As much as 35 per cent to 40 per cent of all vehicles sold in the country across segments will be electric by 2030, up from a mere 2 per cent this year, says a Bain & Co report released today. This translates to 14-16 million new electric vehicles (EVs) selling in a year. The inflexion point, which is now being seen month on month in many segments (such as two-wheelers which hit around 4-5 per cent in December), will be more than visible in 2026, when 4-5 million EVs across segments are expected to be sold, accounting for 15-20 per cent of the total sales, says the report.
To ramp up domestic battery manufacturing capacity and reduce the dependence on imports, the government has initiated talks with a few lithium-rich countries to supply the mineral to Indian companies, industry sources informed Business Standard. The Ministry of External Affairs (MEA) held a meeting with the ambassadors of countries, including Argentina, Chile, and Bolivia, among others, to put forth its request.
Ola Electric will roll out its complete offering of electric scooters and motorcycles in each segment of the market - premium, mass premium, and economical - in the next 12 months in a bid to push for a near-full conversion of the two-wheeler market to electric in three years. According to Bhavish Aggarwal, founder and CEO of Ola Electric, "ICE (internal combustion engine) products will fall off a cliff." He also says the company is aiming to become profitable next year.
A combination of one of the lowest labour costs and a large surplus workforce, which will continue to grow until 2031, is one of the key competitive edges that India is leveraging to challenge its rivals in Southeast Asia in the race for a China-Plus-One strategy. Apart from India, the countries in the race to woo global companies that manufacture in China, as well as the supply chains to their country include Thailand, Indonesia, Malaysia, the Philippines, and Vietnam. On the labour front, India is a clear winner.
India's incumbent two-wheeler players, led by TVS Motors, are flexing their muscles, having crossed the registration of 10,000 electric two-wheelers for the first time in November this year, according to data from Vahan, the website of the ministry of road transport and highways. The two key incumbent players, TVS Motors and Bajaj Auto, now account for around 15 per cent share of registrations in the month of November. The number will only go up with Hero MotoCorp now joining the bandwagon with its Vida range of electric scooters.
Engineers based in India are estimated to be writing roughly 35 per cent of the 100 million lines of codes required to develop one fully driverless car for global vehicle makers.
With a million-odd electric vehicles (EVs) - two-wheelers, e-rickshaws, buses and passenger cars - expected to hit the road this calendar year, the shift from gasoline-powered vehicles has become irreversible. Now the question is whether the supply chain is ready for this shift. Key components - the high-powered lithium-ion battery and the cells which go with it, the electric motor, and the electronics powered by chips - account for nearly 60 per cent of the cost of an EV.
Ola Electric has finalised its second phase of expansion, under which it will increase its plant capacity fourfold - from 1 million two-wheelers per annum to 4 million. This will also include motorcycles, said a top executive of the company. It will also build a plant with a 5 Gwh of advanced chemistry cell battery storage capacity in the same super factory located on the outskirts of Bengaluru.
The National Financial Reporting Authority (NFRA) has issued guidelines to inspect select audit firms to identify areas and opportunities for improvement in the audit firm's system of quality control, a statement said. "Inspections will consist firm-wide review of audit quality and individual file reviews on test-check basis to evaluate the level of compliance with applicable auditing standards and quality control policy and processes," NFRA said. The selection of the audit firm or the auditor for such inspection by NFRA would be based on assessment of risks in the audit environment.
Home-grown companies, including electronics manufacturing services (EMS) firm Dixon Technologies and mobile device maker Lava International, have started exploratory talks with Chinese sub-assemblies and component players for setting up joint ventures (JVs) in the country. Sources in the industry say many domestic companies have also had preliminary discussions with original design manufacturers (ODMs) in China to look at a JV model for manufacturing smartphones. Key ODM players in mobile devices in China include Longcheer, Huaqin, and Wingtech, which has already set up a plant in Tirupati.
Reliance Industries chairman Mukesh Ambani might have made news for purchasing the most expensive beach-side villa in Dubai recently, but he is not the only Indian eyeing the city for investment. Since Dubai allowed foreign investors full ownership in specific sectors in June 2021, a horde of Indian companies have moved or expanded into the desert city. The list even includes a kindergarten, an elementary and middle school, and a hotel that has sought 100 per cent ownership.
The Department of Telecommunications (DoT) has asked Vodafone Idea (Vi) to come back to it with a business plan soon in light of its decision not to launch 5G services for now (unlike its competitors Reliance Jio and Bharti Airtel) and in view of its assessment of the possible impact of BSNL's impending launch of 4G in a few months and then 5G by August 15. "We are worried about Vi as we want to have three private players and one government player in the market. "The global trend now is to have two to three players.
The users of 5G-enabled Apple iPhones will be able to try 5G telecom services - wherever available publicly in the country - from next week, both on standalone (Reliance Jio) and non-standalone networks (Bharti Airtel). Airtel and Jio customers who download the iOS 16 Beta software update as part of its 'Apple Beta Software Program' can try the service and send their feedback to the company. The final updated software will become available sometime in December.
In a multi-city protest on Monday, a large number of company secretaries (CS) and chartered accountants (CAs) came together to seek extension of the deadline for annual filing due to glitches in the ministry of corporate affairs (MCA) portal. According to the Companies Act, firms are supposed to submit Form AOC 4 for filing of the balance sheet within 30 days of holding the annual general meeting (AGM). This deadline was over on October 29.
Start-up entrepreneurs nearly doubled their contribution to philanthropy in 2022 but their numbers shrank. They decreased to only three (from five) in the top 100 of the Edelgive Hurun India Philanthropy List of 2022 which was released on Thursday. Over the year, no new start-up whizz kid joined the list either. The three start-up entrepreneurs who made it to the list contributed collectively Rs 166 crore in FY22, nearly double that of Rs 83 crore in FY21.
With India rolling out 5G services, can telcos get the sizeable 350-400 million 2G customers to upgrade to 4G, or even better -- but very improbably -- straight to 5G?
Mumbai-based Indian Semiconductor Manufacturing Company (ISMC) and Singapore-headquartered IGSS Ventures have one strategy in common: They have told the government in their application for semiconductor fabrication plants that they will export the bulk of the chips they make in India in the initial five or 10 years. The third applicant, Vedanta-Foxconn, which is also building a fab plant, has said it will concentrate on the needs of consumer electronics and mobile device markets, and earmark 80 per cent of output for domestic consumption, but has not specified its customers. Finding a viable domestic market could well be the biggest challenge for India's renewed tryst with semiconductors. Fab plants do not sell directly to end users but to intermediary chip design companies - such as Qualcomm or MediaTek.
Reliance Jio may not ask for a premium for its 5G services in the initial stages of the launch, according to sources in the company. The company will roll out 5G commercial services in four cities -Delhi, Mumbai, Chennai, and Kolkata - around Diwali this month and slowly ramp up the processes for other cities, too. A senior executive, when asked whether Jio will charge higher tariffs for 5G against 4G, said: "In the initial stages, customers have to adopt 5G, then they will have to find value in the service, and then one can look at monetisation."
'Every telecom user wishes to know who is calling. This will help in preventing cyber frauds using telecom services.'
Reliance Industries (RIL) has been distilling its investment strategy to meet new goals. The share of the new energy vertical - its key focus area - accounts for more than a fourth (26 per cent) of the total war chest of $6.4 billion, ploughed into acquisitions and picking up stake from 2018 to date, reveals the latest Morgan Stanley data. Nearly half the incremental investments made on deals by RIL between August 2020 and September this year ($3.3 billion) has been spent on new energy - acquiring global companies with technology and expertise.
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