW Energy Storage Park at Chhattisgarh. Spread over 22,227 square feet, the newly inaugurated BESS facility will have a capacity of 6 GWH and will serve the emerging energy storage industry.

E-Bus Updates

Delhi introduces “The Delhi Motor Vehicles Licensing of Aggregator (Premium Buses) Scheme 2023” to streamline premium bus operations.

As per the provisions outlined in the Delhi Motor Vehicles Licensing of Aggregator (Premium Buses) Scheme 2023, aggregators are eligible for a five-year license to operate these buses. The regulations states that electric premium buses will be exempt from licence fees. Starting from January 1, 2025, only electric buses will be allowed for induction into the program. CNG-operated buses, even if compliant with BS-VI standards, will not be permitted under this scheme.

NTPC Limited is inviting Expression of Interest from Electric Bus Operators for Operation of 05 Nos Fuel Cell Electric Buses on Delhi Agra intercity route on lease basis

NTPC intends to operate Fuel Cell Based electric buses on the Delhi-Agra intercity route or any other route identified by the Operator (herein after called APPLICANT) as feasible, including at least 2 buses on the Delhi-Agra intercity route. The Hydrogen fuel for Fuel Cell Electric Buses (FCEBs) shall be provided by NTPC on a free-of cost basis for 2,00,000 kilometers per bus per annum. Currently, the tenure of the leasing period is 3 years. However, the same may be extended on mutually agreed terms and conditions upon the completion of the leasing period of 3 years. The last date and time for submission of the bid is November 20, 2023. The scheduled date and time for the opening of the bid is November 21, 2023.

BMTC e-bus fleet size to go from 390 to 1.7k

Bangalore Metropolitan Transport Corporation (BMTC) is set to augment its fleet of electric buses by 3.5 times soon, which will take the total number of e-buses from around 400 to 1,751. BMTC, which currently operates 390 electric buses under the Smart City Project and FAME-2 of the central government, has set in motion processes to run 921 more e-buses under the same model by the end of this financial year. It also has plans to induct 320 low-floor AC electric buses. Apart from this, the corporation is contemplating adding 120 electric buses as feeder services to Namma Metro.

Other Market Updates

Waaree Technologies Ltd. and 3DBattery sign MoU for advanced energy storage solutions 

Waaree Technologies Ltd. (WTL), a solar EPC company, has entered into a non-binding Memorandum of Understanding (MoU) with the Israeli company 3DBattery to collaborate on the development and production of advanced energy storage solutions. The collaboration is centred on 3DBattery’s lithium-ion and upcoming sodium-ion technology. The signing of a definitive agreement will follow further evaluation of the partnership. The collaboration with 3DBattery will equip Waaree Technologies Ltd. with the ability to domestically manufacture high-performance, rechargeable energy storage solutions, enhancing its position in the Indian and global new energy domain.

TN expects EV investment in the state to double to INR 80,000 crore in two years

Tamil Nadu is set to witness investments in the state’s electric vehicle space doubling over the next two years from the current cumulative INR 40,000 crore. The government aims to rapidly expand the charging infrastructure to alleviate consumer range anxiety. It plans to achieve this by increasing the number of charging stations from the current 300-350 to five times that amount over the next few years. This expansion is expected through robust coordination between the state’s various departments and oil marketing companies.

Government set to launch first-ever auction of critical mineral blocks

The Ministry of Mines is scheduled to initiate the inaugural tranche auction of critical and strategic minerals on November 29, 2023. Details regarding the mineral blocks, auction terms, and timelines will be disclosed on the auction platform of MSTC—an esteemed Mini Ratna Category-I Public Sector Undertaking (PSU) under the administrative control of the Ministry of Steel—at 6 pm on November 29, 2023. The auction will be conducted online through a two-stage ascending forward auction process, with eligible bidders selected based on the highest percentage of the value of mineral dispatch quoted by them. The Union government had unveiled its first critical minerals list on June 28, identifying 30 key critical minerals crucial for the nation’s economic growth and technological development. Currently, the demand for critical minerals is primarily met through imports.

iVOOMi enters North India, expands footprint in Uttar Pradesh

iVOOMi, an electric two-wheeler manufacturer has entered the Northern Indian market, specifically targeting Uttar Pradesh. Following its presence in key markets across Maharashtra, Tamil Nadu, Andhra Pradesh, Gujarat, Karnataka, Kerala, Chhattisgarh, Madhya Pradesh, Odisha, and Telangana, the company aims to strengthen its footprint in the region. As part of its initial expansion phase, iVOOMi has established a dealer network in Uttar Pradesh, including prominent cities such as Lucknow and Prayagraj. The company plans to open ten more dealerships in the region by January 2024.

