Monthly EV Update – October 2023
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Product Launches
India Launches – October 2023
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Product |
Vehicle type |
Battery specifications |
Other specifications |
Price (Ex-Showroom) |
|
E2W |
|
|
INR 92,490 |
|
|
E2W |
|
|
INR 89,000 |
|
|
E2W |
|
|
INR 1,29,000 |
|
|
E2W |
|
|
INR 1,59,000 |
|
|
E2W |
|
|
INR 1,39,000 |
|
|
E2W |
|
|
INR 1,89,000 |
|
|
E2W |
|
|
INR 1,37,000 |
|
|
E2W |
|
|
INR 63,650 |
|
|
E2W |
|
|
INR 1,14,999 |
|
|
E2W |
|
|
INR 99,999 |
|
|
E3W (Cargo) |
|
|
NA |
|
|
E-Car |
|
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INR 2,50,00,000 |
Source: Industry News Articles, Company Websites, JMK Research
Upcoming Product Launches
Ahmedabad start-up Svitch to launch CSR 762 electric motorcycle by early 2024
Ahmedabad-based electric two-wheeler start-up Svitch Motocorp has unveiled the new CSR 762 electric motorcycle sporting its design and technology patents. The company is expecting the Svitch CSR 762 to hit the roads by early 2024. The Switch CSR 762 will be powered by a 3 kW (4 bhp) PMS electric motor with a peak power output of 10 kW (13.4 bhp) at 3,800 rpm. Peak torque stands at 165 Nm and drops to 55 Nm. The top speed is rated at 120 kmph. The e-bike will use two 3.6 kWh lithium-ion swappable battery packs swappable battery packs with a range of 160 km (claimed) on a single charge.
Kawasaki Ninja e-1, Z e-1 unveiled
Kawasaki had revealed the fully electric Ninja e-1 and Z e-1 at EICMA 2022 but most of the powertrain details were under wraps back then. Now the company has revealed the specs of these two entry-level e-bikes and they’re on par with some of the sporty e-scooters sold in India. Both bikes are powered by two removable lithium-ion battery packs, each with a capacity of 1.5kWh. Charging time for each pack is a rather slow 3.7hrs, which means total charging time is 7.4hrs. One can, however, charge both individually with separate chargers.
EV Sales Trend
The overall EV sales in October 2023 witnessed an increase of approximately 9% from last month, reaching 1,39,232 units. On a y-o-y basis, EV sales in October 2023 increased by 16.13% from that of EV sales in October 2022.
Registered EV Sales Trend in India (October 2022– October 2023)
Source: Vahan Dashboard, Company Press Releases, JMK Research
Note: Sales figures represent EVs registered across 1,354 RTOs in 34 states/ UTs.
As depicted in the figure below, EV registrations in October 2023 were again driven by electric two-wheelers and passenger-type electric three-wheelers, which together accounted for 90.74% of total registrations in the month.
Category-wise EV Sales in October 2023
Source: Vahan Dashboard, JMK Research
Note: Sales figures represent EVs registered across 1,354 RTOs in 34 states/ UTs; Others include adapted vehicle, articulated vehicle, 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 9.17% of the market share.
State-wise Registered EV Sales in October 2023
Source: Vahan Dashboard, JMK Research
Note: Sales figures represent EVs registered across 1,354 RTOs in 34 states/ UTs. Others include Chhattisgarh, 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 ~17% m-o-m in October 2023 to reach 74,623 units. The top 10 players in the industry accounted for approximately 91.89% of the total registrations witnessed in October 2023. Furthermore, compared to October 2022, E2W sales in October 2023 experienced a y-o-y decrease of 6%.
High-Speed E2W Sales Trend
Source: Vahan Dashboard, JMK Research
Note: Sales figures represent only high-range E2W (Top speed > 25 kmph) registered across 1,354 RTOs in 34 states/ UTs.
Ola Electric sold 23,781 units in October 2023. Maintaining its significant market leadership with a substantial 31.8% share. TVS stands at second place this month. Hero Motorcorp, Lectrix EV and Wardwizard Innovations secured a spot in the top 10 squad this month.
Top High-Speed E2W Players in October 2023
Source: Vahan Dashboard, JMK Research
Note: Sales figures represent only high-range E2W (Top speed > 25 kmph) registered across 1,354 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 October 2023 stood at 51,711 units and 5,107 units, respectively, with a marginal m-o-m decrease of 1.2% in passenger E3W. There has been no change in sales of E3W cargo. Overall E3W sales recorded a m-o-m fall of ~1% over last month. On a y-o-y basis, passenger E3W sales in October 2023 increased by ~62% and cargo E3W sales increased by more than 70% from that of passenger and cargo-type E3W sales respectively in October 2022.
