Monthly EV Update – September 2023

Monthly EV Update – September 2023

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monthly electric vehicle

Product Launches

India LaunchesSeptember 2023


Vehicle type

Battery specifications

Other specifications


mXmoto mXv ECO (Base Spec Trim)


  • 3.2 kWh
  • Range- 100 km
  • Top Speed- 70 km/h

INR 85,000

mXmoto mXv ECO (Extended Range Trim)


  • 3.2 kWh
  • Range- 120 km
  • Top Speed- 100 km/h

INR 95,000

Electric One E1 Astro Pro 


  • 72 V, 30 Ah, 72 V, 40 Ah
  • Range- 100 km (30 Ah), 120 km (40 Ah)
  • Top Speed- 65 km/h
  • Charging time-3-4 hrs
  • Motor Specifications-72 V, 2400 W (Rate Power), 3000 W (Peak Power)

INR 99,999

Electric One E1 Astro Pro 10 


  • 72 V
  • Range- 200 km (With Adventure S Battery Pack)
  • Top Speed- 65 km/h
  • Charging time- 3-4 hrs

INR 1,24,999

IME Rapid e-scooter


  • 60V- 26/52/72 Ah
  • Range- 100/200/300 km
  • Top Speed- 80 km/h

INR 99,000 – INR 1,48,000



  • 2 kWh
  • Range- 85 km
  • Charging time- 3 hours

INR 99,999

Greaves ELectra

E3W (Cargo)

  • 10.8 kWh
  • Range-100 km


Volvo C40 Recharge


  • 78 kWh
  • Charging time- 27 mins (10% to 80% using DC fast charger)
  • Range- 530 km

INR 61,25,000



  • 66.4 kWh
  • Range- 440 km
  • Top Speed- 180 km/h

INR 66,90,000

Source: Industry News Articles, Company Websites, JMK Research

EV Sales Trend

The overall EV sales in September 2023 witnessed a m-o-m increase of ~1% to reach 1,27,735 units. On a y-o-y basis, EV sales in September 2023 increased by 36% from that of EV sales in September 2022.

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

Source: Vahan Dashboard, Company Press Releases, JMK Research

Note: Sales figures represent EVs registered across 1,352 RTOs in 34 states/ UTs.

As depicted in the figure below, EV registrations in September 2023 were again driven by electric two-wheelers and passenger-type electric three-wheelers, which together accounted for 90.85% of total registrations in the month.

Category-wise EV Sales in September 2023

Source: Vahan Dashboard, JMK Research

Note: Sales figures represent EVs registered across 1,352 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 9.40% of the market share. Gujarat also ranked in the top five this month.

State-wise Registered EV Sales in September 2023

Source: Vahan Dashboard, JMK Research

Note: Sales figures represent EVs registered across 1,352 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 ~2% m-o-m in September 2023 to reach 63,715 units. The top 10 players in the industry accounted for approximately 90.75% of the total registrations witnessed in September 2023. Furthermore, compared to September 2022, E2W sales in September 2023 experienced a y-o-y surge of 20.22%.

High-Speed E2W Sales Trend

Source: Vahan Dashboard, JMK Research

Note: Sales figures represent only high-range E2W (Top speed > 25 kmph) registered across 1,352 RTOs in 34 states/ UTs.

Ola Electric sold 18,635 units in September 2023. Maintaining its significant market leadership with a substantial 29.2% share. TVS stands at second place this month. Revolt has once again secured a spot in the top 10 squad this month.

Top High-Speed E2W Players in September 2023

Source: Vahan Dashboard, JMK Research

Note: Sales figures represent only high-range E2W (Top speed > 25 kmph) registered across 1,352 RTOs in 34 states/ UTs. Others include Jitendra New EV Tech, GoGreen E-mobility Private Limited, AMO Mobility, Twenty-Two Motors, KLB KOMAKI, and 116 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.

Electric Three-Wheeler (E3W)

The sales of registered passenger and cargo-type E3Ws in September 2023 stood at 52,337 units and 5,107 units respectively, signifying a m-o-m increase of 2.4% in passenger E3W and 9.6% decrease in E3W cargo. Overall E3W sales recorded a m-o-m rise of ~1.2% over last month. On a y-o-y basis, passenger E3W sales in September 2023 increased by ~56% and cargo E3W sales increased by more than 90% from that of passenger and cargo-type E3W sales respectively in September 2022.

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

Source: Vahan Dashboard, JMK Research

Note: Sales figures represent E3Ws registered across 1,352 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 September 2023 accounted for 35.63% share of the entire E3W market. Mahindra and YC Electric came in at first (8.64% share) and second (6.96% share) positions respectively. This was followed by Saera Electric Auto (5.47%), Dilli Electric (4.08%), Piaggio (3.44%), Mini Metro (2.43%), Unique International (2.31%), and Champion Poly Plast (2.30%).

Top E3W Players monthly sales

Source: Vahan Dashboard, JMK Research

Note: Others made up 64.37% of the E3W market in September 2023; sales figures for players are inclusive of both cargo and passenger offerings; Sales figures represent E3Ws registered across 1,352 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 September 2023 stood at 6,020 units, witnessing a m-o-m decrease of ~9.9%. Tata Motors has been driving the E-car sales (with 68.85% of the market share) this month as well. On a y-o-y basis, E-Car sales in September 2023 increased by ~41.5% from that of E-Car sales in September 2022.

Player-wise E-Car Sales Trend

Source: Vahan Dashboard, JMK Research

Note: Sales figures represent E-cars registered across 1,352 RTOs in 34 states/ UTs; Others include BYD, Audi, Volvo Auto, Mercedes-Benz, BMW, Jaguar, KIA Motors, and Porsche.

Electric Buses (E-Buses)

The total sales of E-buses in September 2023 stood at 258 units, witnessing a m-o-m decrease of ~4%. On a y-o-y basis, E-Bus sales in September 2023 increased by ~26% from that of E-Bus sales in September 2022.        

Tata Motors is the leader in September 2023 (with a 65.50% market share), followed by PMI Electro Mobility (13.18%), Olectra Greentech (7.75%), Mytrah Mobility (5.43%), Switch Mobility (4.65%), and JBM Auto (3.10%).

Player-wise E-Bus Sales Trend

Source: Vahan Dashboard, JMK Research

Note: Sales figures represent E-buses registered across 1,352 RTOs in 34 states/ UTs.

