Monthly EV update – September 2022
Product Launches
India Launches – September 2022
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Product |
Vehicle type |
Battery specifications |
Other specifications |
Price |
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E2W (E-scooter) |
· 60V/28Ah (Lead-acid), 60V/26Ah (Lithium-ion) |
· Range – 50-60 km (Lead-acid); 60-65 km (Lithium-ion) · Top Speed – 25 km/hr |
INR47,370 (Lead-acid); INR53,641 (Lithium-ion) |
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E2W (E-scooter) |
· 48V/28Ah (Lead-acid), 48V/26Ah (Lithium-ion) |
· Range – 50-60 km (Lead-acid); 60-65 km (Lithium-ion) · Top Speed – 25 km/hr |
INR67,208 (Lead-acid); INR82,751 (Lithium-ion) |
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E2W (E-Bike) |
· 36V/16Ah, 36V/20Ah |
· Range – 90 km · Top Speed – 25 km/hr · Tyre Size – 20*3.0″ |
INR49,999-INR54,999 |
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E2W (E-scooter) |
· 60V/28Ah Lithium-ion |
· Range – 120 km · Top Speed – 49 km/hr |
INR85,000 |
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E2W (E-scooter) |
· 3.2 kWh Lithium-ion |
· Range – 120 km · Top Speed – 50 km/hr |
N/A |
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E2W (E-scooter) |
· 4.1 kWh Lithium-ion |
· Range – 130 km · Top Speed – 60 km/hr |
N/A |
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E2W (E-scooter) |
· Lithium Ferro Phosphate (LFP) battery pack |
· Range – 155 km · Top Speed – 60 km/hr |
N/A |
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E2W (E-Bike) |
· 3.75 kWh |
· Range – 150 km · Top Speed – 95 km/h |
INR1,24,999 |
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E3W (Cargo) |
· 20 kWh Lithium-ion |
· Range – 250 km |
INR5,00,000 |
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E3W (Cargo) |
· 15 kWh Lithium-ion |
· Range – 165 km |
INR3,50,000-INR5,50,000 |
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E3W (Passenger) |
· 7.66 kWh Lithium-ion |
· Certified Range – 152 km · Top Speed – 55 km/hr |
INR3,02,000 (of ePV variant) |
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E3W (Passenger) |
· 10 kWh Lithium-ion |
· Certified Range – 197 km · Top Speed – 55 km/hr |
N/A |
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E-Car |
· 24 kWh and 19.2 kWh |
· Range – 315 km (For 24 kWh battery pack), 250 km (For 19.2 kwh battery pack) |
INR8,49,000-INR11,79,000 |
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E-Car |
· 107.8kWh Lithium-ion |
· Range – 857 km (as per ARAI) · Top Speed – 210 km/h |
INR1.5 crore |
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E-Car |
· 39.4 kWh Lithium-ion |
· Range – 456 km · Top Speed – 160 km/h |
INR15,00,000- INR16,00,000 |
Source: Industry News Articles, Company Websites, JMK Research; Note: EQS 580 4MATIC is the first E-Car to have been locally assembled in India
Upcoming Launches
Hero MotoCorp to enter EV segment next month, to launch 1st model under
Hero MotoCorp, the country’s largest two-wheeler manufacturer, plans to enter the electric segment next month with the launch of its first model in the domestic market. The firm will launch its first EV product Vida on October 7, 2022.
Enigma unveils 6 electric scooters, a prototype electric motorcycle CR22
Madhya Pradesh-based EV start-up Enigma plans to launch 6 e-scooters by mid-October 2022. The models include the following:
- The Enigma Crink+ electric scooter offers a range of around 120 km per charge and a top speed of 60 kmph.
- The Enigma Crink Pro is a high-speed electric scooter powered by a LFP battery, offering a range of 90-110 km on a single charge. The e-scooter has a top speed of 75 kmph and a battery charging time of 3 hours.
- Offering a range of 135 km, the Enigma GT450 can be charged from 0-100% in 7-8 hrs in the case of lead acid battery, while the Lithium-ion battery takes around 3-5 hrs to get fully charged.
- The GT450 Pro is a high-speed electric scooter that offers a top speed of 70 kmph and a range of 120 km per charge. Powered by a 2.4 kWh battery, the Enigma GT450 Pro will come with a FAME -2 subsidy of INR36,000.
- The Enigma Ambier is a slow speed e-scooter with 160 km range and available at a price point of INR52,250 to the consumers.
- Enigma N8 Thunderstorm Featuring a 36 Ah battery, and can go up to 130 km, clocking a top speed of 60kmph. It is offered in 5 colour options- Honda Grey, Royal Blue, BMW Gold, White and Silver.
- The Company also plans to launch Enigma CR22 – Prototype electric motorcycle touted to be India’s first electric café racer. The unveiled prototype clocks the top speed of 120 kmph and offers a range of 105 km on a single charge. The manufacturer aims to bring the production model on road which can run on 100 kmph and can run 120 km on a single charge.
Lambretta to re-enter Indian market in 2023, to launch electric scooter in 2024
Lambretta is making a comeback in the Indian market in a bigger and cleaner avatar in partnership with the Bird Group. It will eventually add an electric scooter in 2024. The group will invest over US$200 million in the next five years with the Bird Group to capture the Indian market.
EV Sales Trend
The overall EV sales in September 2022 increased m-o-m by 6.2% to reach 93,605 units. In addition, there was a y-o-y leap of ~173%.
Registered EV Sales Trend in India (September 2021 – September 2022)
Source: Vahan Dashboard, Company Press Releases, JMK Research
Note: Sales figures represent EVs registered across 1,339 RTOs in 34 states/ UTs.
As depicted in the figure below, EV registrations in September 2022 were driven by electric two-wheelers and passenger-type electric three-wheelers, which together accounted for 92.35% of total registrations in the month. The shares of these categories were followed by E-Cars (4.53%), cargo-type electric three-wheelers (2.83%), and so on. While all other vehicle categories witnessed a decline in sales’ share to total EV sales this month, passenger-type electric three-wheelers witnessed a rise in share of the overall EV sales.
Category-wise EV Sales – September 2022
Source: Vahan Dashboard, Company Press Release, JMK Research
Note: Sales figures represent EVs registered across 1,339 RTOs in 34 states/ UTs; Others include adapted vehicles, fork-lifts, goods carriers, and power tillers.
Among all the states and UTs, Uttar Pradesh retained its top spot of EV share with 18% of overall sales, followed by Maharashtra with 13% share. Rajasthan regained its third spot this month with 9% share while Karnataka went back to fourth spot with 8% share. This was followed by Bihar (7%), Gujarat (6%), and Delhi (6%). Karnataka witnessed a decline of ~14% in registrations this month from August 2022.
State-wise Registered EV Sales – September 2022
Source: Vahan Dashboard, Company Press Release, JMK Research
Note: Sales figures represent EVs registered across 1,339 RTOs in 34 states/ UTs. Others include Chhattisgarh, Andhra Pradesh, Uttarakhand, Punjab, and 18 other states/UTs.