Sales Trend of E3W – Passenger (Left) and E3W – Cargo (Right)
Source: Vahan Dashboard, JMK Research
Note: Sales figures represent E3Ws registered across 1,354 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 October 2023 accounted for 36.07% share of the entire E3W market. Mahindra and YC Electric came in at first (8.97% share) and second (7.16% share) positions respectively. This was followed by Saera Electric Auto (5.51%), Piaggio (3.88%), Dilli Electric (3.85%), Mini Metro (2.38%), Champion Poly Plast (2.22%) and Hotage Corporation (2.10%).
Top E3W Players monthly sales
Source: Vahan Dashboard, JMK Research
Note: Others made up 63.93% of the E3W market in October 2023; sales figures for players are inclusive of both cargo and passenger offerings; Sales figures represent E3Ws registered across 1,354 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 October 2023 stood at 7,210 units, witnessing a m-o-m rise of ~19%. Tata Motors has been driving the E-car sales (with 74.24% of the market share) this month as well. On a y-o-y basis, E-Car sales in October 2023 increased by ~43% from that of E-Car sales in October 2022.
Player-wise E-Car Sales Trend
Source: Vahan Dashboard, JMK Research
Note: Sales figures represent E-cars registered across 1,354 RTOs in 34 states/ UTs; Others include PCA, Audi, Volvo Auto, Mercedes-Benz, BMW, Jaguar, KIA Motors, Lectrix, and Porsche.
Electric Buses (E-Buses)
The total sales of E-buses in October 2023 stood at 236 units, witnessing a m-o-m decrease of ~8%. On a y-o-y basis, E-Bus sales in October 2023 decreased by ~2% from that of E-Bus sales in October 2022.
Tata Motors is the leader in October 2023 (with a 72.0% market share), followed by Olectra Greentech (15.3%), Mytrah Mobility (4.7%), Switch Mobility (3.8%), Pinnacle Mobility (2.1%), VE Commercial (1.3%), and JBM Auto (0.8%).
Player-wise E-Bus Sales Trend
Source: Vahan Dashboard, JMK Research
Note: Sales figures represent E-buses registered across 1,354 RTOs in 34 states/ UTs.
Policies & Regulations
Ministry of Environment, Forest and Climate Change announced Battery Waste Management Rules 2023
Ministry of Environment, Forest and Climate Change announced Battery Waste Management Rules 2023 which cover Mandatory Waste Battery collection target and 100% of refurbishment or recycling of the collection target and Mandatory Waste Battery collection target and 100% refurbishment and/or recycling target for every seven-year cycle (Weight). These rules shall come into force on the date of their publication in the Official Gazette i.e., October 25,2023.
Greaves Electric Mobility refunds INR 124 crore FAME II subsidy to MHI
Greaves Electric Mobility stated that it has refunded around INR 124 crore subsidy received by the company under the INR 10,000 crore FAME (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles in India Scheme. Greaves also urged MHI to reactivate its NAB status so that, after paying the penalties imposed by the regulator, it can resume claiming subsidies in the near future.
Cabinet approves MoC between India and Japan for semiconductor development
The Union Cabinet, chaired by Prime Minister Narendra Modi, was apprised of a Memorandum of Cooperation (MoC) signed in July 2023 between the Ministry of Electronics and Information Technology (MeitY) of India and the Ministry of Economy, Trade, and Industry (METI) of Japan on Japan-India semiconductor supply-chain partnership. The MoC intends to strengthen cooperation between India and Japan towards enhancement of the semiconductor supply chain, recognising the importance of semiconductors for the advancement of industries and digital technologies.
Delhi government extends EV policy till December 31
The Delhi government has extended its existing electric vehicle policy till December 31 this year. The cabinet has approved the extension of the existing Delhi EV Policy and all incentives including subsidies under it till the end of this year. This decision comes at a time when the Delhi EV Policy expired on August 8, earlier this year.
The Delhi EV Policy 2.0 would look at incentivising the retrofitting of vehicles considering its high cost. This indicated that the government is mulling the idea of promoting conversion of the conventional internal combustion engine-powered vehicles into electric vehicles. The conversion of the ICE vehicles into electric ones will eventually help in the reduction of environmental pollution through vehicular emission. However, the process is expensive and government incentives would make this affordable for interested vehicle owners who seek to convert their fossil fuel vehicles into EVs.
Delhi clears policy legalising bike taxis, mandating electric vehicles
Delhi Chief Minister Arvind Kejriwal has approved the Delhi Motor Vehicle Aggregator and Delivery Service Provider Scheme 2023, a policy aimed at regulating cab aggregators and delivery service providers in the national capital. With this move, Delhi has become the first state/UT in India, and one of the few cities globally to mandate a time-bound transition of commercial vehicle fleets for aggregators, delivery service providers and e-commerce entities to zero-emission electric vehicles. The scheme also paves the way for the launch of electric bike taxi services in Delhi.
