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December 2023
monthly
update
Lead Sponsors
  

NEXT GENERATION SMART

LITHIUM ION BATTERIES
FOR ELECTRIC VEHICLES

www.waareeess.com 1800-2121-321
Contents
1. New Product Launches | 4

2. EV Sales Trends | 7

3. Policies and Regulations | 15

4. Charging Infrastructure & Battery Swapping | 17

5. Key Manufacturing Update |21

6. E-Bus Updates | 23

7. Other Market Updates | 24

8. Deals & Investments | 28

9. JVs and Partnerships | 30

10. Global Market Updates | 35

3
  

1 New Product Launches

Table 1.1: India Launches – December 2023

Battery
Product Vehicle type Other specifications Price
specifications

• Range – 151 km (Certified),

160 km (IDC)
Simple Dot One E2W 3.7 kWh INR 1,39,999
• Top Speed – 105 km/h
• Motor Peak Power – 8.5kW

Gogoro CrossOver • Range – 111 km (Certified)

E2W NA NA
GX250 • Top Speed – 60+ km/h

• Range–50 km
• Top Speed – 25 km/h
• Charging Time – 4 hours
inGO Flee 2.0 E2W 1 kWh INR 62,000
(54.6V/6A)
• Max Payload – 50 kgs on
footboard, 25 kgs on carrier

Kinetic Green • Range – 104 km (Claimed)

E2W 2.27 kWh INR 94,990
Zulu • Top Speed – 64 km/h

• Range – 113 km
Bajaj Chetak • Top Speed – 63 km/h
E2W 2.9 kWh INR 1,15,000
Urbane • Charging Time – 4 hours 50
Mins (650W Charger)

Source: Industry News Articles, Company Websites, JMK Research

4
  

Upcoming Launches

Kia confirms EV9 to launch in 2024, to be its first three row EV in

India

Korean auto giant Kia has confirmed that its three-row electric SUV
EV9 will make India debut in 2024. Revealing its India plans for next
year, the EV9 electric vehicle, along with the new generation Carnival
will be launched in India. The EV9 will become the second electric car
from the Korean brand after the EV6 and also will be its first three-
row EV. According to company, EV9 will hold key to its aim to achieve
about 15 per cent market share and passenger EV segment in India
which is currently dominated by Tata Motors.

Maruti Suzuki’s first EV will be a top-end SUV with 550 km range,

launching next year

The company’s first EV, an SUV, will be launched in the upcoming

financial year of 2024-25, emerging from SMG’s Gujarat plant. Currently,
SMG’s facility at Hansalpur comprises three plants - Plant A, B, and C.
Now, to manufacture the EV, a new plant, also called a production line,
will be added at the same location. The company claims that the SUV
will have 550 km range on a single charge with a 60-kilowatt-hour
battery.

Creatara unveils 2 electric scooter prototypes, eyes market launch

in 6-9 months

New Delhi based electric vehicle startup Creatara Mobility Pvt Ltd has
unveiled two production-ready electric scooter prototypes, namely
VS4 and VM4, with plans to launch them in the market within the
next six to nine months. Creatara claims that the prototypes boast a
top speed of 100 km/h with a 4kW motor and offer a maximum range
of up to 100 km on a full charge, which takes 4-5 hours. Additionally,
the prototypes have a portable battery pack, which allows it to be
removed from the vehicle to charge at homes or offices. Creatara is
also working with vendors to develop swappable batteries for their
electric scooters.

5
  

Premium Research Reports

India EV Market

Report Topic Details

India’s electric car market has been experiencing significant growth in recent years, driven by
various factors including environmental concerns, government incentives, and the desire for
Electric car Market In India sustainable transportation solutions. This report provides an overview of the electric car market
in India, including yearly sales, projections, market drivers, challenges, and key players.

India’s electric three-wheeler market for cargo transportation has seen rapid growth in recent
years. Providing last-mile connectivity for delivery of goods, ease of operation, requirement of
Electric 3-Wheeler Cargo Market In lesser manpower, and source of additional income, are some of the reasons for this high
India growth. This report gives a scenario of the market in India in terms of yearly sales, projections,
market drivers, challenges, and an overview of key players.