Policies & Regulations

Government of India to split 20 GWh of ACC PLI bids into 5 GWh each

The government of India has finalised plans to award rebidding of the unutilised 20 GWh of the Advanced Chemistry Cell scheme, into packets of 5GWh each, to multiple players. This move is slated to strengthen the ecosystem for electric mobility and battery storage in the country. Introduced in 2021, the ACC PLI Scheme has a budgetary outlay of INR 18,100 crore. The government had earlier awarded a total bandwidth of 50 GWh to four players including Ola Electric, Rajesh Exports, Reliance New Energy and Hyundai Global Motors, which the South Korean participant was unable to carry out. In July 2023, the government launched a new consultative mechanism to re-open bids for the unutilised 20 GWh, with nearly 40 companies participating in the process. After reviewing the bids received during the stakeholder consultation process, the ministry decided to split the rebidding round into packets of 5 GWh each to ensure that at least four players received the bandwidth. The current round will be open only to companies that did not make it to the first round. This means that existing players such as Ola Electric, Rajesh Exports, and Reliance New Energy will be ineligible for the new


Under Delhi EV Policy 2.0, govt to consider incentivising retrofitting of vehicles

The Electric Vehicles Policy 2.0 will focus on incentivising the retrofitting of vehicles, considering their high cost. The Delhi Electric Vehicles Policy-2020 expired on August 8 this year, but the subsidies provided under it will continue until a new policy is notified. In order to enhance the feasibility of retrofitting, the forthcoming policy is anticipated to provide subsidies or alternative incentives. Furthermore, the government is contemplating allocations for research and development endeavors in this domain to stimulate both innovation and accessibility.

Govt of India mulls fresh infusion of INR 1500–2000 crore in FAME 2 subsidy for two-wheelers 

The Ministry of Heavy Industries is planning to increase the FAME 2 subsidy outlay for the two-wheeler segment by INR 1,500 to INR 2,000 crore, to sustain the momentum for segment penetration before the scheme expires at the end of FY2024. After a temporary disruption in penetration due to a subsidy correction a few months ago, demand for electric two-wheelers has rebounded, and the government may soon deplete the INR 5124 crore outlay. The plan to infuse funds is that the scheme should have enough funds to last until March 2024; hence, an increased outlay is being sought.

Delhi govt doubles targets under transport schemes, Outcome Budget document shows

The Delhi government has doubled its targets for various transport initiatives, including the registration of electric vehicles under the EV Policy and setting up public charging points, according to an Outcome Budget document. The document — which sets targets for 22 departments of the state government to achieve by end of the financial year. The transport department aims to increase the total number of EVs registered in Delhi to 2,23,988 by the end of March 2024. In comparison, 1,11,994 EVs were registered in the 2022-23 fiscal. Among other targets, the outcomes budget also aims at increasing the share of EVs among new vehicles registered in Delhi to 20.94% by the end of March 2024. The figure for the 2022-23 fiscal stood at 10.47%. The total number of public charging points are also to be increased from the existing 2,734 to 5,468.

Government considers legal action against electric 2-wheeler manufacturers for FAME II non-compliance

The government is exploring legal options against electric two-wheeler companies for not complying with the FAME II scheme norms. The centre has sought INR 469 crore from seven electric two-wheeler makers, for claiming incentives but not adhering with the FAME II (Faster Adoption and Manufacturing of Electric Vehicles) Scheme norms. The government is seeking a refund of incentives from Hero Electric, Okinawa Autotech, Ampere EV, Revolt Motors, Benling India, Amo Mobility and Lohia Auto. Notices have been sent to the companies, and so far, only Revolt Motors has offered to refund the amount.

Advanced chemistry cell battery production in India could start by January 2024

The production of the first set of advanced chemistry cell batteries in India is likely to commence by January 2024. In May 2021, the government approved the Production Lined Incentives (PLI) scheme for manufacturing ACC batteries at an estimated outlay of INR 18,100 crore. ACCs are the new generation advanced energy storage technologies that can store electric energy, either as electrochemical or chemical energy and convert it back to electric energy as and when required. All the demand for the ACCs is currently being met through imports in India.

Guidelines for PM-eBus Sewa Scheme

Almost a fortnight after the Union cabinet cleared the PM-eBus Sewa scheme, the Ministry of Housing and Urban Affairs (MoHUA), which is piloting the scheme, has released guidelines. These guidelines stipulate that cities with the highest bus deficit will receive preference for central grants if they either have operational depots, abundant land for depot setup, or agreements with power distribution companies (discoms) to set up infrastructure for e-buses. The scheme is divided into two segments: augmenting city bus services in 169 cities and supporting green urban mobility initiatives in 181 cities. E-buses will be deployed in cities with a population ranging 3 lakhs and 40 lakhs. The scheme will provide support for bus operations over a 10-year period. The scheme will have an estimated cost of INR 57,613 crore, of which INR 20,000 crore will be provided by the central government and the remaining will be borne by the states. Of the total INR 20,000 crore to be given by the government of India, INR 15,930 crore will be for buses, INR 2,264 crore for infrastructure development and back-end facilities, besides INR 1,506 crore for green urban mobility.

Himachal Pradesh plans policy to develop charging stations for EVs

Himachal Pradesh Government’s intent to introduce an effective policy to promote the development of electric charging stations for electric vehicles (EVs) in the state. The policy aims to address accessibility, convenience, and employment opportunities in the e-mobility sector. The state government would bring an effective policy to develop electric charging stations for e-vehicles in the state. The policy would focus on various aspects including accessibility, convenience, and opening employment avenues. Private operators would also be roped in with a 50 % subsidy for setting up e-charging stations.


Delhi Government has issued a tender for Selection of Service Provider for Deploying High speed & low speed e-scooters and E-cycles for Last Mile connectivity services

To provide last mile connectivity services in Dwarka sub-city, Transport Department, Government of NCT of Delhi invites competitive bidding for selection of service provider for deploying High-Speed & Low-Speed E-Scooters, and E-cycles for the last mile connectivity services with Public Transport (Metro & Buses) in Dwarka sub-city.

Sr. No.


