EV Monthly Jan - 2023

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January 2023
monthly
update
Lead Sponsors

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Contents
1. New Product Launches | 5
2. EV Sales Trends | 9
3. Policies and Regulations | 17
4. Charging Infrastructure & Battery Swapping | 21
5. Key Manufacturing Updates | 25
6. E-Bus Update | 27
7. Other Market Updates | 29
8. Deals & Investments | 37
9. JVs and Partnerships | 40
10. Global Market Updates | 44
4 4

1 New Product Launches

Table 1.1: India Launches – January 2023
Product Vehicle type Battery specifications Other specifications Price
• Range – 100 km
E2W • Max Speed – 70 km/hr INR1,49,000
Joy Mihos • 74V, 40Ah Lithium-ion
(E-motorbike) • Charging time – 4 to 5 hrs (Ex-showroom)
(0-100%)
• Range – 50 km for 12Ah,

60 km for 18 Ah (without
Godawari Eblu load) INR20,000-
E-bicycle • 36V/12Ah, 36V/18Ah
Spin • 40 km for 12Ah, 45 km for INR40,000
18 Ah (with load)
Godawari Eblu E3W INR3,40,000
• 10kWh Lithium-ion (Certified)
Rozee (Passenger) (Ex-showroom)
• Top Speed – 50 km/hr
E3W
MTA Shera Comfy • Fixed Lithium-ion • Top Speed – 45 km/h INR3,45,000
(Passenger)
• Payload – 500 kg
E3W
MTA Shera R8 • Fixed Lithium-ion • Top Speed – 45 km/h INR3,90,000
(Cargo)
• Max Speed – 45 km/h
E3W
ATUL MOBILI • 6.6kWh Lithium-ion • Payload – 350 kg Not disclosed
(Passenger)
• Charging time – 4 hrs (0-
80%)
• Range – 107 km (For

6.6kWh), 195 km (For
13.2kWh)
E3W • 6.6kWh, 13.2kWh
ATUL ENERGIE • Max Speed – 45 km/h Not disclosed
(Cargo) Lithium-ion
• Charging time – 4 hrs (0-
80%)

Product Vehicle type Battery specifications Other specifications Price
• Range – 98 km (ARAI
Altigreen neEV E3W • 8.2kWh
Certified); 85 km (City INR3,55,000
Tez (Cargo) LFP cell chemistry
drive)
E3W INR4,20,000
OSM Kraze • 51.2V LFP cell chemistry • Max Speed – 40 km/h
(Passenger) (Ex-showroom)
• Range – 100 km (True); 150

E3W • 8kWh NMC cell INR4,00,000
OSM Muse km (IDC)
(Passenger) chemistry (Ex-showroom)
• Top Speed – 50 km/h
• Range – 150 km (NEDC

E-Pick-up (With half load)) INR15,00,000
OSM M1KA 1.0 • 38.7kWh
Truck (N1) • Max Speed – 80 km/h (Ex-showroom)
• Charging time – 18 mins
• 72.6kWh Liquid cooled (10-80%) with 350 kW DC
INR44,95,000
Hyundai IONIQ 5 E-Car lithium-ion with battery charger, 57 mins (10–80%)
(Ex-showroom)
heating system with 50 kW DC charger, 6
hrs 55 mins (0-100%) with
11 kW AC charger
INR15,99,000
• Range – 375 km (IDC)
(For 3.3kW
• Charging time – 50 mins
Charger)
Mahindra (0-80%) with DC fast
E-Car • 34.5kWh
XUV400 EC charger, 6.5 hrs with 7.2
INR16,49,000
kW Charger, 13 hrs with
(For 7.2kW
3.3kW DC charger
Charger)
• Range – 456 km (IDC)

• Charging time – 50 mins INR18,99,000
Mahindra
E-Car • 39.4kWh (0-80%) with DC fast (For 7.2kW
XUV400 EL
charger, 6.5 hrs with 7.2 Charger)
kW Charger
• Advanced chemistry
JBM Galaxy E-Bus • Range – 1000 km (Daily) Not disclosed
lithium-ion
Source: Industry News Articles, Company Websites, JMK Research
6

Upcoming Launches
Series of new electric bikes, scooters from TVS in next 18

months
TVS is gearing up to launch multiple new electric models in different

segments in the next 18 months and these will fall in the 5kW to
25kW power output bracket. The already available iQube in the
market is powered by a 4.4kW motor, so the new models will most
likely be positioned above it. This indicates that TVS will be venturing
into the premium electric two-wheeler space, and could bring in
electric bikes as well.
Tata launches Nexon EV MAX XM at INR16.49 lakh; to hit the

market by April 2023
Tata Motors has launched a new variant of the Nexon EV—Nexon EV

MAX XM. The new model is priced at INR16.49 lakh (ex-showroom).
The delivery of the new variant will start in April 2023. The new variant
will come equipped with an electronic parking brake, automatic
climate control, electronic stability program with i-VBAC, ZConnect-
connected car tech with smartwatch connectivity, and rear disc
brakes.
Citroen India reveals electric eC3 hatchback with 320km

range
PCA Motors and Citroen have finally taken the wraps off the eC3, the
all-electric version of the C3 hatchback. Citroen has opened bookings
for eC3 for a token amount of INR25,000. Interested buyers can
book the EV from Citroen dealerships or through the brand’s official
website. The eC3 is an electric version of the C3 high-riding hatchback
and comes in two variants – Live and Feel. It will be available in
showrooms from February. The Citroen eC3 gets a 29.2kWh battery
pack and it comes with a 3.3kW onboard AC charger. It is also capable
of CCS2 fast charging. The eC3 has an ARAI-certified range of 320km
on a single charge. The eC3 can do the 0-60kmph run in 6.8 seconds
and has a top speed of 107kmph. As far as charging goes, it is
compatible with DC Fast Charging where it can charge from 10-80%
in 57 minutes. On a home charger, the battery can top up from 10-
100% in 10.5 hours.
7

Honda To Launch First Electric Scooter in India Next Year,

Plans More EVs Later
Honda Motorcycle and Scooter India is planning to launch its first

electric scooter in the country by March, 2024. While the first EV to be
launched will have a fixed battery, the second one will be offered with
swappable battery technology. The company also plans to utilise its
6,000 outlets across India to set up charging infrastructure for its EVs.
Skoda Auto India to enter EV market in FY2024
Skoda Auto India is on track to enter India’s electric passenger

vehicle market next fiscal with the Enyaq iV, its first electric SUV.
The company will sell it as an imported model and eventually get it
assembled locally.
8

2 EV Sales Trends
The overall EV sales in January 2023 witnessed a m-o-m decline of
~1.6% to reach 1,00,562 units. On a y-o-y basis however, EV sales in
January 2023 doubled from that of EV sales in January 2022.
Fig 2.1: Registered EV Sales Trend in India (January 2022– January 2023)
1,40,000
1,19,889 1,19,949
1,20,000
1,00,562
1,00,000 93,605
1,02,212
Units sold
77,128 79,720 88,129

80,000
66,745
73,046 73,257
60,000 49,672
54,557
40,000
20,000
0
Jan-22
Feb-22
Mar-22
Apr-22
May-22
Jun-22
Jul-22
Aug-22
Sep-22
Oct-22
Nov-22
Dec-22
Jan-23
Source: Vahan Dashboard, Company Press Releases, JMK Research
Note: Sales figures represent EVs registered across 1,342 RTOs in 34 states/ UTs.
As depicted in the figure below, EV registrations in January 2023

were again driven by electric two-wheelers and passenger-type
electric three-wheelers, which together accounted for 93.40% of
total registrations in the month. The shares of these categories were
followed by E-Cars (3.30%), cargo-type electric three-wheelers (3.17%),
and so on.
9

Category-wise EV sales
E-Bus, 0.10%
Electric Three-wheeler Cargo, Others, 0.04%
3.17%
Fig 2.2: Category-wise E-Car, 3.30%
EV Sales in January 2023
100%
= Electric Two- wheeler,
63.84%
1,00,562units
Electric Three-wheeler
Passenger, 29.56%
Source: Vahan Dashboard, JMK Research

Note: Sales figures represent EVs registered across 1,342 RTOs in 34 states/ UTs; Others include adapted vehicle, goods carrier,
and omni bus.
Among the states and UTs, Uttar Pradesh again replaced Maharashtra to secure number
one position in EV registration this month, pushing Maharashtra to the second position.
Karnataka attained third spot this month with 11% market share. This was followed by
Gujarat, Rajasthan, Tamil Nadu, and Delhi with 6% market shares each . While the top 3
states witnessed m-o-m increase in sales, almost all the other states witnessed decline in
sales this month.
Fig 2.3: State/wise Registered Uttar Pradesh, 17%

EV Sales – January 2023 Others, 14%
Andhra Pradesh, 3%
Odisha, 3%
Assam, 3%
100%
Maharashtra, 15%
=
Bihar, 5% 1,00,562 units
Kerala, 5%
Delhi, 6%
Karnataka, 11%
Tamil Nadu, 6%
Source: Vahan Dashboard, JMK Research Gujarat, 6% Rajasthan, 6%
Note: Sales figures represent EVs registered
across 1,342 RTOs in 34 states/ UTs. Others 10
include Chhattisgarh, Madhya Pradesh, Ut-
tarakhand, Punjab, and 18 other states/UTs.

High-Speed Electric Two-Wheeler (HS-E2W)
The overall HS E2W sales in India declined marginally by ~0.23%

m-o-m in January 2023 to reach 64,202 units. The Top 10 players
accounted for 91% of the total registrations witnessed in the month
of January 2023. On a y-o-y basis however, E2W sales in January 2023
surged by more than 130% from that of E2W sales in January 2022.
Fig 2.4: High-Speed E2W Sales Trend
79,844
80,000
76,162
70,000 64,348
64,202
60,000
49,591 51,517
49,141
50,000 52,999
Units Sold
42,245
45,563
40,000
39,438
32,416
30,000
27,568
20,000
10,000
0
Jan-22
Feb-22
Mar-22
Apr-22
May-22
Jun-22
Jul-22
Aug-22
Sep-22
Oct-22
Nov-22
Dec-22
Jan-23

Note: Sales figures represent only high-range E2W (Top speed > 25 kmph) registered across 1,342
RTOs in 34 states/ UTs.
Ola Electric retained its top slot this month as well with more than
18,200 units sold. TVS Motors retained its second position this month
as well. Ather and Hero electric swapped their positions, securing
third and fourth positions respectively. Kinetic Green Energy & Power
Solutions Ltd. made a surprise entry to the top 10 squad for the first
time this month.
11

Fig 2.5: Top High-Speed E2W Players in January 2023
20,000
19,000
Ola Electric
18,000
17,000
16,000
15,000
14,000
13,000
12,000
11,000
Units Sold
TVS
10,000
Ather
9,000
8,000
7,000
Hero Electric
6,000
5,000
Okinawa
Ampere
4,000
3,000 Bajaj
2,000
Okaya EV
Kinetic
1,000
Pure EV
0
Jul-22
Jan-22
Feb-22
Mar-22
Apr-22
May-22
Jun-22
Aug-22
Sep-22
Oct-22
Nov-22
Dec-22
Jan-23

Note: Sales figures represent only high-range E2W (Top speed > 25 kmph) registered across 1,342
RTOs in 34 states/ UTs. Others include Chetak, Jitendra New EV Tech, GoGreen E-mobility Private
Limited, MEW Electricals Ltd (BGauss), AMO Mobility, Twenty Two Motors, KLB KOMAKI, and 71
other players.
12