High-Speed Electric Two-Wheeler (HS-E2W)
The overall HS E2W sales in the country in September 2022 stood at 52,999 units, signifying an increase of only 3% m-o-m and more than 220% y-o-y leap in registrations. The Top 10 players accounted for 92% of the total registrations witnessed in the month of September 2022.
Source: Vahan Dashboard, JMK Research
Note: Sales figures represent only high-range E2W (Top speed > 25 kmph) registered across 1,339 RTOs in 34 states/ UTs.
Ola Electric regained its top slot this month after April 2022. The offer price of its entry-level S1 scooter at INR 1 lakh this month seems to have driven the sales of Ola this month. Okinawa retained its number two position while Hero Electric slid to number three slot. Ather once again witnessed an increase in sales this month from the last month. Sales of Revolt has been declining m-o-m with a decline of 49% in sales this month from the previous month.
Top High-Speed E2W Players – September 2022
Source: Vahan Dashboard, Company Filings, JMK Research
Note: Sales figures represent only high-range E2W (Top speed > 25 kmph) registered across 1,339 RTOs in 34 states/ UTs. Others include Jitendra EV Tech, Pure EV, Lectrix, GoGreen E-mobility Private Limited, MEW Electricals Ltd (BGauss), KLB KOMAKI, and 43 other players.
Electric Three-Wheeler (E3W)
The sales of registered E3Ws passenger and cargo-type in September 2022 stood at 33,449 units and 2,687 units respectively, signifying a m-o-m rise of 14% for E3W – Passenger and decline of 0.26% for E3W – Cargo. The decline in sales of E3W – Cargo this month was primarily on account of reduced sales of three-wheelers (goods).
Sales Trend of E3W – Passenger (Left) and E3W – Cargo (Right)
Source: Vahan Dashboard, JMK Research
Note: Sales figures represent E3Ws registered across 1,339 RTOs in 34 states/ UTs; E3W (Passenger and Cargo) sales shown in the figure takes into account both e-rickshaw and three-wheeler classes as categorized in the Vahan dashboard.
The cumulative sales of top 7 electric 3-wheeler players across passenger and cargo segments in September 2022 accounted for 35.53% share of the entire E3W market. This month also Mahindra retained its top slot with a share of 8.91%. YC Electric Vehicle retained the second position with 7.10% share of the entire E3W market, which was followed by Saera Electric Auto (5.95%), Dilli Electric (3.92%), Champion Poly Plast (3.64%), MINI METRO EV L.L.P (3.23%), and Unique International (2.78%).
Top E3W Players – September 2022
Source: Vahan Dashboard, JMK Research
Note: Others made up 64.47% of the E3W market in September 2022; sales figures for players are inclusive of both cargo and passenger offerings; Sales figures represent E3Ws registered across 1,339 RTOs in 34 states/ UTs; E3W (Passenger and Cargo) sales shown in the figure takes into account both e-rickshaw and three-wheeler classes as categorized in the Vahan dashboard.
Electric Cars (E-Cars)
The cumulative sales of E-cars in September 2022 stood at 4,239 units, witnessing a m-o-m decline of ~2% however a y-o-y surge of ~2.5 times in registrations. Tata Motors has been driving the E-car sales this month as well. This month too, the Company accounted for 86% share of the total E-car registrations. However, the company’s EV sales declined by 4.9% on a m-o-m basis. Mahindra & Mahindra witnessed a huge increase in sales of more than 550% from the previous month and occupied third position this time in overall E-car sales.
Player-wise E-Car Sales Trend
Source: Vahan Dashboard, Company Press Release, JMK Research
Note: Sales figures represent E-cars registered across 1,339 RTOs in 34 states/ UTs; Others include Hyundai, BYD, Audi, Mahindra & Mahindra, Mercedes-Benz, BMW, Jaguar, and Porsche.
Electric Buses (E-Buses)
The cumulative sales of E-buses in September 2022 stood at 204 units, with a m-o-m decline of 9.73% and a y-o-y surge of more than 150%. This month’s sales were driven by Switch Mobility (38.73%) followed by Olectra Greentech (24.02%), PMI Electro Mobility (23.53%), JBM Auto (7.84%), and VE Commercial Vehicles Ltd. and Mytrah Mobility (2.94% each). Tata Motors didn’t witness sales of any E-bus from the last two months.
Player-wise E-Bus Sales Trend
Source: Vahan Dashboard, JMK Research
Note: Sales figures represent E-buses registered across 1,339 RTOs in 34 states/ UTs.
Policies & Regulations
Govt pushes EV battery safety norms deadline to December
Electric vehicle manufacturers have been given some more time to comply with the new set of EV battery safety standards announced by the government earlier this year. The Road & Transport Ministry introduced additional safety provisions in the battery safety norms. These were to come into effect on 1st October 2022, but the deadline has now been deferred to 1st December 2022. The new EV battery safety norms will be brought into effect in two phases. Phase 1 will begin on 1st December 2022 and Phase 2 will come into effect on 31st March 2023.
Centre announces enhanced sop for chips makers
The Centre made changes to the INR76,000 crore incentive programme for semiconductor and display manufacturing units, offering to cover 50 percent of the project cost for all types of factories in an effort to entice multinational corporations to establish a production base in India. The PLI scheme, unveiled in December 2021, provides for various levels of financial assistance to various categories for the growth of India’s semiconductor and display manufacturing ecosystem. These were between 30 and 50 percent. Now that this has been standardized, the government will cover 50 percent of the project cost for the establishment of semiconductor fabs across all technology nodes, not just cutting-edge computing but also those that are used in the telecom, automotive, and power industries, amongst others.
Chhattisgarh State EV Policy 2022 introduced
The Chhattisgarh state has introduced its state electric vehicle policy-2022, which will be in effect for five years commencing from 1st April 2022 and may be extendable to 10 years based on the state Government’s discretion. The Chhattisgarh government has set a goal to increase electric vehicle registrations in the next five years, to achieve 15% of new vehicle registrations. Companies involved in manufacturing EVs, EV components, and batteries will receive capital subsidies.100% exemption on registration fees of electric buses and the sale of electric goods carriages for the policy period will be made. Chhattisgarh State Electric Vehicle Policy 2022 will promote the recycling of EV batteries that have expired and establish recycling businesses in collaboration with battery and EV manufacturers. The State will support up to 10% of the cost of the vehicle (excluding tax) or INR1.5 lacs whichever is lower, for the purchase of the electric vehicles, either for individual or commercial use. The Government will establish EV Parks with internal infrastructure, common facilities, and external infrastructure as part of an incubation center for supporting new businesses in the EV ecosystem. 500-1,000 acres of land will be allocated for this purpose.
Punjab gives nod to draft EV policy
In an attempt to reduce environmental pollution by checking carbon emission through promotion of electric vehicles, Punjab Chief Minister Bhagwant Mann gave nod to a draft of new electric vehicle policy which proposes waiving of registration fee and road tax and cash incentives for buying electric vehicles. As per an official statement, Punjab’s draft EV policy envisages registration of 25% more electric vehicles than last year. According to the draft policy, the major thrust would be on cities such as Ludhiana, Jalandhar, Amritsar, Patiala, and Bathinda that accounted for over 50% vehicles in the state.