The electric three-wheeler Passenger market in India has witnessed strong growth in recent
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Market In India growth. This report gives a scenario of the market in India in terms of yearly sales, projections,
market drivers, challenges, and an overview of key players.

The market for electric two-wheelers in India has witnessed rapid growth. There are several
Electric 2-Wheeler Market In India factors contributing to this growth. In this report, the E2W market in India is analysed, laying
out the trends, challenges, and policies & regulations.

The charging infrastructure scenario in India comprises multiple players from different
segments. These include charger manufacturers, charge point operators (CPOs), battery-
EV Charging Infrastructure Scenario swapping players, and other stakeholders like government-owned entities. The charging
In India stations can be private, semi-public, or public. This report covers the market for charging
infrastructure in India in terms of market size, state policies, battery-swapping scenarios, and
other trends. It also covers the overview of key players in the market.

The demand for Li-ion batteries (LiB) in India has witnessed a multi-fold increase in recent
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Lithium-Ion Battery (Lib) completely new to the battery sector, are joining the LiB manufacturing play to serve the
Manufacturing Landscape In India increasing demand for EVs. This report talks about the LiB manufacturing landscape in India,
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(Click on the report topic for detailed ToC)

JMK Research & Analytics Pvt. Ltd.

M: +91 7428306655, +91 9711119413,
E: contact@jmkresearch.com, W: www.jmkresearch.com
  

2 EV Sales Trends
The overall EV sales in December 2023 witnessed a decrease of
approximately 7.66 % from last month, reaching 1,40,839 units. On a
y-o-y basis, EV sales in December 2023 increased by 37.79% from that
of EV sales in December 2022.

Fig 2.1: Registered EV Sales Trend in India (December 2022– December 2023)

2,00,000

1,57,217 1,52,514
1,60,000
1,39,789
1,27,735
1,15,756 1,39,232 1,40,839
Units sold

1,20,000 1,02,212 1,26,324

1,10,503
1,05,976 1,01,832
1,00,562
80,000

40,000

0
May-23

Aug-23
Dec-22

Dec-23
Nov-23
Mar-23
Feb-23

Sep-23
Jun-23

Oct-23
Apr-23
Jan-23

Jul-23

Source: Vahan Dashboard, Company Press Releases, JMK Research

Note: Sales figures represent EVs registered across 1,355 RTOs in 34 states/ UTs.

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

were again driven by electric two-wheelers and passenger-type
electric three-wheelers, which together accounted for 90.10% of total
registrations in the month.

7
  

E-Bus, 0.41%
Electric Three-wheeler Cargo,
Others, 0.19%
4.25%
E-Car, 5.06%

Category-wise EV sales

Fig 2.2: Category-wise EV

Sales in December 2023
100%
Electric Three-wheeler
= Electric Two- wheeler,
53.51%
Passenger, 36.59% 1,40,839 units

Source: Vahan Dashboard, JMK Research

Note: Sales figures represent EVs registered across 1,355 RTOs in 34 states/ UTs; Others include adapted vehicle and goods
carrier

Among the states and UTs, Uttar Pradesh secured the number one position in EV
registrations this month, with Maharashtra coming in second. Karnataka attained third
spot this month, accounting for 8.43% of the market share. In this month, Assam has
resecured a position in the top 12 states.

Fig 2.3: State-wise Registered

EV Sales in December 2023
Others, 15.91%
Uttar Pradesh, 21.37%

Assam, 3.25%

Gujarat, 3.53%

100%
Odisha, 3.57% = Maharashtra, 11.82%
1,40,839 units
Kerala, 4.31%

Madhya Pradesh, 4.39%

Source: Vahan Dashboard, Karnataka, 8.43%
JMK Research Tamil Nadu, 4.52%
Note: Sales figures repre-
sent EVs registered across
1,355 RTOs in 34 states/ UTs. Rajasthan, 5.60% Delhi, 6.71%
Others include Chhattisgarh, Bihar, 6.60% 8
Uttarakhand, Punjab, and 19
other states/UTs.
  