Electric Three-Wheeler (E3W)
The sales of registered passenger and cargo-type E3Ws in January

2023 stood at 29,724 units and 3,184 units respectively, signifying a
m-o-m decline of 2% for E3W - passenger and a decline of 12% for
E3W - cargo. Overall E3W sales recorded a m-o-m decline of ~3% over
last month. On a y-o-y basis, passenger E3W sales in January 2023
increased by 74% and cargo E3W sales increased by 68% from that of
passenger and cargo-type E3W sales in January 2022.
Fig 2.6: Sales Trend of E3W – Passenger (Left) and E3W - Cargo (Right)
35,000 4,000
3,500
30,000
3,000
25,000
2,500
20,000
Units Sold
Units Sold
2,000
15,000
1,500
10,000
1,000
5,000 500
0 0
Jan-22
Feb-22
Mar-22
Apr-22
May-22
Jun-22
Jul-22
Aug-22
Sep-22
Oct-22
Nov-22
Dec-22
Jan-23
Jan-22
Feb-22
Mar-22
Apr-22
May-22
Jun-22
Jul-22
Aug-22
Sep-22
Oct-22
Nov-22
Dec-22
Jan-23
Three-wheeler (Personal)
Three-wheeler (Passenger) Three-wheeler (Goods)
E-Rickshaw (P) E-Rickshaw with Cart (G)

Note: Sales figures represent E3Ws registered across 1,342 RTOs in 34 states/ UTs; E3W (Passenger
and Cargo) sales shown in the figure takes into account both e-rickshaw and three-wheeler classes
as categorized in the Vahan dashboard.
13

The cumulative sales of top 7 electric 3-wheeler players across

passenger and cargo segments in January 2023 accounted for 34.68%
share of the entire E3W market. Mahindra and YC Electric came in at
first (8.61% share) and second (~6.91% share) positions respectively.
This was followed by Saera Electric Auto (5.05%), Dilli Electric (4.06%),
Champion Poly Plast (3.40%), Mini Metro EV LLP (3.39%), and Piaggio
(3.25%).
Fig 2.7: Top E3W Players in January 2023
3,500
3,000
Mahindra
Electric Mobility
2,500
YC Electric
2,000
Units Sold
Saera
1,500
Dilli
Champion
MINI METRO
Piaggio vehicles
1,000
500
0
Jan-22
Feb-22
Mar-22
Apr-22
May-22
Jun-22
Jul-22
Aug-22
Sep-22
Oct-22
Nov-22
Dec-22
Jan-23

Note: Others made up 65.32% of the E3W market in January 2023; sales figures for players are in-
clusive of both cargo and passenger offerings; Sales figures represent E3Ws registered across 1,342
RTOs in 34 states/ UTs; E3W (Passenger and Cargo) sales shown in the figure takes into account
both e-rickshaw and three-wheeler classes as categorized in the Vahan dashboard.
14

Electric cars (E-Cars)
The total sales of E-cars in January 2023 stood at 3,318 units,

witnessing a m-o-m decline of ~11%. Tata Motors has been driving
the E-car sales this month as well. The Company accounted for ~73%
share (against 77% share of the market in December 2022) of the
total E-car registrations. Both Tata Motors and MG Motor have been
witnessing a decline in sales for the last couple of months. On a y-o-y
basis, E-Car sales in January 2023 increased by ~10% from that of
E-Car sales in January 2022.
Fig 2.8: Player-wise E-car sales trend

5,500
Tata Motors 4,984

MG Motor 4,907
4,950
Others
Total monthly E-car sales 4,445
4,325
4,400
4,239
3,894
3,796
3,850 3,739
3,561
3,318
3,300
Units Sold
3,021
2,933
2,750
2,659
2,200
1,650
HR 1,100
26
550
0
Jan-22
Feb-22
Mar-22
Apr-22
May-22
Jun-22
Jul-22
Aug-22
Sep-22
Oct-22
Nov-22
Dec-22
Jan-23

Note: Sales figures represent E-cars registered across 1,342 RTOs in 34 states/ UTs; Others include
Hyundai, BYD, Audi, Volvo Auto, Mahindra & Mahindra, Mercedes-Benz, BMW, Jaguar, KIA Motors,
GAIA New Energy, and Porsche.
15

Electric Buses (E-Buses)
The total sales of E-buses in January 2023 stood at 96 units,

witnessing a m-o-m decline of 32%. On a y-o-y basis also, E-Bus
sales in January 2023 decreased by ~24% from that of E-Bus sales in
January 2022.
This month’s sales were again driven by PMI Electro Mobility (with a
50% market share) followed by Switch Mobility (36%). This was then
followed by Mytrah Mobility (9%). Rest of the Companies – JBM Auto,
Olectra Greentech, and Ashok Leyland – witnessed miniscule sales
this month.
Fig 2.9: Player-wise E-bus sales trend
PMI Electro Mobility

100 Switch Mobility
Mytrah Mobility
JBM Auto
Olectra Greentech
80 Ashok Leyland
Tata Motors
VE Commercial vechicles Ltd
Units Sold
60
40
20
0
Jan-22
Feb-22
Mar-22
Apr-22
May-22
Jun-22
Jul-22
Aug-22
Sep-22
Oct-22
Nov-22
Dec-22
Jan-23

Note: Sales figures represent E-buses registered across 1,342 RTOs in 34 states/ UTs.
16

3 Policies and Regulations

Union Budget 2023-24 Highlights
Union Finance minister Ms. Nirmala Sitharaman presented the

union budget 2023-24 on Feb 1, 2023. The government has allocated
INR35,000 crore to achieve the energy transition, energy security and
net zero objectives, which will help the EV industry to work alongside
them in addressing the issues related to Climate Crisis. Battery
energy storage systems will be promoted by the government to steer
the economy on the sustainable development path with the capacity
of 4,000MWh.
The following changes introduced in duty for specified auto-
components / raw material/ inputs for auto-components/batteries/
battery components will have a direct impact on the EV ecosystem:
Specified capital goods/machinery for Nil Basic Customs

1 manufacture of lithium-ion cell for use in battery Duty (BCD) (upto
of electrically operated vehicle (EVs) March 31, 2024)
Lithium-ion cell for use in the manufacture of Prevailing rate of 5%

2 battery or battery pack of electrically operated BCD extended upto
vehicle (EVs) or hybrid motor vehicle March 31, 2024
Batteries for electrically operated vehicles, in- Prevailing rate of 5%

3 cluding two- and three-wheeled electric motor BCD extended upto
vehicles March 31, 2024
Specified Parts, components, and subparts for Prevailing rate of

4 use in manufacture of Lithium-ion battery and 2.5% BCD extended
battery pack upto March 31, 2024
Prevailing rate of
Inputs, parts or subparts for manufacture of PCBA
5 2.5% BCD extended
of Lithium-ion battery and battery pack
upto March 31, 2024
Custom duty rates
to increase from 30%
Vehicle (including electric vehicles) in Semi-
6 +3% social welfare
Knocked Down (SKD) form
surcharge (SWS) to
35% with nil SWS
Custom duty rates

Electrically operated Vehicle in Completely Built
to increase from
7. Unit (CBU) form, other than with CIF
60% + 6% SWS to
value more than USD 40,000
70% with nil SWS
17

Centre likely to announce EV battery safety and performance

standards this month
The Union Government may announce battery safety and

performance standards, which would play a major role in promoting
electric vehicle adoption and reducing pollution, this month.
Considering the concerns voiced by the industry about the adverse
impact of limiting dimensions, the standards, developed by the
Bureau of India Standards, would not limit the dimensions and size
of batteries. Certain minimum standards, called horizontal standards,
have been made to ensure safety. In order to avoid substandard
batteries, a certain bare minimum duration has also been fixed.
CESL invites bids to lease out 3,500 e-vehicles for a period of

up to 5 years
State-owned CESL has invited bids to lease out 3,500 electric

vehicles for a period of up to 5 years. The bids have been invited from
original equipment manufacturers (OEMs)/leasing agencies/NBFCs
for leasing the 4-watt battery-based cars to various departments
and autonomous bodies across 18 states and Union Territories for
a tenure of 3-5 years. These states/UTs include Delhi, Maharashtra,
Gujarat, Uttar Pradesh, Kerala, West Bengal, Haryana, Assam, Odisha,
Rajasthan, Madhya Pradesh, Bihar, and Goa among others.
Uttar Pradesh to refund subsidy to buyers deprived of

Electric Vehicle Policy benefits
Those who have purchased electric vehicles after the announcement

of the UP Electric Vehicle Policy in October 2022 but did not get the
promised subsidies on road tax, registration, etc., will now be eligible
for a refund. The policy could not be implemented then due to some
technical reasons, but it would provide refunds to all those who
purchased electric vehicles after the policy was announced. One does
not need to apply for a refund, and the amount will be credited to
their accounts directly.
Tamil Nadu EV policy set for booster charge
The Tamil Nadu government is all set to give a fresh charge to its
EV ecosystem by updating policy in February. The new policy has
taken cues from other top EV hubs such as Maharashtra, Gujarat,
and Karnataka. This includes demand-side incentives, a wider range
of supply side incentives, incentives for charging infrastructure, as
well as policy nudges to transform the current pool of diesel light
commercial vehicles into electric. The new policy is expected to offer
18

some incentives for retrofitting, especially commercial vehicles. The

new EV policy will also do a rethink on state subsidy to add to the
FAME 2 incentives. In addition, the government is mulling incentives
on battery charging and swapping but only for public charging and
swapping stations.
Tech companies flag issues with Delhi’s EV fleet draft policy

proposals
A group of tech companies has flagged certain proposals envisaged

in Delhi government’s draft aggregator policy floated last July, which
seeks to convert cabs and delivery fleets in the national capital to
electric vehicles in a phased manner. Industry body IndiaTech, which
represents companies such as Ola, Zomato, and Zepto, has argued in
its representation to the Delhi government that the implementation
of the policy could create a burden on delivery executives and cab
drivers who own or rent vehicles. IndiaTech has said that provisions
of the draft policy could impact 11 million gig workers in the Delhi-
National Capital Region who need to spend INR60,000-70,000
for purchasing a new electric two-wheeler or INR20,000-30,000
for retrofitting an ICE one. The industry body has recommended
lowering the two-year onboarding target to 10-15% (instead of the
proposed 10% EVs in the fleet within six months of the notification)
along with seeking increased efforts from the government to
facilitate the supply infrastructure.
Lens on EV makers’ claim to FAME subsidy: Testing agencies

to relook at eligibility
The Centre has directed testing agencies to relook at the Faster

Adoption and Manufacturing of (Hybrid and) Electric Vehicles in India
(FAME India) eligibility certificates of electric vehicle manufacturers.
This is being done after EV makers were alleged of mislabeling
imported components as domestically manufactured ones and
cornering the subsidy disbursed by the Centre. The center has
asked International Centre for Automotive Technology (ICAT) and
Automotive Research Association of India (ARAI) to once again check
whether the EV makers are honoring localization commitments that
were made while seeking the FAME subsidy.
Govt to recover wrongly claimed sops by EV makers
The Centre plans to initiate recovery of wrongly claimed subsidies

by electric vehicle makers under a dedicated INR10,000-crore
programme that was created to promote local manufacturing and
19

adoption of transport choices that do not leave tailpipe emissions.

