Monthly EV update – September 2021

Monthly EV update – September 2021

monthly electric vehicle

New Product launches

India Launches- September 2021

Product

Vehicle type

Battery specs.

Other specifications

Price

Detel Easy Plus

2-wheeler

·  Battery- 20Ah Li-ion pack

·  Range- 70-80 km

·    Top speed- 25 km/hr

·    Motor Output- 250 Nm

·    Charging time- 4-5 hours

INR 39,999

Okaya Freedum LI-2 and LA-2

2-wheeler

·  Battery- 48V 28Ah/ 48V 30Ah Li ion

·  Range- 50-60/70-80 km

·    Motor power- 250 W

·    Top Speed- 25 km/hr

·    Charging time- 4-5 hours/ 8-10 hours

INR 69,999 onwards

Source: Industry news articles, JMK Research

Upcoming Launches

TVS Motor to launch complete range of 2- and 3-wheelers in next two years; eyes dominance in EV space

Chennai-based TVS Motor Company will launch a complete range of electric two- and three-wheelers with power output ranging from 5 to 25 kilowatts in the next two years as it seeks to play a leading role in the country’s emerging electric vehicle space, according to a top company official. The company, which has earmarked an investment of Rs. 1,000 crore on its electric vehicles (EV) business, will also continue to invest on conventional engine vehicles, where it sees growth opportunities.

Mustang Mach-E launch confirmed for India

Ford recently confirmed the launch of the Mustang Mach-e. As for other Ford cars, the Mach-e too will be sold as a Completely Build Unit (CBU) import. The Mustang Mach-E made its global debut in 2019 with a choice of electric motor outputs in rear or all-wheel drive configurations ranging from a base rear-wheel drive 270hp model to the range topping 487hp all-wheel drive Mustang Mach-E GT. There are also two battery packs – a 68kWh unit offering a range of up to 370km or a larger 88kWh battery pack with up to 491km of range on the American EPA cycle depending on the electric motor configuration.

EV Sales Trends

Overall EV sales saw a surge in September 2021 clocking 34,316 units, signifying a m-o-m increase of 18.7% and y-o-y jump of 222%. This was the first time ever that monthly EV sales crossed the 30,000 units mark.

Registered EV sales trend in India (Sept 2020–Sept 2021)

Source: Vahan Dashboard, JMK Research
Note: Sales figures represent EVs registered across 1,347 RTOs in 33 states/ UTs

As depicted in the figure below, EV registrations in Sept- 2021 were driven by electric 2-wheeler and passenger-type electric three-wheeler, which together accounted for 92% of total registrations in the month. These categories are followed by cargo-type electric three-wheeler (5%), e-car (4%) and so on.

Category-wise EV sales in September 2021

Source: Vahan Dashboard, JMK Research
Note: Sales figures represent EVs registered across 1,347 RTOs in 33 states/ UTs; Others include adapted vehicles, fork lifts, goods carriers and trailer (agriculture) vehicles.

Among all the states and UTs, Uttar Pradesh continues to have maximum monthly registered EV sales with a 21% share in overall sales in India in September 2021. Karnataka has the 2nd highest sales at 12% share, followed by Tamil Nadu (10%), Rajasthan (9%), Delhi (8%) and Maharashtra (7%).

(State/ UT) Region-wise registered EV sales – September 2021

Source: Vahan Dashboard, JMK Research
Note: Sales figures represent EVs registered across 1,347 RTOs in 33 states/ UTs.

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

The overall HS-E2W sales in the country in September 2021 stood at 16,641 units, signifying a 12% m-o-m jump and a y-o-y leap in registrations of 492%. The Top 10 players, as shown below account for 95% of the total registrations recorded in the month of September 2021.

Player-wise High-Speed E2W sales trend

Source: Vahan Dashboard, JMK Research
Note: Sales figures represent only high-range E2W (Top speed > 25 kmph) registered across 1,347 RTOs in 33 states/ UTs

Electric Three-Wheeler (E3W)

The sales of registered E3Ws (both passenger and cargo-type) in September 2021 stood at 16,328 units, increasing m-o-m by 26.7%. Passenger E3W sales saw an increase of 28%, whereas the cargo E3W sales saw an increase of 20% as compared to that of the previous month.