Tata Motors launches its fourth vehicle scrapping centre in Chandigarh  

Tata Motors, an automotive manufacturer has opened a new vehicle scrapping facility, its fourth, in Chandigarh on November 28. The state-of-the-art facility will be able to scrap around 12,000 end-of-life vehicles each year. The vehicle manufacturer further stated that the new facility is named as Re.Wi.Re, which stands for Recycle with Respect. Tata Motors facility has been developed and operated by its partner Dada Trading Company. The facility will help scrapping of vehicles using environment-friendly processes. The facility, which is fully digitalised, will be able to scrap both passenger and commercial vehicles. It has dedicated centres to dismantle components like batteries, tyres, as well as fuel, oil, liquid, and gas. The scrapping centre has dedicated cell-type and line-type dismantling for both type of vehicles.

Maruti likely to export INR 1,000 crore worth li-on cells next year  

As part of its effort to build a strong scale and reduce costs, Maruti Suzuki, a car maker will be exporting INR 1,000 crore worth lithium-ion cells next year. These cells are exported for batteries, which are meant for hybrid vehicles, a space, where the company along with Toyota is driving the creation of a new segment in India. The company which is yet to enter into the electrification space, would do so with localisation and scale, and two years ago had announced their first BEV plant with cell level localisation.

Zuno General Insurance introduces industry first Electric Vehicle Add-On Cover

Zuno General Insurance, a digital insurer, has announced the launch of an innovative Electric Vehicle (EV) Add-On Cover, a first-of-its-kind in the insurance industry. This offering is specially designed to provide comprehensive protection for electric vehicles, addressing their unique needs. With the future of mobility being electric, Zuno is committed to delivering innovative insurance solutions that empower EV owners with peace of mind and comprehensive protection. Recognising the distinctive characteristics of electric vehicles, Zuno has developed a range of industry-first EV add-on covers.

Tsuyo India signs MoU with Suzhou LvKON Transmission Tech China for BEV and HEV power solutions

Tsuyo Manufacturing Private Limited (Tsuyo) in India has signed a deep cooperation agreement with Suzhou LvKON Transmission Technology Co., Ltd. (LvKON) in China on providing technology and design along with high-power solutions for various Indian BEVs (battery electric vehicles) and HEVs (hybrid electric vehicles) market. As part of this collaboration, Tsuyo LVKON plans to launch product solutions such as Direct Drive Motor (DM), Transmission Electric Drive (TED), Integrated Starting and Generating Motor (IM), Continuous Electric Drive (CED), and Super Transmission Bridge (STEA) in 2024. BEV and Parallel Hybrid Drive (PHD), Multi-Mode Hybrid Drive (MHD), and Continuous Hybrid Drive (CHD) on the HEV side.

Amazon kick-starts global last mile fleet programme in India with all EVs  

Operating effectively in North America and Europe, Amazon’s fleet programme is launching for the first time with entirely custom-designed EVs in India, making it convenient for DSPs to access safe, high-quality zero-emission vehicles for last mile deliveries. The last-mile fleet programme is part of Amazon’s global goal to reach net-zero carbon by 2040. In the initial phase of the programme, the company has introduced Mahindra Zor Grand three-wheeler EVs. Featuring a spacious 170 cubic feet delivery box and a 400kg payload capacity, it can handle daily shipments with ease. This electric vehicle can travel through roads at speeds up to 50 kmph, and travel over 100 kms on a single charge.

Goenka Green’s ElectroRide enters last-mile mobility solutions  

ElectroRide by Goenka Green has received orders from Uber and Jubilant FoodWorks to provide customised end-to-end EV mobility solutions. As part of this association, ElectroRide will provide cost-efficient and customised electric vehicles catering to the specific needs of Uber and Jubilant FoodWorks including its brands — Domino’s and Hong’s Kitchen. These endorsements are the outcome of ElectroRide’s strategic partnership with HCD India. Together, HCD India and ElectroRide have been delivering to leading logistics service providers — DHL and Delhivery.