Chandigarh rolls out EV Policy, finally
The Chandigarh Administration has finally rolled out its Electric Vehicle Policy which will be in effect for five years. Apart from a complete waiver on registration fee and road tax, the UT has offered incentives in the range from INR3,000 to INR2 lakh for a limited number of vehicles of various categories during the policy period to encourage buyers to purchase EVs. Besides, a special early bird incentive will also be given to the vehicles purchased and registered in the first year of the policy period. The policy will also help in creating charging infrastructure in every sector. In the first two years of the policy period, 100 public charging stations will be installed in the city. Nine fast-charging stations have already been set up at different locations in the city, while 44 more will be installed in the next few months. The public have to pay INR8 per unit for slow or medium charging, INR10 per unit for fast charging and INR11 per unit for battery swapping, including all taxes. Apart from providing incentives to EV buyers, the UT will stop the registration of two-wheelers and three-wheelers running on internal combustion engine (ICE) from 2024-25.
Electric vehicle policy draft ready in UP, full discount to be given on registration
The Uttar Pradesh government has prepared a draft of the Electric Vehicle Policy 2022-2027 with the aim of bringing the state into electric vehicle mode by 2030. Investment of more than INR50,000 crore will be encouraged and over one million people will get direct and indirect employment. The main objective of the EV policy is to make the state a global hub for the manufacturing of electric vehicles, batteries, and associated equipment. Along with this, an eco-friendly environment must be created in the state. A 15 per cent rebate will be given on the purchase of two or four-wheeler electric vehicles and e-buses and a 100 per cent discount on their registration and road tax in the state. The EV policy will cover electric vehicles, plug-in hybrid electric vehicles, EV supply equipment, strong hybrid electric vehicles, battery electric vehicles, on board chargers, vehicle control units, and battery management systems.
No road tax, registration fee on local EVs: Jharkhand EV Policy
The Jharkhand government has decided to exempt cent per cent road tax and registration fee on electric vehicles manufactured in the state. The move will help bring down the cost of EVs considerably for the buyers, promoting their sales. The state has given its nod to the EV Policy 2022 targeting 10% share of EVs in overall new vehicle registration by 2027.
CESL floats tender for 5690 e-buses as first tranche of National eBus Programme
Convergence Energy Services Limited (CESL) announced floating of a tender for the deployment of 5,690 electric buses (e-buses). This is the first tender under the National Electric Bus Programme which aims to lead to the deployment of 50,000 e-buses across the country.
Government to replace up to 30,000 old buses in electrification drive
The Centre is seeking to replace up to 30,000 diesel-run polluting buses with electric powertrain vehicles in the next 2-3 years, marking India’s giant leap toward clean mobility and offering bus makers a US$3.5-billion business opportunity.
Govt may restructure FAME subsidy, exploring more incentives for public EV charging infra
The government is planning to provide Subsidy for upstream infrastructure for public EV charging stations such as transformers, transmission lines etc. for which currently there is no subsidy. In a bid to encourage more companies to opt for setting up public charging stations for electric vehicles, the government is planning to restructure the subsidy mechanism under the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme to offer incentives for setting up upstream infrastructure for such stations. The biggest barrier apart from land cost is the cost of upstream infrastructure. It is almost as expensive as, or more expensive, than the cost of chargers, and other equipment. Besides, plans are also afoot to create a national level benchmark for user charges, the charge paid by an EV customer for battery charging.
Odisha govt to hire electric vehicle for official use
In a move to protect the environment from air pollution, the Odisha government has initiated steps to hire EVs for its use in different government offices. Plan is to engage few electric vehicles in every department and office at least in Cuttack and Bhubaneshwar city.
Pune: Civic body makes it mandatory for new buildings to have EV charging facilities
The Pune Municipal Corporation (PMC) has made it mandatory for all new buildings in the city to have electric charging facilities in their parking areas. As per the new rules, buildings to be constructed for commercial use, educational institutes, hospitals, and Information Technology (IT) parks, among others, having more than 50 immovable parking slots for four wheelers, should provide 25 per cent parking space for electric vehicles.
Delhi govt launches open database facility for EV charging, battery-swapping stations
The Delhi government has launched an open database facility for EV charging and battery-swapping stations on its Switch Delhi portal to bring all the electric vehicle players on a single platform. The database will enable open access to more than 2,500 charging points in Delhi, as on date, to all EV players who can further develop platforms to provide seamless information about charging and battery-swapping stations to all EV users. With the launch of the open database for EV charging, Delhi is making a move towards solving the biggest problem of EV users, which is range anxiety.
Bengalureans can soon enjoy double-decker bus rides in new e-avatar
Bengalureans can soon enjoy the double-decker bus rides like Mumbai. After Mumbai’s BEST, Bangalore Metropolitan Transport Corporation (BMTC) is planning to induct 10 double-decker AC electric buses in the city. The city transport corporation is planning to purchase five e-buses from the INR140 crore amount allocated for BBMP (Bruhat Bengaluru Mahanagara Palike) by the Union ministry of environment, forest, and climate change under the National Clean Air Programme (NCAP). Additionally, it plans to buy another five such buses with the help of Directorate of Urban Land Transport (DULT). The Union government has also allocated INR20 crore for the electrification of 15 bus depots for e-buses inducted under the FAME scheme.
Olectra gets order for 100 electric buses from Assam State Transport Corp.
Olectra Greentech Limited has received a Letter of Award from Assam State Transport Corporations for 100 electric buses. It is the first order bagged by Olectra from a North-Eastern state and the order is to be delivered over a period of nine months and shall be responsible for maintenance of these buses for a period of five years.
A billion-dollar fund for 2/3-wheeler EV financing is on anvil
The government of India, World Bank and Small Industries Development Bank of India (SIDBI) are set to launch a US$1 billion fund to provide guarantees against loan default to lenders financing purchase of electric two- and three-wheelers. The entities will initially set up a US$300 million first loss risk sharing instrument. The funds would be available for all financial institutions to access as a first-loss instrument.