Four EV companies deposit INR 129 crore with centre against pending funds
Ola Electric, Ather Energy, TVS Motor Company, and Hero MotoCorp have jointly deposited INR 129.30 crore with IFCI Ltd, a state-run non-banking finance company. This is part of the INR 312.42 crore in total refunds that these companies need to provide to electric two-wheeler (E2W) buyers, following allegations of mispricing and wrongful claims of government subsidies.
India develops indigenous charging standard for 2 and 3 wheelers
The Bureau of Indian Standards (BIS), India’s National Standard Body, has approved the country’s first ever indigenously developed AC and DC Combined Charging connector standard for light electric vehicles. This achievement represents the world’s first ever combined AC and DC charging connector standard for light electric vehicles. It was designed and engineered in India which and has the potential to become the global benchmark for LEVs. These standard paves the way for a common light electric vehicle AC & DC combined charging system that benefits all segments of the EV ecosystem, from vehicle owners and manufacturers to charge point operators.
Charging Infrastructure & Battery Swapping
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Stakeholder(s)/ Player(s) |
Description |
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Source: Industry news articles, JMK Research
Adani Total Gas aims to expand e-mobility charging points to over 3,000
Adani Total Gas Ltd. (ATGL) is looking to increase the number of charging points for e-mobility to over 3000 in the near future from about 221 charging points spread across 64 locations at present. ATGL reported a net profit of INR 168 crore, marking a 20% year-on-year increase compared to the same period last year. However, the company’s revenues from operations during the reported period amounted to INR 1,178 crore, reflecting a 1% decline compared to the corresponding period in the previous year.
Servotech Power Systems, EMCOR Power Solutions to set up 1,000 EV charging stations in India
Servotech Power Systems and EMCOR Power Solutions have entered into an agreement to develop 1,000 EV charging stations at various locations in India. EMCOR Power Solutions is part of Kuwait-based EMCOR International, which is involved in the oil and gas business. Under the memorandum of understanding (MoU), EMCOR Power Solutions commits to provide 1,000 charging power operators (CPO) sites in India. These sites will serve as the foundation for the installation of EV chargers.
Tata Power signs MoU with Assam Government to set up EV charging network in Guwahati
Tata Power EV Charging Solutions Limited (TPEVCSL), a Tata Power Group Company and one of the EV Charging solutions providers formally announced its forthcoming collaboration with the Assam Government, aimed at augmenting the electric vehicle ecosystem. This significant partnership, formalized through the signing of a Memorandum of Understanding (MoU), will introduce the convenience of EV charging infrastructure in the dynamic city of Guwahati. As part of this initiative, Tata Power is poised to deploy a network of 10 advanced EV chargers strategically situated across 10 pivotal locations as a pilot within the city, with key installations planned for high-traffic areas such as Dispur.
Omega Seiki Mobility and Honda Power Pack Energy India
Omega Seiki Mobility, an electric vehicle manufacturer and Honda Power Pack Energy India have signed an MoU (Memorandum of Understanding) for swappable battery technology for the EV market in India. As part of this tie-up, Honda Power Pack Energy India, a subsidiary of Honda Motor Co., Ltd., will provide Omega Seiki Mobility with cutting-edge swappable batteries and establish a network of quick interchange stations in Tier 1 cities across India.
Chandigarh MC relents, okays 32 parking lots for EV charging stations
The three-month-long stand-off between the UT administration and municipal corporation (MC) over allocation of space for electric vehicle (EV) charging stations in 44 parking lots has finally ended, with the civic body relenting and approving 32 sites in consultation with market associations. Chandigarh has 89 parking lots that are divided into two zones, of which administration plans to install EV charging stations at 44. While earlier UT has proposed to offer MC 50% revenue collected from the charging stations in exchange for the space that will allow visitors to charge their vehicle while it is parked, now it will share 100% revenue with MC.
UP expressways to get electric vehicle charging stations
The Uttar Pradesh Expressways Industrial Development Authority (UPEIDA) is planning to establish 72 charging stations for electric vehicles along the five expressways in the state. The work is scheduled to commence in January next year. Currently, some electric charging points are available on Lucknow–Agra Expressway and Yamuna Expressway, but they do not offer fast charging facilities. The Uttar Pradesh Electricity Regulatory Commission (UPERC) has set a base tariff ranging from INR 7.30 to INR 7.70 for kilowatt per hour. However, as these charging stations are being developed under a public-private partnership mode, the service provider is expected to announce the final charging rates once the facilities are operational.
CESL eyes private sector participation in EV charging infra development
Convergence Energy Services Ltd (CESL), a subsidiary of Energy Efficiency Services Ltd (EESL), plans to float a tender next month to rope in electric vehicle (EV) charging point operators to scale up EV charging infrastructure across the country. While CESL is in the process of ramping up charging stations across the country through its own investments, it is planning a shift to an asset-light public-private partnership (PPP) model to ramp up the charging infrastructure further. Under the proposed PPP mode, CESL will provide land and attract private investors to establish and manage charging stations based on a revenue-sharing model.