The Ministry of Heavy Industries (MHI) has begun the process to
ascertain the quantum of subsidy used by manufacturers without
adhering to the specified degree of localisation committed for
availing monetary benefits from the scheme called Faster Adoption
and Manufacturing of (Hybrid and) Electric Vehicles in India. EV
manufacturers had committed to the government that they would
gradually increase the quantum of localisation in the vehicles they
sell in the country.
More EV companies lose subsidy as Centre’s probe deepens
The government has suspended the subsidies of around a dozen

more electric vehicle makers as investigations progress into alleged
incentives misappropriation by some companies under New Delhi’s
flagship promotion scheme for green transport technology. A
majority of the companies that have seen their subsidies recently
paused are engaged in manufacturing three-wheelers. These include
Victory Electric Vehicles, Thukral Electric, and Best Way Agencies,
among others. Reasons for suspending subsidies include non-
compliance with a parts localisation plan upon which the scheme is
incumbent, and using outdated battery technology unapproved for
the scheme.
Government official dismisses EV lobby claims on FAME

subsidy
A top government official has dismissed the claims of a lobby group

of electric vehicle makers that claimed that halting their subsidies for
the alleged violation of government norms was against the law. The
Ministry of Heavy Industries last year halted giving sops as part of an
EV promotion scheme to multiple companies like Hero Electric and
Okinawa Autotech after it was found that these companies allegedly
imported the parts used in their vehicles despite claiming otherwise.
The subsidies were part of the Faster Adoption and Manufacturing of
(Hybrid &) Electric Vehicles in India Phase-2 (FAME-2) scheme.
20

Charging Infrastructure
4 & Battery Swapping
Stakeholder(s)/ Player(s) Description
• Electric vehicle charge point operator Statiq has joined hands with car-
sharing marketplace Zoomcar for a pilot in the Delhi-NCR region to
enable EV owners to host on Zoomcar and earn additional income by
sharing with guests.
Statiq and Zoomcar
• EV owners wishing to rent out their vehicles would now be able to list
their EVs as hosts on Zoomcar’s app. Statiq's network of charging stations
will support the partnership for the hosts to find charging stations on the
go.
• Hyundai Motors India (HMIL) plans to introduce 10 fast chargers by the

first half of CY23.
• It has already installed its first two Ultra-Fast Public Charging stations
Hyundai Motors India (HMIL) across Hyderabad- Vijayawada (Narketpalle) and Delhi- Chandigarh
(Kurukshetra) highways even as it has envisaged setting up 10 Ultra-Fast
Public Chargers on the Hyderabad- Vijayawada, Delhi-Chandigarh, Delhi-
Jaipur, Mumbai-Pune, Bengaluru- Chennai highway belt.
• The Nashik Municipal Corporation (NMC) has set a March-end deadline

to set up 52 electric vehicle charging stations in the city. The NMC has
already identified locations for the charging stations. Also, as many as
35 charging stations would be set up by using funds received under the
Nashik Municipal Corporation
National Clean Air Programme (N-CAP).
(NMC)
• The civic body has already received INR10 crore for setting up charging
stations under the N-CAP, while the United Nations Development
Programme (UNDP) has agreed to provide funds for the remaining 22
charging stations.
• Tata Power has signed an agreement with GAIL Gas Limited to install DC
fast charging points at two of its CNG stations in Bengaluru.
• The partnership is in line with Tata Power's commitment to encourage
Tata Power and GAIL
and promote electric mobility across the country and GAIL Gas'
commitment to delivering convenience to its customers who wish to
switch to E-vehicles.
• Taiwan-headquartered electric vehicle and infrastructure company
Gogoro is advancing its plans to deploy a battery-swapping network in
India.
• The company, along with Belrise Industries (formerly known as Badve
Gogoro, Belrise, and
Engineering), has inked a strategic energy partnership with the
Maharashtra government
Maharashtra government to establish a battery-swapping infrastructure.
• As per the understanding, Gogoro and Belrise Industries are planning
21
a
50-50 JV to invest around US$2.5 billion (INR20,617 crore) over eight years
to build energy infrastructure across Maharashtra.

• Log9 Mobility, a wholly owned subsidiary of Log9 Materials, a Bengaluru-

based deep-tech and advanced battery tech start-up, has partnered with
Pulse Energy, an EV SaaS start-up to launch the country’s first WhatsApp-
based payment gateway for EV charging.
Log9 Mobility and Pulse
• As part of this partnership, the duo aims to provide a one-stop solution
Energy
for payments at charging stations, thereby ramping up the utilisation
of fast charging solutions for EV users. The WhatsApp payment option
will initially be available to drivers of electric three-wheelers and will later
expand to two-wheelers and four-wheelers EVs.
• Due to the rise of electric vehicles, the Maharashtra State Electricity

Distribution Company Limited (MSEDCL) has set up 12 EV charging
stations in Navi Mumbai. The charging cost has been kept lesser than the
rates at private EV stations.
Maharashtra State Electricity • The charging stations have been installed at the substation at Raghuleela
Distribution Company Limited Mall in sector 30 near Vashi railway station, Kharghar substation at
(MSEDCL) sector 2, substation at sector 19E near Galleria mall on Palm Beach Road,
Vashi, sector 15 Airoli substation, Pawane MIDC, sector 8 Rabale MIDC
substation, Indira Nagar central road, near Lubrizol company in Turbhe,
Tapal Naka in Panvel-Uran Road, sector 50 in Seawoods, sector 9 Palm
Beach Road Nerul and in sector 15 of CBD Belapur.
• The Automotive Research Association of India (ARAI) has launched its

100 kW DC fast charger for use on E-cars and E-buses, with the entity
Automotive Research planning technology transfers to expand its reach.
Association of India (ARAI) • The ARAI's Mobility Research Centre will include facilities for Advanced
Driver Assistance Systems, and cylinder tests, among others. The charger
charges a vehicle for a range of 300 km in 30 minutes.
• Sun Mobility, an energy infrastructure and services provider for electric

mobility, has said it aims to serve 10 lakh vehicles through its platform by
2025.
Sun Mobility
• The company unveiled its SwapX compact battery swapping station at
the Auto Expo 2023. The company also unveiled its next generation smart
battery, the S2.1, which has 45% more range and higher power.
22

• An EV charging station at Chaudhari Charan Singh International (CCSI)

airport has been inaugurated and has started functioning for the public.
Chaudhari Charan Singh This is the first fast EV charging station for common use in public places
International (CCSI) Airport, in Lucknow.
Lucknow • The charging station is capable of charging 30 vehicles in 24-hours.
Potential users can download (Adani Total Gas Limited) ATGL’s EV App
that is available on both Android and iOS.
• CHARGE ZONE, a technology-driven EV Charging Network company

announced a partnership with Snap-E, a leading provider of eco-friendly
public transport service, to set up EV charging infrastructure for Snap-E’s
CHARGE+ZONE and Snap-E fleet transportation.
• Through the partnership, CHARGE+ZONE aims to explore the installation,
commissioning, and maintenance of fleet transportation charging
stations for Snap-E’s cabs in and around Kolkata.
• Citroën India has announced a strategic partnership with Jio-bp, a fuels

and mobility joint venture between Reliance Industries Limited (RIL) and
bp, to build EV infrastructure and services across its network.
Citroën India and Jio-bp • Jio-bp will install DC fast chargers across Citroën’s key dealership network
and workshops across the country in phases. These chargers will also be
open to the entire universe of EV car customers to help boost EV adoption
among consumers.
• South Western Railway’s (SWR) Bengaluru division will be launching EV

charging infrastructure in three railway stations. The measure is expected
to help EV users who travel long distances using railways.
South Western Railway
• By the end of February, charging infrastructure could be seen in some
areas of the stations. As part of the pilot project, Yulu will install charging
machines at Krantivira Sangolli Rayanna, Hoodi, and KR Puram stations.
• Statiq, a leading electric vehicle charging network, has recently bagged a

Rajasthan Electronics & Instruments Ltd. (REIL) contract to supply 253 fast
chargers for 4 key highway projects connecting Agra-Lucknow, Meerut-
Statiq and Rajasthan
Gangotri, Chennai-Bellary, and Mangaldai-Wakro.
Electronics & Instruments Ltd.
• The state-owned company will procure the chargers from Statiq and
(REIL)
install them across these 4 highway projects. With this win, Statiq will
ensure an affordable, accessible, and reliable 4-wheeler charging network
on these corridors.
23

• Hyatt Regency Hotel & Residences Pune has joined hands with Fortum
Charge & Drive (C&D) India as its charging partner to install EV charging
points at their property for their guests.
• The charging stations are up and running at the hotel.
Fortum Charge & Drive (C&D) • Fortum C&D India is expanding the robust public charging network in
and Hyatt Regency Hotel & the country and has installed a base of 365+ public charging points across
Residences 12 states and 2 UTs including 4 highways. Fortum Charging network
includes 50/60 kW CCS/CHAdeMO chargers, Type-2 AC chargers, as well
as 15/20/30 KW DC001 chargers catering to EVs like Mercedes EQC, BMW
i3, Audi e-Tron, Hyundai Kona, MG ZS, Tata Nexon, Tata Tiago, Mahindra
eVerito /Tata Tigor etc.
• EKA Mobility, an electric vehicles and technology company and a

subsidiary of Pinnacle Industries Limited, announced a collaboration
with Shuzlan Energy, a charging infrastructure provider, to provide a
convenient and accessible EV charging infrastructure and advanced
EKA Mobility and Shuzlan
charging stations to customers for public transportation across India.
Energy
• Under the collaboration, Shuzlan Energy will be one of the official electric
charging solution providers for EKA’s 9-meter buses to set up ARAI and
OCPP certified stations of 30kW, 60kW, and 120kW for institutional
customers across the country.
• Electric two-wheeler maker KICK-EV and roadside assistance provider

AUTO i CARE plan to set up over 6,000 EV charging and service stations
in a phased manner across the country by March 2024. KICK-EV is the
KICK-EV and AUTO i CARE e-scooter brand of AUTO i Care.
• The goal is to install more than 6,000 charging and service stations
pan-India in the first phase, with around 1,000 of such stations across
Maharashtra, Goa, Rajasthan, Gujarat, and Karnataka.
Source: Industry news articles, JMK Research
24

5 Key Manufacturing Updates

Omega Seiki Mobility plans to invest INR 800 cr to set up two
manufacturing plants for batteries, powertrains
Electric vehicle maker Omega Seiki Mobility plans to invest INR

800 crore in the next two years to set up two new facilities to
manufacture batteries and powertrains in Maharashtra and Haryana
respectively. The company, a part of the Anglian Omega Group, has
formed a joint venture with iM3NY, a US-based battery technology
player, to bring the latter’s cell technology to the Indian market and
manufacture it locally. In phase one, OSM will primarily get cells from
China and do battery packs. In the second phase, it will build a cell
manufacturing facility. The first phase will start in June 2023, and
then the next phase will be in 2024-25. It will also manufacture six
electric vehicle powertrains with power capacities ranging from 7 KW
to 34 KW based on South Korean joint venture partner Jae Sung’s
technology in its bid to become a completely integrated electric
vehicle OEM.
Simple Energy opens new plant in Tamil Nadu
Simple Energy, a leading electric vehicle and clean energy start-up,

inaugurated its first manufacturing plant at Shoolagiri in Krishnagiri
district, Tamil Nadu. Named Simple Vision 1.0, the plant, set up with
an investment of INR100 crore, is ready to start the final process for
the production of its flagship vehicle, Simple ONE. Spread across
2,00,000 sq.ft., the plant can manufacture up to 1 million units
annually. The factory has a testing facility for its in-house vehicle
testing.
Ather Energy to manufacture 10 lakh more electric scooters,

eyes new EV factory
As electric two-wheeler adoption sees some stabilisation after

several fire incidents last year, leading EV player Ather Energy said
it is in talks with various state governments for establishing an
additional factory to meet the demand. The company is ramping up
manufacturing output and planning to add 10 lakh units capacity, in
addition to the 4,00,000 annual capacity that it currently has.
TN Cabinet gives nod to industrial projects costing