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

The Overall high-speed electric two-wheelers (HS E2Ws) sales in

India decreased by ~17% m-o-m in December 2023 to reach 75,366
units. The top 10 players in the industry accounted for approximately
90.93% of the total registrations witnessed in December 2023.
Furthermore, compared to December 2022, E2W sales in December
2023 experienced a y-o-y increase of 17.12%.

Fig 2.4: High-Speed E2W Sales Trend

1,20,000
1,04,755

1,00,000
91,172
85,674

80,000
64,348 63,715 74,623 75,366
Units Sold

65,620 66,408
60,000 64,202 54,232
62,353

40,000 45,734

20,000

0
Dec-22

Jan-23

Feb-23

Mar-23

Apr-23

May-23

Jun-23

Jul-23

Aug-23

Sep-23

Oct-23

Nov-23

Dec-23

Source: Vahan Dashboard, JMK Research

Note: Sales figures represent only high-range E2W (Top speed > 25 kmph) registered across 1,355
RTOs in 34 states/ UTs.

Ola Electric sold 30,219 units in December 2023, maintaining its

significant market leadership with a substantial 40.10% share. TVS
stands at second place this month. Wardwizard Innovations has once
again secured a spot in the top 10 squad this month.

9
  

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

32,000

Ola Electric

28,000

24,000

20,000
TVS
Units Sold

16,000

12,000 Bajaj Auto

Ather

8,000

Ampere/Greaves Electric
4,000 Hero Motocorp
Wardwizard Innovations
BGauss
Okinawa
Lectrix EV
0
May-23

Aug-23
Dec-22
Nov-22

Nov-23
Mar-23
Feb-23

Sep-23
Jun-23

Oct-23
Apr-23
Jan-23

Jul-23

Source: Vahan Dashboard, JMK Research

Note: Sales figures represent only high-range E2W (Top speed > 25 kmph) registered across 1,355
RTOs in 34 states/ UTs. Others include Jitendra New EV Tech, GoGreen E-mobility Private Limited,
AMO Mobility, Twenty-Two Motors, KLB KOMAKI, and 123 other players. The sales for Ampere in-
clude sales of Ampere as well as Greaves. The sales for Bajaj include sales of Bajaj as well as Chetak
Technology. The sales for BGauss include sales of BGauss as well as Mew Electricals.

10
  

Electric Three-Wheeler (E3W)

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

2023 stood at 51,526 units and 5,984 units, respectively, with a m-o-m
increase of ~6% in passenger E3W and increase of 18.90% in cargo
E3W. Overall E3W sales recorded a m-o-m increase of ~7% over last
month.

On a y-o-y basis, passenger E3W sales in December 2023 increased

by ~70% and cargo E3W sales increased by more than 66% from that
of passenger and cargo-type E3W sales respectively in December
2022.

Fig 2.6: Sales Trend of E3W – Passenger (Left) and E3W - Cargo (Right)

60,000 6,000

50,000 5,000

40,000 4,000
Units Sold

Units Sold

30,000 3,000

20,000 2,000

10,000 1,000

0 0
Dec-22
Jan-23
Feb-23
Mar-23
Apr-23
May-23
Jun-23
Jul-23
Aug-23
Sep-23
Oct-23
Nov-23
Dec-23
Dec-22
Jan-23
Feb-23
Mar-23
Apr-23
May-23
Jun-23
Jul-23
Aug-23
Sep-23
Oct-23
Nov-23
Dec-23

Three-wheeler (Personal)

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

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

Source: Vahan Dashboard, JMK Research

Note: Sales figures represent E3Ws registered across 1,355 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.

11
  

The cumulative sales of the top 8 electric 3-wheeler players across

passenger and cargo segments in December 2023 accounted for
34.92% share of the entire E3W market. Mahindra and YC Electric
came at first (8.86% share) and second (6.64% share) positions
respectively. This was followed by Saera Electric Auto (4.61%),
Dilli Electric (3.98%), Piaggio (3.58%), Mini Metro (2.66%), Hotage
Corporation (2.31%) and Champion Polyplast (2.26%).

