ELECTRIC VEHICLE SECTOR
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.
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.
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.
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.
Canada considers imposing import tariffs on Chinese EVs
Canada is considering imposing import tariffs on Chinese-made electric vehicles (EVs). Deputy Prime Minister Chrystia Freeland stated on Monday that the government will seek the public's opinion on the matter starting July 2.
How cheap are electric vehicle (EV) loans? This depends on two factors
EV loan interest rates: For electric passenger vehicles, the rates are competitive with internal combustion engine (ICE) vehicles and sometimes even lower. However, for electric two-wheelers, the rates tend to be consistently higher, varying based on the brand and the customer's credit profile.
Strategic reforms in customs duties, GST, commerce to push India's inclusive growth, says GTRI
The think tank suggested increasing the GST exemption limit for a firm's annual turnover from 40 lakh to 1.5 crore as this will be transformative for India's MSME sector, promoting job creation and growth. Firms with less than Rs 1.5 crore turnover make up over 80 per cent of registrations but contribute less than 7 per cent of the tax collected, it said adding a yearly turnover of 1.5 crore equals 12-13 lakh monthly turnover, translating to just Rs 1.2 lakh at a 10 per cent profit margin.
Expo Centre Sharjah signs agreement to launch Middle East Electric Vehicle Show 2025
Expo Centre Sharjah (ECS) has forged a strategic partnership with MIE Events to debut the Middle East Electric Vehicle Show (MEEVS) in 2025 at the Centre. This groundbreaking agreement paves the way for the region's premier electric vehicle event, set to feature over 100 leading global brands. MEEVS aims to spotlight the future of sustainable transportation by showcasing cutting-edge electric, hydrogen, and hybrid vehicles, as well as electric bikes, and innovative technologies in the electric transport sector.
Utpal Sheth on key megatrends that can shape India's future growth
“Even one megatrend will create multiple types of opportunities, multiple types of companies and business models that you will be able to participate in. I think the way the financial savings in the country will get channelised will be another megatrend,” says the CEO of Rare Enterprises.
PM Modi responds to Elon Musk's congratulatory message, says India's stable policies continue to facilitate business environment
Prime Minister Narendra Modi expressed gratitude to Elon Musk, CEO of Tesla and SpaceX, for congratulating him on his electoral victory in the 2024 Lok Sabha elections. Modi responded to Musk's post on the social media platform X, emphasizing India's talented youth, demographic advantage, stable democratic system, and predictable policies, which create a conducive business environment. Musk had congratulated Modi on his victory and expressed anticipation for his companies to engage in exciting work in India.
China says it never uses EV subsidies barred by WTO
China's Foreign Ministry denies using subsidies banned by the World Trade Organization for electric vehicles (EVs), addressing concerns over its EV industry flooding the U.S. market. Spokesperson Mao Ning stated that China's success in the EV market stems from market laws and comparative advantages, not government subsidies.
Thematic focus on infra, renewables and real estate likely to continue: Harsh Gupta Madhusudan
Chinese valuations are roughly half of India's, but Chinese earnings growth is also significantly lower. The China trade is more tactical and opportunistic.
Series AA 127- The EV transformation-Part 1: How a multibagger got fresh tailwinds & gave 22,334% return in the last 20 years
Excerpts from its annual report for 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.
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.
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.
Talent demand in EV segment drives in new roles and contract hiring
The electric vehicle (EV) industry is booming, creating a demand for diverse skills and expertise. Opportunities span technical, leadership, and operational roles. Contract staffing is playing a crucial role in meeting the industry's needs, with a focus on talent development and agile solutions. Leaders face challenges in talent acquisition and navigating industry dynamics amidst rapid advancements.
"If we work together, India can achieve all SDGs by 2030" says Ajay Piramal at CII Annual Business Summit 2024
Underscoring the rapid progress expected over the next two decades, he said, "Let's say in 2047, we'll have - we'll be the third-largest economy, maybe a USD 40 billion economy. Even now, in the next - I think by 2029, we'll be the third-largest economy. So only the U.S. and China will be ahead of us. So that's a big progress the country is making."
Mahindra Group to invest Rs 37,000 crore in auto sector, plans to launch 23 new vehicles by 2030
Mahindra Group announces plans to invest Rs 37,000 crore in the auto sector over the next three years, with a focus on launching 23 new vehicles by 2030. The investment includes new ICE SUVs, BEVs, and light commercial vehicles. The company emphasizes the importance of ICE models in the short term while investing significantly in the EV segment. The expansion plans also include enhancing manufacturing capacity and remaining open to future mobility trends, including hybrid vehicles. The company welcomes India's new EV policy and emphasizes its commitment to the 'Make in India' initiative.
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