Charging Infrastructure and Battery Swapping
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Stakeholder(s)/ Player(s) |
Description |
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· The Municipal Corporation of Delhi has installed 85 electric vehicle charging stations at 82 locations and 92 more such facilities are to be set up by December. · The Government of India is promoting EVs adoption in India and its target to reach 25 per cent EV adoption by 2030. |
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· The Delhi government is planning to install over 5,000 kerbside charging points for electric vehicles on all major roads in the next three years. · Kerbside charging is an emerging concept globally wherein EVs can be charged while being parked on roadside kerbs using either street light lamp posts or through dedicated charging posts. · The Delhi Government has launched the three-year action plan for charging and swapping infrastructure in Delhi which set a target of 18,000 charging points. |
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· Union minister for road transport and highways Nitin Gadkari has unveiled India’s first-ever miniature NHEV (National Highways for EV) charging station, which will compete with the petrol pumps. A statement by the ministry claims that this model has been conceptualised as a comprehensive wayside amenities plaza that can reimagine and replace the traditional petrol refuelling stations and wayside amenities on the highways. · A pilot project is currently conducting its concluding phase of the technical and commercial trial with busses and long-range electric SUVs on the Delhi – Jaipur stretches from 9th September 2022. This would add a 278 km stretch in the previously conducted 210 km trial run between Delhi-Agra in 2021 to accomplish technical trials of a total of 500 km across four states UP, Delhi, Haryana, and Rajasthan in its pilot phase. |
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· Electric Vehicle charging solutions provider Bolt has launched its EV charging socket BOLT LITE. The socket is compatible with all portable chargers that come with any EV and works with the existing AC power supply at home. The socket has been launched at an introductory price of INR2,599. · The Bolt Lite charging socket is compatible with two-, three- and four-wheeled EVs and requires no additional infrastructure and can be installed in under 30 minutes with little to no maintenance. |
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· Rajasthan Electronics and Instruments Limited (REIL) has issued a tender to identify, install, operate, and maintain around 738 electric vehicle charging stations across the country. · REIL is a joint venture between Rajasthan and the central government. The last date to submit the online bids is October 6, 2022. |
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· Flowtrik, an Indian Institute of Technology Madras Incubation Cell start-up, has partnered with Salcomp India, the manufacturer of chargers and adapters for smartphones and other devices, to produce chargers for electric vehicles. · As part of the partnership, Salcomp will be the exclusive manufacturing and business development partner for Flowtrik which designs the chargers for advanced batteries like Li-ion and advanced lead acid used in electric vehicles. |
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· Atal Indore Metropolis Transport Service (AICTSL) has requested bids for development, operation, and maintenance of 47 solar powered EV charging stations in Indore. · The final date for submitting the net bid is October 20, 2022. Bids can be opened on October 21, 2022. In keeping with the tender, EV charging stations have to be put in inside six months of signing the contract. This 47-photo voltaic built-in electrical autos charging stations tender contains the scope of labor in design, construct, finance, operation, and switch mannequin for 12 years. |
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· More than three years after setting up Delhi’s first smart public electric vehicle charging system in south Delhi, BSES (Bombay Suburban Electric Supply) discoms have achieved a new milestone of facilitating the installation of more than 1,000 EV charging points in the national capital. · Since the launch of the Delhi EV policy in August 2020, the city has seen a significant rise in the sale of EVs, which currently account for around 10% of all vehicle registrations in the national capital. |
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· Energy giant Shell plans to set up more than 10,000 electric vehicle charging points in India by 2030. · Shell will provide customized charging solutions at on-the-go locations such as Shell fuel stations, standalone EV hubs, home charging, and destination locations. For on-the-go and standalone EV hubs, the company will deploy 100 kilowatts and above DC fast chargers to enable fast charging in the lowest possible dwell time. |
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· EKA Mobility, a subsidiary of Pinnacle Industries, has signed a Memorandum of Understanding, with goEgo Network, a charging infrastructure provider, to provide a robust, efficient, compliant, and well-connected EV charging infrastructure and advanced charging stations to its customers for public transportation. · As per the mutual agreement, goEgo Network will now be the official electric charging solution provider for EKA’s 9-meter buses to set up Automotive Research Association of India (ARAI) & Open Charge Point Protocol (OCPP)- certified stations of 30kW, 60kW, and 120kW for the institutional customers across the country. |
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· Hero MotoCorp has joined hands with Hindustan Petroleum Corporation Ltd (HPCl) to set up charging infrastructure for electric two-wheelers in the country. As part of the initiative, the two companies will first establish charging infrastructure at HPCL’s existing network of stations. · In the first phase, the charging stations will be set up in select cities, which will then be expanded to other key markets with the aim of establishing a high density of EV charging station network across the country. |
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· eVolt India, an electric vehicle charging Infrastructure start-up, has inked a strategic collaboration with Indian Oil Corporation Ltd. (IOCL) for installation of more than 75 EV charging stations in Punjab, Haryana, and Uttar Pradesh. · As part of the awarded contract, the Delhi-based start-up will set up 3.3kW and 7.4kW AC charging stations for both two-wheelers and four-wheelers at the existing IOCL fuelling pumps in these key territories. |
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· Tata Power, India’s leading EV charging solutions provider, has announced setting up of over 450 ‘EZ Charging’ points across 350 national highways in the country. · Tata Power EZ Charging Points are now present across major national highways including the longest highway (NH44 which connects J&K to Tamil Nadu), the busiest highway (NH19 connecting Delhi, Uttar Pradesh, Bihar, West Bengal, and Jharkhand) and other highways. |
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· Audi India has successfully completed installation of more than 100 electric vehicle chargers across 60+ cities in the country, including at places such as its dealerships, workshop facilities. The company has also installed 22kW EV chargers at select SAVWIPL (Skoda Auto Volkswagen India Private Limited) Group brand dealerships that are located across strategic highways in the country. · Select dealerships of Audi India are equipped with a 22kW EV charger while 16 of its dealerships including the ones in Ahmedabad, Bangaluru, Bhubaneshwar, Chennai, South Delhi, Goa, and Gurugram, among others have been equipped with a 50kW DC fast charger. |
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· VoltUp, a one-stop battery swapping start-up, announced its partnership with Adani Electricity and Hero Electric to set up battery swapping stations in Mumbai. · Starting with 120 docks in 10 locations between Goregaon and Borivali, the partnership is going to add 50 locations by year-end to cover the western line from Churchgate to Mira-Bhayandar. · In its effort to set up smart electric mobility stations across the city for easy access to battery swapping, the partnership looks to operationalize 500 such battery swapping solutions centres across Mumbai by 2024, catering to over 30,000 riders daily. |
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· Hindustan Petroleum Corp. Ltd. (HPCL) has awarded a contract to Tirex Transmission, an EV charging solutions provider, to set up more than 60 EV chargers at its fuel stations in Gujarat and Rajasthan. · As part of the contract, Tirex will supply two types of DC fast chargers for this project–one rated between 25 and 30 kW with a single connector option of CCS2 and the other type is rated between 50 and 60 kW with combinations of connectors basis the requirement. |
Source: Industry news articles, JMK Research
Key Manufacturing Updates
Exide’s Li-ion cell plant in Karnataka to be ready in 27-30 months
Lead-acid battery major Exide Industries’ first phase of its 6GWh lithium-ion battery plant in Karnataka will be ready in 27-30 months, and it has lined up INR3,800-4,000 crore investment to execute the project. The project, spread over 80 acres, will expand to become a 12-Gwh capacity integrated lithium-ion battery facility involving a total investment of INR6,000 crore and it will take 8-10 years to reach its peak capacity.
Ather Energy to Set Up Its Second Manufacturing Facility, Targeting 400,000 Units Annually
Ather Energy commissioned its second manufacturing facility in Hosur to cater to the growing demand of its electric scooters – the 450X and 450 Plus. The company plans to manufacture 400,000 units per annum, a significant jump from its current capacity of 120,000 units. Ather Energy had set up its first manufacturing facility at Hosur earlier this year.
Servotech sets up arm Techbec Industries to produce batteries, allied activities
Servotech Power Systems, offering a range of high-end yet advanced solar products, medical devices as well as energy-efficient lighting solutions, has incorporated a subsidiary, Techbec Industries, for manufacturing batteries, particularly lithium-ion batteries and other allied activities. Servotech Power Systems will be the holding company of Techbec Industries and would hold 63.5 per cent share capital in the newly established battery manufacturing entity.
