BHARAT STAGE II VEHICLE
Ola's Bhavish Aggarwal slams EV companies for making 'cute ads' to grow their sales
Ola Electric founder Bhavish Aggarwal emphasizes the importance of investing in supply chains and technology over marketing for electric vehicle companies. He announces the development of the 'Bharat Cell' battery and expansion of Ola's service centres across India.
Budget 2024: 'More FAME, Less GST' - What the EV industry wants from FM Sitharaman
Industry players are looking forward to potential GST concessions and incentives for electric vehicles in the upcoming Budget FY25. Expectations include policies like FAME 3.0 to enhance the EV ecosystem, promote R&D, and support local manufacturing for sustainable transportation in India.
"Low cost, high performance": Bhavish Aggarwal calls his EV battery 'Bharat Cell' a gamechanger for India
Ola-founder Bhavish Aggarwal announced that the company has developed a cutting-edge lithium cell battery called the "Bharat cell." This battery is currently in an advanced stage of trials and has the potential to revolutionize the Indian electric mobility ecosystem. "This is the 5G of lithium cells, if I can say, it in a very simple way. This is the cutting-edge technology that we have made in India. Globally, only a few companies have this technology capability," Bhavish Aggarwal said during a podcast session.
Suzuki launches Rs 340 crore investment vehicle Next Bharat Ventures for Indian startups
The company will invest in firms through a residency programme, the first of which will begin this October, with applications starting on Thursday. This will be similar to those run by Antler and Y Combinator.
Budget 2024: EV makers seek stability in incentives, call for long-term subsidy assurance before FAME III roll out
Budget 2024: The Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme was originally launched in 2015 to encourage the adoption of electric and hybrid vehicles. Under it, a subsidy was provided to EV makers who used it to lower the prices of their products. The second edition, FAME-II, was introduced in 2019 and went on till March 2024 when it was scrapped. There has since been a steep slowdown in EV sales, according to a report by the Federation of Automobile Dealers Associations.
Financials & utilities are the cheapest sectors; IT overpriced: Neelkanth Mishra
Neelkanth Mishra highlights undervalued financial and utility sectors compared to the overpriced IT sector. The Budget is expected to focus on rural support and fiscal prudence, with emphasis on Viksit Bharat 2047 initiatives. However, GDP growth may slow down, impacting FMCG sector earnings. Mishra expects consumption by the lower income households will grow slower than the GDP on average,
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Brookfield targets USD 10 billion investments in renewable sector
Canada’s Brookfield Asset Management plans to triple its investments in India’s renewable energy sector to over $10 billion within the next three to four years. The firm is also exploring opportunities in electric vehicles and green hydrogen. With a current portfolio of over 25 GW, Brookfield is the second-largest investor in India’s green energy assets. Through its new Catalytic Transition Fund, Brookfield aims to further its commitment to clean energy and transition projects in emerging economies, including India.
As buyers diss cars, auto companies count on offers
Passenger car sales surged 8% to a record 4.22 mn units in FY24 but have moderated since amid the heat wave, a long election season and a high base. Going by current vehicle registration trends on the government's Vahan portal, June growth is expected to be either flat or negative. ET reported June 17 that inventory levels at dealerships across the country were at 55-60 days against the norm of 30 days seen at this time of the year.
India-US advance talks on joint production of Stryker armoured combat vehicles
India and the US are in advanced negotiations to co-produce the latest generation of Stryker armoured infantry combat vehicles (ICVs). This three-phase project includes initial purchases, joint production in India, and co-development of future versions, supporting India's "Atmanirbhar Bharat" mission. Customization for Indian terrain, high-altitude areas, and significant technology transfer are key aspects. This collaboration, promoted by the US as part of their strategic defence partnership, aims to modernize India's mechanized infantry, replacing over 2,000 outdated BMP-II vehicles. The Stryker offers advanced capabilities, enhancing India's defence industry and military readiness.
Budget-day release for FAME-III; Indian VCs need to pivot
Measures to boost the sale of electric vehicles are likely to be announced in the upcoming budget. this and more on today’s ETtech Top 5.
ETMarkets AIF Talk: Modi 3.0 positive for AIF & PMS space; ‘Quality’ likely to take center stage in next 5 years: Vikaas M Sachdeva
India and the US are probably the only two markets with high multiples. India is also one of the only EMs which is increasing its share in the MSCI EM index. As organizations across the cap curve keep getting into aggressive Capex and growth mode, money on the sidelines will keep getting tactically deployed.
How should investors reshuffle their portfolio? Arnav Pandya answers
There are two things. One is that there is political posturing which obviously happens because they are going to go into a negotiation. But till the date on which that swearing can happens, the ministers take oath, all this is just in the whole realm of speculation, so one should not make any investment decisions based on this. The second part here and which is the important thing is that if you look closely at what Mr Narendra Modi said in the victory speech, it is very clear that the road to Viksit Bharat, he said, will continue.
Adani One superapp clocked gross sales of Rs 750 crore in FY24
According to the 2023-24 annual report of the Ahmedabad-based conglomerate's flagship company Adani Enterprises, the user base of the superapp grew to 30 million at the end of the financial year. The company aims to expand the superapp's customer base to 400 million by 2030. Adani group is also in discussions with Paytm for potentially acquiring a stake in the fintech firm.
FAME 3 rollout soon; Euler Motors fundraise
The next edition of the electric vehicle incentive scheme is likely to be unveiled within months of the new government taking charge. Details on this and more in today's ETtech Top 5.
