ELECTRIC VEHICLE ECOSYSTEM
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.
EV companies seek stability in incentives ahead of FAME-III rollout
The comparison between FAME-II and EMPS subsidies is crucial, as highlighted by a report from the Federation of Automobile Dealers Associations, emphasizing the importance of stable subsidy regimes for the EV industry's growth.
Roadmap to EV 30@30: How can India achieve this ambitious target
India's climate change strategy includes the EV30@30 initiative, aiming for 30% of new vehicle sales to be electric by 2030. This transition enhances air quality, reduces oil dependence, and fosters economic growth. While challenges like limited commercial EV options and charging infrastructure persist, government incentives and rising private investments are accelerating EV adoption.
Tata Motors has a Rs 18,000 crore EV plan, reveals MD Shailesh Chandra
Tata Motors is eyeing 30-40 per cent sales from EVs by FY30 and is planning to spend about Rs 18,000 crore to develope an ecosystem for the electric vehicle business. Over the next two years, the company has scheduled for launch Curvv EV, Curvv ICE ( internal combustion engine) and Sierra EV.
Silveline Power signs agreement with SRAM Group for hydrogen-based vehicles
Silveline Power has entered into a USD 135 million licensing agreement with SRAM & MRAM Group for hydrogen fuel-based electric vehicle technology. This agreement aims to develop new technologies for the electric vehicle ecosystem and its ancillary supply chain, with plans to amortize the cost over five years.
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.
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Revving up: Fuelled by PLI, Indian automakers eye global EV space, targeting Europe & other developed markets
Indian auto manufacturers are seizing the export opportunity in the electric vehicle (EV) market, driven by increasing demand for cleaner mobility in developed countries and government support. Companies like Maruti Suzuki and Hero MotoCorp are gearing up to export their EV models to Europe, leveraging India's frugal manufacturing capabilities. With India's production-linked incentive scheme and alignment with global standards, automakers aim to challenge Chinese dominance in the EV sector and establish India as an EV export hub.
Electric vehicles: Desi automakers are seizing export opportunities driven by increased demand for cleaner mobility
Domestic auto makers like Maruti Suzuki, Hero MotoCorp, and TVS Motor are seizing the export opportunity in the electric vehicle market. Maruti Suzuki is set to export its first electric SUV to Europe, Hero MotoCorp is launching its VIDA V1 electric scooter in European countries, and TVS Motor is expanding to the European Union with its electric scooter iQube.
BII bullish on Indian EV ecosystem, expects to invest USD 300 mn in 3 yrs: MD Abhinav Sinha
Abhinav Sinha of British International Investment envisions India surpassing China in EV adoption by 2030, ahead of Europe and the US, driven by government support and cost considerations, emphasizing the country's potential for significant growth in electric transportation.
Rise of EVs: The urgency of climate action
Climate change effects are evident globally, urging immediate action to prevent irreversible damage by 2030.
Cost of FAME 3: Meet local sourcing norms or face penalty
Companies certifying vehicles for subsidies under FAME 3 - scheduled to be announced in the upcoming budget - will have to undergo a techno-commercial audit twice a year to ascertain they are meeting localisation guidelines. If they come up short, they will have to pay penalties.
How a tax sop has created a divide in India's motown
Indian automakers are at a crossroads as they navigate the shift from internal combustion engines to electric vehicles. Consumers are showing a preference for hybrids over EVs, sparking debate among automakers. The government's proposed tax reduction for hybrids has divided industry leaders, with some advocating for incentives solely for electric vehicles. The potential impact on sales volumes and climate goals is a central point of contention.
Hyundai Motor India plans to launch EV models in future; electric version of Creta by Q4 FY25
Hyundai Motor India Ltd plans to launch four electric vehicle models, including the Creta EV, in the final quarter of the current fiscal year, as outlined in its preliminary IPO filings with Sebi. The company aims to enhance the price competitiveness of its EV lineup by focusing on local production capabilities for critical components such as cells, battery packs, power electronics, and drivetrain, and establishing a localized EV supply chain.
Diversion ahead? For Chinese EVs, the road may fork out to India
The European Union's decision to hike tariffs on cheap electric vehicles made by Chinese companies has sparked concerns about unfair competition and the impact on the global auto sector. The move could lead to a reshuffling of the market dynamics, with potential consequences for both Chinese and European automakers.
Mahindra group may join hands with global players for cell production in India: MD Anish Shah
Mahindra Group plans partnerships for local battery cell production to meet future electric vehicle demand in India by 2030. CEO Anish Shah confirms global technology and private equity interests for funding, focusing on indigenous production. Mahindra Electric's listing is slated for after 2030, anticipating market maturity and infrastructure growth for EV adoption despite current challenges.
