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EV Industry seeks incentives, funds for infrastructure, tax rationalisation from Budget
Finance Minister Sitharaman's budget preparation raises EV sector optimism. Expected measures include FAME-3, charging infrastructure funds, localization incentives, renewables integration, priority lending, reduced GST. Tandon stresses 2030 goals need government support. Calls for STU inclusion, lower customs duties, R&D funding, and FAME-II impacts. Taneja and Rao emphasize tax rationalisation and E2W (Emobi) prioritization.
Mercedes-Benz mulls assembling more EVs in India to meet zero emission, carbon neutrality goals
Mercedes-Benz is considering assembling more electric vehicles at its plant in India. This move aims not only to reduce costs but also to advance the company’s goals of zero emission mobility and a carbon neutral setup. Mercedes-Benz India already assembles its flagship electric luxury sedan EQS at the Chakan unit and is evaluating the localisation of other models based on demand.
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.
UP's sops for hybrid vehicles irk EV companies, add to industry's June sob story
Sales of electric cars in June plunged 13.5% from the year earlier, having suffered a marginal drop in May, triggering fears that the Indian market may be following global trends. After last year's euphoria, domestic sales slumped to 20% growth in the January-June period to 46,845 units. That's down from a 135% surge in the same period last year, prompting Tata Motors and others to recalibrate expectations.
JSW MG Motor to launch an electric CUV in India to take on Tata Curvv EV
MG Motor India, a SAIC and JSW venture, will launch a sub Rs 20 lakh electric CUV by the festive season. The 'Intelligent CUV' features a 50.3 kWh battery, 176 hp motor, tall stance, and coupe-like roof. Expected to surpass ZS EV's 461 km range. MG saw 39% sales growth and 95% ZS EV sales increase. Competing with Tata Motors.
Electric mobility startup Vidyut launches offline pre-owned EV sales, financing platform
Vidyut has launched an offline pre-owned EV platform in Delhi-NCR, Hyderabad, and Bengaluru, with plans to expand. An online marketplace is coming in six months. They handle the full process, reselling EVs from major brands. Their battery subscription model and financing services tackle EV adoption challenges. Vidyut, started in November 2021, aims to improve EV accessibility.
Tesla hikes Model 3 prices in Europe due to tariffs on China-made EVs
Tesla has increased prices of its Model 3 cars in several European countries, including Germany, the Netherlands, and Spain, by approximately 1,500 euros ($1,622). This price hike comes in response to new tariffs imposed by the European Union on electric vehicles (EVs) manufactured in China, where Tesla produces its Model 3 vehicles.
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 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.
Can Ola Electric become the Maruti Suzuki of electric two-wheelers?
Ola Electric, led by Bhavish Aggarwal, leads the e2W market with a 48% share in Q1 FY25, selling 74,068 units. Despite preparing for an IPO and product issues, growth stems from strategic partnerships and pricing. Policy shifts under EMPS cut subsidies, impacting sales. The company must adapt to competition and future e-motorcycle trends.
Changes likely in India's new EV policy, may benefit legacy car companies
The move comes as US electric carmaker Tesla Inc is still to make any firm commitment on building a factory in India. The policy, which aims to accelerate the local manufacturing of high-end electric cars, currently supports only fresh investments. Consultations are also on with stakeholders on another key issue troubling carmakers.
Tata Motors reveals Curvv EV. Here's all you need to know about the upcoming SUV coupé
Tata Motors will soon launch the Curvv EV, boasting a 400-500 km range, dual-motor setup, and design elements from the Harrier, including a tall bumper and wide air dam. It’s priced above Nexon EV, which has a 30.2 kWh battery pack. Tata currently sells the Tiago EV, Punch EV, and Tigor EV, with ICE models following.
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.
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.
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.
Tesla's Q2 deliveries beat estimates on price cuts, incentives
Tesla's delivery drop in Q2 was mitigated by incentives driving demand. Shares rose in premarket trading despite margin pressures. The company delivered various models, including the Model 3 and Model S sedan. Tesla adapted its strategy with discounts globally, aiming to recover from the sales decline and adjust annual growth targets.
£315,000 Ferrari supercars growl a warning for EVs
Since going public in 2015, the Italian company has expanded both the volume and variety of cars it sells, while preserving exclusivity by raising prices, restricting who can order vehicles and resulting in long waiting lists. Around three-quarters of its cars are purchased by existing clients, while almost half the company’s vehicle sales are hybrids.
BGauss RUV 350 electric scooter launched: Specs, variants, and prices revealed
The top-spec RUV 350 Max model offers advanced features like hill-hold assist, a fall detection system, and turn-by-turn navigation, making it a comprehensive and innovative choice in the EV market.
iVOOMi S1 Lite electric scooter launched, priced Rs 54,999 onwards
Experience the iVOOMi S1 Lite with its advanced features, powerful motor, and versatile battery options, providing a budget-friendly and efficient electric scooter for your daily commute.
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