It's bullish on electric vehicle segment as govt is keen to buy around 20-25k electric vehicles
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.
American automaker Ford on Thursday said that it had withdrawn plans to manufacture electric vehicles (EVs) in India and it won't invest in the country under the performance-linked incentive (PLI) scheme. "After careful review, we have decided to no longer pursue EV manufacturing for exports from any of the Indian plants. "We remain grateful to the government for approving our proposal under the PLI and for being supportive while we continued our exploration. "Ford India's previously announced business restructuring continues as planned, including exploring other alternatives for our manufacturing facilities.
In light of the recent incidents involving scooters from prominent electric mobility brands bursting into flames, the subject of electric vehicle (EV) safety has come under the spotlight. As many as 20 electric scooters of Nashik-based Jitendra EV Tech caught fire after being loaded on a transport container. While no one has been reported injured, the company said it is conducting an investigation to find the 'root cause' of the fire.
Ola Electric on Monday said it will foray into the electric car segment with plans to launch its first model by 2024. The company, which struggled with deliveries for its electric scooters after it announced entry into the segment exactly a year ago, has set an ambitious target of selling 10 lakh electric cars by 2026-2027. In a press conference, Ola founder and CEO Bhavish Aggarwal said Ola Electric aims to provide a range of electric two-wheelers to electric cars which are priced in the range of Rs 1 lakh to Rs 50 lakh.
Nirmala Sitharaman's messaging was clear when she presented a well-balanced Budget with an eye on state elections in nine states followed by a general election next year, observes Ramesh Menon.
Tamil Nadu secured investments worth Rs 1.44 trillion on Monday by signing of memoranda of understanding (MoU) with 60 companies, laying of foundation stones and inauguration of new projects.
The Delhi Pollution Control Committee (DPCC) on Tuesday ordered a complete ban on the sale and bursting of firecrackers in the national capital till January 1, 2022.
EV players suggest a reduction in the goods and services tax on batteries from 18 to 5 per cent as it would help push demand.
US hedge fund Tiger Global and Japanese investment giant SoftBank have trimmed their investments in Indian start-ups by over a third - from $3.8 billion in the second half of 2021 to a mere $1.08 billion in H1 2022, according to data from Venture Intelligence. While SoftBank's investments in India dropped from $1.9 billion in H2 2021 by more than a fifth to only $0.33 billion in H1 2022, that of Tiger Global fell from $1.92 to $0.74 billion in the same period. Private equity (PE) fund trackers point out that this year most of the deals that Tiger Global has invested in are in the early stage (up to series D), and only a few are in the series E and above.
The new scheme may link the incentives to the battery power - higher the power, higher the incentive and most electric two-wheelers running on Indian roads use low power and fast charging batteries.
Mutual funds have launched a clutch of new fund offers in the silver ETF (exchange traded fund) category this year and collected Rs 1,400 crore in assets after the introduction of the newly-created investment asset class by market regulator Sebi in 2021. Further, fund houses including Kotak Asset Management Company have filed draft documents with the markets regulator to float silver ETF as well as silver ETF fund of funds for investors, information with the Securities and Exchange Board of India (Sebi) showed. These NFOs (new fund offers) are providing an opportunity to the investors to digitally invest and own silver which is easily tradable during market hours.
Roads are becoming smarter even if the people driving on it are not. A set of smart technologies is making construction, maintenance, and traffic management much more efficient.
Tata Motors is planning to invest Rs 15,000 crore in the EV segment in the next five years, a top company official has said. The company, which is a leader in the newly emerging EV segment with offerings such as Nexon, is also planning to develop around 10 more new offerings in the segment, president for Passenger Vehicles Business of Tata Motors Shailesh Chandra said. "As far as future is concerned, in next five (years) we will invest Rs 15,000 crore in electrification.
The company further said once the situation was brought to its attention, it made the distributor acutely aware of the "inappropriateness of the action".
So far at least eight incidents of EV fires have been reported in just over a month's time.
