The Ministry of Heavy Industries has approved 11 electric vehicle (EV) manufacturers, including Ather Energy, Bajaj Auto, Hero MotoCorp, Ola Electric, and Mahindra, to receive incentives under the recently introduced Electric Mobility Promotion Scheme (EMPS) 2024. "A total of 11 firms have been granted approval under the EMPS, with several more under consideration," informed a senior official of the ministry to Business Standard. The scheme aims to sustain the growth in EV sales, replacing the Faster Adoption and Manufacturing of Electric Vehicles - II (FAME-II) scheme.
South Korean auto major Hyundai Motor Co president & CEO Jose Munoz on Wednesday said the company's Indian arm will invest Rs 45,000 crore by FY30, aiming to make India its second-largest region globally. Addressing investors here in his first visit to the country, Munoz said Hyundai Motor India Ltd (HMIL) has set a target of up to 30 per cent export contribution.
India will never provide company or enterprise-specific incentives in the electric vehicle sector, a top government official said on Friday, amid a push from American electric carmaker Tesla for special sops to set up its factory in the country. If the government has to consider providing incentives then it will only be for all EV makers and entrants who want to come to India, the official said. The official added that inter-ministerial discussions have happened on the customs duty concession demand of the US-based electric car maker Tesla, but "we never" came to any conclusion on those.
Auto manufacturers have focused on launching CNG variants of their popular models to meet consumer demand for vehicles with lower running costs.
Starlink's application for offering satcom services in India had been held up for the company's inability to comply with mandatory ownership disclosure norms.
Any industrial policy is only as good as how it is applied and the other reforms that support it. This was as true 40 years ago as it is now, points out Debashis Basu.
Players like Ola Electric, Ather Energy, Kinetic Green and BGauss are introducing premium services and infrastructure enhancements.
Lining up its 2030 strategy, Hyundai said it was targeting up to 30 per cent export contribution and over 1.5-fold rise in revenue, to cross the 1 trillion milestone in five years.
The 17 rare earth elements that are at the centre of the current crisis are critical components of everyday products -- from cars to jet engines to electronics like smartphones and flat-screen TVs.
Dysprosium and terbium, two heavy rare earth elements with unique properties, are not available in extractable quantities in India.
In absolute terms, both types of cars must cut emissions by about 28-29 g/km. But in percentage terms, the lighter 900-kg car must reduce emissions by 27 per cent, while the 1,500-kg car needs a 22 per cent cut. And the target becomes progressively stringent for both -- but, once again, the tightening is sharper for the 900-kg car than for the 1500-kg car.
Tesla's official entry into the Indian market is expected in the final quarter of the current financial year.
Ola Electric is moving the delivery for the first batch of its electric scooters to between December 15 to the end of the month, a two- to four-week delay from its earlier schedule, due to a shortage of chipsets and electronic parts. The first batch of deliveries were scheduled for November 30 but the company decided to delay them after a meeting between its factory team and the global supply chain on Saturday. It became clear that the late delivery of chips and electronic parts was only 'getting worse', sources told Business Standard. Ola has apologised to customers for the delay and said it is "ramping up production as fast as we can so that you can get your Ola S1 at the earliest". It has stopped taking any new bookings until the chip shortage has eased, say sources.
The auto major is not just looking at domestic sales, but also planning to ramp up exports to key markets from here, like the Middle East, North Africa and Australia.
'We participate in the design/development of components and systems for electric vehicles, internal combustion engines, and hybrid vehicles.'
According to research by IHS Markit, for an ecosystem still grappling with infrastructure issues -- the high cost of EVs and a greater OEM (original equipment manufacturer) focus on electrifying two-wheelers and commercial vehicles first -- the share of such vehicles is expected to be 4 per cent by 2030, reports Pavan Lall.
'In terms of incentives, if you think about it, hybrids are a 20-year-old technology.'
Chinese electric carmaker BYD is focusing on launching vehicles in the Rs 25-45 lakh price range in India even as it continues to evaluate customer preferences and demand in more affordable segments, its Head of Electric Passenger Vehicles in India Rajeev Chauhan told Business Standard.