INR15,610.43 crore
25

The Tamil Nadu Cabinet approved industrial projects to the

tune of INR15,610.43 crore. The projects involve electric vehicle
manufacturing, cell manufacturing, automobile, wireless technology,
oxygen plant, and textiles. The projects will be spread across the State
and will come up in the districts of Krishnagiri, Theni, Pudukottai, and
in suburban Chennai.
Ola to buy 1500 acres in Tamil Nadu for EV factory
Ola Electric is set to acquire around 1,500 acres land in Tamil Nadu to
set up an electric vehicle factory. The state govt has approved Ola’s
plan to acquire the land and it might become one of the biggest
deals for a factory in the Indian automobile industry. It will house
the company’s electric vehicles manufacturing facility, a component
supplier ecosystem, and a battery cell manufacturing plant.
Tata Passenger Electric Mobility completes acquisition of

Ford India’s Sanand plant
Tata Passenger Electric Mobility Limited (TPEML), a subsidiary of Tata

Motors Limited (TML), has completed the acquisition of Ford India’s
Sanand vehicle manufacturing plant. The Tata companies executed
a Unit Transfer Agreement with Ford India Private Limited (FIPL)
on August 7, 2022 for the acquisition of FIPL’s manufacturing plant
at Sanand, Gujarat, which includes the entire land and buildings
(Sanand Property), the vehicle manufacturing plant along with
machinery and equipment, and transfer of all eligible employees for a
total consideration, exclusive of taxes, of INR725.7 Crore.
Mahindra & Mahindra receives approval for new electric

vehicle plant in Pune
Mahindra & Mahindra’s recently announced investment of INR10,000

crore for electric vehicles has been approved under the Maharashtra
Government’s industrial promotion scheme for EVs. The approval
extends to the company’s new manufacturing plant for electric
vehicles that will be built in Pune, Maharashtra, where the automaker
plans to build its upcoming Born Electric Vehicles.
5 industrial corridors in Rajasthan to be promoted as EV,

battery manufacturing hubs
The Rajasthan state government will work on developing five

industrial corridors as Electric Vehicle and batteries manufacturing
sectors along with incentives to promote use of electric vehicles.
These regions include Ajmer-Kishangarh, Rajsamand-Bhilwara,
Jaipur-Dausa, Jodhpur-Pali-Marwar Industrial area, and Khushkheda-
Bhiwadi-Neemrana Investment region.
26

6 E-BUS Updates
All 7,000 e-buses under FAME-II may ply on Indian roads in

next 1 year
All 7,000 electric buses under the FAME-II scheme are expected to
ply in different cities of the country in the next one year, as per Heavy
Industries ministry. Out of the 7,000 electric buses under the FAME-II
scheme, over 3,000 e-buses are already operating in the country.
50 electric buses launched in Delhi under FAME India Phase

II scheme
As many as 50 electric buses were launched in Delhi with support

under the FAME India Phase II scheme of the Ministry of Heavy
Industries. In 2019, the government approved INR10,000 crore for
a period of three years. Out of total budgetary support, about 86
percent of the fund has been allocated for incentives so as to create
demand for electric vehicles. The government placed orders for 3,538
electric buses. Out of this, a total of 1,716 buses have been deployed
so far.
CESL floats tender for 4,675 e-buses worth INR5,000 crore
State-owned Convergence Energy Services Ltd. (CESL), a wholly-

owned subsidiary of Energy Efficiency Services Ltd (EESL), has floated
a tender for 4,675 electric buses worth INR5,000 crore. This is the
second tender under the National Electric Bus Programme (NEBP).
Also, this is the third tender for electric buses following the ‘Grand
Challenge’ tender of 5,450 e-buses, and a recently concluded tender
for 6,465 e-buses. Three states - Delhi, Kerala and Telangana - are
covered in this tender and will deploy 2,400, 775 and 1,500 electric
buses respectively.
BEST to roll out first AC double-decker electric bus this

month
India’s first AC double-decker electric buses are all set to join the
BEST (Brihanmumbai Electric Supply and Transport) fleet by mid-
February, more than five months after union minister Nitin Gadkari
inaugurated the service. The buses were supposed to come out
on the road in September but getting the certification from the
Automotive Research Association of India took time. Switch Mobility,
27

a subsidiary of Ashok Leyland, is to deliver 50 buses in the first phase

and 10 of them are expected to arrive soon. Each vehicle costs INR2
crore and it can carry around 90 passengers.
In Noida, from March, 100 buses to take you home from

Metro stations
The GNIDA (Greater Noida Industrial Development Authority) will

start a new bus service with 100 new buses by March end to enhance
the connectivity between residential areas and the six metro stations.
In June 2022, the GNIDA proposed introducing 25 e-buses in Greater
Noida on the lines of Ghaziabad, but the project proposal later
changed to this current 100-bus service.
Switch Mobility to rope in dealers and partners to operate

e-bus contracts for STUs
Switch Mobility, the electric vehicle arm of Ashok Leyland, will involve
its dealer and supplier partners in operating electric buses for the
State Transport Undertakings (STUs) under the GCC (Gross Cost
Contract) model. The company has emerged as the highest (L1)
bidder in 3 of the 8 electric bus contracts, floated by the Government
of India-owned Convergence Energy Services Ltd (CESL).
E-bus tender discovers 29 per cent lower price than diesel

ones
The prices discovered for the 6,465 electric bus tenders were 29
per cent lower than what it costs to operate diesel buses as per
State-owned CESL. This unified tender includes demand for electric
buses from six Indian states & UTs – Delhi, Telangana, Haryana, Surat
(Gujarat), Kerala, and Arunachal Pradesh. This is the first tender
under the National Electric Bus Programme (NEBP). The lowest price
discovered for a 12-meter bus (intracity) was INR54.3/km and for
12-meter bus (intercity) was INR39.8/km. For a 9-meter bus, the price
discovered was INR54.46/km and for a 7-meter bus it was INR61.92/
km. The prices do not include any subsidies.
28

7 Other Market Updates
India’s EV market expected to cross 1 crore sales mark per

year by 2030
According to the Economic Survey 2022-23, the domestic electric

vehicle market is expected to grow at a compound annual growth
rate (CAGR) of 49 per cent between 2022 and 2030. It is expected
that the sector will achieve 1 crore unit annual sales by 2023 and it will
create 5 Crore direct and indirect jobs by 2036.
Mumbai’s EV population crosses 20k; at 2L, Maharashtra

boasts max e-cars & e-bikes among states
Mumbai’s electric vehicle population has touched 20,000 and crossed

the two-lakh mark in the state, as per latest transport statistics.
Mumbai continues to have the highest number of e-buses in 2023
and there are indications that three-wheelers may soon go electric
as will the kaali-peeli taxis and this could encourage private buyers
to go for e-vehicles as well. In addition, latest statistics showed more
preference for e-two wheelers than e-cars due to the convenience of
charging a battery and range anxiety. Across Maharashtra, there were
7,321 registrations in 2019 which rose to 1,30,377 registrations in 2022 -
nearly 18 times rise in demand despite two major Covid-19 lockdowns
when automobile sales had dipped.
EVolving India Inc plans to drive ahead on battery power
Vedanta and Tata Steel are among companies rolling out electric
vehicle policies to encourage employees to buy them in a year
that’s already expected to see record adoption of battery-powered
automobiles. Tech companies and banks too are doing their bit.
Capgemini, Cognizant, Barclays, Bank of New York Mellon, and Allianz
Technology are mandating that a certain proportion of vendors’
fleets for employee transportation should be electric. Hotel chains
such as Marriott and Novotel are stipulating a similar rule. MNCs
are conducting pilots of electric vehicle models to check on their
operational viability, which will lead to higher EV adoption.
Global car companies upbeat about faster adoption of luxury

EVs in India
Global luxury carmakers in India see adoption to electric vehicles
29

making a rapid stride in the segment as compared to the mass car

market and expect the penetration to be much faster 10-15% by the
end of 2023 and almost 50-60% by the end of the current decade.
Year-to-date (April to December) EV penetration in the mass car
segment stood at 0.8%, up 33 basis points from the FY22 level.
Renault considers making mass-market EVs in India
Renault is considering building a mass-market electric vehicle in

India, as part of a renewed push into a market where EV adoption
is expected to grow quickly from a small base. The company is
studying about launching a made-in-India electric version of its Kwid
hatchback. The review will assess potential demand, pricing, and the
ability to build the EV with local components.
As EVs gain traction, automakers trim ICE models
Amid growing popularity of electric vehicles among Indian buyers

and the government push towards reduced vehicular emissions,
automakers are cutting down on the number of car and SUV models
that run on conventional fuels. The number of petrol and diesel-
powered models sold in the Indian market has reduced 20% in about
four years — to 136 as of December 2022 from 168 in 2018-19. The
number of EV models rose to 18% from 3% in the same period, while
that of CNG-powered ones increased to 19% from 13%.
India identifies copper and lithium mines in Argentina
India has identified two lithium mines and one copper mine in
Argentina and it may acquire or lease them soon. In November 2022,
the Indian government sent a team of geologists to South America
to assess potential lithium deposits. The ownership or leasing rights
of the mines will be with Khanij Bidesh India Ltd (Kabil). It is a joint
venture of the National Aluminium Company (Nalco), Hindustan
Copper (HCL), and Mineral Exploration Corporation Ltd (MECL). It was
formed in 2019 to ensure the supply of strategic minerals in India’s
market.
Suzuki Motor Corp to launch 6 battery electric vehicles in

India by FY2030
Japan’s Suzuki Motor Corporation announced plans to introduce

six battery electric vehicles in India by FY2030 as part of its growth
strategy and achieve carbon neutrality by 2070 as per the target
set by the government. These six models are in addition to the
company’s SUV battery EV announced at the Auto Expo 2023 for
30

