INDIA ELECTRIC CAR POLICY
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.
Centre gives in-principle nod to setting up coal-based thermal power plant in Uttarakhand
The central government has given in-principle consent to the establishment of thermal power plant through THDCIL-UJVNL Energy Company Limited (TUECO), an official release here said. According to the SHAKTI policy, Coal India Limited can allow the supply of coal to the production companies of the central and state governments and their joint ventures at notified rates.
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.
VinFast set to drive into India with locally assembled cars
VinFast, the EV arm of Vietnam's biggest conglomerate Vingroup, is expected to launch its first locally assembled car during the 2025 festive season. It is likely to sell its vehicles in the ₹25-30 lakh range, placing them in the premium affordable segment of India's burgeoning market for EVs. The models are likely to have a range of 300-500 kilometres.
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.
Want continuity of policy supporting EVs for next 8-10 yrs: Mercedes-Benz India MD & CEO
Mercedes-Benz India's CEO Santosh Iyer emphasized the need for long-term policy continuity supporting electric mobility for 8-10 years to plan better for zero-emission vehicles. He highlighted the company's increased EV penetration and upcoming launches, urging clarity on GST benefits and infrastructure investments in the Union Budget for sustained growth and commitment to emissions-free mobility.
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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.
Hyundai's first Indian EV, the Kona, discontinued. Here's the reason why
Hyundai discontinues Kona Electric in India, focusing on mass-market Creta EV. The Kona faced challenges with sales performance. The upcoming Creta EV aims to compete with MG ZS EV and Tata Curvv, offering a range of 400-500 km.
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.
MG Motor to launch its most premium electric car, Cloud EV, later this year : Report
MG Motor is gearing up to launch a new electric car in India later this year, with reports indicating that the MG Cloud EV will make its debut in September. The price range for the vehicle is expected to be below Rs 20 lakh, although some sources suggest it could be closer to Rs 25 lakh. If priced competitively, the Cloud EV will compete against popular models like the Tata Nexon, BYE E6, and the Mahindra XUV400 in the Indian market.
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.
EV policy in limbo, Delhi electric car buyers not getting subsidies for last six months: Report
Amid non-renewale of Delhi's EV Policy, subsidies are not reaching car buyers. While the govt blamed bureaucratic procedures for the delay, some officials blamed the banks for delaying subsidy disbursal.
How a tax sop has created a divide in India's motown
Indian automakers are at a crossroads as they navigate the shift from internal combustion engines to electric vehicles. Consumers are showing a preference for hybrids over EVs, sparking debate among automakers. The government's proposed tax reduction for hybrids has divided industry leaders, with some advocating for incentives solely for electric vehicles. The potential impact on sales volumes and climate goals is a central point of contention.
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.
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.
EV sales soar 40.31 per cent in FY24, two-wheelers lead the charge
Electric two-wheelers (E2Ws) and electric three-wheelers (E3Ws) were the main contributors, representing 94 per cent of all EV sales. The E2W segment led the charge, selling 1,009,356 units, showing a 29 per cent year-on-year growth and capturing 57.60 per cent of total EV sales. The introduction of advanced models comparable to internal combustion engine vehicles played a crucial role in this growth.
EV owners may soon sell battery power back to grids like rooftop solar scheme
With V2G technology, EV owners can charge their vehicles during off-peak hours and sell the stored power when their vehicle is not in use, earning incentives set by the Delhi Electricity Regulatory Commission. "This is pretty much like selling surplus rooftop power to the grid and earning incentives," said the official.
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.
Tesla coming to India? Elon Musk drops major hint
Elon Musk congratulates Narendra Modi on his re-election. BJP and allies win 240 seats in the 2024 Lok Sabha elections. Oath ceremony on June 09, 2024 at Rashtrapati Bhavan.
Green energy to drive power sector investment, coal to remain significant: Moody's
India’s power sector investments will be driven by renewable energy and transmission projects which will require an investment of $340-385 billion to meet the government's target and associated incremental transmission and storage system, Moody’s Ratings said on Thursday.
India Inc cheers continuity at the Centre, but rues fragility
Indian industry leaders express confidence in the economy's resilience despite the NDA-BJP government's unexpected outcome without an absolute majority. They anticipate policy continuity but caution about potential hurdles due to a stronger opposition and diverse political ideologies. The focus may shift to consumption, welfare schemes, and rural sectors. Stability is crucial for reforms, but the BJP's shortfall could complicate passing contentious reforms. However, the economy's growth agenda is expected to continue, with an emphasis on inclusivity and job creation.
How China rose to lead the world in cars and solar panels
Heavy subsidies for industry, together with weak sales in China, have set the stage for an export boom, raising fears of factory job losses elsewhere
India's electric car incentives limited to new investments: Officials
The Indian government's scheme to promote local production of electric cars will offer incentives only to automakers investing in new manufacturing facilities in the country, officials have revealed. Foreign firms, including those already operating in India, can apply for benefits under the Scheme for Manufacturing of Electric Cars (SMEC) but with no retrospective approval for previous investments.
MG Motor sales dip 5 pc in May at 4,769 units
MG Motor India's wholesale figures for May showed a 5% decline at 4,769 units compared to the same period last year when it dispatched 5,006 units. The company highlighted positive interest in its electric vehicles (EVs), which accounted for 36% of total monthly sales, maintaining a significant contribution in May 2024.
EV ride-hailer BluSmart seeks $300 million to expand car fleet
BluSmart, India’s top electric cab operator, aims to raise $300 million to expand its fleet with cars from top manufacturers, targeting major cities for premium service. The company focuses on electrification and sustainability efforts in India, with plans to double revenue by 2025.
Japanese automakers least prepared for EV transition: Think-tank
The four automakers with the lowest proportion of forecasted EV production in 2030 are all from Japan (Suzuki at 10%, Honda at 24%, Toyota at 29% and Mazda at 30%), with Toyota, Mazda and Suzuki all receiving the lowest performance, says InfluenceMap in its latest report titled, “Automakers and Climate Policy Advocacy: A Global Analysis.
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.
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