Led by Ola Electric, which registered an industry record of 53,186 vehicles in March, electric two-wheeler (e2W) penetration hit a record at 8.91 per cent - the highest ever for a month (based on Vahan data).
...But sales of domestic passenger vehicles dropped 2% to 3% year-on-year in August owing to low demand.
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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.
Electric two-wheeler company Ola Electric Mobility will float its initial public offering (IPO) on August 2, and a significant part of the proceeds will be used for capacity expansion of its cell manufacturing plant and revving up R&D. The initial share sale will conclude on August 6, and the bidding for anchor investors will open for a day on August 1, according to the red herring prospectus (RHP).
The government has taken a slew of steps to boost the sales of electric two-wheelers and three-wheelers under its Electric Mobility Promotion Scheme (EMPS) 2024, which includes allowing manufacturers to upload claims twice a month and gives them a 120-day window to submit it. The Rs 500-crore scheme -- which had replaced the flagship Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme-- comes to an end on July 31st.
Smaller players manufacturing electric two-wheelers (E2Ws) are unlikely to raise prices of their models initially in 2024 in order to ensure volumes do not drop. The prices of E2Ws range from Rs 90,000 to Rs 1 lakh, the players being Lohia Auto, Godawari Electric, Emobi, etc. As India's E2W sector gears up to go past one million in 2024, manufacturers are likely to maintain price stability, underpinned by strategic independence from subsidies under Faster Adoption and Manufacturing of Electric (and Hybrid) Vehicles II (FAME II), localisation efforts, sustainability initiatives, and a focus on affordability.
India's electric two-wheeler (E2W) sector is expected to cross the one million mark in 2024 fuelled by rising demand, increased production, and affordability, industry experts said, even as several original equipment makers are expanding their penetration to rural areas. Improved battery technology and innovative features are also likely to fuel growth, they said. "E2W sales will breach the 1-million mark in 2024 as the demand for electric two-wheelers is expected to continue growing due to factors such as environmental awareness, government incentives, and improvements in technology," Hyder Khan, chief executive officer (CEO), Godawari Electric Motors, said.
Jefferies has identified 11 stocks set to benefit from long-term macro trends like capital expenditures, government manufacturing initiatives, and financialisation.
When it comes to electric cars, the electric dream is turning out to be a six-letter word starting with f, ending with y, and having antas in between, notes Suveen Sinha.
The e2o isn't cheap, but it's a huge leap ahead from the original Reva.
The much awaited Mahindra e20 launched on Tuesday.
Chang'e-2 had gone past the moon after completing its mission and flew by the asteroid Toutatis on December 13, which the State Administration of Science, Technology and Industry for National Defence (SASTIND) claimed was the first time a space ship flew by the asteroid, named after a Celtic God.
The group also said it has plans to extend the electric mobility technology to its two-wheelers, while seeking support from the central government for pushing eco-friendly vehicles.
As the government plans no further extension of the scheme beyond FY24, the task is to achieve the unfinished target of subsidising 914,707 EVs.
The car entails a Rs 0.50/km cost vs Rs 4.5/km, diesel Rs 2.7/km and CNG Rs 2.12/km.
Manufacturers of electric vehicles (EVs) have been lukewarm to the ad hoc subsidy scheme announced by the Centre for them. Sector majors have not been enthused by the lower level of incentives in the scheme, which has replaced the flagship Faster Adoption and Manufacturing of Electric (and Hybrid) Vehicles-II. Moreover, increased stringency in claiming subsidies and delays in disbursement have been cited by several original equipment manufacturers (OEMs).
Mahindra Reva Electric Vehicles, a part of the Mahindra Group, on Tuesday slashed the price of its electric car e2o by up to Rs 1.7 lakh by introducing a scheme under which a consumer pays a rental fee for the battery.
The e2o is manufactured by Mahindra Reva Electric Vehicles.
New Delhi's timing couldn't have been worse, both for India's fledgling electric vehicle (EV) sector and prospective electric bike buyers. It was hard to miss the perfect storm brewing for India's EV industry since early 2022. On one hand, you had several accidents involving battery fires that unnerved consumers; on the other, uncertainty had crept in over subsidies.
Even though electric two wheeler (e2W) companies saw a slight recovery in July of 12 per cent with 49,518 registrations - after a wash out in June because the government slashed the FAME 2 subsidy by a third - registrations are still lower for the second month in a row compared to April FY24. The slow pace has raised doubts about whether the registrations will reach anywhere near either Niti Aayog's ambitious target of 2.4 million vehicles in FY24 or whether they will be closer to the trimmed down industry expectation of around one million. In June, e2W registrations plunged to a mere 44,253, the worst month in more than a year, as companies hiked scooter prices.