Fig 2.7: Top E3W Players Sales Trend

6,000

5,400
Mahindra
Electric Mobility

4,800

4,200

YC Electric

3,600
Units Sold

3,000

Saera Electric

2,400 Dilli Electric

Piaggio Vehicles

1,800
Mini Metro
Hotage
Corporation
1,200
Champion
Polyplast

600

0
Dec-22

Jan-23

Feb-23

Mar-23

Apr-23

May-23

Jun-23

Jul-23

Aug-23

Sep-23

Oct-23

Nov-23

Dec-23

Source: Vahan Dashboard, JMK Research

Note: Others made up 65.08% of the E3W market in December 2023; sales figures for players are in-
clusive of both cargo and passenger offerings; Sales figures represent E3Ws registered across 1,355
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.

12
 Electric cars (E-Cars)

The total sales of E-cars in December 2023 stood at 7,124 units,

witnessing a m-o-m increase of ~1%. Tata Motors has been driving
the E-car sales (with 67.46% of the market share) this month as well.
BYD India has secured a position in the top 5 this month with sales
reaching 168 units. On a y-o-y basis, E-Car sales in December 2023
increased by ~88% from that of E-Car sales in December 2022.

Fig 2.8: Player-wise E-car sales trend

10,000 Tata Motors BYD Total monthly E-car sales

MG Motor BMW
Mahindra & Mahindra Others
9,000
8,275
7,667
7,475
8,000 7,254 7,210 7,124
7,021
6,687
7,000

6,020
Units Sold

6,000
5,708

5,000
4,318
3,781
4,000

3,296
3,000

2,000

HR 1,000
26

0
May-23

Aug-23
Dec-22

Dec-23
Nov-23
Mar-23
Feb-23

Sep-23
Jun-23

Oct-23
Apr-23
Jan-23

Jul-23

Source: Vahan Dashboard, JMK Research

Note: Sales figures represent E-cars registered across 1,355 RTOs in 34 states/ UTs; Others include
PCA, Audi, Volvo Auto, Mercedes-Benz, Hyundai, Jaguar, KIA Motors, Lectrix, and Porsche.
  

Electric Buses (E-Buses)

The total sales of E-buses in December 2023 stood at 577 units,

witnessing a m-o-m increase of ~12%. On a y-o-y basis, E-Bus sales
in December 2023 increased by more than 300% from that of E-Bus
sales in December 2022.

Tata Motors is the leader in December 2023 (with a 61.18% market

share), followed by JBM Auto (23.74%), Olectra Greentech (11.96%),
Mytrah Mobility (1.21%), PMI Electro Mobility (1.04%) , Switch Mobility
(0.69%), and Pinnacle Mobility (0.17%).

600 Fig 2.9: Player-wise E-bus sales trend

577

500

400
Units Sold

300 274 269 261

258
236

200
200

142
135

96 98
100 87 84

0
Dec-22

Jan-23

Feb-23

Mar-23

Apr-23

May-23

Jun-23

Jul-23

Aug-23

Sep-23

Oct-23

Nov-23

Dec-23

Tata Motors JBM Auto Olectra Greentech Mytrah Mobility

PMI Electro Mobility Switch Mobility/ Ashok Leyland Pinnacle Mobility Veera Vahana

VE Commercial

Source: Vahan Dashboard, JMK Research

Note: Sales figures represent E-buses registered across 1,355 RTOs in 34 states/ UTs.

14
  

3 Policies and Regulations

Government charts plan to paint 800,000 diesel buses green,
scheme likely to replace FAME III

The government is working on a plan to replace 8,00,000 diesel buses,

which constitute more than a third of the total on roads, with electric
ones over the next seven years. This initiative aims not only to reduce
vehicular emissions but also to catalyse investments in the electric
vehicle (EV) ecosystem in the country. The replacement plan includes
200,000 electric buses for state transport undertakings (STUs),
550,000 for private operators, and 50,000 for schools and employee
transportation by 2030.