FY2024. By FY2030, battery EVs will account for 15 per cent of the
Company’s total product portfolio, while internal combustion engine
vehicles will account for 60 per cent and hybrid electric vehicles at 25
per cent.
Ola scooters report rising suspension failures
Ola scooters has released a statement where it has claimed ‘very

high impact road accidents’ as the cause for suspension failures in
its scooters. The statement follows the most recent incident where
a rider got injured when the scooter’s suspension failed and the
entire front wheel broke away. This is not usually seen with most two
wheelers and in Ola’s case it may be due to the fact that Ola is the
only company that currently uses this unique design for its single-
sided front suspension.
Electric two-wheeler sales may miss FY23 target of 10 lakh

units by 20 per cent
Electric two-wheeler sales could miss the target of 10 lakh units in

fiscal 2022-23 by 20 per cent, mainly due to withholding of around
INR1,100 crore subsidy by the government, according to industry
body SMEV. In 2022, sales of electric two-wheelers stood at around
6 lakh units, with three major electric two-wheeler makers - Hero
Electric, Ola and Okinawa - crossing the 1 lakh annual sales mark
for the first time. These original equipment manufacturers (OEMs)
dominated the E2W market, controlling over 50 per cent of the total
market share, and emerged as the top players in the category.
Zypp Electric launches ZyppDash fleet management

dashboard
Zypp Electric has launched ZyppDash - EV Fleet Management

Dashboard - to track the real-time location of its fleet operators’
vehicles and rider info which delivery partners can manage on duty
riders and allot orders through the application. Zypp, which is adding
1,000-1,500 electric scooters and 1,000+ riders every month, will as
part of its client Dashboard, introduce a rider efficiency tracking
system that will measure the time taken to complete orders. Also, the
dashboard will track the number of orders completed by each rider
over a given period of time and any other relevant metrics.
Okinawa Autotech opens R&D Centre in Italy, to unveil

electric cruiser soon
Okinawa Autotech, a leading electric two-wheeler manufacturer
31

in India, has inaugurated its first research and development centre

in Italy, in association with its joint venture partner Tacita. The
facility will focus on new product development, upgrading the
existing product portfolio, and also development of an all-new
electric powertrain to support the next generation of products from
Okinawa. The first product, which is designed at the global centre,
will be an electric cruiser motorcycle that is slated to be premiered
in the coming months in India. The company plans to invest Euro25
million (INR220 crore) over the next three years in the new facility.
JK Tyre set to offer new products for SUVs, EVs to suit Indian
terrain
Indian tyre major JK Tyre & Industries has unveiled its new range
of SUV (Sport Utility Vehicles) tyres – Ranger HPe and Ranger X-AT.
The new RANGER HPe is designed to cater to the fast-growing EV
(electric vehicle) demand while RANGER X-AT is specially designed to
handle extreme terrains. To complement the new product additions,
the company in its efforts to reinforce its foothold in Maharashtra,
inaugurated five new JK Tyre Steel Wheels-Brand Shops in the
Aurangabad and Nagpur regions.
BorgWarner opens new EV-focused propulsion engineering

centre in Bengaluru
American automotive supplier BorgWarner has expanded its

engineering footprint in India by setting up a new technology
centre – India Propulsion Engineering Centre (IPEC) – in Whitefield,
Bengaluru. BorgWarner will focus on developing EV-specific
products such as inverters, DC-DC converters, on-board chargers,
integrated drive modules, and battery management systems
(BMS) in line with its roadmap of targeting 45% revenues from EV
components by 2030.
Tata Nexon EV prices slashed by INR85,000
Tata Motors has reduced prices for its Nexon EV model. Prices for the
Tata Nexon EV now start at INRR14.49 lakh (ex-showroom) for the
Prime versions and top out at INR18.99 lakh (ex-showroom) for the
Max. The Nexon EV Max now also sees a bump in its claimed range
at 453km (which is 16km more than the previously claimed range
of 437km). The price reduction is a response to the new Mahindra
XUV400, the prices of which were announced just a few days back.
32

Nashik-based modular EV start-up wins national award
Revamp Moto Pvt Ltd, a Nashik-based modular EV start-up, has

bagged the National Start-up Award in the ‘Transport Service and
Infrastructure’ category. Union minister of commerce and industry
Piyush Goyal presented the award to the winners — Jayesh Tope,
Pritish Mahajan, and Pushkaraj Salunke (the three partners of
Revamp Moto Pvt Ltd) — in New Delhi on the culmination of the
Start-up India Innovation week.
TN sets ball rolling to set up INR1k-crore climate fund
The Tamil Nadu government issued orders to set up INR1,000-

crore Tamil Nadu Green Climate Fund (TNGCF) to support various
climate change-related initiatives and mitigation and greening
projects. The first-of-its-kind fund in the country will mobilise
resources from government, development finance institutions, and
international climate funds. The fund will be managed by the Tamil
Nadu Infrastructure Fund Management Corporation (TNIFMC) Ltd
with a green shoe option of another INR1,000 crore. The fund will
be created through equity, equity-linked instruments, debentures,
and convertible instruments, among others, with a 10-year tenure
extendable by up to two years.
Fourth electric vehicle inducted to MIA fleet
Mangaluru International Airport (MIA) added a fourth electric vehicle

to its vehicle pool for the current fiscal on the occasion of Makara
Sankranti. The airport, in August 2022 had last procured two EVs
for its routine operations and added one more in October 2022. The
specialty of this fourth EV is that it is an SUV that has been modified
into a ‘Follow-Me’ or ‘Apron Control’ vehicle for exclusive use on the
airside, giving it the distinction of being among the few airports
in India to induct an EV for this express purpose. Airports provide
Follow-Me vehicles for convenience, safety, or a combination of both
and act as a visual aid to guide aircraft from place to place.
Mahindra introduces NEMO Driver App for 3-wheeler EVs
Mahindra Electric Mobility (MEML) has introduced the NEMO Driver

app to help its customers deal with range anxiety and plans to
charge cycles to increase operational efficiency for its Treo range of
electric three-wheelers. The NEMO app lets the driver get updates
like state of Charge (SoC), Distance to Empty (DTE), and Time to
33

Charge (TTC) and assists the Mahindra Customer to find his Vehicle
and navigate to its accurate location.
Tata Motors begins deliveries of new Ace EV priced at

INR9.99 lakh
Tata Motors, India’s largest commercial vehicle manufacturer, began

deliveries of the all-new Ace EV, India’s most advanced zero-emission,
a four-wheeled small commercial vehicle for intra-city cargo
transport, with prices starting from INR 9.99 lakh (ex-showroom).
The first fleet of the Ace EV was delivered to leading e-commerce,
FMCG, and courier companies and their logistics services providers
like Amazon, Delhivery, DHL (Express & Supply Chain), FedEx, Flipkart,
Johnson & Johnson Consumer Health, MoEVing, Safexpress, and
Trent Limited.
ANAND Group unfolds new cleantech platform ‘ANEVOLVE’

for e-mobility
ANAND Group, one of India’s leading auto component and systems

group, announced its new cleantech platform, ‘ANEVOLVE’ to create,
design, and manufacture green technology solutions for electric
mobility and other sectors. At ANEVOLVE’s launch at the Auto Expo
in New Delhi, the company announced three partnerships with
sustainable solution providers from Japan, Israel, and Britain.
Sundram Fasteners bags USD$250 million deal from global

auto maker
Sundram Fasteners Ltd, engaged in manufacturing of auto

components has bagged a US$250 million (INR2,025 crore) contract
from a top automobile manufacturer for supply of sub-assemblies
to its electric vehicle segment. Sundram Fasteners has drawn up
plans to invest INR200 crore to support the new order received from
the global automobile manufacturer. The company would ship the
parts from its powertrain divisions located at Mahindra World City in
Chengalpattu, Tamil Nadu, and Sri City, Andhra Pradesh. The parts
will be serviced from the company’s warehouse in North America.
FedEx India deploys EVs to achieve the goal of zero-emission

last-mile delivery
Transportation company FedEx Express deployed 30 TATA Ace EVs in

Delhi to advance the sustainability goal of zero-emissions last-mile
34

delivery in India. The company plans to transform its entire parcel

pickup and delivery fleet to zero-emission electric vehicles globally by
2040.
Ather energy rolls out upgrade to its EV 2-wheeler software

AtherStack 5.0
Homegrown electric vehicle company Ather Energy has rolled out

AtherStack 5.0, the biggest upgrade to its software engine which
drives the vehicle. AtherStack 5.0 will be powering a brand-new user
interface (UI) for the dashboard in addition to launching vector maps
powered by Google. Built on numerous interconnected layers of
software, firmware, system intelligence, and algorithms, AtherStack is
the software engine that powers every single user experience on the
Ather 450X.
VoltUp to deploy half a million high-speed electric two-

wheelers in next five years
Mumbai-based start-up VoltUp plans to deploy half a million high-

speed electric two-wheelers in the next five years to accelerate the
shift to e-mobility. In the first phase, VoltUp will put 30,000 electric
two-wheelers on the road in the next one year to cater to both last-
mile delivery service providers as well as individual users for daily
transport. The company has reached an agreement to source 30,000
units from Hero Electric for around INR280 crore, which will be leased
out to firms operating in the business-to-business (B2B) space as well
as individual consumers.
BLive opens new store in Rourkela, Odisha
BLive, a multi-brand electric vehicle platform, has opened its first

multi-brand experience store in Rourkela, Odisha. The BLive EV Store
offers a wide range of electric vehicles from multiple EV brands,
expert support, easy finance, and exciting offers. Buyers can opt
for EVs at EMIs as low as INR2,000 per month for a range of electric
scooters, cycles, motorcycles, and delivery vehicles. The store has on
display electric vehicles from renowned brands such as Kinetic Green,
Hero lector, LML - Detel, Batt:re, Gemopia, Techo Electra, E-Motorrad,
and others.
EVeium launches its largest Experience Hub in Calicut
EVeium Smart Mobility, an electric 2-wheeler brand under Ellysium

Automotives, has launched a new experience hub in the city of
35

Calicut, Kerala. The experience hub will be under the dealership

name Hexa Motors. The hub, measuring 3,000 sq. ft, is located on
Kannur Road in the heart of Athanikkal, a hub for all automotive
manufacturers, both two and four-wheelers. In addition, the
Company has launched a new experience hub in Pune with Sarnot
Autolines. The experience hub will showcase all the 3 premium
electric scooters from the brand: Cosmo, Comet, and Czar.
Godawari Electric Motors opens its first EV showroom in

Maharashtra
Godawari Electric Motors, a maker of the Eblu range of products,

inaugurated its first showroom Sourabh Wheels Private Limited in
Pune, Maharashtra. The showroom will showcase the journey of the
brand and become a single touch point for the end-to-end EV needs
of the customers.
BYD inaugurates second PV showroom in Bengaluru
The world’s leading new energy vehicle manufacturer BYD India has
inaugurated its second passenger vehicle showroom in Bengaluru,
Karnataka. The showroom is run and managed by PPS Motors. PPS
Motors, located in the software hub in Mahadevapura where most
of the automobile dealers are present, will provide access to BYD’s
pure electric vehicles with high-quality services for its consumers in
Karnataka. Spread across 4,300 sq.ft, the showroom has well-trained
technicians, service equipment, service bays, a customer lounge,
and a showroom display floor, offering customers the best in-store
experience.
Ola plans Bengaluru EV cab service pilot with 1,000 cars
Ride-hailing company Ola is planning to start its own electric vehicle

cab service and will begin the pilot in Bengaluru with around 1,000
cabs. It will be available on the Ola app as a separate category along
with regular cabs and auto service. The company eventually plans to
36

8 Deals & Investments

Company Deal value
Company type Deal type Investor(s) Details
name (INR Crore)
Bharat Coimbatore EV maker

New-energy EV BNC gets strategic
Equity Musashi Seimitsu Industry 40-50
Company Manufacturer investment from
(BNC) Japanese partner
Electric Scooter Mobility start-up

Bounce Manufacturer and Bounce raises US$20
Equity Sequoia 163
Infinity Battery Swapping million from existing
Company investors
Amara Raja Batteries Ltd,

