ELECTRIC VEHICLES
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.
US to award $1.7 billion to retool auto plants for EVs
Energy Secretary Jennifer Granholm told reporters the awards were a "hallmark of the Biden administration's industrial strategy" and would "modernise historical auto manufacturing facilities." She said it had become clear more than a decade ago that automakers, to embrace the future, "needed a federal partner especially to compete with other countries who were subsidizing their auto industries and that's what this massive investment is all about."
Jaguar Land Rover to use Pirelli's natural rubber tyres in sustainability push
The Forest Stewardship Council (FSC) certified natural rubber tyres will be first seen on JLR's new Range Rover Electric, the Tata Motors owned automaker said on Thursday. FSC is a global standards body for sustainable forest management.
Budget 2024: 'More FAME, Less GST' - What the EV industry wants from FM Sitharaman
Industry players are looking forward to potential GST concessions and incentives for electric vehicles in the upcoming Budget FY25. Expectations include policies like FAME 3.0 to enhance the EV ecosystem, promote R&D, and support local manufacturing for sustainable transportation in India.
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.
River Mobility plans Rs 1,000 crore investment in new EV manufacturing facility
River Mobility is planning a Rs 1,000 crore facility in Telangana to manufacture 5 lakh vehicles annually. They are discussing land options with Tamil Nadu, Karnataka, and Andhra Pradesh. The CEO announced $68 million funding from investors like Yamaha and Toyota. Rs 250 crore is invested in Bengaluru R&D. First retail outlet will open in Hyderabad.
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JSW MG Motor joins hands with Shell for EV charging infra
JSW MG Motor India partners with Shell India to deploy CCS 50kW/60kW DC fast chargers, enhancing sustainable mobility and long-distance EV travel. Gaurav Gupta and Sanjay Varkey emphasize customer-centric initiatives and digital integration in their statement, making charging infrastructure accessible for hassle-free EV journeys nationwide.
UP gives Maruti a head 'start' in strong hybrids
Maruti Suzuki India saw a nearly 7% surge in its stock price following Uttar Pradesh's decision to waive registration levies on strong hybrid and plug-in vehicles. This move, aimed at promoting greener mobility choices alongside electric cars, is expected to reduce ownership costs by 10%. Maruti, already a leader in the strong hybrid category, stands to benefit significantly. This policy shift reflects a broader trend among states to incentivize alternative technologies like biofuels and hybrids, aiming to make them more attractive and cost-effective compared to traditional petrol 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.
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.
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.
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 EX30 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.
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.
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.
BYD's steep EV discounting in Thailand sparks backlash, PM Srettha Thavisin seeks assurances
Prime Minister Srettha Thavisin told BYD Chief Executive Wang Chuanfu, who was in Thailand to mark the opening of its first Southeast Asian factory this week and paid a courtesy call to the premier on Friday, to better manage customer expectations about pricing and ensure local buyers were protected.
Europe is slapping tariffs on Chinese electric vehicles - for now. Here's what to know
EU raises customs duties on Chinese electric vehicles due to unfair subsidies. Tariffs aim to address market imbalance. Negotiations ongoing between EU and China. Concerns about impact on European jobs and green technology production. Uncertainty looms over potential solutions and retaliatory measures.
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 Vs Tesla: HC orders mediation in trademark dispute between Musk's firm & Gurugram-based company
The Delhi High Court has directed Tesla Inc. and Gurugram-based Tesla Power India to mediate their trademark dispute. Tesla Inc. alleges that Tesla Power India's use of the "Tesla" trademark infringes on its rights, causing consumer confusion and harming its business. Mediation is scheduled for July 18, with a further hearing on September 18.
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.
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.
Matter Group raises USD 35 mn from US-based Helena, others
Matter Group secures a significant USD 35 million Series B funding led by Helena, with plans to deliver advanced AERA electric motorbikes in India to address global climate challenges.
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.
Budget 2024: EV makers seek stability in incentives, call for long-term subsidy assurance before FAME III roll out
Budget 2024: The Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme was originally launched in 2015 to encourage the adoption of electric and hybrid vehicles. Under it, a subsidy was provided to EV makers who used it to lower the prices of their products. The second edition, FAME-II, was introduced in 2019 and went on till March 2024 when it was scrapped. There has since been a steep slowdown in EV sales, according to a report by the Federation of Automobile Dealers Associations.
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.
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.
Mid-sized cities to emerge as big demand centre for EVs: Report
Lucknow, Thiruvananthapuram, and Gurugram shine in electric car sales growth. Tier 2 cities emerge as pivotal for electric two-wheeler market. Financial support crucial for tier 3 cities' EV growth. Bengaluru and Jaipur lead in EV adoption. Wealthier cities drive electric vehicle growth, while private uptake fuels tier 2 cities' demand.
Vadodara man tests Ola EV in flooded street. Here's why you shouldn't mimick him
In Gujarat, a man tests an Ola electric scooter in flooded streets, sparking concerns about water damage risks from hidden dangers like potholes and sewer covers.
Tata Motors' passenger EV sales dropped 34 pc in June
Tata Motors experiences sales decline in passenger vehicles, including EVs, in June. Despite challenges, the company foresees a recovery in demand, especially with the upcoming festive season. Tata Motors stands ready to capitalize on growth opportunities, driven by a strong SUV portfolio and expanding presence in the international market.
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