Key Manufacturing Updates
Tresa Motors plans to set up new production, R&D facilities
Tresa Motors, an OEM manufacturer of medium and heavy electric trucks in India, is planning to establish state-of-the-art manufacturing and R&D facilities. The company is currently assessing potential locations in Karnataka and Tamil Nadu for these facilities. Tresa Motors is committed concentrating on the medium-to-heavy electric vehicle segment and does not have any intentions to enter the light commercial vehicle (LCV) market.
VinFast explores Ford Chennai factory as part of its India entry plans
As part of its globalisation strategy, Vietnamese electric vehicle manufacturer VinFast, is exploring the Ford India factory in Chennai amongst the multiple alternatives it is studying to set up an India manufacturing base. The acquisition of Ford India’s factory in Chennai is among many greenfield alternatives being explored by Vinfast in the country. While the Ford India plant in Chengalpattu, near Chennai, in Tamil Nadu has a manufacturing capacity of 2,10,000 units, VinFast would be looking at much lesser capacity what with the EV volumes in India yet to mature. The company, which had confirmed its intent to establish a manufacturing facility in India earlier this month, will invest about US$ 200 million with an aim to start assembling vehicles by 2026.
India’s first semiconductor plant expected in one year, focus on other components too
The country’s first electronic chip manufacturing plant is expected to be in place within a year, according to Union Telecom and IT Minister Aswhini Vaishnaw. The government has initially earmarked US$ 10 billion incentive for setting up a semiconductor manufacturing ecosystem in the country including a wafer fabrication plant. The wafer fabrication plants are the first building block of physical chips that are used in all high-tech electronic products.
Wardwizard signs INR 2000 crore MoU with Gujarat government
Wardwizard Innovations & Mobility, a manufacturer of electric vehicles under the ‘Joy e-bike’ brand in India, signed a Memorandum of Understanding (MoU) with the Government of Gujarat to invest INR 2,000 crore for developing an EV Ancillary Cluster by 2024. Under this agreement, Wardwizard is set to make a substantial investment of INR 2,000 crores, spanning various critical areas. This includes research and development of electric 2 & 3-wheelers, the establishment of motor assembly at Vadodara’s facility, Li-ion Cell production, and the development of ancillaries for raw material manufacturing.
Welspun One Logistics Parks to develop build-to-suit facility for Montra Electric in Chennai
Welspun One Logistics Parks (WOLP), an integrated fund and development management platform, has announced a build-to-suit lease agreement with Montra Electric (from TIVOLT), the Electric four-wheeler manufacturer of the Murugappa Group. Under this partnership, Welspun One will construct a build-to-suit (BTS) facility, encompassing Montra Electric’s (from TIVOLT) retail experience center and a dedicated assembly space tailored for four-wheeler small commercial EVs. Located within the Welspun One logistics and warehousing park in Chinnambedu, Chennai, the facility is projected to commence operations by the second quarter of 2024.
E-Bus Updates
Nashik civic body submits final proposal to receive 100 e-buses
The Nashik Municipal Corporation (NMC) has submitted a proposal to the state urban development department for getting 100 e-buses under the PM E-bus Seva scheme. The state government had sought details about the present infrastructure, the number of e-buses required and the routes on which these buses would operate. In a proposal, the civic body informed that it is already operating the city bus service with 250 non-EV buses on 61 routes. It needs 150 more buses to add more routes in the city.
Mindspace REIT to add 50 electric buses and fast chargers to premises in a year
Mindspace REIT, a brand of commercial and industrial parks, plans to deploy 50 electric buses and 50 fast chargers within a year in its green mobility push. This is a part of the company’s larger commitment to transition to fully electric vehicles across its large-scale industrial parks by 2030. Coming to the issue of EV chargers, real estate firm K Raheja Corp has already installed over 1,100 EV chargers at its various properties. It now wants to add an additional 50 fast chargers to keep pace with the growing demand for electric two wheelers and passenger cars.
The Delhi government will introduce a premium bus aggregator scheme to encourage the upper middle class to switch to public transport. The aggregators who take licenses will have to ply air-conditioned buses with not less than nine seats. No standing passengers will be allowed, and the payment will be made digitally. The aggregators will have to maintain fleets of a minimum of 25 buses. From January 1, 2025, the entire bus fleet should be electric.
Only electric, CNG, BS-VI diesel buses to operate between Delhi-NCR cities from Nov 1
In its bid to combat air pollution, the Commission for Air Quality Management (CAQM) announced that starting November 1, only electric, CNG, and BS VI-compliant diesel buses will be allowed to operate between Delhi and cities and towns in Haryana, Uttar Pradesh, and Rajasthan falling within the NCR. In its aim to reduce pollution, the Centre had announced in April 2020 that all vehicles sold in India must comply with Bharat Stage-VI (BS-VI) emission standards. Bharat Stage emission standards set legal limits on the amount of air pollutants, such as carbon monoxide and particulate matter, that vehicles in India can emit. These standards focus on improving emission control, fuel efficiency, and engine design. This step could make a big difference in combating air pollution caused by diesel-powered buses operating in the region.