Electric scooter registrations of eight companies which represent 95 per cent of the market have seen a sharp fall of over 24 per cent in May. They have registered 32,680 electric scooters against 43,098 in April according to VAHAN data from the Ministry of Road Transport and Highways available till the evening of 31 May. Auto analysts say the fall is a reflection of the initial pent up demand in the market for such vehicles,which was evinced in huge bookings, being met.
Many big countries are facing difficulties in doing so for their citizens, Modi said.
Village residents are asked to eat alone to avoid spreading potentially contagious droplets. Each seat is screened off with plexiglass.
Even as India goes green, lack of uniform standards for setting up charging stations is holding back companies. Alnoor Peermohamed reports.
The major reason for the policy confusion over e-vehicles is the lack of conviction within government about the utility of this disruptive technology and its role in India's larger Paris Agreement climate change commitments.
Recently, TPEM's first born electric concept, Avinya broke cover. The model promises a minimum range of 500 kilometres and advanced technology features, aimed at buyers in India and outside. TPEM, the newly formed entity may also consider a separate dedicated sales channel for the EVs with a distinctive corporate identity once the volumes reach a critical mass and throughput is large enough for the dealers to be profitable, said Chandra. Elaborating further on the hiring strategy he said, "We will hire from everywhere-wherever the talent of the required competency is available."
Parts of electric cars are costlier and repairing often means replacing an entire system, which drives insurance premium rates 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.
The electric vehicle evolution in India's passenger vehicle market has remained frozen in time and may see limited adoption over the next decade, experts say.
Electric mobility in India is touted to be the way to the future, but implementation of large-scale projects to bring infrastructure for charging is still lacking.
India has a history of jugaad, and retrofitting vehicles is one such manifestation of the legendary Indian skill. Not so long ago autorickshaws and small Marutis used to strap on subsidised LPG cylinders and power themselves to a cheap ride. There were the odd explosions, lives were lost, but the jugaad continued. Then compressed natural gas (CNG) was introduced in Delhi following a court order. Initially, customised CNG kits were fitted to conventional (internal combustion engine or ICE) autos cheaply, enabling commuting at less than half of what you would cough up for diesel. The industry is better organised now with Suzuki and Hyundai designing CNG-fired vehicles, and Mahindra and TVS manufacturing liquefied petroleum gas (LPG)-powered three wheelers.
Amid surging coronavirus cases in India, Finance Minister Nirmala Sitharaman on Tuesday made it clear that the government would not go for lockdowns in a big way and only resort to local containment. In a virtual meeting with World Bank Group president David Malpass, Sitharaman appreciated the initiatives of the World Bank to increase the lending space for India to enhance availability of finance for development.
Besides electric vehicles, some start-ups present are working in the area of bike customisation, motorsports, auto gaming arena, autonomous vehicle and so on
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.
The country's leading automobile show, the Auto Expo, which was scheduled to take place in February next year at Greater Noida, has been postponed due to the COVID-19 situation and apprehensions of a possible third wave, industry body SIAM said on Monday. The last edition of the biennial automobile show took place in February 2020. "The magnitude of the risk of spread of infection is extremely high in a business-to-consumer (B2C) show like the Auto Expo which is visited by large crowds and maintaining social distancing would be difficult.
Some Manchester United fans had previously urged Musk on Twitter to consider buying the club
Manchester United is one of the most famous names in world soccer but is currently in crisis
The institutional portion was subscribed 143 times, the wealthy investor portion by 360 times and the retail investor portion by 24.5 times.
The much awaited Mahindra e20 launched on Tuesday.
'Valuations are very attractive, and most companies are cash-rich with strong dividend yields.'
'Favourable product mix, sales recovery, and cost saving initiatives are expected to support margins going ahead while focus on debt reduction (target of debt free by FY24) will aid balance sheet strength'
While hybrids, CNG and biofuels found favour in 2018 among many carmakers including Maruti Suzuki, Mercedes-Benz, Toyota and Honda, others such as M&M and Tata Motors have shown full faith in electric vehicles.
Upon completion, the factory will create almost 10,000 jobs and will initially have an annual capacity of 2 million units.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances