EV BUSINESS
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.
Amid demand slowdown, EVs plug into PE recharging infrastructure
Private equity firms are increasing investments in India's electric two- and three-wheeler industry amidst a slowdown in electric passenger vehicle sales. Total funding in the first half of 2024 reached $754 million. Electric two-wheeler sales are on the rise, but electric passenger vehicle sales have declined. Challenges such as range anxiety and inadequate charging infrastructure persist.
Xiaomi's SU7 bedazzles at India showcasing, rolls out tech bonanza with star-Redmi 13 5G
Chinese tech giant Xiaomi showcased its electric vehicle SU7 in Bengaluru, alongside new electronic products like the Star-Redmi 13 5G. Although not for sale in India, the SU7, resembling a Porsche Taycan but cheaper, marks Xiaomi’s EV ambitions. Heavy rains in Muradabad have damaged tomato crops, driving prices up in North India.
Xiaomi showcases SU7 electric sedan in India, no word on launch date
Celebrating its 10th anniversary, Xiaomi unveiled the SU7 electric car and launched Redmi 13 5G and Redmi Buds 5C. Priced under USD 30,000 and produced with BAIC Group in a 200,000-vehicle capacity Beijing factory, SU7 features a "super electric motor" and up to 800 km range. Initially delivered in China, it reflects Xiaomi’s diversification strategy.
Xiaomi to showcase its first electric car, the SU7 EV, in India tomorrow: Report
Xiaomi will showcase its first electric car, the SU7, in India on July 9 as a market test. The car comes in two versions with different driving ranges and is priced competitively. The event in Bengaluru will also feature other household appliances and new product categories.
BYD India appoints Rajeev Chauhan as VP of electric passenger vehicle business
Chauhan, who has worked in Honda Cars India and Volvo Car India on earlier stints, will spearhead the overall electric passenger vehicle business of BYD India.
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Mercedes ready to invest $500 mn in Indian EV biz but it has a condition
Mercedes-Benz supports India's EV policy with condition of consistent 5% GST for 10 years. Plans $500 million investment. Expanding electric range to 6 models. Calls for collaboration in building charging infrastructure. Emphasizes government support for carbon neutrality.
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.
Mahindra & Mahindra selects ABB technology for new EV paint facility
M&M partners with ABB using PixelPaint tech to offer precise finish application without disrupting production line for personalization options on new EVs, marking a significant advancement in the automotive industry.
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.
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 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.
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.
Bharat Forge's Amit Kalyani on what's wrong with India's EV model and whether green hydrogen is the silver bullet
The London session emphasized innovative EV approaches, green financing, and electrification for energy transition. It celebrated the London Stock Exchange's role in supporting Indian companies and capital flows, showcasing financial expertise for India's growth.
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.
Musashi India begins mass production of e-Axles for EV two-wheelers
Musashi Auto Parts India, a subsidiary of Musashi Seimitsu Industries, has started mass production of e-Axles for electric two-wheelers in India with a Rs 160 crore investment in EV business.
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.
China and European Union agree to talks in bid to head off trade war
China and the European Union have decided to initiate talks aimed at resolving an increasingly tense tariff dispute, with billions of dollars in trade hanging in the balance. According to the Chinese Commerce Ministry, discussions will be held between China's commerce minister, Wang Wentao, and the European Union's trade commissioner, Valdis Dombrovskis. The focus will be on addressing the European Union's proposal to impose tariffs on electric cars imported from China, a move that has sparked significant concern.
BPCL retail outlets will act as EV hubs to purchase, test ride & experience electric scooters
BPCL has teamed up with Bounce Infinity, an Indian electric scooter manufacturer, to accelerate EV adoption in India by launching "eDrive stores" at BPCL retail outlets. These stores aim to make electric two-wheelers more accessible nationwide. Pardeep Goyal, BPCL's Business Head of Retail, highlighted the initiative's role in supporting sustainability goals and transforming fuel stations into versatile energy hubs.
IGL to diversify into solar rooftop, battery recycling
"With the exponential growth being witnessed in the electric vehicle market, demand for batteries has risen significantly. Many rare earth metals go into battery manufacturing, so IGL thinks recycling them could be a lucrative option, especially when not many companies are doing it," said another senior industry executive.
Ather's Maha plans: BJP leader urges CM Siddaramaiah to persuade firm to invest in Karnataka
BJP MLA Arvind Bellad urged Karnataka government to persuade Ather Energy to set up its plant in Dharwad district, expressing disappointment over the company choosing Aurangabad for investment.
Japan’s Mitsui invests Rs 200 crore in Pune-based EKA Mobility
EKA (Pinnacle Mobility Solutions) Mobility - one of the commercial vehicle manufacturers approved under the Champion OEM (Original Equipment Manufacturer) Scheme & EV component manufacturing scheme of the Rs 25,938 crore auto PLI policy - has a strategic partnership with Japan’s Mitsui and Netherlands-based VDL Groep to manufacture electric buses and light commercial vehicles.
JSW MG Motor India partners with Ecofy for EV financing
JSW MG Motor India has partnered with Eversource Capital-backed NBFC Ecofy to offer financing and leasing solutions for up to 10,000 JSW MG electric vehicles over the next three years. The partnership includes loan options and leasing arrangements for retail customers and B2B operators.
View: FAME III, tax rationalization, PLI tweak & more - What the Indian EV sector needs from Budget 2024-25
India, as per IBEF, is the world’s third-largest automobile market and supports the EV 30@30 Campaign. The Finance Minister, Smt. Nirmala Sitharaman, will table the Union Budget 2024-25 next month.
Tata Motors to revive Jaguar Land Rover's Freelander as a Made-in-China EV
Jaguar Land Rover is reviving the Freelander as an electric vehicle for the Chinese market through a partnership with Chery Automobile. Produced under their CJLR joint venture, the new Freelander aims to compete in China’s EV market and boost Tata Motors' electric profitability. Global expansion plans are also in place
eBikeGo plans to expand e-two-wheeler fleet to 1 lakh units by FY26
eBikeGo, under the leadership of founder and CEO Irfan Khan, plans to expand its e-two-wheeler fleet to 1-lakh units by FY26, targeting the growing last-mile and e-commerce segment.
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.
Renault reveals Alpine electric A290, sets sights on sporty EVs for profit boost
Renault presented the first electric sports car under its Alpine sports brand to compete with Chinese rivals and capture a share in the growing premium EV market.
Uno Minda all lit up with more content per car and focus on electric vehicles
Uno Minda, a major auto parts supplier, has shown remarkable revenue growth, outpacing industry averages by almost two and a half times over five years. Its robust performance in FY24, marked by a 25.2% revenue increase and expanding operating margins, has propelled its stock by 37% in recent months. With significant growth in its lighting and light metal technology divisions, driven by premium offerings and expanding into the electric vehicle (EV) segment, Uno Minda is capitalizing on the trend of premiumization across vehicle segments.
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