ELECTRIC VEHICLE SALES IN INDIA
Xiaomi's newly-unveiled SU7 EV quietly brought to India, to be showcased in Bengaluru; no news on launch date
The car will be showcased in Bengaluru, although the company has stated there are "no plans" for an immediate launch in India. This exhibition may be a move to test the waters in the Indian car market or to celebrate a decade of Xiaomi's business operations in the country.
Auto sales muted as extreme heatwave cools demand in July
Vehicle registrations in June were nearly flat, up just 0.73% from the previous year, with 1,895,552 units registered. Extreme heatwaves and delayed monsoons dampened retail sales, notably impacting two-wheelers and passenger vehicles. Despite optimistic forecasts for the monsoon season, the auto industry faces challenges, including high inventory levels and subdued market sentiment.
India's auto retail sales register 0.73% annual growth in June on the back of prolonged heatwave
India's auto retail sales saw a 0.73 per cent annual growth in June, largely due to delayed monsoons in certain regions. The two-wheeler and three-wheeler segments saw positive YoY growth of 4.66 per cent and 5.1%, respectively. However, passenger vehicles, tractors, and commercial vehicles sales declined 6.7%, 28.3%, and 4.7%, respectively.
Tesla Vs Tesla: HC orders mediation in trademark dispute between Musk's firm & Gurugram-based company
The Delhi High Court has directed Tesla Inc. and Gurugram-based Tesla Power India to mediate their trademark dispute. Tesla Inc. alleges that Tesla Power India's use of the "Tesla" trademark infringes on its rights, causing consumer confusion and harming its business. Mediation is scheduled for July 18, with a further hearing on September 18.
India's EV plans to get a policy boost as govt may fast-track 3 big-ticket schemes
The Indian government plans to fast-track three major electric vehicle schemes in its first hundred days, including incentives for local battery production and electric bus procurement under FAME 3. Aimed at boosting clean mobility, these initiatives aim to propel India towards net-zero goals amid rising global demand for EVs.
Volvo to launch only EVs in India, plans one new car every year
Swedish luxury carmaker Volvo Cars plans to exclusively launch electric vehicles in India after 2030. Volvo aims to introduce one new electric vehicle annually, starting with the EC30 in 2025. The market for electric cars in India, though currently small, is growing rapidly. Volvo holds a significant share in the luxury EV segment in India and sees potential for further growth in the country's luxury vehicle market.
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Jammu and Kashmir lithium block gets no bids in second attempt
India's Jammu and Kashmir failed to attract bids in its second attempt to auction mining rights for newly discovered lithium reserves, estimated at 5.9 million metric tons. The block may now be assigned to a government agency for further exploration. This comes amid India's strategic focus on securing critical minerals for electric vehicle batteries.
VinFast set to drive into India with locally assembled cars
VinFast, the EV arm of Vietnam's biggest conglomerate Vingroup, is expected to launch its first locally assembled car during the 2025 festive season. It is likely to sell its vehicles in the ₹25-30 lakh range, placing them in the premium affordable segment of India's burgeoning market for EVs. The models are likely to have a range of 300-500 kilometres.
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.
Mid-sized cities to emerge as big demand centre for EVs: Report
Lucknow, Thiruvananthapuram, and Gurugram shine in electric car sales growth. Tier 2 cities emerge as pivotal for electric two-wheeler market. Financial support crucial for tier 3 cities' EV growth. Bengaluru and Jaipur lead in EV adoption. Wealthier cities drive electric vehicle growth, while private uptake fuels tier 2 cities' demand.
Car sales lose pace in June, SUVs stay in front
Passenger vehicle sales in India remained sluggish for the third consecutive month in June due to a high base and reduced post-pandemic pent-up demand. Sales rose 3.7% from a year earlier but slightly declined from May, with 340,784 units sold compared to 328,710 last year. SUVs comprised 53% of sales.
Tata Motors' passenger EV sales dropped 34 pc in June
Tata Motors experiences sales decline in passenger vehicles, including EVs, in June. Despite challenges, the company foresees a recovery in demand, especially with the upcoming festive season. Tata Motors stands ready to capitalize on growth opportunities, driven by a strong SUV portfolio and expanding presence in the international market.
VCs chase auto parts makers to hitch a ride on EV journey
Smaller component makers for electric vehicles (EVs), many of which started with other businesses before pivoting to their current business mainstays, are increasingly attracting interest from venture capital firms amid a boom in EV sales. The boom in EV sales, as demonstrated in the sales of passenger EVs jumping 91% and of commercial EVs tripling year-on-year (YoY) in FY24, has meant that the demand for parts has also soared.
Tata Motors domestic sales dip 8 pc in June
Tata Motors reported an 8% decline in total domestic wholesales to 74,147 units in June, with passenger vehicle sales at 43,624 units. The company anticipates a demand recovery with a strong enquiry pipeline and the upcoming festive season in August. Focus remains on the SUV portfolio, especially Punch and Nexon models, as the industry prepares for growth.
Maruti Suzuki sales rise 12 pc to 1,79,228 units in June
Maruti Suzuki India reported a 12% increase in total wholesales for June, reaching 1,79,228 units compared to 1,59,418 units last year. Domestic passenger vehicle sales rose by 3% to 1,37,160 units. Export sales surged to 31,033 units from 19,770 units, while mini-segment car sales declined.
VCs chase auto parts makers to hitch a ride on EV journey
Smaller component makers for electric vehicles (EVs), many of which started with other businesses before pivoting to their current business mainstays, are increasingly attracting interest from venture capital firms amid a boom in EV sales. The boom in EV sales, as demonstrated in the sales of passenger EVs jumping 91% and of commercial EVs tripling year-on-year (YoY) in FY24, has meant that the demand for parts has also soared.
Passenger vehicle sales to see 3-5 pc growth this fiscal: Report
Passenger vehicle sales are expected to grow moderately at 3-5% in the current financial year due to a high-base effect of FY24, shrinking order book, and subdued demand for entry-level variants. Electric car sales in the PV segment may reach 1.30-1.50 lakh units in FY25, driven by improving penetration rates. Utility vehicles have seen significant growth, benefiting from lower interest rates and increased demand for personal mobility post-pandemic.
BIS introduces new safety standards for EVs in India
Bureau of Indian Standards (BIS) introduces safety guidelines for electric vehicles in India, focusing on powertrain components. New rules, IS 18590: 2024 and IS 18606: 2024, aim to enhance safety in L, M, and N vehicle categories.
Chinese automakers retain grip over Southeast Asia's booming electric car market
Electric vehicle sales in Southeast Asia, led by China's BYD and Vietnam's VinFast, are surging, challenging Japanese and Korean firms in the internal combustion engine car market, as per Counterpoint Research. Japanese and Korean automakers lag in EV adoption, allowing Chinese OEMs to dominate the market.
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.
Why India needs micro EVs ?
The 2nd car. The small car for the city. The wife's car. The college kid’s car. The urban machine - affordable, efficient, compact, cheerful. And that’s something the small EVs can be really good at. Yet, how many EV brands are launching cars that fit that description? And those that are closest to the brief e.g. the MG Comet EV, are not exactly inexpensive.
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.
BYD says to build second EU factory despite EV slowdown, to make hybrid cars
Chinese electric vehicle giant BYD is still committed to building a second factory in Europe and will roll out hybrid cars as the EV market slows down, a group executive told AFP. Stella Li, vice president for Europe and the Americas, also shrugged off a European Union probe that could lead to tariffs on Chinese EVs. "When your competition worries about you, that means that you're super good," Li said in an interview Thursday at the Top Marques auto show in Monaco. That means that Chinese cars have a good quality and are very competitive, accessible," Li said.
Electric vehicle (EV) insurance: Coverage for battery replacement, roadside assistance top insurance add-ons, finds survey
Premium is the top consideration while picking insurance, claims a recent ICICI Lombard survey on electric vehicles.
Tata Motors sales up 2 pc at 76,766 units in May
Tata Motors reported a 2% increase in total wholesales for May, with 76,766 units compared to 74,973 units last year. Domestic sales also grew by 2%, reaching 75,173 units. Passenger vehicle sales, including electric vehicles, rose to 47,075 units from 45,984 units, while commercial vehicle sales increased to 29,691 units from 28,989 units.
MG Motor sales dip 5 pc in May at 4,769 units
MG Motor India's wholesale figures for May showed a 5% decline at 4,769 units compared to the same period last year when it dispatched 5,006 units. The company highlighted positive interest in its electric vehicles (EVs), which accounted for 36% of total monthly sales, maintaining a significant contribution in May 2024.
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.
Hybrids catching up fast with EVs; Maruti, Toyota driving growth
Sales of hybrid transmission cars and SUVs are rapidly increasing, challenging electric vehicles in market share. Maruti Suzuki and Toyota offer popular models in this segment, with hybrid vehicles capturing 2.48% of the passenger vehicle market in Q1 2024.
India leads in electric vehicle sales amid global slowdown
Global electric vehicle sales growth faces challenges like capital costs and election uncertainty. US EV sales outpaced Europe, where EV sales declined due to Easter holidays. Germany saw a 29% drop in EV sales, while India's EV market share doubled to 4% in 2023.
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