Other Market Updates
Lexus to drive in its first EV into India in two years
Japanese luxury carmaker Lexus intends to introduce its first fully electric vehicle (EV) in the Indian market within two years, aiming to compete with Mercedes-Benz, BMW, Audi, and Jaguar, and other manufacturers who collectively offer approximately a dozen EV models in the country. Lexus plans to start selling the electric sedan, LF-ZC, in India in 2025. The company has not yet finalized a timeline for launching the electric SUV, LF-ZL, in India.
Harman plans to supply digital clusters to electric two-wheeler OEMs in India
US-based technology giant Harman, which is now a wholly owned subsidiary of Korean electronics major Samsung, aims to venture into the electric two-wheeler segment in India with its range of digital cluster and infotainment solutions. The company, which has been collaboratively working with passenger vehicle majors, including Tata Motors, Mahindra & Mahindra, and Maruti Suzuki India, in India and offers a host of cockpit and digital solutions, including infotainment, telematics, audio, and digital clusters, intends to leverage its expertise in designing human-machine interface (HMI) systems to enter the country’s growing electric two-wheeler segment.
Magenta Mobility, Tata Motors partner to deploy Ace EVs for intra-city deliveries
Magenta Mobility, a full stack electric fleet operator, has entered the electric four-wheel commercial vehicle segment through a partnership with Tata Motors. The company has signed a MoU with Tata Motors to deploy 500 units of the Tata Ace EV, providing a green and smart transport solution tailored for various intra-city applications.
Karnataka expects INR 15,000 crore new investment in electric vehicle segment
Karnataka, at the forefront of fostering the growth of the Electric Vehicle sector, has successfully attracted investments of INR 25,000 crore spanning the entire value chain. The INR 25,000 crore investment encompasses battery pack and cell manufacturing, component production, original equipment manufacturing (OEMs), and charging and testing infrastructure. The state is further expecting an additional investment of INR 15,000 crore to flow towards research and development in the sector.
Daewoo preparing to re-enter Indian market with electric motorcycles and bicycles
The South Korean conglomerate Posco Daewoo, renowned for its iconic Cielo sedan and Matiz hatchback, is actively considering a re-entering the Indian market. This strategic comeback is driven by their intention to introduce electric motorcycles and e-cycles. The company is strategically betting on the rapid expansion of the Indian electric two-wheeler market in the years ahead. In addition to electric vehicles, the company is also exploring opportunities in the power and energy sector, including products such as solar panels and inverter batteries, as well as consumer electronics encompassing LED televisions, air purifiers, and refrigerators.
Union Cabinet approves royalty rates for critical and strategic minerals including lithium
The Union Cabinet has approved the royalty rates for 3 critical minerals, including Lithium, Niobium and Rare Earth Elements (REEs). The approved royalty rates for lithium, Niobium and REE are 3%, 3% and 1%, respectively. The Central Government is working to initiate the first phase of the auction of essential and strategic minerals such as Lithium, Rare Earth Elements, Nickel, Platinum Group of Elements, Potash, Phosphorite, Graphite, Glauconite, Molybdenum, and more in the near future.
Ola S1 Pro Gen2 electric scooter deliveries begin in India
Ola Electric, an electric vehicle manufacturer has announced commencing deliveries of the S1 Pro Gen2 electric scooter in India. The Ola S1 Pro Gen2 was launched in August this year for INR 1.48 lakh (ex-showroom, India) and received major changes including a comprehensively updated chassis, revised motor, and battery pack, as well as new tech onboard. Upgrades to the Ola S1 Pro Gen2 electric scooter include a frame that’s lighter in weight and a flat floorboard. The e-scooter also gets telescopic front forks instead of the monoshock unit seen on the Gen1 model. The mid-drive motor is now more powerful at 11 kW (14.7 bhp) and promises a higher top speed of 120 kmph. The e-scooter also accelerates faster from 0-40 kmph in 2.6 seconds. Deliveries of the S1 Pro Gen2 have begun in over 100 cities with more markets to follow soon.
LML to build electric vehicle industrial park in this state
Auto manufacturer LML will establish a state-of-the-art electric vehicle industrial park in the state of Haryana, where it has acquired land for this purpose. The land is located off the Delhi-Mumbai Expressway, on the main highway from Gurgaon to Alwar. This development aligns with the OEM’s commitment to expand the company’s operations and promote sustainable mobility solutions in the country. The industrial park will be equipped with cutting-edge technology to foster innovation and sustainable practices under one roof. Moreover, the industrial park will be specifically dedicated to the upcoming electric scooters from LML.