Sales trend of cargo E3W and passenger E3W

Source: Vahan Dashboard, JMK Research
Note: Sales figures represent E3Ws registered across 1,347 RTOs in 33 states/ UTs; Passenger and Cargo E3W sales shown in the figure takes into account both e-rickshaw and three wheeler classes as categorized in the vahan dashboard.

Electric cars (E-cars)

The cumulative sales of e-cars in September 2021 stood at 1,221 units, witnessing a 27% m-o-m increase in registrations and a y-o-y increase of 287.62%. Tata Motors and MG Motors continue to drive e-car sales, accounting for 98% of registrations in September 2021, with Tata Motors’ share increasing to 72% from previous month’s 58% share.

Player-wise e-car sales trend

Source: Vahan Dashboard, JMK Research
Note: Sales figures represent e-cars registered across 1,347 RTOs in 33 states/ UTs.

Electric buses (E-buses)

The cumulative sales of e-buses in September 2021 stood at 79 units, with a m-o-m decline of 1%. Just as in the e-cars India market, Tata Motors also dominates in the e-bus sales, accounting for 68% of the sales in September 2021, followed by PMI Electro Mobility (29%) clocking 23 units in sales.

Player-wise e-bus sales trend

Source: Vahan Dashboard, JMK Research
Note: Sales figures represent e-buses registered across 1,347 RTOs in 33 states/ UTs.

Policies & Regulations

Assam releases its EV Policy

Assam released a notification on 4 September 2021, implementing its EV policy. This policy will be valid for a period of 5 years and aims to achieve 25% penetration of EVs in all vehicle registrations by 2026. The state will deploy 2 lakh EVs for commercial and individual use during the policy period.

Vehicle categoryTargetIncentiveMax. IncentiveMax. Ex factory price
E2W100,000Rs.10,000/kWhRs.20,000Rs. 1.5 lakhs
E3W75,000Rs.10,000/kWhRs. 50,000Rs. 5 lakh
E4W25,000Rs.10,000/kWhRs. 1,50,000Rs. 15 lakh

The policy also provides incentives for charging infrastructure and manufacturing of EV components in the state.

Uttarakhand to provide incentives to EV buyers

Uttarakhand’s chief minister Pushkar Singh Dhami announced recently that incentives will be provided on the sale of electric vehicles in the state to encourage the adoption of eco-friendly vehicles and reduce vehicle-related pollution. He said that the incentives will be given by the Pollution Control Board on the sale of the first 5,000 two-wheelers and the first 1,000 four-wheelers sold to private consumers. The incentive on electric two-wheelers will be either 10 percent of their price, or Rs. 7,500, whichever is lower and the incentive on four-wheelers will be up to Rs. 50,000 or 5 percent of their price, again whichever is lower.

Govt may extend Fame II incentive scheme for purchase of personal EV cars, e-bicycles

Government sources said that they were also looking at including electric bicycles under the capital subsidy scheme seeing its growing popularity and the need to bring down its cost for customers. The fresh inclusions would make the running Fame II or Faster Adoption and Manufacturing of Hybrid and EV scheme all-encompassing covering the entire range of electric vehicles being used both for personal and commercial use and public transport.

Charging Infrastructure

Stakeholder(s)/ Player(s)

Subject/ Scope

Description

Hero Electric and Massive Mobility

Setting up EV charging stations

  • Hero Electric’s new EV partner Massive Mobility is a startup that aims to establish a smart connected network for all the charging needs of 3-wheeler and 2-wheeler EVs
  • With this partnership, Hero Electric aims to set up 10,000 EV charging stations by 2022.

