Monthly EV update – May 2020

Monthly EV update – May 2020

monthly electric vehicle

New Product launches

ProductVehicle typeBattery specs.Other specificationsPrice
BattRE GPSie2-wheelerRange – 65km
Battery type – Li-ion (48V, 24Ah)
Charging time – 2.5 hrs
Motor – 250W
Top speed – 25km/h
Rs. 64,990 (ex-showroom)

Policies

DHI revises Phased Manufacturing Program for FAME 2 eligibility

As a renewed compliance, all the testing agencies have been directed by Department of Heavy Industry, to adopt the revised Phased Manufacturing Program (PMP) for xEV parts for eligibility under FAME II scheme.

Traction battery pack is to be assembled domestically, for which battery cells and associated thermal and battery management systems may be imported. DHI has also notified that all other parts and components other than the ones mentioned in the list should be domestically manufactured and assembled. Body panel and lighting parts are also included in the ambit of PMP now.

Charging Infrastructure

Electric vehicle charging startup Charge+Zone raises funding from Mumbai Angels

Tecso Charge Zone Pvt. Ltd, which operates electric vehicle (EV) charging startup Charge+Zone, has raised capital from Mumbai Angels Network. Tecso Charge Zone is a subsidiary of Tecso Global Ltd, a Gujarat-based group that has interests in service engineering, education and renewable energy, according to VCCEdge, the data research arm of Mosaic Digital. The company didn’t disclose the financial details of the deal.

Tata Power looking at expanding EV charging stations network to 700 by March 2021

Private power generator Tata Power is looking at ramping up investments to expand its network of Electric Vehicle (EV) charging stations to 700 by March 2021 from around 170 currently. It expects to make its mark in the fast-emerging EV segment by creating a national network of charging infrastructure. The company has so far installed 170 fast and smart-charging points across 20 cities including Delhi, Mumbai, Bengaluru, Pune, and Hyderabad and expects to expand the coverage to more cities by the end of the current financial year.

Partnerships and JV’s

Okaya Power collaborated with CharIN E.V

Okaya Power has become a core member of the Charging Interface Initiative (CharIN E.V.) which is an open coalition of world-class firms within the electric vehicle (EV) industry. The Okaya has joined CharIN to contribute to the global electric mobility revolution as it is expert in developing EV chargers which use the latest technology and communication standards. It includes the Combined Charging solution (CCS)- CharIN and CHAdeMO, a quick charging standard for electric vehicles.

Ather Energy partners with P2P scooter sharing platform

Ather Energy has partnered with dockless mobility solution provider Bounce for a scooter sharing initiative ‘Peer to Peer’ (P2P). Under the partnership, the Ather 450 e-scooter purchased via Bounce’s website can be booked for Rs 499 and will be delivered on priority basis post the lockdown once deliveries resume. Bounce already has ‘ScooterHero’ a P2P initiative, under which individuals can rent out their vehicles directly during the lockdown and the partnership with Ather enables new Ather 450 owners to monetise the idle time of the vehicle by listing their vehicle on the Bounce App.

Investments

DateCompany nameCompany typeDeal typeAcquirer/ Investor(s)Deal value
27-05-20EtergoManufacturerM&AOla ElectricUndisclosed
22-05-20Euler MotorsManufacturerEquityInventus Capital India, Blume Ventures, Jetty Ventures India Investments, and Udaan’s co-founder Sujeet Kumar$2.66 million

Source: JMK Research

Other interesting reads

India’s annual EV sales to cross 2 million mark by 2040: BloombergNEF

According to BNEF, the cost improvements will help drive annual EV sales to above two million units by 2040, from about 3,500 units in 2019. It added that falling lithium-ion battery prices over the next decade will make electric passenger vehicles competitive with internal combustion engine vehicle segments in India. However, it highlighted that the subsidies available currently for passenger vehicles are inadequate to spur demand from private consumers and attract manufacturers to introduce models with acceptable range and performance for the mass-market.

Audi announces upcoming new ‘highly efficient electric car’

Audi has announced the launch of a new team group called “Artemis” and they plan to develop an “efficient electric car” to come to market by 2024. The Artemis initiative was started by Audi’s new CEO Markus Duesmann with the goal to “develop a pioneering model for Audi quickly and unbureaucratically”.

Mahindra tweaks EV strategy, to focus on electric three-wheelers

Mahindra and Mahindra (M&M), the country’s leading electric vehicle manufacturer by volumes, has revised its strategy to focus aggressively on development and sales of electric three-wheelers instead of electric cars in the coming years, two people aware of the company’s plans told Mint. The company has set a target of selling 10,000 units of such vehicles on a monthly basis. The automaker has decided to focus on the segment since the potential of such vehicles is comparatively higher than electric cars in the coming years, in India, and the union government is also trying to promote such vehicles to reduce pollution in cities and towns through the Faster Adoption and Manufacturing of Electric and Hybrid and Electric Vehicle (FAME) scheme.

Covid-19 effect: Hero expects higher electric vehicles sales post lockdown

As one of the most polluted countries in the world, India has come to terms with the fact that lesser vehicles mean lower pollution levels as well. For example, Delhi recorded a 60 per cent drop in pollution levels from the time the lockdown was implemented. Hero Electric, one of the major electric two-wheeler vehicle manufacturers in India believes that the adoption of EVs will now be faster. People have started realising that ICE vehicles pollute more. It is also being said that the low-cost electric two-wheelers will definitely gain more bookings.

Global market updates

Volkswagen becomes biggest shareholder of China’s EV battery maker Guoxuan

German automaker Volkswagen AG has become the biggest shareholder of China’s electric vehicle battery maker Guoxuan High-Tech Co Ltd with a 26.5% stake. It is in final talks to invest in the Hefei-based battery company. Volkswagen is also poised to buy 50% of Anhui Jianghuai Automobile Group Holding, the parent of EV partner JAC Motors, for at least 3.5 billion yuan ($491 million).

France to subsidise clean car purchases to save automakers

France is preparing a package of measures to shore up automakers stung by the coronavirus crisis, including subsidies to encourage purchases of electric vehicles. Like other European carmakers, Renault and PSA are also racing to shift to electric vehicles as authorities worldwide sharply reduce emission limits. French automakers Renault and PSA, whose brands include Peugeot, Citroen and Opel, are reeling from factory and dealership closures that sent French auto sales plunging 89 percent in April 2020 from the year earlier.

Global EV sales likely to plunge 18% in 2020: BNEF

The ongoing coronavirus crisis has put a dent on the demand of electric vehicle for the first time in a decade, interrupting ten successive years of strong growth, according to BloombergNEF (BNEF). Sales of electric passenger vehicles are forecast to fall 18 percent in 2020, to 1.7 million worldwide. The latest annual Long-Term Electric Vehicle Outlook, BNEF shows electric models accounting for 58 percent of new passenger car sales globally by 2040, and 31 percent of the whole car fleet.

China Is Trying to Salvage Its Bruised Electric-Car Industry

The coronavirus pandemic and oil-price slump slammed the nascent industry for EVs, which until this year looked like the undisputed future of transportation. Sales have declined for 10 straight months in China and are forecast to drop 14% this year to fewer than 1 million units, according to BloombergNEF. More than 20 provinces, as well as the central government, have rolled out packages meant to stimulate demand for EVs. And that’s had an effect: the sales decline started to show signs of easing in recent months.


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JMK Research & Analytics is a boutique consultancy firm providing research and advisory services to Indian and International clients across three key focus areas – Renewables, Electric mobility and Battery storage market.

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