Saera Electric opens plant to produce electric 2W frames, chassis in Bhiwadi
Saera Electric Auto Private Limited (SEAPL) inaugurated a new manufacturing unit in Bhiwadi, Rajasthan to manufacture electric two-wheelers frames and chassis. Saera will be investing around INR25 crore in phases for setting up the new manufacturing unit. The investment will increase to match the rising monthly production capacity from 7,500 units to 50,000 units in a year.
SAR Group sets up EV tech centre to boost EV ecosystem, 2W production
SAR Group, a leading player in the energy storage and clean energy technologies, has developed a large electric vehicle technology centre in Gurugram, Haryana to indigenously develop key e-mobility technologies around EV batteries, advanced BMS, EV controllers, drivetrains, and motors. The SAR Group, which is behind the brands such as LivPure and LivGuard, recently announced entry to the electric two-wheeler market with its Lectrix EV brand. The tech center will support and provide the technology backbone to Lectrix for making high-quality, reliable electric two-wheelers. Developed with an investment of around INR300 crore, the tech centre is situated at the company’s 100,000 sq. ft. facility at Manesar in Haryana.
Godi India manufactures super capacitors to improve battery life in EVs
Godi India, the first company to get BIS certification to sell lithium-ion cells made with home-grown technology, is now the first to manufacture 3000F (farads) high-power supercapacitors at its Hyderabad facility. A supercapacitor is a type of capacitor that can store a large amount of energy and it can be charged and discharged an unlimited number of times. Integrating Godi India’s supercapacitors along with battery packs would improve battery life in electric vehicles and renewable energy storage system (ESS) applications.
Other Market Updates
A.P. Moller – Maersk is decarbonizing its road fleet in India by switching to electric vehicles for transporting cargo to customers as the integrated logistics company aims to become net zero by 2040. In the first phase, Moller-Maersk will deploy electric-powered vehicles across Tier I cities in India, focusing on an overall radius of 100 km.
Ola Electric ventures abroad, to enter Nepal next quarter
SoftBank Group-backed Ola is looking to take its e-scooters global, starting with Nepal, as it seeks to tap into a growing international market for electric vehicles. The company will expand further into Latin America, ASEAN, and the European Union. It has signed a partnership agreement with CG Motors in Nepal to distribute its Ola S1 e-scooters.
DSEU to train 100 EV mechanics every year as part of ‘Green Jobs’ creation goal
The Delhi government will soon provide a comprehensive training program for electric vehicle mechanics as part of creating ‘Green Jobs’ in the capital and with the aim of becoming India’s training hub for EV workforce under the Delhi Skill and Entrepreneurship University (DSEU). Delhi requires up to 500 mechanics every year and a lack of skilled EV mechanics has been identified. As EV popularity increases, it is important to have highly skilled technicians on board and address the demand for them.
Volvo Car India aims to sell 1,000 EVs in 2023
The local unit of Swedish automaker Volvo Cars is aiming to sell 900-1,000 luxury electric vehicles in 2023, as demand for zero-emission vehicles increases in India. Globally, Volvo is aiming to be fully electric by 2030, and has plans to make EVs to account for at least half its sales volume by 2025.
Home-grown scooter brand LML set to sail overseas in all-new avatar
LML, a popular home-grown scooter brand of yesteryears, is set to sail overseas in an all-new avatar with its current owners firming up plans to commence sales of electric two-wheelers in the European Union starting next year. SG Corporate Mobility, which acquired the LML brand last year, is readying for launch three products – an e-bike, a hyperbike and electric scooter – in 2023. While the first two products will also be on sale in India, the primary target markets will be countries in the European Union and the United States. The group company is investing INR350 crore to kickstart operations at LML Electric. Currently, LML Electric has a contract manufacturing agreement with Saera Electric Auto to produce electric two-wheelers at Bawal, Haryana.
India, World Bank Looking to Spur Lending for Electric Vehicles
The government of India and the World Bank are in talks to introduce a risk-sharing mechanism to compensate banks giving loans for electric vehicle purchases as the country seeks to decarbonize the transport sector. The risk instrument will help banks hedge against loan defaults and cut the cost of financing EVs.
India and California agree to collaborate on zero-emission vehicles
India has entered into a collaboration with California for research and innovation in the field of zero-emission vehicles to spur the development of its nascent EV industry and address climate risks. As part of the collaboration, the University of California, research institute Davis Institute of Transportation Studies, established a new India ZEV Research Centre. In addition to addressing policy, technology, and investment strategies for a ZEV transition, it would identify opportunities for India to emerge as a strategic leader in the global ZEV transition.
EV maker Altigreen launches first retail dealership in Bengaluru
Electric vehicle company Altigreen launched its retail experience center in Bengaluru. The dealership is spread over more than 5,000 square feet. By FY23, the EV company plans to open 40 stores in 40 cities. The cities to get dealerships include Hyderabad, Delhi, Lucknow, Cochin, and Thane.
Honda India to discontinue diesel engine cars: City, WR-V & Amaze to be affected
Honda Cars India could discontinue diesel powered cars in the Indian market thanks to the tightening emission norms. Currently, Honda sells three diesel cars in India – the city sedan, the WR-V crossover and the Amaze compact sedan. India will require all cars sold here to adhere to Real Time Driving Emissions (RDE) from 2023, and this is said to be behind Honda’s decision to axe diesel powered cars.
Sanitation workers get free electric two-wheelers from Karnataka CM
Karnataka Chief Minister Basavaraj Bommai kicked off the electric two-wheeler vehicle distribution drive for sanitation workers. The distribution of electric two-wheeler vehicles has been extended to ten city corporations in the state. Of the total of 600 sanitation workers selected for this scheme, 400 persons will be given the vehicles in the first phase.
Tork Motors Introduces ‘PIT CREW’ – A Complete Service and Sales Solution on Wheels
India’s first and fast-growing electric motorcycle manufacturer, Tork Motors, has officially rolled out its unique mobile service van – PIT CREW. The van will cater to customers’ sales and after-sales requirements at their doorstep. The PIT CREW is a part of the brand’s ‘Experience TORK initiative’ that offers the unique joy of owning the Tork Motorcycles.
Honda Motorcycle is working on new EV line under Activa
The country’s leading two-wheeler maker Honda Motorcycle & Scooter India (HMSI) is looking at riding the EV wave with the launch of an entry-level product priced below its best-selling scooter Activa. The product is in the development phase. The company expects the market for electric two-wheelers will reach around 3 million units by 2030.
ARAI teams visit Hero Electric, Okinawa and other EV players to probe
The Automotive Research Association of India (ARAI) teams have started visiting factories of electric vehicle makers like Hero Electric and Okinawa to probe FAME-II violations. The action comes after the government received several whistle-blower complaints against many EV companies for violating these norms. The investigating authorities believe that some EV makers have been allegedly taking subsidies under the country’s Faster Adoption and Manufacturing of Electric vehicles (FAME-II) scheme but have violated the minimum local value addition criteria needed for this. The Ministry of Heavy Industries (MHI) is in touch with the Directorate of Revenue Intelligence (DRI) on a probe against Hero Electric which had probed duty evasion by the company and had issued notice in December 2020 for the same.
