Ola Electric is conducting an restructuring exercise which is expected to affect over 500 employees across various roles within the organisation, according to sources. This would be over 12 per cent of staff at the firm which has about 4,000 people. "This is a restructuring exercise ongoing for the last few months and is expected to conclude by next month," said a person familiar with the development.
Passenger vehicle dispatches in India from factories to dealers rose to record levels at over 43 lakh units in FY25, with utility vehicles accounting for 65 per cent of the total sales in the segment, industry body SIAM said on Tuesday. Passenger vehicle (PV) dispatches rose to 43,01,848 units in the last fiscal year, marking a 2 per cent increase compared to 42,18,750 units in FY 2023-24.
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'We are seeing one of the highest discounts in recent years across companies.' 'October is a crucial month with several festivals coming up.'
The aim is to replace nearly 40 per cent of its existing last mile fleet of delivery vans with EVs by March 2020. o start with, the company is looking at deploying nearly 160 e-vans by the end of 2019.
'One can charge it at home, in the office, on the go. All it needs is a 15 Amp electric socket which is found is all our homes.'
The $306-million investment in Ola Electric Mobility by SoftBank Corp, Arun Sarin Family, Ratan Tata and Matrix has been the biggest funding in this space in value terms this year.
'When compared to many of America's treaty allies in Asia, Modi 3.0 is on a much stronger footing.'
Mercedes-Benz India is looking at electric entry-level models to attract first-time luxury car buyers, as it sets eyes on another double-digit growth this year, its managing director and CEO Santosh Iyer said on Monday. The company, which launched all-electric entry SUV EQA 250 at an introductory price of Rs 66 lakh, has also introduced the new EQB 350 SUV (5-seater) priced at Rs 77.5 lakh and EQB 250+ SUV (7-seater) tagged at Rs 70.90 lakh (prices all India ex-showroom). It will also launch the EQS Maybach SUV and electrified G-Class models in India later this year.
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.
Anmol Singh Jaggi and Puneet Singh Jaggi, once hailed as rising stars in India's clean energy sector, are now facing serious regulatory action.
Sales of total electric vehicles in India are expected to be around 10 lakh units this year, equal to what was sold collectively in the last 15 years, mainly riding on the good traction witnessed by electric two-wheelers, Society of Manufacturers of Electric Vehicles (SMEV) said on Thursday. In 2021, the sales of electric two-wheelers (E2Ws) in the country jumped over two-fold at 233,971 units driven by a good traction of high-speed scooters as compared to 100,736 units in 2020, SMEV said in a statement. "We haven't seen better days than the last few months in the entire EV journey.
Major two-wheeler (2W) manufacturers in India witnessed a single-digit decline in domestic sales in November after dispatches had picked up in October for the festive season when wholesales went up by 14 per cent and retail also grew by 36 per cent.
Tamil Nadu Chief Minister and DMK president M K Stalin said on Wednesday that the DMK will not oppose Hindi if it is not "imposed" on Tamil Nadu, stating that forcing the language on Tamils amounts to playing with their self-respect. Stalin's remarks come amidst an intense language row in the state, with the DMK alleging that the BJP-led NDA government at the Centre was trying to impose Hindi through the three-language formula in the National Education Policy (NEP), a charge denied by the union government.
Dabur's performance in the July-September quarter of the current financial year (Q2FY25) was weak but in line with consensus. Consolidated revenue declined 5 per cent year-on-year (Y-o-Y) due to a temporary adjustment in General Trade (GT) inventory. Indian revenue declined 7.6 per cent, while international business grew 13 per cent Y-o-Y in constant currency (CC) terms.
While Elon Musk's political influence continues to grow, his business empire is witnessing headwinds.
If you are planning to buy an electric car in the near future, it would be highly advisable to wait for these upcoming electric SUVs.
Powered by Ziptron technology, the electric SUV for the personal segment comes with a range of 312 km on a single charge and a high voltage system, fast charging capability, extended battery life and class leading safety features. Besides, it has 35 connected car features as well. The Nexon EV will be available in three trim levels across 60 authorised dealerships in 22 cities, the company said at the launch.
Given India's reliance on coal, electric vehicles could at best be 10% more efficient than petrol in terms of CO2 savings.
Lightning Logistics, Shreyas Shibulal's start-up, rents out electric scooters along with the riders for last mile delivery.
India's planned transition to electric vehicles will drastically affect the commodities market, says Aditya Gandhi
'The scheme excludes tractors, light commercial vehicles, and medium and heavy commercial vehicles.'