EVRE and Park+

Setting up EV charging stations

  • EVRE, an EV charging infrastructure company, and Park+, a parking solutions brand, have announced their partnership for establishing 10,000 EV charging stations across India over two years.
  • The long-term partnership will include collaboration in acquiring spaces for setting up smart charging and parking hubs for the logistics and people mobility segments.
  • While EVRE will conceptualise design, manufacture, establish, operate and maintain the EV charging infrastructure, Park+ will arrange for and manage the real estate aspect of the hub. Park+ is already live in 1000+ apartments, 250+ corporate and 30+ malls.
  • The phase-wise implementation will include setting up 300 charging hubs in Delhi NCR by the end of the year, 100 in Bengaluru and 100 in Mumbai and Pune

Bharat Petroleum

Setting up EV charging stations

  • BPCL has revealed plans to install 1000 EV charging stations in ‘the short term’. BPCL operates only 44 EV charging stations currently.

Jio BP and BluSmart

Setting up EV charging stations

  • Reliance Industries Ltd (RIL) through its joint venture Reliance BP Mobility Ltd (RBML) has tied up with Gurugram-based BluSmart to set up electric vehicle (EV) charging infrastructure.
  • In the first phase, Jio-BP will set up EV charging stations in Delhi-NCR with minimum capacity of 30 vehicles at each station.
  • Jio-BP aims to expand its petrol pump network to 5,500 in the next five years from the current network of just over 1,400 petrol pumps.

goEgoNetwork

Installation of world’s highest EV charging station

  • Pune-based start-up goEgoNetwork specializing in Electric Vehicle (EV) charging infrastructure, installed Bharat AC and Dual Socket Type 2 chargers at Kaza, Spiti Valley in the western Himalayas, making it the world’s highest EV charging station situated at 3,800m.
  • The ride was launched from Manali to Kaza with two TVS iQube electric scooters to celebrate World Zero-Emission Day on September 21, 2021.
  • goEgo collaborated with TVS to promote the EV infrastructure in Himachal Pradesh.

EVRE and MoEVing

Setting up EV charging stations

  • Under the said partnership, EVRE will set up 1,000 EV charging stations across India within the next six months, and these will be utilized by MoEVing and other EV fleet owners.  The long-term partnership will be based on a business model, where charging stations can be cross utilized.
  • The phase-wise implementation will include EVRE setting up 200 charging stations in Bengaluru, 200 in Hyderabad, and the rest in cities like Kolkata, Chennai, Delhi-NCR, Chandigarh, Pune, and Mumbai.

Kerala State Electricity Board (KSEB)

Expanding EV network

  • Apart from the six charging stations that have been operational since November 2020, the Kerala State Electricity Board (KSEB) expects to complete the work on 40 additional stations in another two months.
  • The construction of another three stations by the Agency for New and renewable Energy Research & Technology (Anert) is also proceeding on schedule to supplement the three functional units.
  • All the 56 charging stations under construction in various districts will be equipped to charge different kinds of EVs currently available in the market including cars, three wheelers and scooters.

eBikeGo

Setting up EV charging Infrastructure

  • As it readies to launch its first electric scooter, electric two-wheeler rental firm EBikeGo has announced it will install at least one lakh EV chargers across India over the next 12 months.
  • The company has already begun setting up its Internet of things (IoT)-enabled chargers in Mumbai, and will continue to add more such chargers across six other cities – Delhi, Hyderabad, Bangalore, Indore, Pune and Amritsar – as it gears up to introduce the Rugged G1 electric scooter for purchase in the coming months

Hindustan Petroleum Corporation Ltd (HPCL)

Expanding EV network in its petrol pumps

  • State-owned Hindustan Petroleum Corporation Ltd (HPCL) plans to commission 5,000 electric vehicle (EV) charging stations over the next three years
  • Over the past few months, HPCL has tied up with three entities–Convergence Energy Services Ltd (CESL), Tata Power and Magenta EV Systems–for setting up charging infrastructure at its retail outlets.