Quantity (Units)


Deploying High-Speed E-Scooters for Last Mile Connectivity services with Public Transport in Dwarka Sub-City



Deploying Low-Speed E-Scooters for Last Mile Connectivity services with Public Transport in Dwarka Sub-City



Deploying E-Cycles for Last Mile Connectivity services with Public Transport in Dwarka Sub-City


The project’s goal is to introduce 3,000 electric vehicles (EVs) in the Dwarka sub-city, spread across 90 locations, divided into three phases. Phase 1, which initiates with 1,500 vehicles, will comprise high-speed e-scooters, low-speed e-scooters, and e-cycles. Phase 2 will see the addition of at 750 more vehicles, and Phase 3 will finalize the deployment of the remaining 750 vehicles, which will be available for long-term hire or rental. The timeline for the tender process includes the tender opening on September 23, 2023, a pre-bid date on October 4, 2023, and the final tender submission deadline on October 20, 2023.

Appointment of Service Provider for Deployment of 2000 nos. of Electric Vehicles on a PAN-India basis

Convergence Energy Services Limited (CESL) has issued a tender for selecting a Service Provider to deploy 2000 electric vehicles across India.  The tender is split into two zones: Zone 1 comprises 14 states with 1000 E-Cars, while Zone 2 covers 22 states with the remaining 1000 E-Cars. A minimum of 20% local content is the tender requirement for both zones. The Bid Security amount for each zone stands at INR 4,13,82,000.

Charging Infrastructure & Battery Swapping

Stakeholder(s)/ Player(s)


New Delhi Municipal Council

  • The New Delhi Municipal Council (NDMC) has decided to set up 350 public electric vehicle charging points. The indicative scope of work for setting up Public EV charging stations includes selective quantities/locations for installation of Public EV charging stations that will be provided to the PSUs in the initial stage. Further allocation of quantities/locations will be decided by the NDMC considering the performance parameters delivered by the PSUs.
  • NDMC shall provide space, electricity connection and all other clearance to the PSUs for the installation of EV charging infrastructure. All PSUs shall give as land rental of INR 1 per unit against energy consumption for charging of e-vehicle to NDMC, apart from the electricity bill. Additional revenue shall be generated through outdoor advertisement on public EV charging stations, which will be shared between NDMC and the PSUs i.e., 60% for NDMC and 40% for PSUs.

Tata Power and Kolkata Airport Authority

  • Tata Power EV Charging Solutions Limited (TPEVCSL), has partnered with the Kolkata Airport Authorities to establish EV charging points at the airport.
  • A formal agreement has been signed between the Airport Authorities of India and Tata Power. The DC-CCS2 and single-gun GB/T chargers provided are compatible with all electric cars available in the country.

Petromin Corporation KSA and Hindustan Petroleum Corporation Limited (HPCL)

  • Petromin Corporation KSA, a Saudi mobility solutions player, is partnering with Hindustan Petroleum Corporation Limited (HPCL) to invest US$ 700 million in three strategic areas: fuel stations, multi-brand vehicle service workshops, and EV charging stations over the next five years.
  • Petromin Express India, a subsidiary of Petromin Corporation KSA, will invest around US$ 100 million to set up around 1,000 vehicle service centers at HPCL retail outlets in India.
  • The companies will also allocate around US$ 100 million to install and operate up to 5,000 electric vehicle charging units at HPCL operated stations throughout India, offering both high-speed DC chargers and AC chargers. An additional US$ 500 million will be invested in operating up to 500 fuel stations in KSA, Middle East and Africa.

Source: Industry news articles, JMK Research

Key Manufacturing Updates

EV maker BNC to invest INR 100 crores

Electric vehicle manufacturer Bharat New-energy Company, or BNC Motors, will invest INR 100 crores to increase its production capacity and release new products. The company is also setting up a new production facility in Coimbatore to manufacture three lakh vehicles annually. The company has invested INR 100 crores so far and will invest another INR 100 crores (under PLI Scheme) within the next 18 months. The company will launch a scooter brand-named Perfetto in the coming months, which has been developed in partnership with Musashi Seimitsu, a Japanese company. BNC will also launch a Bike named Boss, which has been developed in house.

Foxconn planning to make EVs in India, Tamil Nadu on radar

Foxconn will expand its operations in India as business grows on higher consumer purchases. Foxconn is exploring opportunities to manufacture electric vehicles in India and Tamil Nadu is one of the states it is considering setting up a plant. According to Young Liu, a chairman and CEO of Foxconn group, India will become a new manufacturing centre for the world. The supply chain ecosystem – which took over 30 years to build in China – is likely to come up faster in India, especially as there are huge opportunities for the local electronics industry.

Shyam Metalics to foray into raw material for Lithium-ion cell manufacturing

Metal producer Shyam Metalics and Energy Ltd. has announced its entry into the energy storage sector with battery-grade aluminium foil, a critical component in lithium-ion cells. The aluminium foil manufacturer, with an annual production capacity of 20,000 tonnes, aims to help India secure a significant raw material stake in the global lithium-ion cell industry, which is expected to reach a capacity of 6,500 GWh/year by 2030. Third-party laboratories have tested and verified Shyam Metalics’ customized battery aluminium foil, which comes in thicknesses ranging from 12 microns to 20 microns. Additionally, the company possesses cutting-edge German machinery capable of producing aluminium foils as thin as 6 microns.

E-Bus Updates

Delhi bus fleet to be fully electric by 2028

The Delhi government has signed an agreement with Ashok Leyland’s EV arm, Switch Mobility, for 950 low floor 12-meter electric buses. The government has issued the Letter of Intent (LoI) for the company. Additionally, the government has also signed contracts with JBM Auto and PMI Electro Mobility for deployment of 1,040 9-meter electric buses. By 2025, the government plans to have about 8000 e-buses, which will account for 80% of the overall e-bus fleet.

India, US join hands to launch 10,000 electric buses on Indian streets

The United States and India will collaborate on a project to deploy 10,000 made-in-India electric buses in Indian cities. A key component of the project will be a new payment security mechanism that will accelerate new and more sustainable investments by lowering financial risks. The partnership will mobilize financing for a fleet of 10,000 electric buses throughout India, expanding options for electric public transportation in India, creating cleaner cities and healthier communities.