RunR Mobility announces D2C market entry
RunR Mobility has revealed its entry into the Direct-to-Consumer (D2C) market by deploying 200 electric vehicles by the end of this month. This move represents a significant step forward in RunR Mobility’s growth and expansion strategy. The announcement further strengthens RunR Mobility’s nationwide presence, currently established in Vadodara, Gujarat. It also plays a crucial role in the organisation’s commitment to adopting 5,000 to 6,000 EVs and establishing 40 swapping stations within this fiscal year.
CJ Darcl Logistics signs MoU with Tata Motors to explore sustainable operations
Logistic company CJ Darcl Logistics Limited signed a strategic Memorandum of Understanding (MoU) with Tata Motors to strengthen and enhance CJ Darcl’s fleet of vehicles and explore options for logistics services. The companies will deliberate on possibilities to enhance CJ Darcl’s fleet and make their operations greener. The engagement also aims to make CJ Darcl’s operations more efficient through comprehensive annual maintenance contracts, a dedicated service team, and streamlined after-sales processes. Amazon has committed to deploying 10,000 electric vehicles (EVs) in its India delivery fleet by 2025. The collaboration will also involve Gentari providing electric vehicles and accompanying fleet management services for Amazon’s third-party delivery service partners.
No GST cut for EV batteries to 5% as fitment committee rejects proposal
There will be no reduction in the goods and services tax (GST) rate on electric vehicles batteries, as the GST Council’s fitment committee has rejected the industry’s proposal. The EV industry had requested a GST reduction on batteries from 18% to 5%. However, the fitment committee has recommended maintaining the current rate. It’s important to note that complete electric vehicles (built-up EVs) are subject to a 5% GST rate, while lithium-ion batteries and charging stations are both subject to an 18% GST rate.
Deals and Investments
|
Company name |
Company type |
Deal type |
Investor(s) |
Deal value (INR Crore) |
Details |
|
Ola Electric |
E2W Manufacturer |
Equity and Debt |
Temasek (Equity) & State Bank of India (Project Debt) |
3,200 |
Ola Electric raises INR 3,200 crore from Temasek, SBI, others |
|
PMI Electro Mobility |
E-Bus Manufacturer |
Debt |
Piramal Alternatives |
250 |
PMI Electro Mobility secures Rs 250 crore investment from Piramal Alternatives |
|
Fresh Bus |
Electric inter-city bus service startup |
Equity |
Kunal Shah, Founder and CEO of CRED; Sudarshan Venu, Managing Director of TVS Motor; and Deepak Garg, Founder and CEO of Rivigo |
7.5 |
Electric inter-city bus service startup Fresh Bus raises Rs 7.5 crore |
|
Perpetuity Capital |
EV finance digital platform |
Debt
|
Clime Finance |
5 |
EV Finance platform Perpetuity Capital secures INR 5 crore funding from Clime Finance |
|
Mahindra Last Mile Mobility |
Automotive manufacturer |
Equity |
International Finance Corporation (IFC) |
300 crore (first tranche) (out of 600 crore) |
Mahindra Last Mile Mobility receives first tranche of Rs 300 crore investment from IFC |
|
Bolt Earth |
Charging Infrastructure Solution Provider |
Equity |
Union Square Ventures, early-stage venture capital (VC) company Prime Venture Partners, and the Investment Trust of India-backed ITIGO Funds |
166.2 |
Charging infrastructure firm Bolt Earth raises USD 20 million in funding |
Source: Industry news articles, JMK Research
EV company Exponent eyes USD 25 Million at USD 100-120 Million valuation
Electric vehicle fast charging startup Exponent Energy is set to shortly close its first funding round in more than a year by raising US$ 25 million at a valuation of US$ 100-120 million. The round will be led by Fidelity-backed global investor Eight Roads, which has invested in Indian startups such as Pharmeasy, Whatfix, Shadowfax and Icertis. Exponent Energy’s existing investors including Lightspeed India and AdvantEdge VC will also take part in the round.
Birla Carbon acquires Belgium battery materials maker Nanocyl
Aditya Birla Group-led Birla Carbon, a global supplier of carbon black, has acquired Nanocyl SA, a Belgium-based manufacturer of multi-wall carbon nanotubes. Birla Carbon announced its recent acquisition to expand its reach in the energy systems market. According to the company, this deal will help it become a leader in a material critical to the performance of lithium-ion batteries and other conductive applications.
JVs and Partnerships
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Purpose of Partnership |
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Snap-E Cabs, Mufin Green Finance, Mahindra Finance, ICICI Bank and HDFC |
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Source: Industry News Articles, JMK Research
Global Market Updates
Toyota makes new investment of USD 8 billion in North Carolina battery plant
Toyota announced a new investment of nearly US$ 8 billion that will add approximately 3,000 jobs at Toyota Battery Manufacturing North Carolina (TBMNC). This brings total investment to approximately US$ 13.9 billion and job creation to more than 5,000 – further supporting Toyota’s multi-pathway approach to global vehicle electrification. This investment adds capacity to support battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEV’s). An additional eight BEV/PHEV battery production lines will be added to the two previously announced, for a total of 10 battery lines. Production will be increased in a phased approach, with line launches planned through 2030 to reach a total production of more than 30GWh annually.