MoEVing deploys 100 Tata Ace EVs for last-mile logistics

EV tech MoEVing has announced that it has deployed 100 units of the Tata Ace EV in short span of 90 days. The strategic deployment of Ace EV is for over 10 diverse customer segments, which illustrates a pivotal shift in urban freight and logistics. The EVs are operating across major urban centres, including Delhi NCR, Kolkata, Mumbai, Pune, and more, serving sectors as varied as FMCG and e-commerce to oil and gas.

Micelio Mobility to deploy entire corpus fund in 4-5 years

Bengaluru-based clean mobility start-up Micelio Mobility plans to complete the deployment of the INR 150 crore (INR 20 million) fund in the next 4-5 years through its investing arm. With its funding arm, it primarily focuses on pre-seed to Series A investments in early-stage start-ups across the clean mobility spectrum, including OEMs, infrastructure providers, component suppliers, and service providers with the investment ranging anywhere between US$ 100,000 and US$ 1 million.

Gensol Engineering’s first electric vehicle to roll out by January 2024

Gensol Engineering, green energy engineering, procurement, and construction (EPC) and advisory companies will launch their first electric vehicle (EV) by next year. The company, which has set up a manufacturing unit in Pune and has plans for another in Sanand, has submitted a plan for approval of its first unit to the Automotive Research Association of India (ARAI).

MAHLE India inaugurates new R&D facility for electrification in Coimbatore  

MAHLE Electric Drives India (MEDI) has inaugurated a state-of-the-art Research and Development Testing Centre at its manufacturing plant in Coimbatore/Tamil Nadu. The launch of the new R&D testing centre comes at a time when India is witnessing an encouraging response to vehicle electrification, especially the two-wheeler segment. With the new facility, MAHLE will be able to expand its product development capabilities for electric powertrain customers in India.

Deals and Investments

Company name

Company type

Deal type

Investor(s)

Deal value

(INR Crore)

Details

EMotorad

Electric bicycle maker

Equity

Alteria Capital and existing investor Green Frontier Capital

164 (INR 144 crore- Equity round, INR 20 crore – Debt from Alteria Capital)

Electric bicycle-maker EMotorad bags INR 164 cr in funding

Baaz Bikes

EV manufacturer

Equity

Singapore-based Big Capital, Rakuten Capital, Japan-based Rakuten Group’s venture capital arm, along with continued support from existing investors like Kalaari Capital and 9 Unicorns

66.6

Electric mobility startup Baaz Bikes raises US$ 8 mn led by Big Capital

Euler Motors

An electric vehicle company

Equity

British International Investment (BII), the UK Government’s development finance institution and impact investor

120

Euler Motors raises INR 120 crore in Series C extension round

Fresh Bus

A full-stack sustainability-centric shared mobility company

Equity

Kunal Shah, Sudarshan Venu, and Deepak Garg

7.5

Fresh Bus secures Rs 7.5 crore in second seed funding round

Source: Industry news articles, JMK Research

BLive looking to raise US$ 5 million in next 6 months

BLive, a multi-brand electric vehicle platform, is looking to raise US$ 5 million in the next six months. The company has raised under US$ 2 million over a period of time and is looking to raise US$ 5 million. BLive is looking to double its revenue to about INR 100 crore in FY2025 and is aiming for profitability in 12 months timeframe.

ChargeZone to raise US$ 125 m to boost EV charging ecosystem, plans partnership with OEMs  

EV charging infrastructure player ChargeZone is planning to tie up with major automakers of India to boost EV infrastructure country wide. Gujarat-based start-up collaborated with MG Motors to strengthen the EV infrastructure in India. It has collaborated with several top OEMs like Hyundai, Mercedes Benz, Kia Motors, and Audi in the past. The partnership with OEMs helps electric vehicle owners access public charging infrastructure, and it would aid in energy storage for automotive consumers. For this, the company has initiated another funding round, US$ 50 million round was announced a couple of quarters ago and the company has just initiated a new round, which is US$ 125 million and plans to complete the race by next summer.