Businesspersons who have the potential to contribute to the economy of a country are given a red carpet welcome by way of a start-up visa.
Bajaj Auto has virtually closed the gap with Ather Energy in September, notching up 6423 EV registrations compared to 6466 registrations by Ather.
The carmaker was waiting for the government to announce sops for green vehicles in the Budget that would have help price the car lower.
India is sceptical that Tesla might import into the country cars made in China. Tesla executives were in India last month and appear to have proposed a factory in the country. But do not be surprised if that does not happen in a hurry.
The EV industry is at an inflection point and batteries will play a critical role ahead -- batteries and related components typically constitute 35-45 per cent of an EV's costs.
A complaint has been lodged with the Election Commission against Trinamool Congress Lok Sabha member Mahua Moitra for allegedly filing false election affidavits and tax evasion.
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.
as the FAME II deadline of March 31, 2024, nears, EV manufacturers are worried about their investments and future plans.
India will have 30 per cent of its two-wheeler industry turning electric by 2030 as new manufacturers lead the shift, said a report on Monday. Passenger vehicles will be 15 per cent electric and the three-wheeler segment 75 per cent electric by 2030, said the report by BNP Paribas called 'India Autos-Electric vehicles: Minutes to midnight'. "We see FY22 as the year of inflection for the two-wheeler EV industry, with an accelerated EV adoption helped by incentives, wider availability, model launches, rise in crude prices and improved general awareness. We see 30 per cent of the 2W industry turning electric by 2030; the pace of incentive withdrawal presents an upside/downside risk," the report (India Autos - Electric vehicles: Minutes to midnight) said.
Hospitals to recover from sluggish Q3; diagnostics' growth rate at pre-Covid levels.
Analysts have predicted a 23 per cent volume growth for the auto segment between FY22 and FY25, riding on the company's differentiated EV and SUV plan. M&M is already a market leader with a 36 per cent share in electric three-wheelers, and its Zaheerabad plant in Telangana is ready to cater to demand. In the farm segment, the company plans to focus on niche electric products.
Nearly a decade ago, the first fully electric vehicle (EV) caught fire on the road in the US. It was a model from Tesla, the world's most admired EV maker. A metal fragment punctured the underbelly of the vehicle, penetrating its battery pack, leading to a fire. Indian lawmakers and automakers have had nine years to study the incident (in fact, three Tesla Model Ss caught fire in two months in 2013) but seem to have learnt little.
Subsidies have been stopped for several manufacturers that are under investigation for alleged violations of local-sourcing rules.
'Through volume numbers and unit sales one can see, we are not making a loss'
Ratings agency ICRA on Wednesday revised downwards growth forecast for the domestic passenger vehicles industry to 8-11 per cent in the ongoing fiscal from the earlier estimate of 14-17 per cent on account of the ongoing semiconductor shortage. Similarly, for the two-wheeler segment, it said the volumes are expected to contract by 1-4 per cent in FY2022 against an earlier prediction of 6-8 per cent growth as affordability and demand sentiments of target clientele was hit sharply by the second wave of COVID-19 pandemic. With around 5 lakh units of production lost by various automakers in the passenger vehicles segment due to the semiconductor shortage, ICRA said the earnings loss for the OEMs (Original Equipment Manufacturers) could be around Rs 1,800 crore to Rs 2,000 crore for the ongoing fiscal.
With just a month left in this financial year, electric two-wheeler sales, so far, are at just 62 per cent of the ambitious target of 1 million units set for 2022-23 by the NITI Aayog. According to VAHAN data, compiled by the Society of Manufacturers of Electric Vehicles (SMEV), 620,006 units of electric two-wheelers were sold across the country in FY23 until February 21. Though the industry may miss the 1-million target, sales in FY23 are already up 146 per cent from 249,621 units sold in FY22.
State governments need to focus on building charging infrastructure to realise the goal of transitioning a large proportion of their sales to EVs, reports Ishaan Gera.
Society of Manufacturers of Electric Vehicle (SMEV) on Thursday said sales of EVs in India fell 20 per cent in the financial year 2020-21 to 236,802 units. In 2019-20 sales of electric vehicles (EVs), including electric two-wheelers (E2W), electric three-wheelers (E3W) and electric four-wheelers (E4W), stood at 295,683 units. For FY21, the E2W segment sales declined by 6 per cent to 143,837 units, as compared to 152,000 units in FY20, SMEV said in a statement, adding that the FY21 E2W sales included 40,836 high-speed and 103,000 low-speed E2W. The E3W segment registered sales of 88,378 units as against 140,683 units sold in FY20.
M2M refers to technologies that allow wireless and wired systems to communicate with other enabled-devices.
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