Ecommerce in slow lane; PhonePe-BharatPe truce
Happy Monday! Online sales haven’t picked up during the final quarter of FY24, industry officials said. This and more in today’s ETtech Morning Dispatch.
India seen to emerge as an economic superpower in impending problem-ridden global financial landscape
Global recession risks have diminished, but inflation concerns threaten financial stability. The IMF, World Bank, and rating agencies forecast a slowdown in global growth, citing Middle East conflicts, financial stress, persistent inflation, and reduced international trade as key risks. The IMF's Global Debt Monitor reveals global debt at $235 trillion, or 238% of global GDP, raising fears of a debt crisis. Fiscal prudence may suffer as many nations face elections this year.
If Modi is re-elected, these sectors will get his most attention
Prime Minister Narendra Modi has pledged to propel India to become the world's third-largest economy if re-elected for a third term. His ambitious 100-day agenda post-election includes prioritizing manufacturing, new-age technology, infrastructure development, and clean energy sectors. The government aims to implement reforms to boost economic growth and attract foreign investment.
Govt keeping top EV makers accused of FAME subsidy misappropriation out of the new scheme: Report
EV makers face subsidy dispute. EMPS 2024 offers Rs 10,000 per two-wheeler. TVS Motor and Ather show notable sales growth in FY24, while electric vehicle manufacturers experience production decrease amid subsidy conflict.
Former BharatPe COO Dhruv Bahl launches venture fund
Former BharatPe COO Dhruv Dhanraj Bahl launches venture capital fund, Eternal Capital. The fund plans to raise Rs 120 cr with a greenshoe option for a similar amount
New Rs 500 crore scheme to promote electric mobility kicks in from April 1
The Rs 500 crore EMPS 2024 scheme aims to boost electric vehicle adoption till July, supporting 3,72,215 EVs with incentives for various types of vehicles and advanced batteries, aligning with the Atmanirbhar Bharat initiative.
Transformative moment: BEML successfully test fires indigenous 1500 HP engine for military tanks
India's public sector BEML has achieved a significant milestone by successfully test-firing its indigenous 1500 HP engine for military vehicles. The engine, equipped with advanced technologies, represents a paradigm shift in military propulsion systems. The project, inaugurated by Defence Secretary Giridhar Aramane, signifies a step towards realizing Prime Minister Narendra Modi's vision of an Atmanirbhar Bharat. The project, initiated in 2020, is expected to be completed by mid-2025, with the production of 20 such engines in the next year for further trials.
B Capital closes second Opportunities fund at $750 million
Founded by Raj Ganguly and Eduardo Saverin, the latest Opportunities Fund II from B Capital will make primary and secondary follow-on investments in late-stage portfolio companies across core sectors such as technology, healthcare, and climate tech.
Is the EV market ready to remove the mask of subsidies?
Automakers have to reconsider their strategies, as subsidy reduction could impact their sales forecasts and profitability projections for EV models. The adoption rate of EVs in India may slow down, as cost remains a significant barrier for many potential buyers.
UK looks for greater share in India auto sector under FTA: Official
India's Commerce Secretary, Sunil Barthwal, has said that countries negotiating free trade agreements (FTAs) with India are looking to gain a greater share in the country's rapidly growing automobile sector. The industry has strengthened in various areas, including auto-grade steel, components, and tires, and is now shifting from conventional internal combustion engines to electric vehicle (EV) battery-based systems.
Congress likely to launch Rahul Gandhi-led Bharat Jodo Yatra-II in New year
The East-West Yatra is being planned to be from Arunachal Pradesh to Gujarat and it could be in hybrid manner - partly by foot and by vehicles - and is being planned to be part of the Congress mobilisation for the Lok Sabha elections. The yatra is expected to build a campaign against the "BJP's communal politics" and would highlight the bread and butter issues, including the unemployment issue of the youth.
Delhi pollution: Govt bars certain vehicles, Rs 20,000 fine to be imposed if found violating. Here are details
The Commission for Air Quality Management (CAQM) has implemented Stage III of the Graded Response Action Plan (GRAP) in response to the escalating air pollution in Delhi. This stage includes restrictions on old diesel buses and BS-III and BS-IV cars. If any BS-Ill Petrol and BS-IV Diesel LMV (4 Wheeler) is found plying on roads will be prosecuted under Motor Vehicle Act, 1988, which provides a fine of Rs 20,000.
Air quality likely to turn 'very poor' in Delhi-NCR; Centre invokes measures under GRAP 'Stage II'
The Centre's air quality panel has directed authorities in the National Capital Region (NCR) to increase parking fees to discourage private transport and enhance the use of CNG or electric buses and metro trains. This directive is part of the 'Graded Response Action Plan' (GRAP) to combat air pollution during the winter season.
SMEV writes to Nitin Gadkari; seeks unified policy of road tax exemption for EVs
The Society of Manufacturers of Electric Vehicles (SMEV) has requested the Indian government to establish a consistent policy of road tax exemption for electric vehicles (EVs) throughout the country. SMEV believes that a unified policy is crucial to accelerate the adoption of EVs in India. Currently, the patchwork of road tax policies across states is hindering the growth of the EV market. SMEV suggests that a centralised advisory from the government could help eliminate confusion and encourage widespread adoption of EVs.
Tata Motors upgrades PV portfolio to comply with stricter emission norms; Maruti, Mahindra on course
"Our portfolio has already transitioned to BS-VI phase 2 emission norms in February 2023, ahead of the regulation timelines. We have also enhanced the products with improved performance, added new technology features and increased warranty of our vehicles," PTI quoted Tata Motors Passenger Vehicles Managing Director Shailesh Chandra as saying.
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