1,850 electric buses for 19 UP cities soon

The state government will soon introduce 1,850 electric buses in 19 cities to reduce traffic congestion on roads under PM-eBus Seva Scheme. The Centre has planned to allot 10,000 electric buses to cities with a population of 3 to 40 lakhs to promote urban transport. As part of the planning, a total of 1,850 buses will be allotted for operation in 19 cities of Uttar Pradesh.  The state government has formed a team of officers from four departments to make feasibility surveys in the cities for timely operation of the buses. A survey team has also been constituted with officers from the urban local body, UPPCL (discom), Lucknow City Transport Service Ltd and CESL, for every city.

Delhi adds 400 more Tata electric buses to its fleet, takes total to 800 now   

Delhi has recently added 400 electric buses, manufactured by Tata Motors, to the Delhi Transport Corporation’s (DTC) EV fleet. This addition brings the total number of electric buses in the national capital to 800. The state government aims to add even more electric buses by the end of this year. These 400 buses are part of the larger subsidy scheme, which includes 921 buses. The scheme received a subsidy of INR 417 crore from the Centre, while the Delhi government will invest INR 3,674 crore in this initiative.

PMI Electro Mobility fails to deliver e-buses, NMC issues notice

The Nagpur Municipal Corporation (NMC) has issued a show-cause notice to PMI Electro Mobility Options, a Haryana based electric bus manufacturing company, for failing to deliver 14 air-conditioned electric buses.  As per agreement, the company was supposed to deliver total 24 air-conditioned electric buses till August, but it provided only 10. As the company failed to deliver the buses, a show-cause notice was served on the firm. The firm has now promised to deliver 24 electric buses in September.

Switch Mobility requests higher price for tendered AC double-decker buses from BEST as new Govt mandate raises input costs 

Switch Mobility, the electric vehicle division of Chennai-based Ashok Leyland, have made a representation to BEST, Mumbai’s public transport arm, stating that the original rate now needs to be revised due to higher input costs resulting from the Centre’s new mandate requiring these vehicles to have an electronic stability system for added efficiency and safety. As per industry norms, the GCC charges remain inclusive of electricity, the cost of chargers, charging infrastructure like transformers, substations, civil works and installations, maintenance, and manpower costs, amongst others.

Other Market Updates

Gensol Engineering secures order to lease over 500 electric cargo vehicles

Gensol Engineering Ltd has bagged an order worth INR 75 crore to lease out 500 electric cargo vehicles from a logistics firm. An initial batch of over 20 electric vehicles (EVs) has already been leased, with the remaining cars to be deployed over the next 6 months across 5 states, including Maharashtra, Karnataka, West Bengal, Tamil Nadu, and Telangana.

JSW Cement begins EV trials to reduce carbon footprint in logistics  

JSW Cement, a green cement company and part of US$ 23 billion JSW Group, has commenced a pilot of Electric Vehicles (EV trucks) trials as part of its plan to significantly reduce carbon footprint in logistics operations. The company plans to achieve this by replacing fossil fuel-based vehicles with EV Trucks. JSW Cement is one of the few cement companies to begin EV trials in logistics. This pilot project has been initiated by integrating 5 EV Trucks on the route of its manufacturing operations in Andhra Pradesh and Karnataka.

PMI Electro Mobility aims to commission new plant in Pune in 2025

Gurgaon-based electric bus manufacturing startup, PMI Electro Mobility Solutions, currently operating from its plant in Dharuhera, Haryana, with an annual capacity of up to 3,000 units, is in the process of setting up its second facility in Pune. The company has ambitious plans to double its production capacity to nearly 6,000 units per annum through this greenfield expansion, which is scheduled for completion by 2025.

Government to auction Jammu & Kashmir lithium reserves in few weeks

Jammu and Kashmir will auction its lithium reserves over the next few weeks. India, which has been exploring ways to secure supplies of lithium, a critical raw material used to make electric vehicle batteries, in February found its first lithium deposits in Jammu and Kashmir with estimated reserves of 5.9 million tonnes. The auction will happen soon, and some overseas miners have shown interest. KABIL (Khanji Bidesh), a state-owned joint venture formed to scout for minerals overseas, was in the “final stages” to secure a few lithium blocks in Argentina. Discussions with the Chilean government were also underway to secure lithium blocks although talks were still in early stages.

West Bengal to use only electric vehicles in administrative functioning  

As a measure to control rising pollution levels in West Bengal because of automobile fuel emissions, the government has taken a decision to only use electric vehicles for all administrative functions. Even the vehicles taken on rent by the administration will also be electric vehicles only. The department has also drawn a rough estimate of the expenditure to be borne on this count. For the first 100 kilometres, the state government will bear a monthly expenditure of INR 46,000 in the form of rent to the private agencies from where the car will be hired. After 100 kilometres, the rate will be INR 8 for every extra kilometre.

Tesla proposes building EV battery storage factory in India

Tesla has developed plans to manufacture and sell battery storage systems in India. The company has submitted a proposal to Indian officials, requesting incentives to establish a factory as part of Elon Musk’s ongoing efforts to enter the Indian market. While discussions have been underway for weeks regarding the establishment of a new electric vehicle factory in India to produce a car priced around US$ 24,000, with Prime Minister Narendra Modi directly overseeing these talks, Tesla’s foray into renewable energy solutions has not been widely reported. During the recent meetings in New Delhi, Tesla proposed supporting the country’s battery storage capabilities using its “Powerwall” system, which can store electricity generated from solar panels or the grid for use during nighttime or power outages. Although Tesla had sought various incentives for setting up a battery storage factory, Indian officials indicated that these incentives might not be available. However, they suggested that the government could assist the company by offering subsidies to customers purchasing such products, thereby facilitating the establishment of a viable business model for Tesla in the Indian market.

Most States Struggle to Achieve their Electric Two-wheeler sales targets

E-mobility has been heralded as a game-changer in India’s transportation sector, offering a sustainable and environmentally friendly solution to address the pressing challenges of pollution and fuel dependency. The early strides in adopting electric vehicles (EVs) can be largely attributed to a promising policy landscape at both the national and state levels. Numerous states across India have formulated their unique electric vehicle policies. While some states have set a segment-wise target, others have opted for an estimated electrification goal. However, despite these commendable initiatives, none of these states are on track to meet their EV targets.