Bhubaneswar Smart City Limited (BSCL)

Expanding EV infrastructure in the state

  • The Odisha capital will soon have electric vehicle (EV) charging stations at seven locations to encourage use of e-vehicles for sustainable mobility and reduce dependency on fossil fuels to bring down the carbon footprint.
  • The Bhubaneswar Smart City Limited (BSCL) has initiated the process to set up EV stations in the capital and a spokesperson said the EV charging stations will come up near KIIT, SUM Hospital, Esplanade Mall, DN Regalia Mall and Krishna Plaza near CRP Square.
  • The charging station near KIIT and Esplanade Mall will have both fast charging and slow charging facility, while the charging station near SUM Hospital will have slow charging facility.
  • Charging stations near DN Regalia at Patrapada and Krishna Plaza at CRP Square will also have a slow charger.

Source: Industry news articles, JMK Research

Investments

Date

Company name

Company type

Deal type

Investor(s)

Deal value

(in US$ Mn)

Details

Sep-21

Ola Electric

EV Manufacturer

Equity

Falcon Edge, Softbank and others

200

Ola Electric gets $200 million funding at $3 billion valuation

Sep-21

BluSmart

EV fleets and installing charging stations

Equity

BP Ventures, Mayfield India Fund, 9Unicorns, Survam Partners

25

BP leads $25 mn Series A round in EV ride-hailing and charging startup BluSmart

Sep-21

Zypp Electric

EV last mile delivery

Equity

9Unicorns, Anthill Ventures, Nanavati Family Office, We Founder Circle, Silicon Valley-based Riso Capital Fund, Dholakia Ventures, Venture Catalysts and IAN Fund.

7

EV-based last mile delivery startup Zypp Electric raises $7 million

Sep-21

REVOS

EV Charging solutions

Equity

Union Square Ventures and Prime Venture Partners

4

EV startup REVOS raises $4M Series A investment, aims to be ‘Android for EVs’

Source: Industry news articles, JMK Research

EV maker WardWizard to invest Rs 150 cr in next 6 months

Electric vehicle maker WardWizard Innovations & Mobility plans to invest Rs 150 crore in the business in the next six months as it looks to ramp up technology and infrastructure, among others, to meet the increased demand. The Vadodra-based manufacturer sells its e-scooters and bikes under the ‘Joy e-bike’ brand, which include five high-speed vehicles and five in the low-speed category. The company saw its vehicle sales surging by a record 435 per cent to 2001 units in August over 374 units in the same period year-ago. The company will foray into more segments than products, including an e-rickshaw in the passenger segment and an e-four-wheeler.

Maharashtra, Causis E-Mobility in pact to set up EV production unit in Talegaon

The Maharashtra government has signed a memorandum of understanding with Causis E-Mobility to set up an electric vehicle (EV) production unit in Talegaon. The unit will be set investment of Rs2,800 crore and will like generate 1,250 jobs.

JVs and Partnerships

Date

Companies involved

Purpose of Partnership

Details

Sept-21

OTO and Pure EV

Under the partnership, PURE EV vehicles will be made available through the OTO’s platform across five cities, with the collaboration aiming to sell and finance over 1,000 two-wheelers by December in addition to expanding business pan-India

OTO partners with PURE EV to accelerate adoption of electric 2-wheelers

Sept-21

Sun Mobility and Zypp Electric

The partnership aims to deploy 10,000 EVs across various platforms over the next few years

Sun Mobility’s MaaS to power Zypp Electric’s 10,000 e2Ws and e3Ws across India

Sep-21

Tata Motors and Macrotech Developers

To provide end-to-end EV charging solutions in all its residential and commercial projects across Mumbai Metropolitan Region (MMR) and Pune. 