Hero Electric taps GII, credit funds for INR 550 crore

Hero Electric, an electric two-wheeler manufacturer has approached existing investor Gulf Islamic Investments (GII) and credit funds to raise around INR 550 crore, as the company fights a working capital crunch that has affected its operations and resulted in loss of market share. The company is attempting to raise INR 300 crore from existing backer GII and tie up the remaining funding of about INR 250 crore in form of debt for which it has tapped the credit fund arms of Edelweiss and Kotak. Hero Electric has offered to provide a land parcel in Gurugram as security to potential financiers.

eBikeGo seeks US$ 20 million in funding for tech upgrade, expansion

Electric mobility solutions provider eBikeGo is gearing up for a significant capital boost, aiming to raise US$ 20 million in the coming three months. The investment, sought from venture capitalists, existing patrons, and high-net-worth individuals, is earmarked for technology development, R&D, expansion of human resources, and increasing working capital.

Revfin looking to raise INR 500 crore in 12 months  

Electric vehicle (EV) digital financing platform Revfin is looking to raise up to INR 500 crore in the next 12 months to fuel its business expansion plans. The company’s expansion plans include the commercial roll-out of its battery financing services before the end of this fiscal year. The platform is also targeting to achieve a topline of INR 90 crore this fiscal on the back of expanded portfolio, which includes two-, three- and four-wheeler financing for commercial uses.

Exide to invest additional funds in lithium unit  

Exide Industries, an Indian multinational storage battery manufacturing company will invest INR 1,100 crore in its lithium-ion cell subsidiary, Exide Energy Solutions Limited. It is setting up a green field multi-gigawatt lithium-ion cell manufacturing facility in India. To meet the funding requirement of EESL, the board had earlier approved a limit of INR 1,900 crore. The company has so far invested INR 1,530 crore in the equity share capital of EESL. After the latest investment decision, the total equity investment will add up to INR 3,000 crore in EESL.

Ashok Leyland to invest INR 1,200 crore in Switch Mobility   

Ashok Leyland, the Indian multinational automotive manufacturer, has approved an investment of INR 1,200 crore in its EV arm Switch Mobility. The finds will be allocated for capital expenditure, research, and development (R&D), and meeting operational requirements in both the UK and India.

Kaynes SemiCon investing INR 2,850 crore in semiconductor assembly in Telangana

Kaynes SemiCon, a 100% subsidiary of Kaynes Technology, is investing INR 2,850 crore in a facility in Hyderabad for outsourced semiconductor assembly and testing (OSAT), with automatic test equipment (ATE) and a reliability testing line. Kaynes SemiCon will also invest INR 83.28 crore in a research and development facility for silicon photonics for co-packaged optics in Mysuru. Parent Kaynes Technology is also making an investment of INR 750 crore in Mysuru for a bare board printed circuit board plant.

E-Bike Co Matter plans to raise up to US$ 200 million to expand operations  

Gujarat-based electric two-wheeler manufacturer, Matter Group, is looking to secure up to US$ 200 million in funding within the next two years to expand operations and set up a factory that will roll out a million motorcycles. The capital will also be used to develop new products and scale up distribution in the local market. The Temasek Holdings-backed company has so far raised about US$ 100 million from investors.

JVs & Partnerships

Companies involved

Purpose of Partnership

Quantum Energy and RevFin

  • Quantum Energy, an electric vehicle (EV) startup specializing in the design, development, manufacturing, and sales of electric scooters, has partnered with Fintech startup RevFin, an advanced digital consumer lending platform, which is revolutionizing the way the financing is being done.
  • Under this collaboration, Revfin will empower the fleet companies with the required funds to add Quantum Energy’s innovative Bziness and Bziness Pro e-scooters to their fleets. With the increasing trends of e-commerce, quick commerce, and fast adoption of electric scooters in the logistics sector this association will help the fleet companies.

Hindustan Zinc and Inland EV Green Services Pvt Ltd

  • Hindustan Zinc, a Vedanta Group company, has signed a contract with Inland EV Green Services, for the deployment of 10 electric vehicle trucks, each with a capacity of 55 metric tonnes.
  • The partnership signifies an important shift in the logistics landscape, aligning with global efforts to reduce carbon emissions and promote cleaner modes of transportation.