LG Energy Solution scrambles to boost EV battery production
South Korean battery giant LG Energy Solution is rushing to raise production capacity for electric vehicle batteries at 10 locations worldwide as it struggles to keep up with a ballooning order backlog. To ensure stable operations at all sites, LG Energy Solution is working with German industrial group Siemens to introduce AI-backed quality control measures.
Honda and General Motors end ‘affordable’ EV partnership
Japanese automaker Honda and United States giant General Motors have jointly announced the discontinuation of their partnership aimed at producing affordable electric vehicles from 2027. The goal of their 2022 partnership was to develop electric cars priced lower than GM’s US$ 30,000 Chevrolet Equinox. Despite this, Honda maintains its commitment to achieving 100 percent EV sales by 2040. It’s worth noting that Honda and GM continue their collaboration in various other projects, including plans to launch driverless taxis in Tokyo by 2026.
Mitsubishi Motors to invest up to 200 million euros into Renault’s new EV unit
Japanese automaker Mitsubishi Motors will invest up to EUR 200 million (US$ 214 million) in the new electric vehicle unit of its French counterpart Renault. Mitsubishi aims to enhance its EV development technology and expand its lineup of battery-powered vehicles through this investment in Renault’s EV unit, named Ampere. As an initial step of this collaboration, Ampere will supply an EV on an OEM (original equipment manufacturer) basis in the European market.
bp boosts EV charging network with USD 100 million order of Tesla ultra-fast chargers
Energy company bp announced a deal in which bp pulse, bp’s EV charging business, will acquire ultra-fast charging hardware units from Tesla for US$ 100 million. The investment will facilitate the expansion of the bp pulse public network across the US and enable support for EV fleet customers by deploying chargers at their private depots. The introduction of Tesla’s chargers to the bp pulse network marks the first time such hardware has been purchased for an independent EV charging network.
JLR opens EV development and testing facility in Coventry
JLR, an automotive manufacturer, has unveiled its new Future Energy Lab, a £250 million state-of-the-art electric vehicle (EV) test facility, as it prepares to launch nine pure electric luxury models by 2030. The new 323,000 square-foot facility at JLR’s Whitley Engineering Centre in Coventry, UK, will host more than £40 million in technological innovations to enable the rapid testing of EVs. This includes electric test rigs, Electric Drive Unit (EDU) manufacturing, and electric vehicle systems test cells. This includes a series of extreme-weather climate chambers, capable of simulating the harshest of conditions – from -40°C and up to 55°C.
Stellantis to enter JV with Orano to recycle electric car batteries
Franco-Italian automaker Stellantis has planned a joint venture with the French nuclear fuels firm Orano to recycle used electric vehicle batteries and scrap materials from its gigafactories in Europe and North America. The two companies have signed a memorandum of understanding leading to the joint venture, subject to agreement on definitive documentation. This deal will provide Stellantis, the parent company of brands including Peugeot, Fiat and Jeep, with additional access to the cobalt, nickel, and lithium required for electrification and the energy transition.
Hyundai to set up ICE and EV manufacturing plant in Saudi Arabia
The Public Investment Fund (PIF) and Hyundai Motor Company (Hyundai) have announced the signing of a joint venture agreement to establish a highly automated vehicle manufacturing plant in Saudi Arabia. PIF will hold a 70% stake in the new joint venture with Hyundai holding the remaining 30%. Hyundai will also act as a strategic technology partner to support the development of the new manufacturing plant, by providing technical and commercial assistance. The total investment for the project is estimated to exceed USD 500 million. The joint venture announced at the Saudi Korean Business Forum, aims to manufacture 50,000 vehicles per year, including both internal combustion engine (ICE) and electric vehicles (EV). The plant groundbreaking is planned for 2024, and production is expected to begin in 2026.
Samsung SDI to supply EV batteries to Hyundai Motor starting 2026
South Korea’s Samsung SDI will supply Hyundai Motor with electric vehicle (EV) batteries for seven years starting 2026, marking the first battery supply deal between the two companies. The battery maker, which supplies to General Motors Co, Stellantis, and BMW among others, added that it will supply prismatic batteries manufactured at its factory in Hungary for Hyundai Motor’s EVs targeting the European market from 2026 through 2032.
Toyota to adopt Tesla EV charging standard from 2025
Toyota Motor, an automaker had signed an agreement to adopt Tesla’s electric-vehicle charging technology from 2025. The Japanese automaker will incorporate the NACS ports into certain Toyota and Lexus battery-electric vehicles (BEVs), including the new Toyota SUV that will be assembled at its manufacturing plant in Kentucky. Existing owners of Toyota and Lexus vehicles equipped with CCS will be offered access to an adapter to enable NACS charging, also starting 2025.