New EV policy in works, talks on with global carmakers

The government is in talks with domestic and foreign stakeholders to

formulate a policy to boost local production of electric vehicles (EVs)
and is looking to bring in potential investors from countries such as
Germany, the UK, and South Korea. The Department for Promotion
of Industry and Internal Trade has been conducting high-level
discussions to establish a scheme for subsidising electric four-wheeler
makers linked to investments made by these companies for producing
vehicles in the country.

Delhi government to extend EV incentives till March

The Delhi government has decided to extend its electric vehicles

(EV) policy for an additional three months beyond its expiration on
December 31. The policy extension will be in effect until the end of
March 2024, pending approval from the cabinet.

Tamil Nadu to unveil battery manufacturing policy

Tamil Nadu is planning to unveil a battery manufacturing policy as

part of its goal to emerge as a global leader in electric vehicle (EV)
manufacturing. This policy is a crucial component of the ecosystem
being developed by the state to strengthen the value chain in the EV
sector. Currently, about 40% of the country’s EV four-wheelers and 70%
of two-wheelers are manufactured in Tamil Nadu.

No one-size-fits-all in battery swaps, govt wants industry to step up

The government plans to bin an earlier proposal to dictate the size and

15
  

shape of electric vehicle battery packs to qualify for incentives as it

leans towards an industry-led solution to encourage battery swapping.
The ministry of heavy industries will seek inputs on how to encourage
the industry to come up with its own solution to ensure interoperability
in battery swapping networks.

Parliamentary committee bats for extending FAME-II scheme by

three years

As part of various initiatives to promote electric vehicle adoption in

the country, the Parliamentary Standing Committee on Industry
has recommended a three-year extension of the Faster Adoption
and Manufacturing of Electric Vehicles (FAME-II) India Scheme. This
suggestion arises amidst uncertainties surrounding the fate of the
FAME-II scheme, set to expire on March 31. The demand subsidy
provided under FAME-II has played a pivotal role in stimulating the
initial adoption of electric vehicles in the country.

Parliamentary Standing Committee Report – EV Promotion

• The Department related Parliamentary Standing Committee on

Industry, has presented a Report on the subject Promotion of
Electric Vehicles in the country.
• Some of the key policy recommendations from the Committee are
as follows:
• The Ministry should take necessary steps for achieving better
scheme output, including policy changes and financial outlay,
for enhancement of manufacturing capabilities for Advanced
Automotive Technology products thus creating an ecosystem to
manufacture components of electric vehicles locally and promoting
manufacturers as global Automotive Champions.
• The initial targets were revised by bringing down the number of
vehicles to be supported under the FAME-II Scheme. The Committee
is of the opinion that in order to facilitate the transition momentum
to Electric Mobility, more number of electric vehicles need to be
supported and, therefore recommends that the Ministry should
broaden the scope and extend the FAME-II Scheme for at least 3
more years in consultation with the industry stakeholders to make
the Scheme more inclusive.
• The importance of EV Mobility as a key ingredient of reducing the
pollution level in the country, the Ministry of Heavy Industries should
play a proactive role through BHEL in providing EPC solutions to
support electric vehicle (EV) charging stations, including solar
based EV charging stations and, if required, more funds may be
allocated to BHEL to facilitate popularizing the EV Mobility. Every

16
  

Public Sector Undertaking and Government institutions may be

asked to participate in the installation of Charging Stations in their
own premises for the use of the vehicles coming to their premises.
• Electric Vehicles should be brought under the Priority Sector
Lending (PSL) category until the 30 per cent penetration target
fixed for 2030 is achieved, for accelerating India’s commitment
towards net-zero emissions.