EV financiers launch association, EMFAI, to expedite electric vehicle adoption
A group of financiers of electric vehicles launched Electric Mobility Financiers Association of India (EMFAI). It will act as a common platform for all the financial institutions involved in financing electric vehicles and other products and services relevant to the ecosystem. The mission of the association is to enable fast adoption of electric mobility, shape policies and guidelines, and mitigate risks associated with electric mobility.
Mahindra arm Quiklyz to expand EV leasing business
Quiklyz, the vehicle leasing and subscription business of Mahindra & Mahindra Financial Services Ltd., has announced its expansion into electric mobility leasing space. The company will now offer customized leasing and subscription solutions for electric 3W and 4W to its customers. It has tied up with more than 15 electric last-mile mobility delivery companies and with several electric mobility providers.
Ather Energy plans to open 150 Experience Centers across India by March 2023
Electric scooter manufacturer Ather Energy has inaugurated its third experience center in Chennai as it aims to strengthen its presence in the country. Ather Energy has 49 retail outlets in 38 cities. The company plans to expand to 100 cities with 150 Experience Centers by March 2023.
Sona Comstar bags INR913 crore order for traction motors from 2W OEM
Gurugram-headquartered Sona Comstar has received its first order of 1,00,000-unit production from a reputed Indian two-wheeler OEM for traction motor components valued at INR913 crore.
This brings the company’s total orderbook to about INR20,500 crore with EVs now accounting for two-thirds of those orders.
Deals & Investments
|
Company name |
Company type |
Deal type |
Investor(s) |
Deal value (US$ Mn) |
Details |
|
Esmito
|
Battery Swapping |
Equity |
Unicorn India Ventures |
1.2 |
IIT Madras incubated Esmito raises Rs 10 cr led by Unicorn India Ventures |
|
Yulu |
E2W Manufacturer /Battery Swapping |
Equity |
Magna |
77.0 |
Magna enters micro mobility space, invests USD 77 Mn in Yulu for battery swapping service unit |
|
Abhinava Rizel
|
EV Component Manufacturer |
Equity |
MMF |
24 |
MMF enters EV space with start-up acquisition, to invest INR 200 Cr |
Source: Industry news articles, JMK Research
Hero MotoCorp to make electric motorcycles, to invest $60m in Zero Motorcycles
Hero MotoCorp, which is all set to launch its first electric product, under its emerging mobility brand Vida, on October 7, is finalising a collaboration agreement with Zero Motorcycles, the California (USA)-based manufacturer of premium electric motorcycles and powertrains. The collaboration between Hero and Zero will focus on developing electric motorcycles, which means Hero MotorCorp will engage in a double-assault with both e-scooters and e-motorcycles on India’s fast-growing electric two-wheeler market. The company’s board also approved an equity investment up to US$60 million in Zero Motorcycles.
Motovolt Mobility plans to invest INR200 crore next year for expansion
Electric two-wheeler maker Motovolt Mobility plans to invest INR200 crore next year on new products and to expand its manufacturing footprint and sales network. The company, which launched its electric bike URBN in two variants priced at INR49,999 and INR54,999, is looking to set up satellite manufacturing units to be closer to the market.
BluWheelz to invest US$15 mn in a year to deploy 10,000 EVs
Electric vehicle fleet provider BluWheelz plans to invest up to US$15 million (~INR120 crore) in one year to deploy around 10,000 electric two and three-wheelers for last-mile delivery. The company, which launched its EV fleet as a service (EFaS) operations this month, will initially own the fleet vehicles and provide services to e-commerce, e-grocery, FMCG, logistics and D2C (direct-to-consumer) companies.
Mahindra Group and British International Investment commit US$500 million for electric SUV space
Mahindra Group and British International Investment have committed US$500 million capital for the electric sports utility vehicle space. As per an agreement between the two partners, the new electric vehicle company is envisaged to have a total capital infusion of around US$1 billion between FY24 and FY27 for the planned product portfolio.
Hero MotoCorp-backed Ather Energy kickstarts prep for biggest ever fundraise
Hero MotoCorp-backed Ather Energy is reportedly gearing up for its biggest ever fundraising round as the leading electric scooter maker is now looking to mop up as much as US$200 million to US$250 million and take on rivals like Ola Electric, Hero Electric, Okinawa Autotech, and TVS Motors.
SAR Group to invest up to INR1,500 crore in E-bike foray
The SAR Group, which is behind consumer goods brands such as Livpure and Livguard, is now entering the electric two-wheeler market with its Lectrix brand with an investment outlay of INR1,400-1,500 crore. The company sells electric scooters for the delivery segment, and it recently launched its first scooter for consumers. The company has invested around INR300 crore so far in developing these models and setting up a manufacturing unit at Manesar in Haryana.
JVs and Partnerships
|
Companies involved |
Purpose of Partnership |
|
· AI Logistix, a logistics company that aims to identify and resolve day-to-day logistics and supply chain issues, announced its partnership with SUN Mobility, a leading provider of battery swapping services and energy infrastructure for electric vehicles, to become the LAST SMILE delivery partner of India. · As part of this partnership, SUN Mobility and AI Logistix plan will deploy 500 loaders and electric two-wheelers till March 2023 by adding about 100 vehicles to the fleet every month. The initial deployment will be in Bengaluru and Hyderabad and will later extend across India. SUN Mobility and AI Logistix partnership will also provide customizable integrated E2W swap solutions to the rider partner to enhance vehicle utility and day-to-day mobility and reduce downtime. |
|
|
· Lohum, a lithium-ion battery lifecycle management firm, and Glencore, a natural resource company, announced strategic partnership to advance circularity in the Li-ion battery supply chain. · As part of this tie-up, Lohum will supply Glencore with 10,000 tonnes of specialty chemicals for the battery supply chain over the next five years, including cathodes, sulphates, carbonates, and oxides of various metals extracted from spent batteries and other sources. |
|
|
· e-Ashwa Automotive Private Limited, an electric vehicle manufacturer, has signed its first joint venture with Texor Energy to produce lithium batteries. As part of the joint venture, e-Ashwa Automotive and Texor Energy will jointly produce the lithium batteries under the joint brand of e-Ashwa & Texor. · This partnership will help e-Ashwa Automotive to use its own branded lithium batteries in its wide range of electric 2-wheelers and 3-wheelers. |
|
|
· Omega Seiki Mobility will supply over 5,000 electric cargo three-wheelers to Porter for last-mile delivery under a collaboration with the logistics operator. The vehicles are to be delivered to Porter by 2023. · The logistics firm already has 1,000 EVs in its fleet and it is looking to expand it by five times by the next year. |
|
|
· Electric vehicle charging network provider, TelioEV, entered into partnership with EV Super Store, Electric One, to develop a specially curated Mobile Application for Electric One with many advanced features. · Under the Partnership, TelioEV will offer features like charger locator, vehicle registration with Dealer name, Reward point based on Kilometer running, Push Notifications for Offers alerts, Service camp, Service reminders, In-built Test Drive request on the app for Electric One customers. The App is customized as per Electric One’s Brand guidelines and needs. |
|
|