After lithium in Kashmir, rare metal vanadium, key for batteries, found off Gujarat coast

Vanadium, a critical raw material for many industrial applications, has been found in sediment samples collected from Gulf of Khambhat, which opens into the Arabian Sea off Alang in Gujarat. The Geological Survey of India (GSI), which conducted research on the sediments, first reported the potential new source of vanadium. Rarely found in its pure form naturally, vanadium is present in over 55 different minerals, which makes its production costly. At Gulf of Khambhat, it has been found in a mineral called titanomagnetite, which is formed when molten lava cools rapidly. The metal is also used for storing energy and in making critical electronic components. It is used to make alloys that are resistant to corrosion, wear, and high temperatures. It is also used to make vanadium redox flow batteries, which are promising for large-scale energy storage.

Jeep India explores electric vehicles options and aims for 90% localisation in Jeep Compass

Jeep India, a subsidiary of the Stellantis automotive group, is placing significant emphasis on electric vehicles in the Indian market. The company is currently in the process of assessing various options as it works towards finalizing its strategies for the domestic market. Additionally, Jeep India has set an ambitious goal of achieving more than 90 percent localization for its compact SUV, the Jeep Compass, within the next three years. The company operates a manufacturing facility in Ranjangaon, Pune district, through a 50:50 joint venture with Tata Motors.

Ather Energy set to begin e-scooter exports to neighbouring countries

After significant delays in its global expansion plans, which have been in the making since the past three years, Bengaluru-based electric two-wheeler startup Ather Energy is finally looking confident to begin exporting its zero-emission scooters from India. That confidence stems from its strong showing in the domestic market and plentiful manufacturing capacity. The company established a good foothold in the Indian EV market, where it is currently the No. 3 player, and being equipped with ample manufacturing capacity of 4,20,000 units at the state-of-the-art plant Tamil Nadu, it has the bandwidth to cater to exports. Ather Energy is consistently witnessing strong buyer interest from overseas markets such as Latin America, Southeast Asia, and Europe.

Tata Motors expects EV Fleet sales to double in 2023 to 15,000

With an aim to expand the addressable market with a new range of electric vehicles for the personal buyers, Tata Motors – an electric car maker, continues to enjoy strong traction in the fleet market. With an orderbook of over 40,000 cars, Tata Motors forecasts its fleet sales will more than double to 15,000 units in the current calendar year. This would mean the fleet sales may account for 12-15% of its total sales of 1 lakh units it is targeting for the current financial year. Tata Motors at present has confirmed orders from Blusmart Mobility for 10,000 units, Uber Technologies for 25,000 units, Lithium Urban Technologies for 5,000 units, and the rest from medium to small electric mobility fleet operators may also add up to a few thousand units.

MG Motor, Toyota, Ola Electric, others sign up for recycling battery waste to push circular economy for EVs

At least 59 electric vehicle (EV) makers that use lithium-ion batteries like MG Motor, Ola Electric, Ather Energy, Tata Motors, and Mahindra & Mahindra have registered for recycling battery waste on an online portal operationalized by India’s apex pollution control authority earlier this year. Producers registering on the portal are granted a five-year certificate as part of a mandated process to facilitate the proper management of battery waste. Other big manufacturers to register on the platform include producers of hybrid electric vehicles like Toyota Kirloskar and players such as Yamaha Motor, which is planning to launch EVs, alongside 16 recyclers, including lithium-ion recyclers like NCR-based BATX Energies and Prithvi Cleantech, and Mumbai-based LICO.

India to push for new EV policy amid Tesla’s interest to set up business  

The Centre is planning to come up with a new and comprehensive electric vehicle policy to attract more foreign EV makers to India. The government is looking for greater investments from the electric vehicle manufacturers around the world to promote local manufacturing as well as boost India’s EV industry. The remark comes at a time when Tesla, world’s largest electric car manufacturer, plans to enter India with proposals to invest in components as well as a new facility. To grab the sizeable market of India, Tesla is emphasizing on the new car, which would be the most affordable from the EV maker. It is expected to cost around US$ 24,000 (roughly converted to INR 20 lakh) less than the Model 3, Tesla’s current entry-level model. It would be built in India for the Indian market and export.

Switch Mobility invests INR 100 crore on new IeV series, plans to launch 2 more in 2-3.5T in 5 years  

Switch Mobility, the electric vehicle (EV) arm of Ashok Leyland, has invested INR 100 crore in the development of its newly- unveiled light commercial vehicles (LCVs) in the 2-3.5T intelligent electric vehicles (IeV) series. The company’s IeV series is based on a modular and scalable platform, which has the capability to produce vehicles with payload ranging from 1.2-4.5 tonne. The series of vehicles are enabled with a 330 V high voltage EV architecture in the 2-3.5 tonne CV category.

Deals and Investments

Company name

Company type

Deal type


Deal value

(INR Crore)



EV motorcycle start-up


Bluehill Capital


Raptee raises USD 3 million in Pre-Series A round led by Bluehill Capital

Nikol EV

EV start-up




Electric vehicle charging startup Nikol EV secures undisclosed funding from EvolveX  

Ola Electric

Electric two-wheeler manufacturer






Ola Electric receives over INR1,164 crore investment led by Singapore’s Temasek

Ather Energy

Electric two-wheeler manufacturer


Hero MotoCorp and GIC


Ather Energy secures Rs 900 crore investment from Hero MotoCorp and GIC

Source: Industry news articles, JMK Research

Exide Industries invests over INR 100 crore in advanced chemistry battery cells making arm

Battery maker Exide Industries Ltd has invested over INR 100 crore in its wholly owned arm Exide Energy Solutions Ltd, which is into manufacturing of advanced chemistry battery cells. In a regulatory filing, Exide Industries made the investment by way of subscription in the equity share capital of Exide Energy Solutions Ltd (EESL) on a rights basis.

PMI Electro Mobility Solutions plans to raise around INR 250 crore

Electric bus maker PMI Electro Mobility Solutions plans to raise around INR 250 crore to part fund doubling of production capacity and meet working capital requirements. The company, which is setting up a new manufacturing unit in Pune, could put in an estimated investment of INR 150 crore in the expansion. The company currently has an annual manufacturing capacity of 1,500 units, which can be increased to 2,500 to 3,000 units on multiple shifts, at its plant at Dharuhera in Haryana.