Over Rs 5,294 crore subsidy given for 11.79 lakh EVs under FAME
India scheme: Ministry of Heavy Industries

The ministry of heavy industries has disbursed subsidies worth INR

5,294 crore for the sale of 11,79,669 electric vehicles (EVs) under Phase-
II of the FAME India Scheme, as of December 11, 2023. According to the
ministry, the subsidized electric vehicles include 10,42,110 two-wheelers,
1,22,690 three-wheelers, and 14,869 four-wheelers. Furthermore, 6862
electric buses have been sanctioned for intracity operations across
various cities and state transport units, with 3487 buses already
supplied as of November 29, 2023. The ministry has also sanctioned a
capital subsidy of INR 800 crore to three oil marketing companies for
establishing 7,432 electric vehicle public charging stations. The FAME
India Phase II Scheme, with a budgetary support of INR 10,000 crore
for five years starting April 1, 2019, supports the electrification of public
and shared transportation. This includes the target to support 7090
e-buses, 5 lakh e-3 Wheelers, 55000 e-4 Wheeler Passenger Cars,
and 10 lakh e-2 Wheelers, alongside the development of charging
infrastructure.

Measures Initiated to Attain Self-reliance in Critical Minerals

The Ministry of Mines has been engaging with resource-rich countries

to secure access to critical minerals through both international
partnerships and domestic exploration and auction of critical mineral
blocks.
• To further this initiative, a joint venture company, Khanij Bidesh India
Ltd. (KABIL), has been established with equity contributions from
three Central Public Sector Enterprises namely, National Aluminium
Company Ltd, Hindustan Copper Ltd, and Mineral Exploration
and Consultancy Ltd. The primary objective of KABIL is to acquire
critical mineral assets abroad, ensuring a consistent supply of these
strategic minerals to the Indian domestic market.
• The Ministry of Mines has joined the Mineral Security Partnership
(MSP) led by the United States of America. This partnership aims
to enhance cooperation in securing the supply chain of critical

17
  

minerals for member countries by facilitating investments in

identified mineral blocks in resource-rich nations.
• The Central Government has launched the first tranche of e-auction
of 20 blocks of critical and strategic minerals on November 29, 2023,
which include blocks of Lithium, Rare Earth Elements, Platinum
Group of Minerals, Nickel, Potash etc. The auction of these blocks
aims to create a steady supply of these minerals, thus reducing our
reliance on imports and ensuring a more secure and resilient supply
chain.

No proposal to provide duty concession on import of EVs: Govt

The government is not considering any proposal to provide duty

concessions and exemption from local value addition for import of
electric vehicles into the country. A production-linked incentive scheme
for the automobile and auto component industry, with a budgetary
outlay of INR 25,938 crore, was announced by the government. The
move is aimed at providing financial incentives to boost domestic
manufacturing of advanced automotive technologies products,
including EVs and their components. Currently, there is no proposal
either to provide an exemption from the local value addition cost or to
subsidize the import duty on EVs in India.

In works: INR 10,000 crore sop scheme for chip ancillaries

The center will launch a revised incentive scheme of up to INR 10,000

crore to promote the establishment of electronic and semiconductor
component plants in the country. The move is aimed at creating a
supporting ecosystem for the mega chip- packaging units being set
up by the likes of US-based Micron, as well as Indian conglomerate
Tata Group and Kaynes Corp, marking the first leg of India’s ambitious
journey to emerge as a global hub for electronics manufacturing and
design. The new incentive plan, likely to be launched at the start of
the next fiscal year, will be an updated version of the current Scheme
for Promotion of Manufacturing of Electronic Components and
Semiconductors (SPECS).

Bihar cabinet approves new electric vehicle policy

The Bihar Government has approved the Bihar Electric Vehicle (EV)
Policy-2023 with the aim to achieve 15 per cent EVs in all vehicle
registrations in the state by 2028.
• To incentivize the adoption of electric vehicles, the EV policy
introduces various measures, including subsidies on Motor Vehicle
(MV) Tax of up to 75 per cent and purchase incentives of up to INR

18
  

1.25 lakh for the first 1,000 personal four-wheeler EVs.

