EV INDUSTRY IN INDIA
Chorus grows for angel tax repeal; policy push for EVs
Startup Inc’s calls to do away with angel tax have found support from the government. This and more in today’s ETtech Top 5.
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.
Tesla unlikely to move forward with India investment, Musk's execs cease contact: Report
Tesla Inc. is unlikely to pursue new investments in India in the near future, sources familiar with the matter said. Following Elon Musk's postponed visit and lack of further communication, Indian officials believe Tesla faces financial constraints. India now focuses on local automakers like Tata Motors and Mahindra & Mahindra to boost its nascent EV market.
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.
What is the value proposition of a CNG bike vs EV & ICE models? Bajaj Auto’s Rakesh Sharma answers
An average customer earning Rs 30,000 to Rs 40,000 per month can expect to save about Rs 1,500 per month by using CNG as a fuel. Also, CNG, while still a carbon-based fuel, has far less carbon content, and to that extent, it is much more beneficial from an environmental point of view than diesel or petrol, says Rakesh Sharma, ED, Bajaj Auto.
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.
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Why new-age EV manufacturers are picking nimble neighbouring states over Karnataka
Karnataka has excellent facilities, but states like TN are more proactive, say industry executives; for some firms, market proximity is key reason to set up facility.
India needs to build its own EV paradigm, products, and core technology in the EV stack: Bhavish Aggarwal, Ola
This is the start of the EV penetration. India is the world's largest two-wheeler market. 20 million two-wheelers are sold a year. Over time, EV penetration will grow to a much larger percentage in the overall industry and there is no single company that can achieve that full transition, says Bhavish Aggarwal,
Electric car sales in India to reach 1.3-1.5 lakh in FY25: Report
Electric car sales surged in FY24, with a forecast of 1.3-1.5 lakh units in FY25. The PV industry expects moderate growth, driven by SUV sales and premium vehicle demand, despite challenges in the entry-level segment.
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.
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.
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.
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.
Hyundai has the same fear like Tata Motors & Mahindra about petrol, diesel cars
Hyundai has joined Tata Motors and Mahindra & Mahindra in opposing tax breaks for hybrid vehicles in India, arguing it could disrupt the market for petrol and diesel cars. Japanese carmakers support lower taxes on strong hybrids, citing emissions reduction and fuel efficiency benefits. The debate underscores the auto industry's shift towards more sustainable technologies.
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.
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.
Hyundai flags concerns with 'changes' by Indian govt ahead of planned Rs 25,000 crore IPO
Hyundai, which plans to raise Rs 25,000 crore through the Indian stock market by selling a 17% equity stake in the local unit, flagged the importance of stable policies for confidently making technological upgrades. They also highlighted concerns about localisation norms like PLI for automotive technology, aiming to reduce import dependence and lower manufacturing costs with significant initial capital investments.
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.
Answer to India’s critical minerals requirement lie in India’s extended neighbourhood
India is exploring critical minerals in Latin America for EVs, but a solution may be closer in Kazakhstan. The country has reserves of critical minerals that can support India's clean energy goals.
In a 1st, NSE drives in EV stocks index
The top five constituents of the index are Bajaj Auto, Tata Motors, M&M, Maruti Suzuki India and Exide Industries, the index's fact sheet showed.
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.
Govt to hold 2nd meet with stakeholders to issue draft guidelines for new EV policy
The Ministry of Heavy Industries is drafting guidelines for the new electric vehicle policy to attract global automakers like Tesla. Automakers, including Vietnam's Vinfast, must invest as per the new norms to avail incentives under the Scheme to Promote Manufacturing of Electric Passenger Cars in India (SPMEPCI) approved on March 15, 2024.
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.
Mother set of Multibaggers: Evolution of EV ecosystem and emergence of new winners from auto ancillary space
Whether it's institutional or retail investors, the desire to find the next multibagger is always high. But it is not easy to find multibagger stocks for multiple reasons. In the last 30 yearsonly two or three sectors have thrown up multibaggers -- IT, pharma and some engineering or industrial segments. Now the auto and auto ancillary sectors are transforming. From next Sunday onward, we take a deep dive into individual auto ancillary companies which have either transformed due to EV space or are changing themselves or will go down as they are not relevant in new age of EV.
Amitabh Kant on Tesla: 'India won't make any further changes in its EV policy to suit a specific company'
India can'on being asked why Tesla didn't come to India after the CEO announced an India visit in April but cancelled at the last moment.
New e-car norms on way as India looks to build a China Wall on EV street
The development comes weeks after Tesla chief Elon Musk cancelled his much-hyped visit to India in April. Tesla is yet to communicate its India plans to the government under the new EV policy, the official said. Musk, who was scheduled to visit India April 21-22, postponed his visit at the last moment, citing “very heavy Tesla obligations”.
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.
TIVOLT Electric set to launch e-SCV under 'Montra Electric' brand
TIVOLT Electric Vehicles, a joint venture by Murugappa Group and TI Clean Mobility, to launch e-small commercial vehicles under 'Montra Electric' brand. Tube Investments of India's Vellayan Subbiah highlighted India's role in global EV adoption and TICMPL's Rs 3,000 crore commitment to EV sector, including development of MHCV truck and Small Commercial Vehicle platform.
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