SLMG Beverages plans to invest INR 100 crore to increase EV fleet

Independent franchise bottler SLMG Beverages plans to invest approximately INR 100 crore to increase its electric vehicle fleet to 5,000 by 2024 from 2,000 at present for its distribution network. With this investment the company will be converting its distribution entirely to EVs. Mahindra & Mahindra and Tata Motors will be the OEM partners for the 3-wheelers for distribution of bottles across four states.

JVs and Partnerships

Companies involved

Purpose of Partnership

GreenCell Mobility and Standard Chartered Bank

  • Electric mobility player GreenCell Mobility has signed a green financing deal with Standard Chartered Bank for its INR 125-crore Surat E-Mobility project.
  • Surat E-Mobility project consists of 150 electric buses in Gujarat and aims to reduce 1 lakh tonne of CO2 emissions over the project lifetime.

L&T Finance and Ather Energy

  • L&T Finance, a non-banking financial company (NBFC) with a two-wheeler finance business book size of INR 9,190 crore as of the quarter ending June 2023, has announced a strategic partnership with Ather Energy.
  • Under this partnership, L&T Finance will facilitate up to 100% financing of the loan-to-value of Ather Energy’s electric vehicles (EVs) for its customers. The loan amount will be based on the on-road price, encompassing the ex-showroom cost, regional transport office (RTO) charges, and vehicle insurance, and will be determined according to the customer’s credit profile.

M2P Fintech and evfin

  • M2P Fintech, a fintech infrastructure provider, has successfully powered an EV financing product for evfin, a financial platform by Greaves Finance.
  • This collaboration aims to offer cutting-edge technology and seamless user experiences, including industry-first financing products (like loans with a seamless upgrade option) catering to a lifetime of EV ownership experience, for an accelerated transition to electric vehicles.

Shuzlan Energy and Transvolt Mobility

  • Shuzlan Energy, a charge point operator has partnered with Transvolt Mobility to provide EV Charging Point Operator (CPO) infrastructure for 1,000 buses.
  • These EV chargers will be strategically placed throughout India, with the first hub’s operations at the Mira Bhainder Depot of the Mira-Bhayandar Municipal Transport (MBMT). This hub is projected to be the region’s lifeline for powering 57 public transport buses, ushering in a new era of efficient and clean public transport.

Musashi India, Delta, and Toyota Tsusho

  • Musashi Auto Parts India Pvt Ltd (Musashi), a fully owned subsidiary of Musashi Seimitsu Industries, Japan, and a manufacturer of two-wheeler and four-wheeler transmission components in India, has entered into a joint venture with Delta Electronics, Inc. (Delta) and Toyota Tsusho Corporation (Toyota Tsusho) to sell EV drive units for two-wheeled vehicles in India.
  • Under this JV, Musashi and Delta will jointly develop the EV drive unit and Toyota Tsusho will handle the distribution through its global logistics network.

SKIL Cabs and BluSmart

  • SKIL Cabs, a player in India’s car rental industry, and BluSmart, a leading EV ride-hailing service and EV charging infrastructure operator, are joining forces to revolutionize corporate car rentals with a focus on sustainability, reliability, and innovation.
  • This partnership aims to provide eco-friendly and reliable mobility options for corporate travellers. The cornerstone of this collaboration is the launch of “CABI by SKIL Cabs,” an ambitious initiative set to transform the corporate car rental landscape.

LIB and VoltUp

  • LIB, a lithium-ion battery manufacturer in India has signed an agreement with VoltUp, a Battery-as-a-Service (BaaS) start-up, to provide 50,000 lithium-ion batteries in 2024, followed by an additional 5,00,000 batteries over the subsequent three years.
  • LIB will provide VoltUp with modular batteries designed by VoltUp’s in-house team for both electric two- and three-wheelers. The specially designed batteries have been approved for AIS 156 Phase 2. At present, LIB has the capability of manufacturing approximately 1 GWh. It is ramping up to scale its capacity to 3 GWh by 2025.

Statiq and NPCL

  • Electric vehicle charging service provider Statiq has inked a pact with Noida Power Company Limited (NPCL), a power distribution company operating in Greater Noida to set up EV charging stations in the area. As part of this partnership, the duo will set up EV chargers in residential complexes as well as public spaces across Greater Noida. Under the MoU signed between the two, NPCL will help in identifying suitable locations for the installation of EV charging stations within its network.
  • In the first phase of this partnership, Statiq plans to install over 300 EV charging stations in Greater Noida. Out of these, more than 250 will serve captive use at residential societies, while over 50 will be public charging stations strategically placed in locations such as tech parks, malls, and commercial markets.

Electrifi Mobility and Grip

  • Electrifi Mobility has partnered with digital investment platform, Grip, to kickstart EV asset management and leasing company, Electrifi Mobility, founded in June 2023, to boost mobility electrification in India.
  • The company looks to provide an end-to-end asset management solution while covering asset selection, leasing, maintenance, post-sales support, refurbishment and redeployment of EV assets.

Montra Electric and Exponent Energy

  • Montra Electric, the EV brand of the Murugappa Group, has partnered with Exponent Energy, an energy-tech startup, to develop rapid charging electric vehicles in the three-wheeler segment.
  • Montra Electric will introduce a rapid charging 3W variant equipped with Exponent’s 8.8 kWh e^pack, capable of achieving a 0 to 100% charge within 15 minutes at Exponent’s e^pump charging network. Additionally, it can also be slow charged at home.

Kinetic Green and SBI

  • Kinetic Green Energy and Power Solutions, a manufacturer of electric two- and three-wheelers, has partnered with State Bank of India (SBI), Chandigarh Circle, to offer financing on its electric three-wheeler range in the North Indian market.
  • Under the partnership, customers in Haryana (except NCR), Chandigarh, Punjab, Himachal Pradesh, and Jammu and Kashmir will be able to avail up to 90 percent funding for the on-road price of an electric rickshaw from SBI, with an interest rate of 7 percent flat (IRR 12.40%) for 48 months and no processing charges or collateral deposit.

Bluewheelz and Quantum Energy

  • Electric two-wheeler start-up., Quantum Energy, has entered a strategic collaboration with Bluwheelz, a tech-enabled logistics company, to address the last-mile logistics landscape with an environmentally friendly approach. The partnership will see Bluewheelz deploying the Quantum Bziness Pro e-scooter in its fleet.
  • Through this important partnership with Bluwheelz, company aim to promote the adoption of electric vehicles for all kinds of deliveries. Bluwheelz is committed to delivering cutting-edge logistics solutions that prioritize both efficiency and environmental responsibility.