Revfin and Shoffr

  • Revfin, a financial inclusion platform, and Shoffr, a Bengaluru-based premium EV taxi service, have partnered to offer urban mobility services. In partnership with Revfin, which initially provided Shoffr with four BYD e6 electric vehicles, Shoffr’s fleet now comprises 40 plus electric vehicles, all BYD e6.
  • Together, they aim to scale operations not just in Bengaluru but other cities as well, with a vision to deploy a fleet of electric vehicles that will significantly reduce carbon emissions.

BLive and Zomato

  • Building on the successful partnership with Zomato, BLive, a multi-brand EV platform, has deployed 30 Ather EVs for Zomato deliveries in Ahmedabad, continuing the mission to expand their EV fleet across 20 Indian cities.
  • This evolution reflects the shared commitment to sustainability and reducing the delivery ecosystem’s carbon footprint, promoting a shift from conventional vehicles to eco-friendly EVs. BLive addresses the EV scarcity by offering end-to-end solutions for last-mile delivery companies like Zomato. Primarily focusing on Tier II cities, BLive aims to bridge the supply gap and fulfil the demands of last-mile delivery services.

Altmin and YLB

  •  YLB, The National Strategic Public Company for Bolivian Lithium Deposits, and Altmin Private Limited, a Hyderabad based Battery active materials manufacturing company, have officially signed a strategic agreement to advance partnership for Lithium, C-LFP technology. The agreement outlines the collaboration on the development of raw materials supply chain and production of cathode active materials (CAMs) for lithium-ion batteries.
  • The partnership entails the sharing of scientific technology knowledge for manufacturing battery active materials, through the establishment of a Pilot Plant in La Palca, Potosí using Altmin’s patented “C-LFP” technology and sharing of lithium carbonate supplies produced by YLB. It aims to enhance research, development, and piloting activities for Lithium and establish a bilateral Raw Materials Supply Chain.

OTO and Ather

  • OTO, a digital commerce platform and a player in two-wheeler financing, has entered into a strategic digital business partnership with Ather Energy, an electric scooter manufacturer, to help facilitate convenient and accessible ownership of Ather vehicles.
  • This partnership will change the realm of two-wheeler ownership, especially for the generally overlooked premium customer segments. This alliance will provide Ather customers with the full benefit of OTO’s innovative and appealing finance and commerce options, including Super EMI—an option offering 35% lower EMIs than banks and the advantages of an affordable, flexible, and convenient repayment structure.

Orxa Energies and Nunam Tech

  • Orxa Energies, an electric vehicle (EV) and energy systems startup, has partnered with Nunam Technologies, a startup specializing in the reuse of EV batteries in Bengaluru, to establish a closed-loop circular ecosystem for batteries to minimize waste and maximize environmental benefits.
  • This association aims to create a circular value chain for Orxa’s batteries. The company’s founders seek to leverage every opportunity to maximize the environmental benefits of its battery packs. Partnering with Nunam Technologies is a strategic step toward achieving this goal.

Standard Chartered Bank and Tata Motors

  • Standard Chartered Bank has announced its partnership with Tata Motors for offering Supply Chain Finance Solutions to their Electric Vehicle (EV) dealers. Currently Standard Chartered Bank offers inventory funding limits to the ICE dealerships of Tata Motors, across its Passenger and Commercial Vehicle businesses.
  • The Memorandum of Understanding (MoU) signed will enable the Bank to extend additional limits to the dealers exclusively for procurement of EVs from Tata Motors, through its subsidiary Tata Passenger Electric Mobility Limited (TPEML).

MG Motor India and Shoonya

  • MG (Morris Garages) has partnered with Shoonya, a — Zero Pollution Mobility campaign led by NITI Aayog, to accelerate the adoption of EVs in the country.
  • MG Motor India will actively engage with the Shoonya campaign to contribute and share its pivotal developments in the electric vehicle domain as part of this tie-up. MG will offer innovative solutions on green mobility with the industry as well as the government, as part of this partnership.

Infineon and Eatron 

  • Two technology companies, Infineon Technologies and Eatron Technologies, have signed a partnership to bring advanced machine learning solutions and algorithms to the Aurix TC4x microcontroller (MCU). The partnership is aimed at advancing automotive battery management systems (BMS) solutions.
  • The two companies aim to help EV manufacturers solve three technological challenges that have so far hindered faster customer adoption of EVs: range anxiety, charging speed and battery health. Infineon’s BMS platform accurately monitors, protects, and optimises electric vehicle (EV) battery performance. The BMS platform covers 12 V to 24 V, 48 V to 72 V, and high-voltage applications, including 400 V, 800 V, and 1200 V battery systems.