Petronas Ventures, Incred
Log9 Material raises
Log9 Battery Financial Services, Unity
Equity 325 $40 million from Amara
Materials Manufacturer Small Finance Bank, Oxyzo
Raja, Petronas, others
Financial Services and
Western Capital Advisors
TI Clean Mobility
Cellestial
Electric Tractor TI Clean Mobility Pvt. Ltd. consolidates holding
E-Mobility Pvt. Equity 50.9
Manufacturer (TICMPL) in e-tractor start-up
Ltd.
Cellestial
App-based Park+ raises US$17

Epiq Capital, Sequoia
Aggregator for million in Series C
Capital, Matrix Partners
Park+ Cars (including Equity 140 funding from Epiq
India, serial entrepreneur
Electric Vehicle Capital, Sequoia and
and Kunal Khattar
Charging) Matrix
Green Frontier Capital,

Blume Ventures, and
Electric Pe targets five-
Electric vehicle Micelio Fund. Dubai-based
city network expansion
Electric Pe charging app Equity NB Ventures, Anchorage 40
from its US$5million
aggregator Capital Partners,
funding
Supermorpheus, and
Climate Angels
Source: Industry news articles, JMK Research
37

Amara Raja Batteries to sell & transfer new energy business

to wholly owned arm ARACT for INR 167 crore consideration
Industrial and automotive batteries maker Amara Raja Batteries

Limited (ARBL) announced the sale and transfer of its new energy
business to its wholly owned subsidiary Amara Raja Advance Cell
Technologies Pvt. Ltd. (ARACT) for a lumpsum consideration of
INR167.2 crore subject to adjustment. The new energy business of
ARBL comprises lithium-ion cell and battery pack manufacturing
as well as an R&D pilot plant for prototyping and manufacturing of
Li-ion cells. ARACT, on the other hand, is engaged in developing and
manufacturing energy storage and management products, solutions
and technologies related to advanced cell chemistries such as lithium
cells and battery packs.
Triton EV to acquire AMW Motors’ Bhuj manufacturing plant

for INR210 crore
Electric vehicle maker Triton EV is in the process to acquire debt-

ridden AMW Motors’ manufacturing plant in Bhuj, Gujarat, for INR210
crore. The National Company Law Tribunal, Ahmedabad bench has
approved a resolution plan submitted by Triton Electric Vehicle LLC
last month. Triton Electric Vehicle LLC has emerged as the successful
bidder for the plant and machinery, land and building etc. of AMW
Motors.
Kia India to invest INR2,000 crore in EVs, to introduce new

e-RV in 2025
In line with its endeavor of moving towards sustainability and

offering greener mobility solutions in the market, Kia India will invest
INR2,000 crore into its EV programme for the country and introduce
a new all-electric recreational vehicle (RV) in the market in 2025.
The investment has been committed towards R&D, infrastructure
development, and manufacturing capabilities to allow it to locally
produce EVs in India starting with the new e-RV in 2025.
MG Motor India to invest US$100 million to expand capacity,

eyes 70 percent growth in 2023
Backed by improved supplies and sustained booking momentum,

MG Motor, the British brand owned by China’s largest automaker
Shanghai Automotive, plans to invest US$100 million (INR810
Crore) to expand capacity at its existing facility in Halol, Gujarat and
expand the product portfolio in EVs. The company is planning to
38

increase capacity from 1.2 lakh to 1.4-1.5 lakh units this year through
a debottlenecking exercise, which will fulfil its requirements for the
next few years.
RattanIndia Enterprises completes acquisition of EV

company Revolt Motors
RattanIndia Enterprises Limited has completed the acquisition

of 100% shareholding in the electric motorcycles company Revolt
Motors. This will make Revolt Motors a wholly-owned subsidiary of
RattanIndia. Revolt Motors, with its manufacturing facility in Manesar,
Haryana, has 30 dealerships spread across the country. With this
100% acquisition of Revolt Motors, RattanIndia Enterprises seeks to
scale up Revolt’s growth and make it the largest EV two-wheeler
company in the country.
Hero Motors raises equity from PE firm GEF Capital Partners
In a bid to accelerate its push in the electric vehicle space, Hero

Motors, the auto-components arm of Hero Motors Company (HMC)
Group, has raised equity from private equity firm GEF Capital
Partners and its Limited Partners for a minority stake for an
undisclosed sum. With a total investment of INR1,500 crore planned
for the coming three years, Hero Motors aims to transform itself into
a Global EV Solutions Company from India. The funds will be utilized
to augment its growth and expansion with a significant focus on
serving top global OEMs in the EV sector. The company also plans to
set up additional technology centers for research and development
(R&D), along with expanding its presence globally by opening new
facilities to cater to its customers’ growing demands.
39

9 JVS & Partnerships

Companies involved Purpose of Partnership
• Storage battery maker and distributor Sunlit Power has collaborated

with Lucas TVS under which it will supply 50,000 electric vehicle motors
and controllers manufactured by the TVS group company to various
Sunlit Power and Lucas TVS industries.
• It will include motors with 1kW-15kW capacity for various applications
including those for two-wheelers, high-speed passenger autos, and
pick-up vans.
• Hero Electric has entered into a long-term partnership with Maxwell

Energy Systems for the supply of advanced battery management
Hero Electric and Maxwell systems.
Energy Systems • Under the partnership, Maxwell will supply more than 10 lakh units of its
battery management systems (BMS) over the next three years to Hero
Electric.
• Auto giant Tata Motors has partnered with leading private lender ICICI
Bank to encourage the adoption of electric vehicles in the country.
Tata Motors and ICICI Bank • Under the tie-up, ICICI Bank will provide inventory funding to EV dealers
of Tata Motors. This would be one of its kind inventory financing program
for dealers of Tata Motors.
• Electric One, a leading electric vehicle superstore chain has signed a

Memorandum of Understanding with the legendary cricketer Arjuna
Ranatunga to enter the Sri Lankan 2-wheeler market through the newly-
Electric One and Arjuna Ra- formed joint venture company - Electric One Lanka Pvt. Ltd.
natunga (Legendary Sri Lankan • This joint venture will endeavour to set up over 50 retail outlets co-
cricketer) branded as ‘Electric One powered by AR’ stores across the country in the
next five years. The JV will invest about US$5 million (INR40.5 Crore) over
the next three years, starting with retail and distribution in the first phase
and followed by local assembly and manufacturing in the second phase.
40

• Bengaluru-based Rajesh Exports, one of the three selected participants

in the Government of India's INR18,100 Crore Production Linked Incentive
(PLI) Scheme for Advanced Chemistry Cell (ACC) Battery Storage, has
signed a tripartite agreement with the Union Ministry of Heavy Industries
Rajesh Exports, MHI, and De-
and the Department of Industries and Commerce, Government of
partment of Industries and
Karnataka, for setting up a battery cell manufacturing facility in the state.
Commerce (Government of
• As per the requirement of the PLI Scheme, the company has
Karnataka)
incorporated a 100 percent subsidiary firm 'ACC Energy Storage Pvt Ltd'
for the execution of the 5 GWh project for manufacturing advanced
chemistry lithium-ion cells for making battery packs for EVs and energy
storage.
• Saera Electric Auto Private Limited (SEAPL), one of the leading players in
the electric vehicle industry, has signed a vehicle financing contract with
a non-banking financial company (NBFC), AMU Leasing Pvt. Ltd.
• Under the agreement, customers planning to buy electric vehicles from
Saera Electric and AMU leasing
SEAPL can avail easy financing options from ALPL.
• Saera Electric Auto is a subsidiary of the Satra Group of Companies, which
has a diversified business portfolio in domains like automobile spare
parts, electric vehicles, and agriculture equipment.
• e-Rise EV, a Rohtak based electric two-wheeler OEM, has tied up

with Ipower Batteries Pvt Ltd, one of the leading EV battery pack
manufacturing companies, to install a first of its kind EV battery service
centre at e-Rise’s physical stores.
e-Rise EV and Ipower
• Under the agreement, Ipower will train the service staff of e-Rise EV to
equip them with technical knowledge of handling Li-Ion batteries and
other related issues pertaining to batteries that the customer faces from
time to time.
• Mufin Green Finance Ltd, a listed NBFC for electric vehicle and climate
financing, has partnered with IREDA (Indian Renewable Energy
Development Agency) to strengthen its retail EV portfolio for two and
Mufin Green Finance and Indi-
three-wheeler (mainly E-rickshaw and E-auto vehicles) pan India over a
an Renewable Energy Develop-
period of time.
ment Agency (IREDA)
• Muffin Green Finance intends to extend its reach to 5000 consumers to
start with and eventually reach more than 1,00,000 consumers through
this partnership.
41

• ARENQ, manufacturer and distributor of storage batteries, has recently

announced a long-term partnership with KAL (Kerala Automobile
Limited), the public sector automobile manufacturing company, to
ARENQ and Kerala Automobile supply motors, motor controllers, and batteries for all their electric
Limited (KAL) vehicles.
• The companies will also jointly conduct R&D for new designs and product
development. ARENQ has forged a three-year association with KAL for
the distribution of e-vehicles in Kerala and Maharashtra.
• Electric commercial vehicle maker Etrio Automobiles, in collaboration

with EV financing platform Turno, will deploy 1,000 e-three-wheelers
pan-India in the next 12 months. The deployment of these vehicles will
commence from cities such as Delhi, Hyderabad, and Chennai where
both Etrio and Turno have a strong presence and eventually expand to
Etrio Automobiles and Turno
various other parts of India.
• As a part of this collaboration, the eCV makers' flagship model 'Touro
Max' vehicles would be deployed across a range of first-mile and last-
mile logistics, and commercial transport use-cases including retail and
e-commerce logistics, gas delivery, and agri-logistics.
• Pune-based electric vehicle start-up Weber Drivetrain has announced a

strategic Technology Transfer partnership with China-based Wuxi Lingbo
Electronic Technology to manufacture controller and BMS for electric
two-wheeler vehicles in India.
Weber Drivetrain and Wuxi • Under this collaboration, Wuxi Lingbo has granted Weber Drivetrain two
Lingbo innovative patent technologies along with all design, architecture, layout,
hardware designs and software, ushering in a new phase of development
in the Indian EV market. Weber Drivetrain has committed to the
complete local manufacturing of Controller and BMS for electric two-
wheelers and is all geared up to market its set of products this month.
• Gogoro, Taiwan’s largest electric two-wheeler manufacturer and

battery swapping major, has taken the next step in its India-market
entry plans. The battery-swapping specialist has entered into a
contract manufacturing partnership with Tier 1 automotive component
Gogoro and Metalman Auto manufacturer – Metalman Auto – to produce a range of electric scooters
in India.
• Production is set to begin in mid-2023, and Metalman Auto will
manufacture a range of two-wheelers for Gogoro from its plant in Waluj,
Aurangabad, Maharashtra.
42