Although UltraTech Cement's results for the December quarter of the current financial year (Q3FY25) were not an improvement compared to Q3FY24, the company managed to surpass Street expectations. The company's profit attributable to the owners of the parent dropped 17.4 per cent year-on-year (Y-o-Y) to Rs 1,469.5 crore in Q3FY25 as against Rs 1,777 crore in Q3FY24.
With Kona catering for the high-end market, the South Korean automobile conglomerate wants to introduce a product in the EV segment to address the mass segment.
Tata Motors and Mahindra & Mahindra have cut the prices of their SUV models to boost demand. Tata Motors has revised the starting prices of its flagship SUVs, the Harrier (Rs 14.99 lakh) and the Safari (Rs 15.49 lakh) and extended benefits of up to Rs 1.4 lakh on other popular SUV variants.
Metropolis Healthcare (MHL) has decided to acquire a 100 per cent stake in Gurgaon-based Core Diagnostics for Rs 247 crore. This is about 2.2x FY24 (financial year 2023-24) enterprise value (EV)/sales and estimated 14x FY26 EV/Ebitda for the deal.
For a petrol car with a Rs 500,000-600,000 price tag, an EV variant would not cost less than Rs 12 lakh, making it virtually unaffordable.
Kolkata trams -- now in their 150th year -- are the last to survive modernity in Indian cities, writes Ishita Ayan Dutt.
The question is: Will the company have a strong balance sheet to support this massive investment plan?
'At present, hybrids emit lesser carbon despite using fuel than pure play electric cars.' 'That is because EVs have to be charged and 76 per cent of the country's electricity is still coal-based and not renewables.'
Mahindra is coming up with the Thar Roxx. MG Motor India announced a third electric vehicle Windsor. Hyundai and Kia are expected to introduce updated versions of the Alcazar and Carnival respectively.
The new four-wheeler (4W) electric vehicle (EV) policy may spur the entry of global majors. The manufacturing policy cuts Customs duty to 15 per cent, given a minimum investment commitment. It calls for a minimum investment of Rs 4,150 crore (about $500 million) for making electric four wheelers (e-4Ws), with manufacturing to commence within three years of approval.
The ruling DMK in Tamil Nadu has won the Erode East bypoll with a massive margin, defeating actor-politician Seeman's NTK. The victory is seen as a boost for the DMK ahead of next year's Assembly elections. DMK candidate V C Chandhirakumar trounced Naam Tamilar Katchi's (NTK) M K Seethalakshmi by a margin of 91,558 votes, leading to the NTK forfeiting its deposit. Chief Minister and DMK president Stalin attributed the win to the DMK government's good governance, while AIADMK chief Edappadi K Palaniswami termed it a "fake" victory. The bypoll was necessitated due to the death of Congress MLA EVKS Elangovan last year.
Test drives for these vehicles will start in a phased manner from January 24, and bookings will begin from February 14.
Steel maker JSW Steel's Q3 results, announced on January 24, 2025, after market hours, failed to meet Street expectations. The company reported a consolidated net profit attributable to the owners of Rs 717 crore in Q3FY25, reflecting a 70.3 per cent decline Y-o-Y, compared to Rs 2,415 crore in Q3FY24.
The country's first ever carmaker, Hindustan Motors, is looking at a second coming. Talks are on for a joint venture with a European auto company focused on the electric vehicle (EV) space. A memorandum of understanding (MoU) has been signed and due diligence is expected to start shortly and will take 2-3 months to conclude.
Automotive (auto) major Mahindra & Mahindra (M&M), which is readying to launch nine sport utility vehicles (internal combustion engine/ICE), seven Born Electric Vehicles (BEVs), and seven light commercial vehicles by 2030, has outlined an investment of Rs 27,000 crore in its auto business between 2024-25 (FY25) and 2026-27 (FY27). Over the next three years, the company will deploy Rs 37,000 crore, including its auto business, farm business (Rs 5,000 crore), and service business (Rs 5,000 crore).
In March 2021, Ola Electric founder Bhavish Aggarwal was seen surveying an empty 500-acre land surrounded by shoe factories, temples, bakery shops, coconut trees and dusty roads in Pochampalli town of Krishnagiri district, Tamil Nadu. Many excavators and workers were busy at the construction site to build the Ola Futurefactory for electric vehicles.
The iCNG version of the Tata Nexon is quick, safe, eco-friendly, and it is affordable too, notes Rajesh Karkera/Rediff.com.
The BSA Gold Star is launched....Ola Enters e-motorbikes Biz... Bajaj, TVS To Enter e2Ws Market...