Valeo and Mahindra & Mahindra

  • Valeo, a mobility technology company, has collaborated with Mahindra & Mahindra (M&M), an automotive manufacturer, to provide electric powertrain for a certain range of its Born Electric passenger vehicle platform and onboard charger combo for the electric utility vehicles.
  • Valeo will invest close to the Mahindra plant in Pune, Maharashtra, to localize the production of the electric powertrain in India. It will include the electric motor, its inverter, and the gearbox, as well as the integrated 3-in-1 bi-directional Combo power electronics that integrates the Onboard Charger (OBC), the DC-DC converter and the Power Distribution Unit (PDU).

TPEM and JLR

  • Tata Passenger Electric Mobility Ltd (TPEM) and Jaguar Land Rover Plc (JLR), subsidiaries of Tata Motors Limited (TML), have formed an agreement to collaborate on the development of TPEM’s ‘Avinya’ series of premium pure electric vehicles.
  • The agreement includes the licensing of JLR’s EMA platform, covering various elements such as electrical architecture, electric drive unit, battery pack, and manufacturing expertise.

Source: Industry News Articles, JMK Research

Global Market Updates

Exicom expands into the UK Market, introduces range of EV Chargers

Exicom, an EV charger manufacturer, has announced its strategic entry into the UK and European market. The company plans to strengthen its distribution channel and will be providing EV chargers through direct sales channels too. As part of its global expansion strategy, Exicom has identified Europe as a key market for its home charging and business solutions. Exicom unveiled its first-of-its-kind EV charging product, Harmony Direct DC 360 Fast Charger designed especially for the European market.

Tata AutoComp Systems developing high-voltage EV components for global markets 

Indian Tier-1 major Tata AutoComp Systems (TACO), which is part of the Tata Group, has begun developing high-voltage EV components that are going to be suitable for electric passenger vehicles that will be introduced in overseas markets such as Europe and America, which are the demand centres for high-performance EVs. The Indian Tier-1 supplier has initiated its journey towards the development of 300V-850V EV components and is also investing into their R&D, plant, and machinery.

Battery prices are falling again as raw material costs drop

As the auto industry grapples with how to make affordable EVs, the task may become easier due to one key metric: Battery prices are resuming a long-term trend of decline, following an unprecedented increase last year. According to BloombergNEF’s annual lithium-ion battery price survey, average pack prices fell to US$ 139 per kilowatt hour this year, marking a 14% drop from US$ 161/kWh in 2022. This is the largest decline observed in our survey since 2018. The main contributor to falling battery prices historically has been technological innovation. However, this hasn’t been the case in 2023. This year, the drop in battery prices is primarily attributed to lower raw material costs.

Audi builds new EV factory in China

Construction of Audi FAW NEV Company in Changchun, China, is advancing according to plan. In June 2022, the joint company of the brand with the four rings and its Chinese partner FAW (First Automotive Works) laid the cornerstone for the new production site. The factory exclusively produces all-electric Audi models. With its state-of the-art facility, the company aims to set new standards in digitalization, efficiency, and sustainability.

Chinese-Slovak venture signs deal for battery plant in Slovakia

China’s Gotion High Tech and Slovak partner InoBat have signed a memorandum to establish an electric vehicle (EV) battery plant in Slovakia. The joint venture, known as Gotion InoBat Batteries, aims to commence production at the plant in 2026, initially focusing on EV batteries with a combined annual output of 20 gigawatt hours.

Redwood inks long-term EV battery materials supply deal with Toyota

Redwood Materials has signed a long-term contract to supply Toyota Motor with recycled materials for the Japanese automaker’s US$ 13.9 billion North Carolina electric vehicle battery plant. The Nevada-based materials specialist would remanufacture EV battery components from materials supplied by Toyota and recycled from end-of-life vehicles, mainly hybrid-electric models such as the Prius.