• Mercedes-Benz Energy and Noida-based Lohum CleanTech, a battery

recycling management company, have announced a strategic
partnership to repurpose EV batteries. Lohum is Mercedes-Benz Energy’s
first partner in Asia as both the companies continue to push sustainability
Mercedes Benz Energy and
across the battery supply chain.
Lohum
• The agreement will enable Lohum to receive consistent volumes of
second-use batteries from Mercedes-Benz Energy (MBE), which it will
recycle through its hydro met plant once they reach the end of its life-
cycle.
• Gurugram-headquartered EV charging solutions provider Exicom

has inked a pact with Hero Electric, an EV maker, to supply Battery
Management Systems (BMS) for the latter’s electric two-wheelers in India.
Exicom and Hero Electric • As per the agreement, Exicom will supply over 5 lakh units of its BMS to
the EV maker annually. Its BMS would allow Hero Electric to comply with
the AIS-156 safety standards applicable from March 2023, phase 1 of which
came into effect from December 2022.
• 3W EV fleet operator 3eco Systems and advanced battery-tech and deep-

tech start-up Log9 Materials will collaborate to deploy more than 2,000
InstaCharged heavy-duty Shakti 8 Cargo (S8Ci) EVs across India over the
3eco Systems and Log9 Mate- next 18 months.
rials • The vehicles’ deployments will be initiated in Bengaluru, Hyderabad,
and Chennai and will later be extended to other metro cities. These
commercial electric vehicles will cater to e-commerce and hyperlocal
logistics players such as Amazon, Flipkart, and Big Basket.
• Greaves Cotton Limited, a leading manufacturer of Cleantech Powertrain

Solutions, has collaborated with Eta Green Power Ltd., an advanced
electric drive system design company based in the UK, to have exclusive
rights to its technology pertaining to motors and motor controllers with
Greaves Cotton and Eta Green integrated battery chargers for electric 2 and 3-wheelers.
• The e-powertrain suite will be manufactured at the Aurangabad plant
with a high degree of component localization.
43

10 Global Market Updates

German car sales rebound in 2022, helped by EVs
New car sales in Germany rose slightly in 2022, after two years
of sharp drops caused by the coronavirus pandemic and supply
bottlenecks. A total of 2.65 million vehicles were registered in
Europe’s largest economy in 2022, a 1.1 per cent increase from the
previous year. While sales of petrol and diesel cars fell by 11.2 percent
and 9.9 percent respectively last year, those of electric vehicles raced
ahead. In total, 470,559 battery-powered vehicles were registered
in Germany last year, a 32.2 percent jump, and now represent 17.7
percent of German new car sales.
China 2022 lithium production jumps on strong demand,

soaring prices
China’s lithium production expanded strongly in 2022, buoyed by

strong demand from the new energy sector and soaring prices.
China produced 395,000 tonnes of lithium carbonate last year, up
32.5 per cent year on year. Its output of lithium hydroxide climbed
29.5 per cent to 246,400 tonnes. Both lithium carbonate and lithium
hydroxide are mainly used in battery making for electric vehicles.
Chinese EV giant BYD set for a surge in 2022 profit as sales

jump
China’s BYD Co, the world’s biggest seller of battery electric vehicles
and plug-in hybrids, expects its 2022 net profit to be more than five
times the amount it booked a year earlier. With sales of 1.86 million
cars, it expects a net profit of CNY¥16-CNY¥17 billion (US$2.37-
US$2.52 billion) versus CNY¥3 billion (US$0.44 billion) in 2021.
Honda to create division to speed up electrification

development
HONDA Motor would create a new division in a bid to strengthen

and speed up its electrification business as part of an overhaul of its
organisational structure. The shake-up is part of the carmaker’s bid
to catch up in the fast-growing market for fully electric vehicles, led
by Tesla Inc. and China’s BYD. The new division would consolidate the
Japanese automaker’s electrification strategy and development of
cars, motorcycles, and power products such as generators.
44

Honda and GS Yuasa to develop high-capacity, high-output

lithium-ion battery
Japanese majors Honda Motor Co and GS Yuasa have announced

that they have reached a basic agreement towards collaboration
for a high-capacity, high-output lithium-ion battery. The two
companies will establish a joint venture company which will engage
in broad scope of collaboration including a li-ion battery for EVs and
efficient production operation including the supply chain for key raw
materials. The two companies have already been working together
on lithium-ion batteries for hybrid electric vehicles (HEVs).
With tiny EV, City Transformer takes aim at Europe’s urban

markets
Israeli electric vehicle startup City Transformer aims to launch

production of its small urban CT-2 model in Western Europe by the
end of 2024 and will soon launch a Series B funding round to raise
$50 million. The company has already selected a factory in Western
Europe where it will have initial annual production of 15,000 vehicles.
The CT-2, which is already approved for use in the European Union
and Britain, has a range of 180 kilometers (112 miles) and is 1 meter
(3.28 ft) wide in city mode. This makes it narrow enough for four of
them to fit into a conventional car’s parking spot. But the EV’s wheel
base expands to 1.4 meters for performance mode, which doubles its
top speed to 90 kilometers (56 miles) per hour. The CT-2 weighs in at
450 kilograms (0.5 ton), or less than the battery in a Tesla Model 3.
Japan’s Suzuki to invest USD 35 billion through 2030 in EVs
Suzuki Motor Corp will invest 4.5 trillion yen (USD 34.8 billion)
through fiscal 2030 in research, development and capital spending
to make battery electric vehicles. The Japanese automaker will invest
2 trillion yen in electrification and autonomous driving technologies,
while allocating 2.5 trillion yen to build a battery EV plant and for
renewable energy facilities.
Audi unveils last of the all-electric futuristic Sphere concept

vehicles, Activesphere
Audi has introduced the future electric pickup Activesphere, the

fourth and last of the sphere concept. The coupe-like hatchback
has an extended roofline and an open luggage bed, big enough for
e-bikes or other equipment for water and winter sports. The Audi
Activesphere joins the sphere family of concept vehicles with an
45

electric powertrain and quick-charging technology from Audi’s PPE

modular system. It combines the sustainability, dynamics, and long-
distance capabilities of cutting-edge electric cars with zero local
emissions, a range of over 372 miles (~599km), and incredibly quick
charging periods owing to 800-volt technology.
Ford cuts electric Mustang’s price up to 9% in response to

Tesla
Ford Motor Co. is slashing the price of its electric Mustang Mach-E by
an average of US$4,500 following Tesla Inc.’s recent cuts, stepping
up the price wars in a sluggish EV market. The discount comes on a
model that Ford has already described as unprofitable, but it hopes
to offset further margin deterioration by boosting production by 67%
this year. The lowest-priced Mach-E now starts at US$45,995, down
US$900, while the most expensive GT Extended Range version falls
by US$5,900 to start at US$63,995.
US DoE $125 million for next-gen Batteries and Energy

Storage research
To support Energy Innovation Hub projects that emphasize multi-

disciplinary fundamental research to address long-standing and
emerging challenges for rechargeable batteries, the U.S. Department
of Energy (DOE) has awarded $125 million over four years for basic
research on rechargeable batteries. The Energy Innovation Hub
projects supported by this funding opportunity will accelerate
discovery and scientific exploration of new battery chemistries,
materials, and architectures for transformational energy storage
technologies to be deployed in transportation and on the nation’s
electricity grid.
Japan’s Suzuki to invest USD 35 billion through 2030 in EVs
Suzuki Motor Corp will invest 4.5 trillion yen (US$ 34.8 billion) through
fiscal 2030 in research, development and capital spending to make
battery electric vehicles. The Japanese automaker will invest 2 trillion
yen in electrification and autonomous driving technologies, while
allocating 2.5 trillion yen to build a battery EV plant and for renewable
energy facilities.
24M bags $3.2 million US Federal funding to develop Sodium-

metal EV batteries
US battery tech firm 24M Technologies has been selected to receive
46

US$3.2 million in funding from the U.S. Department of Energy

Advanced Research Projects Agency-Energy (ARPA-E). The funding
is part of the ARPA-E Electric Vehicles for American Low-Carbon
Living (EVs4ALL) program, which seeks to develop more affordable,
convenient, efficient, and resilient EV batteries. The company will
partner with the Massachusetts Institute of Technology (MIT) and
Carnegie Mellon University (CMU) to use its versatile ‘SemiSolid’
manufacturing platform to develop low-cost, fast-charging sodium
metal batteries with good low-temperature performance for EVs.
Leclanché G/NMCA Li-ion cells claim higher energy density,

less cobalt usage
Swiss battery maker Leclanché SA has announced major

breakthrough in the environmentally friendly production of modern
G/NMCA (graphite-nickel-manganese-cobalt-aluminium oxide) cells.
As the first manufacturer worldwide, the company claims to reduce
the cobalt content in NMCA as cathode material from 20 to 5 per
cent, and manufacture electrodes using an environmentally friendly
water-based process. The new G/NMCA cells have a 20 per cent
higher energy density, despite retaining the same size, weight and
performance level.
Tesla plans US$3.6 billion Nevada expansion to make Semi

trucks, battery cells
Tesla Inc would invest more than US$3.6 billion to expand its US-
based Nevada Gigafactory complex with two new factories, one to
mass produce its long-delayed Semi electric trucks and the other to
make its new 4,680 battery cell. The cell plant would be able to make
enough batteries for 2 million light-duty vehicles annually, including
batteries using the 4680-type cell. The 4680 is key to Tesla meeting
a goal of halving battery costs and ramping up battery production
nearly 100-fold by 2030.
Nissan and Hitachi look to charge elevators with EV batteries
Japanese carmaker Nissan Motor Co Ltd and a Hitachi Ltd subsidiary

announced plans to roll out a system to keep elevators running
during blackouts by drawing power from the batteries of electric
vehicles. During a pilot project unveiled recently, the firms said they
had kept an elevator with capacity for nine people running at slow
speed for 10 hours by drawing power from the battery of a Sakura,
a fully electric micro “kei” car made by Nissan. Currently, few cars
are capable of bi-directional charging, where vehicles can become a
47

power source for homes, or feed energy back into the grid, though
carmakers such as Ford Motor Co and Renault SA are among those
jumping on the bandwagon.
Unions press Biden administration to not change EV tax

credit rules
Major unions and public interest and environmental groups are

urging President Joe Biden to reject efforts by the European Union
and other foreign governments to revise U.S. electric vehicle tax
incentives. The US$430 billion U.S. Inflation Reduction Act (IRA)
passed in August restricts US$7,500 consumer tax credits to North
American-made EVs, but the U.S. Treasury in December, 2022 said
consumers leasing vehicles assembled outside North America could
benefit from the US$7,500 commercial green vehicle tax credit.
Foreign governments have been pressing the Biden administration
to do more to expand credit eligibility.
One-in-five new cars in California zero-emission in 2022
One-in-five new cars sold in California in 2022 was a zero-emission

vehicle, as the largest car market in the United States charges
towards its goal of electrifying its fleet. The California Energy
Commission said 18.8 percent of new cars sold in the state in 2022
were EVs, PHEVs, or fuel cell electric vehicles, all of which California
includes in its zero-emission category. Ten years ago, that figure was
2 percent.
Shell to deploy Sun Mobility battery swapping tech in the

Philippines
Sun Mobility, a leading provider of energy infrastructure and services

for electric vehicles in India, has signed a strategic agreement with
the Pilipinas Shell Petroleum Corporation. The partnership will
explore the pilot deployment of Sun Mobility’s advanced battery-
swapping technology in the Philippines for electric two- and three-
wheelers. The partnership supports the recently passed Electric
Vehicle Industry Development Act (EVIDA) that aims to promote
sustainable electric transportation in the Philippines.
KTM to sell electric version of Chetak in Europe from Q1 of