EV component maker Indigrid Technology raises $5 million in funding from Cactus Partners
Indigrid Technology raises $5 million in funding from Cactus Partners for electric vehicle components.
View: EV financing should be cheaper than ICE financing
The financial infrastructure for commercial vehicles is built around ICE vehicles, hindering EV adoption. EV financing faces challenges due to uncertain residual value, battery concerns, and higher interest rates. Small operators struggle with higher EMIs, but a new battery-as-a-service model could make EV financing cheaper and more flexible.
EV owners may soon sell battery power back to grids like rooftop solar scheme
With V2G technology, EV owners can charge their vehicles during off-peak hours and sell the stored power when their vehicle is not in use, earning incentives set by the Delhi Electricity Regulatory Commission. "This is pretty much like selling surplus rooftop power to the grid and earning incentives," said the official.
Used EV sales fail to take off: Why electric resale market lags
Electric vehicles (EVs), including scooters, cars, and commercial vehicles, are surprisingly unpopular in the used vehicle market and often sell for less than similar fossil fuel-powered models, according to EV experts. One major reason is the challenge of precisely determining an EV's remaining battery life. This is crucial because batteries can make up half the cost of a new EV, significantly impacting how much a used one is worth.
Mirae Asset Mutual Fund files draft document with Sebi for Nifty EV & New Age Automotive ETF
Mirae Asset Mutual Fund has filed a draft document with SEBI for India's first ETF focused on Electric Vehicles (EV) and New Age Automotive. The fund will track Nifty EV & New Age Automotive Index.
Not so well known stakeholders of EV ecosystem: 8 stocks that don't come instinctively, 3 with an upside potential of more than 18%
We also have a whole list, but we have separated the eight companies, just because these companies are not the names which one would instinctively think about and probably they may have more to go as they form this index.
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.
NSE Indices launches India’s first electric vehicle index
NSE’s index services subsidiary, Nifty EV & New Age Automotive index, will track the performance of companies forming a part of the EV ecosystem. With the base date fixed on April 2, 2018, and the base value at 1,000, the index will be reconstituted semi-annually and rebalanced on a quarterly basis.
How China's EV makers aim to beat Tesla, legacy automakers in Europe
Chinese EV titans BYD, Chery and Great Wall Motor (GWM) are preparing a fusillade of product launches - about 20 over the next five years - and spending heavily on sales and marketing in their most important export market.
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.
Series AA 127- The EV transformation - Part 1: How a multibagger got fresh tailwinds & gave 22,204% return in last 20 years
Below are the excerpts from its annual report of 2017-18. ELECTRIC VEHICLES – THE NEW MARKET DISRUPTOR | “We are anticipating the next market disruption through electric vehicles. We are closely reviewing and watching the situations and doing our ground level work. We are also mapping all of our existing products vis-à-vis EV to capitalise on the opportunities EV will throw at the component manufacturers, whether it is motors, batteries or any other system which will come into the electric vehicles, totally different from the conventional IC engine.” Cut to August 2023, five years down the line, the company commissions two plants for making on-board charger, off-board charger, motor control Units, DCDC converters, battery management systems, and more products catering to EV 2-wheelers and 3-wheelers. Now this is a reflection of the speed at which an auto ancillary company needs to function and also the product range it needs to have if it has to stay relevant in the changing world of the auto Industry. Foresight, planning and timely execution is the key.
Mahindra to focus more on driving range, tech over price in future electric cars
Speaking to ET, R. Velusamy, president, automotive technology and product development at M&M said while TCO (total cost of ownership) approach to EV development or how much one saves after switching from petrol or diesel cars to EVs may work in the short term for “early adopters”, in the long term, it’s the range, technology and overall experience that will help in creating new market segments and to grow sales.
SBI Mutual Fund launches SBI Automotive Opportunities Fund
SBI Mutual Fund has introduced the SBI Automotive Opportunities Fund, an open-ended equity scheme centered around automotive and allied business activities. The New Fund Offer (NFO) for this scheme will be available for subscription from May 17 to May 31.
Will China become the cat among India's EV pigeons?
Chinese electric vehicles are causing concern in the US and Europe due to their affordability and efficiency. The US has responded by imposing tariffs on Chinese EVs and lithium-ion batteries. India may now become a target for Chinese EVs. Stellantis is considering manufacturing Leapmotor's electric vehicles in India to avoid tariffs.
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