Under the scheme, the government will provide financial incentives for each electric vehicle sold in India during the remaining part of the 11th Plan.
'In April, we saw a 10 per cent growth in our own volumes.'
Sales of electric vehicles (EVs) in July touched 178,948 units, marking the highest monthly sales this financial year. This represents a 27.9 per cent increase from June, which saw 139,905 units sold, according to the Vahan data from the Ministry of Road Transport and Highways. The strong performance in July contributed to more than one million being sold in the first seven months of the calendar year.
In 2024 alone, South India saw the highest rise in sales in the luxury segment, with Tamil Nadu reportedly registering a 19.3 per cent increase in premium car registrations from 2022-23
Based on discussions with stakeholders, the ministry is proposing to allocate Rs 26,400 crore for FAME-III subsidy alone with electric two wheelers getting around Rs 8,158 crore, electric buses Rs 9,600 crore and electric three-wheelers Rs 4,100 crore, according to sources in the know. Along with some other components like setting up an innovation fund and money for testing , the total allocation could cross Rs 33,000 crore, estimates suggest.
'The real story of 2025 is that India officially stopped being a 'market of the future' and started acting as the world's primary economic engine.'
'Crude oil prices are around $66-67 per barrel now but could fall to $55-60 if global disturbances ease.'
Since April 4, around 35 importers in India have either not received any shipment of the magnets or have not been granted the import licences by China.
'A bus driver should possess a comprehensive road plan: Toll plazas, major hospitals, road conditions, repairs, diversions, and dangerous areas.' 'Only through such preparation can we save lives.' 'Otherwise, simply sitting in the driver's seat and pressing the accelerator -- anyone can do that.'
The BYD Sealion 7 offers instant, exhilarating power, effortlessly pinning you to your seat with a 0-100 km/h sprint in just 4.5 seconds -- a performance proudly showcased on its rear badging.
The state is also the biggest market for TVS, another incumbent player, and together with Bajaj Auto, they accounted for 88 per cent of Maharashtra's total electric scooter sales last month. As many as 8,417 units were sold in Maharashtra in September. Bajaj Auto's contribution was 4,048 vehicles and that of TVS was 3,389, according to model- and state-wise data from the Society of Indian Automobile Manufacturers (Siam).
To come up with first EV by 2025, expects market to grow two to three-fold in the next ten years.
Why is Shailesh Chandra, managing director of Tata Motors Passenger Vehicles and Tata Passenger Electric Mobility, not worried about the competition?
Hero MotoCorp is expecting its electric vehicle (EV) business to break even once it reaches monthly sales volumes of 25,000 to 30,000 units, which is a couple of years away, Chief Financial Officer (CFO) Vivek Anand said on Tuesday. "This year, in 2024-25 (FY25), if I really look at my EV performance, our volumes have grown by 200 per cent," Anand told analysts during the company's post-results conference call.
Govt will save Rs 30,000 cr in fuel by giving Rs 14,000 cr subsidy to industry for making electric vehicles.
'Gujarat is the frontrunner at present.'
'However, Tamil Nadu's robust automobile ecosystem and Telangana's aggressive incentives make them strong contenders.'
What transpired during that drive was one of the most compelling investment pitches made by an Indian state in decades.
The e2o is manufactured by Mahindra Reva Electric Vehicles.
Days after saying that there is no need for subsidies to achieve greater penetration of electric vehicles (EVs), Union Minister of Road Transport and Highways Nitin Gadkari on Monday clarified that the view is his own, but any official call on EV subsidies is not one that he can take.
'Primary buyers are commercial taxi and fleet operators and small businessmen.' 'CNG prices have been remarkably stable unlike petrol.'
Hyundai aims to raise exports to 30% of output by FY30 as domestic sales slow; six EVs among 26 product launches planned as part of long-term growth strategy.
More than 30 technology startups, collectively valued at $100 billion, are poised to go public by 2027, signalling a potential rebound in India's stock market activity, according to a report by investment bank The Rainmaker Group. Walmart-owned Flipkart, financial technology (fintech) leader PhonePe, SoftBank-backed Lenskart, Razorpay, Zetwerk, and Meesho are among the top companies preparing to go public in India.