2024
Swiss sports bike maker KTM, which has a manufacturing joint

venture with Indian manufacturer Bajaj Auto, will begin selling the
48

electric model of the resurrected iconic Chetak in the first quarter

of 2024 in Europe. The 50.1:49.9 joint venture also rolled out the 1
millionth KTM bike from the Chakan plant near Pune. The E-Chetak
especially the second generation, is a great commuter product for a
market like Europe.
Indonesia says BASF, Eramet near US$2.6 bn deal to process

nickel for EV batteries
Germany’s BASF and French miner Eramet are finalising a US$2.6

billion partnership deal to invest in a facility in Indonesia to process
nickel for use in batteries for electric vehicles. The Indonesian
announcement comes as the country has been courting global
companies to build facilities to produce EV batteries and electric cars
to exploit the country’s rich nickel resources.
Indonesia close to EV deals with BYD Group and Tesla
Indonesia is finalising agreements with China’s automaker BYD

Group and US carmaker Tesla to invest in electric vehicle production
facilities in the Southeast Asian country. Indonesia is aggressively
promoting investment into batteries and EVs at home to take
advantage of its rich nickel resources.
Vietnam EV maker VinFast plans promotions in response to

Tesla price cuts
Vietnam’s electric-vehicle maker VinFast will launch promotions

to protect the market competitiveness of its models in the United
States, a week after Tesla announced aggressive discounting to spur
demand. VinFast, which started operations in 2019, is gearing up to
expand in the United States, where it hopes to compete with existing
automakers by offering two models, the VF8 and VF9, which have
starting prices of US$59,000 and US$83,000 respectively.
Uber is working with automakers to design EVs customized

for ride-sharing, delivery
Uber Technologies Inc. is working with automakers to design

lower-cost electric vehicles tailored for its ride-hailing and delivery
businesses, part of its effort to electrify its fleet.
The company is working with manufacturers on vehicles optimized
for city use, ferrying passengers and deliveries. For ride-sharing,
this includes cars with lower top speeds and seating areas where
passengers can face each other.
49

Shell unit to acquire EV charging firm Volta for about US$169

Mn
A U.S.-based subsidiary of oil company Shell would take over the

electric vehicle charging network operator Volta in an all-cash
deal valued at about US$169 million. Shell USA Inc will acquire all
outstanding shares of Class A common stock of Volta for 86 cents
apiece in a deal that is expected to close in the first half of the year.
Biden administration imposes China chip curbs on Macau
The Biden administration hit Macau with sweeping new export

controls it previously imposed on shipments of advanced chips
and chipmaking equipment to Beijing, flagging the risk that the
technology could be diverted from the region to the rest of China.
The United States, in October 2022, placed new restrictions on China
including controls on advanced computing integrated circuits and
certain semiconductor manufacturing items.
Vulcan Energy, Stellantis to develop renewable energy assets

in Germany
Automaker Stellantis is set to invest in a geothermal energy project

in Germany with lithium developer Vulcan Energy Resources to help
power a manufacturing facility for electric vehicles. Stellantis expects
battery electric vehicles to make up 100% of its European passenger
car sales by 2030.
Hertz to offer 25,000 EV rentals to Uber drivers in Europe
Car rental firm Hertz will make up to 25,000 electric vehicles available
to rent to drivers of ride-hailing company Uber in European capitals
by 2025. The rollout of the rental deal, which will include models from
Tesla and Polestar, will start this month in London where Hertz will
add more than 10,000 EVs by 2025 that Uber drivers will be able to
rent.
Suzuki to co-develop two-speed EV transmission with

Inmotive
Suzuki Motor Corporation has signed a joint development agreement

with Canada-based Inmotive Inc for the development of a two-speed
EV transmission for a future Suzuki electric vehicle. With this joint
development agreement for the two-speed EV transmission, Suzuki
believes that it has the possibility of extending the EV range through
50

efficient use of motor torque while also lowering costs due to using a
smaller electric powertrain unit and improving driving performance.
Carmaker Stellantis seals batteries material deal with

Element 25
Carmaker Stellantis has signed a deal with Australian miner Element

25 for the supply of manganese sulphite for batteries for its electric
vehicles. The agreement marks another step in the effort by Stellantis
to secure long-term supplies of raw materials essential for electric
vehicles as carmakers prepare for a surge in global demand for EVs
in the transition toward cleaner motoring. Based on the five-year
binding agreement, Element 25 will supply Stellantis with high-purity
manganese sulphate monohydrate to be used in battery packs.
Nevada lithium mine gets US$700M conditional loan from

Energy
The U.S. Department of Energy announced a conditional loan

of US$700 million to an Australian mining company to pursue a
proposed lithium project in Nevada, as the U.S. seeks domestic
supplies for lithium, a key component in electric vehicle batteries. The
company projects the site could produce enough lithium to support
production of about 400,000 electric vehicles annually for decades.
Chinese EV maker BYD to build Vietnam component plant
Chinese electric vehicle maker BYD Auto Co plans to build a plant

in Vietnam to produce car parts, in a move that would reduce
the company’s reliance on China and deepen its supply chain in
Southeast Asia as part of a global expansion. The investment in
northern Vietnam would exceed US$250 million, expanding parent
BYD Co’s presence in Vietnam.
Mercedes to build its own electric vehicle charging network

in North America
Mercedes-Benz will build its own worldwide electric vehicle charging

network starting in North America in a bid to compete with EV sales
leader Tesla. The German luxury automaker will start building the
North American network this year at a total cost of over US$1.05
billion. When completed in six or seven years, the network will have
400 charging stations with more than 2,500 high-power plugs.
51

South Korea’s SK On plans a new, lower cost EV battery by

2025
South Korea’s SK On plans to produce a new, lithium-iron-phosphate

electric vehicle battery by 2025 as part of an effort to deliver lower-
cost batteries to automakers squeezed by rising EV costs. SK On is
investing in new U.S. battery plants and by 2026 expects to have 150
gigawatt-hours of capacity.
Tesla sales in China slump as competition intensifies as

cheaper electric vehicles take over car market
Tesla sales in China, the world’s largest car market and a crucial
element of the company’s fortunes, slumped at the end of 2022 as
domestic manufacturers like BYD gained ground with lower-priced
electric vehicles. Tesla sold around 56,000 cars in China in December
2022, a decline of 21% from a year earlier and 44% from November
2022.
Tesla cuts prices once again in China, introduces S and X

models
Tesla Inc. cut prices on its Model 3 and Model Y electric vehicles in
China by more than 10%, while also announcing prices for Model S
sedans and Model X sports utility vehicles that it’s introducing to get
a better grip in the premium end of the world’s biggest EV market.
Starting prices for the locally-built Model 3 have been lowered to
CN¥229,900 (US$34,054) from CN¥265,900 (US$39,353) and to
CN¥259,900 (US$38,465) from CNY¥288,900 (US$42,757) for the
Model Y.
More U.S. consumers want EVs but prices are a concern
More U.S. consumers want to buy an electric vehicle but are

concerned about rising prices, while fewer aimed to purchase
gasoline-powered vehicles, as per consulting firm Deloitte. Nearly 7 in
10 prospective EV buyers in the United States expect to pay less than
US$50,000 for their next vehicle. More than half of the respondents in
the survey said a lack of affordability was the biggest concern when
it comes to EV adoption, at a time when top EV makers are raising
prices amid high inflation.
52

South Korea fines Tesla US$2.2 million for exaggerating

driving range of EVs
South Korea would impose a 2.85 billion won (US$2.2 million)

fine on Tesla Inc. for failing to tell its customers about the shorter
driving range of its electric vehicles in low temperatures. Tesla had
exaggerated the driving ranges of its cars on a single charge and
their fuel cost-effectiveness compared to gasoline vehicles as well
as the performance of its Superchargers on its official local website
since August 2019 until recently. The driving range of the U.S. EV
manufacturer’s cars plunge in cold weather by up to 50.5% versus
how they are advertised online.
53

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Details of tenders issued and
awarded from 2019 onwards
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E-cars and E-buses sales data, product
models, technical specifications, ex- Market Projections
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Sales data, product models, Policies
technical specifications, All Central and State level
information on range, charging announced/notified/drafted EV
time, ex-showroom prices, top policies in consolidated form as well
speed, battery type etc. Key OEMs as for different vehicle segments,
and their Market share charging infrastructure, and
manufacturing.
Electric 2 Wheelers
Sales data, product models,
technical specifications, Player profiles
information on range, charging Segment wise detailed player
time, ex-showroom prices, top profiles- sales data, market share,
speed, battery type etc. Key product models available,
OEMs and their Market share investments, etc.
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3. Policies and Regulations | 17

4. Charging Infrastructure & Battery Swapping | 21

5. Key Manufacturing Updates | 25

7. Other Market Updates | 29

8. Deals & Investments | 37

9. JVs and Partnerships | 40

10. Global Market Updates | 44

1 New Product Launches

Product Vehicle type Battery specifications Other specifications Price

• Range – 50 km for 12Ah,

• Range – 107 km (For

Product Vehicle type Battery specifications Other specifications Price

• Range – 100 km (True); 150

• Range – 150 km (NEDC

• Range – 456 km (IDC)

Source: Industry News Articles, Company Websites, JMK Research

Series of new electric bikes, scooters from TVS in next 18

TVS is gearing up to launch multiple new electric models in different

Tata launches Nexon EV MAX XM at INR16.49 lakh; to hit the

Tata Motors has launched a new variant of the Nexon EV—Nexon EV

Citroen India reveals electric eC3 hatchback with 320km

Honda To Launch First Electric Scooter in India Next Year,

Honda Motorcycle and Scooter India is planning to launch its first

Skoda Auto India to enter EV market in FY2024

Skoda Auto India is on track to enter India’s electric passenger

77,128 79,720 88,129

As depicted in the figure below, EV registrations in January 2023

EV Sales in January 2023

Source: Vahan Dashboard, JMK Research

Fig 2.3: State/wise Registered Uttar Pradesh, 17%

High-Speed Electric Two-Wheeler (HS-E2W)

The overall HS E2W sales in India declined marginally by ~0.23%

Fig 2.4: High-Speed E2W Sales Trend

Source: Vahan Dashboard, JMK Research

Fig 2.5: Top High-Speed E2W Players in January 2023

Source: Vahan Dashboard, JMK Research

Electric Three-Wheeler (E3W)

The sales of registered passenger and cargo-type E3Ws in January

Three-wheeler (Passenger) Three-wheeler (Goods)

E-Rickshaw (P) E-Rickshaw with Cart (G)

Source: Vahan Dashboard, JMK Research

The cumulative sales of top 7 electric 3-wheeler players across

Fig 2.7: Top E3W Players in January 2023

Source: Vahan Dashboard, JMK Research

Electric cars (E-Cars)

The total sales of E-cars in January 2023 stood at 3,318 units,

Fig 2.8: Player-wise E-car sales trend

Tata Motors 4,984

Source: Vahan Dashboard, JMK Research

Electric Buses (E-Buses)

The total sales of E-buses in January 2023 stood at 96 units,

Fig 2.9: Player-wise E-bus sales trend

PMI Electro Mobility

Source: Vahan Dashboard, JMK Research

3 Policies and Regulations

Union Finance minister Ms. Nirmala Sitharaman presented the

Specified capital goods/machinery for Nil Basic Customs

Lithium-ion cell for use in the manufacture of Prevailing rate of 5%

Batteries for electrically operated vehicles, in- Prevailing rate of 5%

Specified Parts, components, and subparts for Prevailing rate of

Custom duty rates

Centre likely to announce EV battery safety and performance