· Kinetic Green Energy and Power Solutions Limited, a manufacturer of electric vehicles, has partnered with Tata Capital, the flagship financial services arm of the Tata Group. · Through this partnership, customers looking to buy Kinetic Green’s electric two-wheelers will get access to digitally enabled loans at Kinetic Green dealerships across India. |
|
|
· Mumbai-based electric vehicle battery manufacturing start-up Neuron Energy has inked a pact with electric two-wheeler manufacturer KLB Komaki to deliver 15,000 battery packs per year, generating an approximate revenue of INR50 crores annually with a monthly order value of INR4 crores for Neuron. |
|
|
· Hero Electric has signed a memorandum of understanding (MoU) with the Rajasthan government to set up its mega electric vehicle manufacturing hub with an annual production capacity of two million units with an investment of over INR1,200 crore. · Located in Salarpur industrial region, the state-of-the-art manufacturing unit is spread over 170 acres and will commence commercial production by the end of 2023. |
|
|
· Auto components major Bharat Forge’s unit Kalyani Powertrain has joined hands with US-based Harbinger Motors to form a joint venture focused on developing electric drivetrain solutions for the commercial vehicle market. · The joint venture will serve as the volume manufacturer of electric powertrains for Harbinger, leveraging Kalyani’s global manufacturing experience in India, Europe, and North America. · Kalyani Powertrain is a global supplier of critical chassis and powertrain components while Harbinger Motors Inc. is into the development of electric commercial vehicles. |
|
|
· A joint venture of the Indian conglomerate Vedanta and Taiwanese electronics manufacturing giant Foxconn signed a Memorandum of Understanding with the Gujarat government to set up a semiconductor and display manufacturing unit in the state. · Vedanta-Foxconn would invest INR1,54,000 crore to set up the facility, which would create one lakh job opportunities. |
|
|
· Flipkart has partnered with Magenta Mobility to deploy electric vehicles for its last-mile transportation. Magenta Mobility has entered the Delhi NCR region and will provide around 400 electric cargo vehicles for the Flipkart fleet. · This deployment goes beyond the existing fleet Magenta has in Bengaluru for Flipkart. It has over 500 electric vehicles that it operates in Bengaluru, Mumbai, and Hyderabad. · Magenta Mobility plans to deploy a fleet of more than 500 EVs in Delhi this fiscal year in order to support organizations that are transitioning to clean mobility. |
|
|
· E2W company Hero Electric has announced its partnership with Readily Mobility, an electric vehicle aftersales solution provider, to provide hassle-free round-the-clock servicing for Hero Electric’s B2B partners. · The services include Doorstep / Hub-based Periodic & Preventive Maintenance, Roadside Assistance, Insurance (Sales, Renewals & Claims) & other ancillary services across India. |
|
|
· Neuron Energy, a battery manufacturer that supplies Lithium-Ion as well as Lead-Acid batteries to the Indian electric vehicle sector, announced its partnership with EVTRIC Motors. · Neuron Energy will supply 12,000 batteries per year through this partnership, generating an estimated revenue of INR50 crore annually. |
Source: Industry news articles, JMK Research
Global Market Updates
US States get final approval to build highway EV charging network
All 50 states of USA received final approval to begin construction on a first nationwide network of EV charging stations that places one every 50 miles (80 kilometres) along interstate highways, part of the Biden administration’s plan to spur widespread adoption of zero-emission cars. The Transportation Department had approved EV charger plans from a last set of 17 states, leading to the release of US$1.5 billion in federal funds to all jurisdictions nationwide – or US$5 billion over five years – to install or upgrade chargers along 75,000 miles (1,20,000 kilometres) of highway from coast to coast, with a goal of 500,000 EV chargers nationwide.
China to extend its subsidy program for new energy vehicles till 2023
China’s Ministry of Industry and Information Technology (MIIT), and State Taxation Administration announced they will extend their subsidy program for new energy vehicles (NEVs) until the end of 2023. Initially, it was set to be terminated at the end of 2022. The newest extension, which will bring the program to a close at the end of next year, will cost taxpayers roughly over US$14 billion.
JUMIA Partners with BILITI Electric to add Electric 3-Wheelers to its Delivery Fleet
JUMIA, a leading pan-African e-commerce platform, has announced a partnership with California-based EV solutions provider BILITI Electric. The partnership will introduce electric tuk-tuks to JUMIA’s delivery fleet in Kenya.
Argentine state-run miners launch first-time lithium project
Units of Argentina’s state oil firm YPF will next month begin lithium exploration in a first-ever entry into the sector by state-run miners as the government aims to benefit from surging demand for the battery metal. Lithium prices have soared past US$70,000 per tonne this year as the major automakers scramble to secure more supply of the ultra-light metal to shift production from fossil fuel-burning engines to electric-powered vehicles.
Toyota Motor to invest US$5.6 bn in Japan, US for EV battery production, supply
World’s leading automaker Toyota Motor Corporation plans to invest up to 730 billion yen (approximately US$5.6 bn) in Japan and the US to produce and supply batteries for battery electric vehicles (BEVs). It aims to begin battery production between 2024 and 2026. With this investment, Toyota wants to offer its customers in all countries and regions multiple powertrains and as many options as possible.
China’s BYD to set up EV plant in Thailand
Chinese electric vehicle maker BYD has announced that it would set up a facility in Thailand to start producing 150,000 passenger E-cars a year from 2024. BYD announced in a joint statement with Thai industrial developer WHA Group that a purchase agreement had been signed for 96 hectares (237 acres) of land in the eastern province of Rayong for the plant.
Abu Dhabi to build electric vehicle facility in its KIZAD industrial zone
Abu Dhabi will build an electric vehicle assembly facility that will manufacture thousands of cars a year from its industrial zone and has brought in smart electric firm NWTN as it looks to become an auto hub. Khalifa Industrial Zone Abu Dhabi (KIZAD) will construct a 25,000 square metre facility, which will be operated by NWTN for the manufacturing, research and development, and vehicle testing of electric vehicles.
LG Energy inks cobalt, lithium supply deals with three Canadian miners
Korean battery maker LG Energy Solution has signed agreements on lithium and cobalt sourcing with 3 Canadian mining firms in a bid to expand its footprint in North America. The US Inflation Reduction Act (IRA), signed into law by US President Joe Biden in August, requires a percentage of critical minerals used in electric vehicle batteries come from the United States or an American free-trade partner. The 3 Canadian mining firms, Electra, Avalon and Snowlake, will supply LG with 7,000 tonnes of cobalt sulphate for 3 years from 2023, 55,000 tonnes of lithium hydroxide for 5 years from 2025, and 200,000 tonnes of lithium hydroxide for 10 years, respectively.
Honda forms partnership to secure supply of battery metals
Honda Motor Co. has formed a partnership with trading company Hanwa Co. to secure stable supply of metals used in batteries for electrified vehicles. Honda will be able to obtain essential metals such as nickel, cobalt, and lithium through the partnership in the medium to long term. Procurement of those elements will be among many challenges for automakers worldwide as stricter environmental regulations accelerate production and sales of cleaner, electrified cars.
