ELECTRIC VEHICLE TECH
These 13 equity mutual funds lost the most in first six months of 2024
Around 13 equity mutual funds offered negative returns in the first six months of 2024. There were around 583 equity schemes in the market in the said time period, according to the data from ACE MF.
EU slaps Chinese electric cars with tariffs of up to 38%
The European Union imposed provisional duties of up to 38 per cent on Chinese electric car imports due to alleged unfair state subsidies, sparking concerns of a trade war. The move was criticised by China as "politically motivated" and "protectionist." European countries are divided on the issue, with Germany fearing harm to its auto industry. Talks with China continue, with hopes for a negotiated solution to avoid escalating tensions.
Tesla cars for first time on Chinese government purchase list
Tesla's Model Y has been included in a list of electric and plug-in hybrid models that local governments in China can purchase as service cars. This is the first time Tesla's cars have been eligible for government purchases in China. The Jiangsu provincial government published 56 batches of new energy vehicle procurements for use as service cars by party, government, and public organizations.
EU governments hesitant on Chinese EV tariffs as trade spat escalates
Germany, whose carmakers made a third of their sales last year in China, wants to stop the tariffs, according to a government source, while France has been among the firmest backers.
EU governments waver over Chinese EV tariffs as trade spat escalates
EU countries debate supporting tariffs on Chinese electric vehicles in Brussels amid concerns over Beijing's possible retaliation affecting EU exports like cognac and pork.
Budget 2024: Hi-tech thermal plants may get Rs 6,000 cr viability support
Budget 2024: The Union budget for 2024-25 is expected to include a support scheme for setting up 800 MW coal-based power plants using Advanced Ultra Supercritical (AUSC) technology. The finance ministry is evaluating a proposal for ₹6,000 crore viability gap funding (VGF) and a ₹3,500 crore payment security mechanism for electric buses. The project, based on indigenous technology developed by a consortium of Bharat Heavy Electricals Limited, Indira Gandhi Centre for Atomic Research, and NTPC, is expected to cost upwards of ₹15,000 crore at completion.
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Explainer: What's behind Volkswagen's USD 5 billion EV software bet on Rivian?
The tie-up is the latest in a string of deals by Volkswagen Chief Executive Oliver Blume, who took over in September 2022 after the ousting of Herbert Diess. Shifting from combustion engine to electric cars requires expertise in areas where historically Volkswagen has little experience, from charging to batteries to software.
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.
Top startup & tech stories this week
Welcome to a brand new edition of ETtech Unwrapped – our weekend newsletter. The week was packed with important stories broken by our reporters. Here’s a recap if you missed them.
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.
Europe wants affordable electric vehicles from China. But not at the cost of its own auto industry
The European Union plans to increase tariffs on Chinese-made electric vehicles due to unfair subsidies. This move aims to address the surge in Chinese EV exports to Europe, posing a threat to EU manufacturers and green tech industries.
VinFast pushes ahead with Asia expansion, expects to open India plant ahead of schedule
VinFast in January signed an agreement with the Indian state of Tamil Nadu to invest as much as $2 billion in the country as it seeks to break into one of the world’s biggest auto markets. Work on the plant started in February, with an initial investment of $500 million.
Citroen signs MoU with CAB-EEZ Infra Tech to supply 2,000 units of e-C3 EVs
Citroen announced it will supply 2,000 units of its electric vehicle, the e-C3, to CAB-EEZ Infra Tech Pvt Ltd, expanding their fleet for urban mobility. The MoU includes the delivery of the first 100 units, adding to the 200 already in service across Mumbai and Pune.
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.
Bajaj Chetak 2901 launched in India under Rs 1 lakh. Check price, features
Bajaj Auto has recently unveiled the latest addition to its electric scooter range, the Chetak 2901. Priced at INR 95,998 (ex-showroom, Bangalore), this model comes in five vibrant colors: Red, White, Black, Lime Yellow, and Azure Blue. The Chetak 2901 is equipped with a sturdy metal body and advanced technological features, making it a standout in the electric scooter 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.
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.
How China pulled so far ahead on industrial policy
The problem for the West, though, is that China's industrial dominance is underpinned by decades of experience using the power of a one-party state to pull all the levers of government and banking, while encouraging frenetic competition among private companies.
Zypp Electric raises $15 million from Japanese firm Eneos for India expansion
Zypp Electric confirmed funding from Eneos as part of a larger $40 million round. Existing investors like 9unicorns and IAN also participated in the fundraising. The company's revenue increased threefold to Rs 325 crore in 2023-24.
Elon Musk: I'm against tax incentives for EVs
"Neither Tesla nor I asked for these tariffs, in fact I was surprised when they were announced", Musk said, referring to such policies recently announced by the United States.
Volkswagen and Renault pull plug on electric Twingo, Renault says
Volkswagen has abandoned discussions with Renault on collaborating to create a low-cost electric car, Twingo. The move hampers EU automakers' attempts to compete against Chinese counterparts with more economical vehicles. As a result, Volkswagen will pursue independent development of its budget-friendly EV, while Renault presses on with its electric Twingo slated for a 2026 release.
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.
While Apple backtracks, a Chinese phone maker has raced ahead
Geely Auto and BYD Co., known for knock-offs, are now innovative. Xiaomi Corp., from cheap smartphones, aims to rival Tesla. Apple cancels EV project; Lei Jun leads Xiaomi's $10 billion EV venture.
A leaner M&M charting new expansion path, looks to enter new industry, list 2 businesses, step up global presence
The group also aims to ensure that Tech Mahindra and Mahindra & Mahindra Financial Services (Mahindra Finance) realise their full potential besides bolstering the logistics, holidays and real estate businesses, which have been identified as “growth gems”
M&M is wheeling big money into business. What is the plan?
Mahindra & Mahindra had outlined a new strategy for the coming five years with a focus on capitalizing on its market leadership in segments like SUVs, tractors and pickup trucks while scaling its growth-phase businesses five-fold during this period.
Technological factors can stall or spur adoption of EV 2-wheelers
The technological factors affecting electric two-wheelers (EV 2Ws) are integral to their development and widespread adoption in India, say EV industry stakeholders.
Tariffs and timidity are driving US carmakers into a ditch
Biden's Inflation Reduction Act aims to boost the economy and shift to zero-emission cars. Ford, GM struggle with EV targets. Tesla cuts workforce, US EV sales rise modestly. Biden plans tariffs on Chinese clean tech, facing challenges ahead.
Foreign lands turn hunting ground for CXO search companies
Global CEO and CXO searches by Indian companies and MNCs focus on specialist roles in high-tech sectors like automotive and pharmaceuticals, emphasizing expertise in data centers, cloud computing, and EV technologies. Returning Indians are sought for their industry knowledge.
International MFs dominate list of losers in 2024 so far. Here’s the break up
ETMutualFunds analysed the performance of equity mutual funds in 2024 so far and found that the equity schemes that gave double-digit negative returns were from the same category which was international funds. Here is the break-up of schemes that lost the most in 2024 so far, according to the data by ACE MF.
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