Xiaomi reveals SU7 EV sedan

Xiaomi’s first car, the all-electric SU7 sedan, has been revealed in Chinese government filings. This sedan will rival the BMW i4 and Tesla Model 3 when it goes on sale in China in the first half of 2024. The Xiaomi SU7 measures 4,997mm in length, 1,963mm in width, 1,440mm in height and has a wheelbase of 3,000mm. It weighs between 1,980-2,205kg, depending on the specification picked. Xiaomi will offer two powertrains – a rear-wheel-drive version with 299hp on tap and a top speed of 210kph, and a dual-motor, four-wheel-drive version with 673hp and a top speed of 265kph. Xiaomi will also two battery packs with the SU7 – a lithium iron phosphate (LFP) battery from BYD on entry-level cars and a larger CATL pack as a more expensive option. However, battery capacities and range are yet to be confirmed.

Hyundai to set up EV plant to produce 200,000 vehicles every year

Hyundai, an automotive manufacturer is set to invest 2 trillion won (US$ 1.51 billion) in the construction of a new electric vehicle (EV) factory spanning 548,000 square meters in Ulsan, approximately 300 kilometers southeast of Seoul. The upcoming facility will utilize the advanced manufacturing platform developed by the Hyundai Motor Group Innovation Center in Singapore, which serves as the company’s intelligent urban mobility hub for smart technologies.

Toyota, Thailand joins hands to develop domestic EV industry  

Thailand revealed collaboration plans with Toyota Motor Corp to advance the nation’s electric vehicle (EV) sector. This partnership coincides with Toyota’s strategy to test its inaugural EV pick-up truck in Thailand, aiming to stimulate EV sales amid escalating competition from Chinese counterparts.

Switzerland ends electric car tax exemption

Switzerland has discontinued a tax exemption for the imports of electric cars, as their increasing presence on Swiss roads has led to a reduction in tax revenues. The federal government announced that, starting from January 1, electric cars would be subject to the same four-percent import duty that applies to traditional fuel vehicles.

Audi begins production of electric motors at Hungarian plant

Audi, the automotive manufacturer, has begun the production of electric motors for its Premium Platform Electric (PPE) in the Hungarian city of Gyor. These newly developed electric motors will make their debut in the Audi Q6 e-tron series. The production of Audi’s first fully electric model is set to commence at the Ingolstadt headquarters by the end of the year, featuring the PPE-based platform.

Siemens to invest US$ 290 million at 3 US sites

Siemens, a German multinational technology conglomerate  would invest a further US$ 290 million (EUR 271 million) in the United States across three locations as part of a US$ 2 billion investment package. The Munich-based company plans to invest US$ 150 million in a new manufacturing plant in Dallas-Fort Worth, Texas, to produce electrical equipment for U.S. data centres and infrastructure. It will invest US$ 140 million in two electrical-products manufacturing plants in Grande Prairie, Texas, and Pomona, California.

KG Mobility in strategic tie-up with BYD to produce hybrid and electric vehicles

Korea’s KG Mobility (formerly SsangYong Motor Company) has entered into a next-generation hybrid system agreement with global electric vehicle major BYD. The agreement will see battery packs produced in Korea integrated into the Torres EVX and the company’s new BEV pick-up, which is scheduled for mass production in the second half of 2024, and in other applicable vehicle models. Before the agreement, researchers from both companies had already begun joint development of the next-generation hybrid system with plans to expand its lineup, starting with a Torres-based hybrid model in 2025.

MAHLE Powertrain opens battery development, testing and prototyping centre in Europe

MAHLE Powertrain, an engineering services provider, has recently inaugurated a cutting-edge battery development centre in Stuttgart, Germany. This facility is designed to meet the specific requirements of its European clients. The facility spans over 1,300 m^2 and it can accommodate all aspects of battery development, from initial prototyping through to small-scale production, with a breadth of capability that covers applications from small e-bikes to large electric trucks. The new facility follows the creation of a vehicle and battery development centre at the company’s Northampton site, which opened last year.

Thailand approves new, scaled down EV subsidy package

Thailand approved a new subsidy package for electric vehicles in a move to support EV sales in a top regional auto hub where battery-powered cars are steadily gaining traction. The new package approved by the National Electric Vehicle Policy Committee includes a lower subsidy than the current scheme ending this year. Thailand currently offers a government subsidy of up to 150,000 baht (US$ 4,100) per vehicle, but the amount could be brought down to 100,000 baht.

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