Tata Power, Macrotech Developers tie-up for EV charging stations

Source: Industry news articles, JMK Research

Tenders

Tender Name

Tendering Authority

Bid Submission Date

Tender ID

Operation of Stage Carriage Services for public transport of 1400 SD AC Electric,400 Midi AC and 100 Mini AC Electric Buses (with Driver) Under FAME India Phase-II Scheme

Brihanmumbai Electric Supply and Transport (BEST)

21 September 2021 to 25 October 2021

2021_BEST_721845_1

Source: Tendering Authorities, JMK Research

Ashok Leyland wins Bangalore Metropolitan Transport Corporation tender for 300 non-AC electric buses

Automotive manufacturer Ashok Leyland has won the Bengaluru Metropolitan Transport Corporation (BMTC) tender for supply of 300 electric non-AC electric buses by emerging as the lowest bidder amongst five competitors.

Telangana to soon call bids for 140 EV charging stations

The Telangana state government said it will soon call bids for setting up 140 EV charging stations across the state. Sources suggest that locations have been identified and bids will be called in the next two to three months.

Global Market Updates

Ford announces $11.4bn investment in electric vehicle plants

Ford has announced a major investment in electric vehicle (EV) production in the US, promising to build its biggest ever factory in Tennessee, and two battery parks in Kentucky. Under the $11.4bn (£8.3bn) plan, the carmaker said it will build zero-emission cars and pickups “at scale” for American customers. It will also create 11,000 jobs.

EV maker Polestar strikes $20-bln deal with Gores Guggenheim SPAC

Swedish electric-car maker Polestar said it will go public by merging with a U.S.-listed blank-check firm backed by billionaire Alec Gores and investment bank Guggenheim Partners at an enterprise value of $20 billion. The deal with Gores Guggenheim (GGPI.O) will provide Polestar cash proceeds of over $1 billion, including $800 million from the special purpose acquisition company (SPAC), and a PIPE, or private investment in public equity, of $250 million from institutional investors.

Xiaomi officially registers its electric vehicle business, appoints 300 staffers

Chinese smartphone giant Xiaomi has officially registered its electric vehicle business and said the division has entered a “substantial development phase”. The name of the subsidiary is Xiaomi EV, Inc. and it was set up with a previously announced registered capital of 10 billion yuan ($1.55 billion). In March, the Beijing-headquartered firm announced plans to launch an electric car business and invest $10 billion over the next decade. Xiaomi EV now has 300 employees and the business is led by the group’s founder and CEO Lei Jun.

Foreign automakers ask U.S. House Democrats to reject union EV tax credit

A group of 12 major foreign automakers, including Toyota Motor Corp, Volkswagen AG, Hyundai Motor Co and Nissan Motor Co, urged U.S. House of Representatives Democrats to reject a proposed $4,500 tax incentive for U.S-made electric vehicles by union workers. A House panel this month approved legislation to boost EV credits to up to $12,500 per vehicle, including $4,500 for union-made vehicles and $500 for U.S.-made batteries. The U.S. units of foreign automakers said in a letter sent to House Speaker Nancy Pelosi and other Democrats that the proposal “would unfairly disadvantage American workers who have chosen not to join a union and produce more than half of all vehicles in the United States and the vast majority of American-made EVs.” Other signatories include Honda, BMW, Kia, Mazda, Daimler AG’s Mercedes-Benz, Subaru and Volvo Cars which is owned by Geely.

100 kms range in just 3 minutes: ABB launches world’s fastest EV charger

ABB has launched its new member of the Terra family of chargers which promises to be the world’s fastest electric vehicle charging unit. The new Terra 360 is a modular charger, capable of providing charging outlet for up to four vehicles at a time with dynamic power distribution. ABB issued a statement saying that the new charger has a maximum output of 360 kW and the company claims that the new charge is capable of charging any electric car in 15 minutes, or less.

Volkswagen building $164 mn EV battery factory in China

Volkswagen AG is building a new electric vehicle (EV) battery system factory in eastern China’s Hefei city which will start production in 2023. The German automaker is building a factory for electric vehicles under a majority-owned venture with JAC in the Hefei city. It also holds a stake in the EV battery maker Gotion which is also based in Hefei. It said it would invest more than 140 million euros ($164 million) in the battery plant by 2025. The factory’s initial capacity will be 150,000 to 180,000 battery systems a year for local EV production.

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