GreenCell Mobility and VE Commercial Vehicles

  • GreenCell Mobility (GreenCell), a player in the electric mass mobility space, promoted by Eversource Capital, and VE Commercial Vehicles (VECV) signed a Memorandum of Understanding for electric buses.
  • VECV will partner with GreenCell to supply 1,000 Eicher electric buses for its inter-city business, NueGo, over the next 5 years.

Greaves Retail and Ugro Capital

  • Greaves Retail, the retail unit of Greaves Cotton Limited, a provider of clean mobility and energy solutions in the e3W, ICE 3W, and SCV segments, and Ugro Capital Limited, a DataTech NBFC focused on MSME lending, announced its partnership to offer financing to dealers.
  • Under this collaboration, Ugro Capital will offer an array of comprehensive inventory funding options to all dealers of Greaves Retail to address their working capital requirements. This alliance aims to strengthen the dealers’ purchasing power and facilitate smooth business transactions. This will address the working capital requirements of over 180 distributors and 9000 dealers across the country.

Euler Motors and Fyn Partner

  • The vertically integrated EV as a service platform, Fyn has partnered with Euler Motors to procure 2000 fast charging electric 3 wheelers.
  • Through this alliance, Euler Motors will empower Fyn to establish a large fast charging electric 3W fleet, dedicated to serving the burgeoning B2B sector with its flagship product – the Euler HiLoad EV.

PETRONAS, Gentari, Amazon and AWS

  • Malaysian oil and gas group Petronas and Amazon are collaborating in efforts to intensify their sustainability and decarbonization initiatives. Petronas arm Gentari will support the decarbonization of Amazon’s India transportation network by working with third-party delivery service partners to electrify their transport vehicles further.
  • Amazon has committed to deploying 10,000 electric vehicles 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.

Bluewheelz Forge and Okaya EV 

  • Okaya EV, an electric two-wheeler manufacturer has announced a strategic collaboration with Bluwheelz, a tech-enabled logistics company, to introduce green vehicles for last-mile logistics.
  • As per the partnership, Okaya plans to provide its electric vehicles and aftersales service at the all-India level at best possible pricing. Furthermore, the brand plans to operate in more than 40 cities in the next 12 months through its existing customer base of e-commerce, quick-commerce, food tech, logistics, FMCG and other categories of customers. On the other hand, Bluwheelz which offers Fleet as a Service will deploy EVs for first-, mid-, and last-mile logistics solutions.

Kinetic Green and Axis Bank 

  • Electric two- and three-wheeler OEM Kinetic Green Energy has partnered Axis Bank to offer accessible and cost-effective financing options to its two-wheeler electric vehicle customers.
  • Under this strategic partnership, Kinetic Green Energy’s two-wheeler customers can avail up to 100% funding for the on-road price of the EV at competitive interest rates with flexible financing tenures that will extend up to 48 months. The financing solutions are on offer at Axis Bank’s 4,500 branches across India.
  • Kinetic Green’s dealer network currently stands at over 300 across 25 states in the country.

Sun Mobility and Swiggy

  • Sun Mobility, a provider of energy infrastructure and services for electric vehicles (EVs), will collaborate with Swiggy, an on-demand convenience delivery company, to supply over 15,000 e-bikes over the next 12 months.
  • Swiggy’s last-mile delivery e-bike fleet will gain access to Sun Mobility’s battery-swapping technology and a large network of battery-swapping stations as a result of this collaboration.

Source: Industry News Articles, JMK Research

Global Market Updates

Jaguar accelerates towards its all-electric future with Tesla Supercharger deal in North America

Jaguar has signed an agreement with Tesla to provide drivers of its next generation electric vehicles with access to Tesla’s extensive Supercharger network in the United States, Canada, and Mexico. All new Jaguars sold in the region from 2025 will have full integration of North American Charging Standard (NACS) without the need for an adapter. Jaguar will also source adapters from Tesla and support the supply of these to I-PACE drivers, once available. As part of JLR’s Reimagine strategy, Jaguar is being radically reimagined as an all-electric modern luxury brand and this agreement is part of the strategy to create a global EV ecosystem to support Jaguar clients.

Samsung plans US$ 41M expansion of EV battery operations in Michigan

Samsung’s automotive battery division is planning to expand a pair of factories in suburban Detroit by 218,000 square feet in a US$ 41 million move that would add 368 jobs. Samsung SDI America Inc., which has its North American headquarters in Auburn Hills, Mich., would add to its 628 employees in Michigan with the new positions, expected to pay US$ 37.50 per hour plus benefits, according to a briefing memo from the Michigan Economic Development Corp.

Ford pauses work on US$ 3.5 billion battery plant in Michigan

Ford Motor has paused work on a US$ 3.5 billion electric vehicle battery plant in Michigan, citing concerns about its ability to competitively operate the plant at a time when it remains locked in broader contract negotiations. Ford had announced the Michigan plant in February this year to diversify its battery profile from the nickel cobalt manganese (NCM) that are costly to produce owing to raw material scarcity. Ford will work with its Chinese partner Contemporary Amperex Technology Co. to manufacture lithium iron phosphate batteries from 2026 onwards. However, Amperex has been accused by some Republican lawmakers of being affiliated with the Chinese Communist Party.

Nissan Motors to sell only EVs in Europe by 2030

Nissan Motor’s new European models will be fully electric, and it plans to sell only electric vehicles (EVs) on the continent by 2030, joining a growing number of carmakers shifting to electric by the end of the decade. One of two new EV models the company has confirmed for Europe will be manufactured at its Sunderland plant in northeast England.

Lithium-ion battery recycling firm Lohum enters Nepal

Lithium-ion battery recycling firm Lohum has announced its entry in Nepal, with plans to supply 25,000 metric tons of electric vehicle battery materials to multiple partners dealing with major automobile brands in the Himalayan nation. This collaboration aims to make Nepal energy-abundant and self-sustaining by regenerating parallel reserves of transition materials through battery recycling. The partnership will involve an estimated recycling of 2,00,000 batteries, and the production of battery materials over a five- year period from the batteries of EV brands sold by the partners. The company claims to have captured 70-80 per cent of the battery recycling market share in India.