Nissan to invest in Japanese lithium-ion battery maker
Nissan Motor has entered into a definitive agreement to acquire shares in Vehicle Energy Japan Inc, a company engaged in the automotive lithium-ion batteries business. Vehicle Energy Japan has an integrated production system from battery cells to packs, and advanced battery management system technologies. It develops, manufactures, and sells lithium-ion batteries, battery modules, and battery management systems for hybrid vehicles.
Nissan eager to leverage US tax credit on electric vehicles
Nissan will more aggressively push electric vehicles to take advantage of the Sweeping Inflation Reduction Act announced last month in the US. It includes a US$7,500 tax credit for EVs which contain certain elements mined or processed in the country. The tax credit can be used to defray the cost of purchasing an electric vehicle that’s made in the US. The Nissan Leaf electric car is among the models that qualifies, but, under the law, the vehicles must contain a battery built in North America with minerals mined or recycled on the continent to be eligible.
Air Canada to buy 30 electric planes from Heart Aerospace
Air Canada would buy electric planes for the first time with the acquisition of 30 battery-powered regional aircrafts from Heart Aerospace as more airlines turn to new technologies to lower emissions and fuel costs. Sweden-based Heart’s electric-hybrid aircraft under development will have capacity for up to 30 passengers and generate zero emissions when they enter service, which is expected in 2028. Air Canada’s agreement, which also includes a US$5 million equity stake in Heart Aerospace, follows a 2021 deal by U.S. carrier United Airlines to acquire 100 19-seat planes from the start-up.
Piedmont to build lithium plant in Tennessee for EV market
Piedmont Lithium Inc will build a lithium processing plant in Tennessee to supply the rapidly growing electric vehicle industry. The move follows a U.S. government push for more domestic production of lithium, a critical metal for EV batteries. Sweeping Inflation Reduction Act, announced last month in the US, includes a US$7,500 tax credit for EVs which contain certain elements mined or processed in the country. Piedmont expects the Etowah, Tennessee facility to begin production in 2025, and believes it will be the largest lithium hydroxide processing site in the United States with a target of 30,000 metric ton per year.
BYD Auto becomes top-selling EV brand globally
For the first time, China’s BYD Auto became the top-selling EV brand, surpassing Elon Musk-run Tesla. During Q2, BYD Auto shipped more than 354,000 EV units, an increase of 266% YoY. Tesla’s global sales grew 27% YoY to over 254,000 units, falling short of expectations.
Volvo starts series production of heavy-duty electric trucks, targets 50% of sales by 2030
Volvo Trucks is beginning series production of the electric versions of the company’s most important product range, Volvo FH, Volvo FM, and Volvo FMX. The electrified Volvo FM, Volvo FMX, and Volvo FH vehicles could run at a weight totaling 44 metric tons. The range for the electric FM is up to 380 kilometers. Ranges for the FMX and FH are up to 320 km and 300 km respectively. The production is beginning at a facility in Gothenburg, Sweden. Next year will see production commence at a site in Ghent, Belgium. Batteries will be supplied by a Volvo Trucks plant in Ghent.
Biden announces first round of funding for EV charging network across 35 states
President Joe Biden announced the release of the first round of funding for a nationwide electric vehicle charging network of 500,000 charging stations, financing the construction of stations in 35 states. The Bipartisan Infrastructure Law includes US$7.5 billion for a national EV charging network while the Inflation Reduction Act and the CHIPS and Science Act both include provisions fostering development of the industry in the United States.
Uber plans only EVs in fleet from 2030
Uber is looking to jump on the electric vehicle bandwagon in a big way. The company wants to have drivers with only EVs in key markets like the US, Canada, and Europe. There is a need to get drivers to shift entirely to electric power. Uber reportedly plans to spend around US$800 million to help drivers make the switch.
GM, Hertz make deal to deploy up to 175,000 EVs
Rental car company Hertz Global Holdings plans to order up to 175,000 General Motors (GM) electric vehicles over the next 5 years, its latest move towards zero-emission models. The multi-billion-dollar, multi-year deal could be the first of many GM agreements to supply electric vehicles to rental car companies.
Chinese automaker launches Tesla-inspired electric car at just US$26,000
Chinese automaker Changan Automobile has unveiled a new electric vehicle that resembles the Tesla Model 3. With a starting price of US$26,000, the newly launched Shenlan SL03 is a small electric sedan. The front end of the vehicle, where the bonnet meets the fascia, and its dimensions look very similar to the Tesla Model 3, which is priced at nearly US$40,000. In terms of specifications, the base version comes with a range of 515 km based on the Chinese standard. A bigger battery pack is also available with a longer 705 km range.
Tesla installs record 4K EV supercharger stations globally
Tesla, an undisputed leader in the electric car market, has installed nearly 4,000 supercharger stations globally, growing 34 per cent year-on-year. Tesla had 3,971 supercharger stations globally, recording a growth of 33.88 per cent from the 2,966 recorded during a similar period in 2021. During the first three months of 2022, the Tesla stations stood at 3,724, representing a growth of 7.13 per cent from the previous quarter.
Castrol and Sprint Power to develop ultra-fast charging battery modules for EVs, FCHEVs
Castrol and Sprint Power are collaborating on a project to develop ultra-fast charging cells and battery packs for battery electric vehicles (BEVs) and fuel cell hybrid electric vehicles (FCHEVs). Two Sprint Power designed battery modules that will use Castrol ON EV Thermal Fluids will deliver an 80% charge in just 12 minutes, making EVs an even more viable alternative for those still to make the switch to electrified mobility.
BMW bets on cylindrical battery cells for new class of EVs from 2025
BMW will power its new class of electric vehicles to be released in 2025 with cylindrical battery cells made in six factories by partners including China’s CATL and EVE Energy as the carmaker looks to speed up charging and extend driving range. The German carmaker has already placed multibillion-euro orders with CATL and EVE to produce battery cells at four factories in China and Europe, by adopting cylindrical cells, BMW is breaking from the prismatic cells it has so far used in its batteries, following the path chosen by Tesla with its 4680 cylindrical batteries.
MG revs up Chinese electric car presence in Europe
MG presented its fourth electric vehicle for the European market as Chinese automakers accelerate efforts to use zero-emission cars to gain ground in the region. The MG4 is an all-electric sedan with a range of up to 450 kilometers (280 miles) and a competitive list price of EUR28,990 without any government incentives.
China’s Xpeng says CATL is no longer its largest battery supplier
Xpeng has diversified its battery suppliers and no longer counts industry giant CATL as its primary supplier, reason being price hike by CATL this year. Xpeng was CATL’s third-largest client after Tesla and Nio in terms of battery volumes installed in 2021.
Suzuki invests in Australian mobility software company
Suzuki Motor Corporation has invested in Melbourne-based Applied Electric Vehicles to accelerate the software development for next generation mobility. Applied EV is an Australian tech company that has developed a vehicle control system, based entirely on software known as the Digital Backbone, for use in electric vehicles dedicated to autonomous driving applications. The Digital Backbone enables vehicles of all shapes and sizes to run entirely on software.