Ghana greenlights first lithium mine with eye on electric vehicle boom
Ghana’s government has approved its first lithium mine run by a subsidiary of Australia-based Atlantic Lithium Limited as a part of its drive to benefit from a global move towards electric vehicles. The Ministry of Lands and Natural Resources granted Barari DV Ghana Limited a 15-year lease on the mine at Ewoyaa, on Ghana’s southern coast, where the company began exploring for lithium six years ago. The prospect is highly valued by Ghana as it seeks to play a role in producing a key ingredient in electric vehicle batteries, demand for which is soaring as countries look to phase out fossil-fuel cars.
Hyundai, Kia and Infineon sign multi-year supply agreement for power semiconductors
Infineon Technologies, Hyundai Motor Company, and Kia Corporation have entered into a multi-year supply agreement for silicon carbide (SiC) and silicon (Si) power semiconductors. Under the agreement, Infineon will construct and reserve manufacturing capacity to supply SiC, Si power modules, and chips to Hyundai/Kia until 2030. Hyundai/Kia will support the capacity build-up and reservation with financial contributions.
Siemens wins major contract in Turkey for 200 EV fast chargers and digital services
Siemens has secured one of the largest single orders for SICHARGE D electric vehicle (EV) fast chargers globally to date. The order, which consisting of 200 EV fast chargers and digital services, was placed by Astor Enerji, a manufacturer of transformer and switchgear products, as part of its initiative to establish charging stations across Turkey. Astor Enerji aims to install chargers approximately every 200 kilometers along highways across the country and at various shopping malls. By the end of the year, they plan to have at least 150 chargers in operation, with the remaining chargers scheduled for delivery by February 2024.
Mercedes-Maybach unveils all-electric EQS 680 SUV
Mercedes-Maybach is embarking on a new era with the introduction of its inaugural all-electric vehicle, the Mercedes-Maybach EQS 680 SUV. This vehicle marks the brand’s foray into the high-end luxury SUV segment. The Mercedes-Maybach EQS 680 SUV boasts impressive technical specifications, featuring an output of 484 kW, a range of up to 600 km, and 4MATIC all-wheel drive as standard feature.
Stellantis and Samsung SDI choose Indiana to set up second Gigafactory in the US
Stellantis and Samsung SDI have announced that Kokomo, Indiana, will be the location for their second battery manufacturing facility in the United States, which is part of the StarPlus Energy joint venture. The new StarPlus Energy plant is expected to begin production in early 2027 with an annual capacity of 34 gigawatt hours (GWh). The joint venture company will invest over US$ 3.2 billion and create 1,400 new jobs in Kokomo and the surrounding areas. The total investment for both facilities will be over US$ 6.3 billion.
ERG signs deal to sell cobalt to US battery materials producer
Luxembourg-Based Eurasian Resources Group (ERG) has entered into a five-year agreement to supply cobalt, starting in 2026, to EVelution Energy, a producer of electric vehicle battery materials in the United States. ERG would sell 3,000 metric tons of contained cobalt metal a year to EVelution, which plans to start building a low-carbon cobalt sulphate plant in Arizona in 2024. The plant will be operational by 2026 and will be powered with energy from solar panels.
LG Energy and Toyota ink lithium-ion battery module supply pact for US market
LG Energy Solution, a battery company and Toyota Motor North America have announced that they have signed a supply agreement for lithium-ion battery modules to be used in Toyota battery electric vehicles (BEVs) that will be assembled in the United States. Under the contract, LG Energy Solution will supply automotive battery modules at an annual capacity of 20GWh starting from 2025. The battery modules, consisting of high-nickel NCMA (nickel, cobalt, manganese, aluminium) pouch-type cells, will be manufactured in LG Energy Solution’s Michigan facility.
TotalEnergies will install and operate 1,100 High-Power EV Charge points
TotalEnergies, a multi energy company, has won a contract for installation and operation of 1,100 high-power charge points (HPC) for electrical vehicles, supporting charging capacities of up to 200 kW. This contract is part of the German government’s tender. These charging points will be clustered into EV hubs at 134 locations across eastern, central, and western Germany. These new charge points will entirely be supplied with renewable electricity.
Epsilon Group acquires LFP cathode technology centre in Germany
Epsilon Group, an Indian battery materials manufacturer has signed an agreement to acquire Johnson Matthey’s lithium-ion phosphate (LFP) cathode active material technology center in Moosburg, Germany. Financial details of the acquisition remain undisclosed. By leveraging the existing infrastructure and capabilities of the Moosburg facility, Epsilon aims to significantly reduce the technology development and scale-up timeframe. This acquisition serves as a catalyst for Epsilon’s ambitious plans to eventually cater to 100 GWh of demands. In alignment with its vision, Epsilon has previously announced a USD 1.1 billion investment in the establishment of a 100,000-ton anode battery materials manufacturing facility in Bellari, Karnataka, India, with subsequent expansions in Europe. Epsilon also has plans for a US$ 650 million manufacturing facility in the U.S.