Canada to recoup investments from EV plants in 20 years

The Canadian government will take 20 years to recoup the combined CD 28.2 billion (US$ 21 billion) subsidies it is offering Volkswagen and Stellantis-LG Electric Solutions to build two electric vehicle (EV) battery plants. Canada, home to a large mining sector for minerals including lithium, nickel, and cobalt, is offering generous incentives to compete with the U.S. to woo battery makers to set up plants in the country, as it seeks to emerge as a key hub for EV supply chain.

EV maker VinFast plans Asia expansion, to launch Indonesia plant in 2026

Vietnamese electric vehicle maker VinFast plans to expand in seven more markets in Asia, including Indonesia where it aims to start deliveries from next year and establish a plant in 2026. VinFast aims to invest around US$ 1.2 billion in the Indonesian market in the long-term. Of that, up to US$ 200 million would be for Indonesian plant, targeting production in 2026 with an output of 30,000 to 50,000 units each year.

Tesla, suppliers to invest US$ 15 billion in Mexico factory

Tesla, an automotive manufacturer, and its suppliers would invest US$ 15 billion over the next two years in a factory that is still under construction. The company would open a gigafactory in northern Nuevo Leon state, part of the electric carmaker’s push to expand its global footprint.

Honda, BMW, and Ford seek to optimize EV grid with new venture

Honda Motor, BMW Group and Ford Motor will form a joint venture ChargeScape linking automakers and power companies to optimize electric-vehicle grid services for North American drivers. The three automakers will each hold an equal stake in ChargeScape and expect the venture to begin operations in early 2024. ChargeScape will aim to unlock the full potential of electric vehicle (EV) technology through conveniently managed energy services never before possible with gasoline-powered vehicles – benefiting EV customers, electric utilities, and automakers.

BMW to invest US$ 750 Mn in UK plants to take Mini fully electric

BMW will invest 600 million pounds (US$ 750 million) at its UK plants to take its Mini brand all-electric by 2030, a fresh boost for Britain’s car industry after years of Brexit-related uncertainty. From 2026, the German premium carmaker will make two electric models at its Mini plant in Oxford – the Mini Cooper 3-door and the compact crossover Mini Aceman. The plant will make only electric models as of 2030. The same two models will also be made in China and exports of those cars will begin in 2024.

Hitachi to launch high-capacity multi-port EV charger

Hitachi Industrial Products will launch a large-capacity multi-port EV charger that enables fast charging of electric vehicles from October 2023. The large capacity multi-port EV charger developed by Hitachi Industrial Products enables to shorten the charging time and eliminate the charging congestion by increasing the number of vehicles to be charged simultaneously. Bidirectional charge/discharge control technology enables to eliminate grid congestion without the need for grid reinforcement, and to stabilise voltage control required due to large introduction of renewable energy.

UK Government to delay introduction of 2030 ICE ban

The UK government will postpone the ban on the sale of new petrol- and diesel-engine cars from 2030 until 2035. The ban is currently due to come into force in 2030, although certain hybrid powertrains capable of significant zero-emission running’ will be allowed until 2035. But that date has now been pushed back so that all cars can be sold until 2035.

Volvo to end diesel car production by early 2024

Volvo Cars will end production of any remaining diesel models by early 2024 as it heads towards becoming an all-electric carmaker. In a few months from now, the last diesel-powered Volvo car will have been built, making Volvo Cars one of the first legacy car makers to take this step. Majority owned by China’s Geely; Volvo has committed to going fully electric by 2030. While a majority of the cars Volvo sold in Europe were diesel as recently as 2019, in 2022 they made up just 8.9% of the Swedish carmaker’s sales. In August 33% of Volvo’s sales were fully electric or hybrid models.

Toyota Introduces giga casting machinery to speed up EV production

Toyota Motor has unveiled a prototype of its giga casting equipment, a technology poised to revolutionize electric vehicle (EV) manufacturing. This advanced machinery can create one-third of a car body in just three minutes. Toyota aims to streamline its EV production, reduce plant investment, and minimize manufacturing preparation lead times, all in pursuit of its goal to sell 3.5 million EVs annually by 2030.

China’s Gotion to set up a US$ 2 bn lithium battery plant in Illinois

China’s Gotion High-tech Co Ltd will set up a US$ 2 billion electric vehicle (EV) lithium battery manufacturing plant in Manteno, Illinois that would create about 2,600 new jobs. Global EV battery makers and automakers have been eyeing the North American market for setting up new manufacturing plants as they look to diversify supply chains and attract incentives under the Inflation Reduction Act.

Stellantis plans to expand battery capacity to 400 GWh

Carmaker Stellantis aims to expand its battery building capacity to 400 GWh to support growing production of electric vehicles. Three more facilities are planned in the U.S and Canada. As part of its effort to boost capacity, Stellantis had invested 40 million euros (USD 43 million) in its Turin’s Battery Technology Center, in the Mirafiori complex, which will be focused on in-house testing and development of EV battery packs for upcoming group vehicles.

Honda to Adopt North American Charging Standard (NACS) for its EV Models in North America

Honda Motor Co., Ltd. has reached an agreement with Tesla, Inc. to adopt Tesla’s North American Charging Standard (NACS) for the charging port of its EV models that will go on sale in North America starting from 2025. In 2025, Honda is planning to launch a new EV model in North America equipped with a NACS port. From that point forward, Honda will continue adopting NACS standards for its models.

Indonesia considers labelling green financing for coal-fired power plants that supply EV battery makers

Indonesia’s financial regulator (OJK) is considering making coal-fired power plants that supply electricity to electric vehicle battery manufacturers eligible for green financing. Under the same review, the OJK would consider expanding the green label to loans for coal-fired power plants used by industries that produce sustainable products, such as batteries for electric vehicles.

LG Magna e-Powertrain expands footprint with new plant in Hungary to cater to European EV market

LG Magna e-Powertrain, the joint venture between LG Electronics and Magna formed in 2021, is expanding its footprint with a new facility in Miskolc, Hungary. The facility will be in Miskolc’s industrial area which features well-developed infrastructure and is strategically located near OEM customers and other Magna facilities throughout the region. The company has also received strong support from both the Hungarian government and local authorities.

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