• Similar benefits are extended for the first 10,000 personal two-
wheeler EVs, with subsidies on motor vehicles tax of up to 75 per
cent and purchase incentives up to INR 10,000.
• The policy also promotes the use of renewable energy for EV
charging stations, with approved tariff rates for high tension EV
charging stations set at INR 8/kVA for the fiscal year 2023-24.
• The state cabinet also approved a proposal of the transport
department to acquire 400 electric buses under the “PM-e Bus
Sewa” program for six districts in Bihar.

FICCI submits proposal for continuation of demand incentives for

EVs under FAME III

The Federation of Indian Chambers of Commerce and Industry

(FICCI) has submitted a proposal to the Ministry of Heavy Industries,
advocating for the continuation of the FAME scheme for the next five
years, with a review at the end of three years. The time period for the
current FAME II scheme is till March 2024. According to FICCI, sudden
withdrawal or discontinuation of upfront price incentives will lead to
up to 25 per cent price increase of EVs and this may derail EV adoption
momentum substantially, also impacting further investments in the
EV sector, and disrupting gains made so far.

Government still deliberating battery-swapping policy guidelines

Battery swapping, an alternative to charging electric vehicles, involves

exchanging discharged batteries for charged ones. Battery swapping
is popularly used for vehicles such as 2 and 3 wheelers which have
smaller batteries. Considering its potential advantages in proliferating
Electric Vehicles in the country, NITI Aayog conducted an inter-
ministerial discussion in February 2022 to formulate a draft policy
framework for 2 and 3-wheeler-centric Battery Swapping. NITI Aayog
is actively engaging in stakeholder discussions, with a wide spectrum
of stakeholders representing Battery Swapping Operators, Battery
Manufacturers, Vehicle OEMs, Financial Institutions, CSOs, Think
Tanks and other experts. In order to have a prudent policy in place for
Battery Swapping which promotes Electric Vehicles without adversely
impacting technological innovation, more deliberations on the draft of
the Policy are being done by NITI Aayog, Bureau of Indian Standards,
Department of Science and Technology and other stakeholder
departments.

Delhi government notifies motor vehicle policy aimed at transition

to EVs

19
  

The Delhi government has notified the motor vehicle aggregator

scheme, which mandates the adoption of electric vehicles (EVs) by
intermediaries providing transport and delivery services.
Bike taxis are now legal in the city, but they must be exclusively electric.
• The scheme also sets the stage for licensing aggregators providing
passenger transport services and delivery services. All existing or
new operators must obtain a license within 90 days of the scheme’s
notification or before commencing operations. Licenses will be
valid for five years, with annual fees applicable, and zero fees in the
case of electric vehicles.
• 100% two-wheelers, 10% three-wheelers and 5% of four-wheelers in
an aggregator’s new fleet (Passenger service) must be EVs within
the first six months after notification of scheme. All three-wheelers
must be electrified within four years and all four-wheelers within
five years (i.e., April 1,2030).
• 10% two-wheelers and three-wheelers (for transporting goods) and
5% of four-wheelers (for transporting goods) in a Delivery Service
Provider’s new fleet must be EVs within the first six months after
notification of scheme. All two-wheelers and three-wheelers must
be electrified within four years and all four-wheelers within five
years (i.e., April 1, 2030).

Govt to pump in additional Rs 1,500 crore for FAME-II subsidy scheme

The Centre has sanctioned an additional INR 1,500 crore for the
second phase of the Faster Adoption and Manufacturing of Electric
Vehicles in India (FAME-II) program. This infusion addresses the fears
that the allocated funds could run out before the scheme’s deadline
in March 2024 due to robust electric vehicle (EV) sales. The proposal
for enhancement of the outlay for FAME-II from INR 10,000 crore to
INR 11,500 crore has been examined by the department of expenditure
(DoE). It was approved considering the objectives of the scheme.

Karnataka EV policy’s first taker: TÜV SÜD plans EV testing lab in

Bengaluru

With the Karnataka government planning to offer subsidies for

setting up testing facilities in the state in its upcoming electric vehicle
(EV) policy, German certification, and auditing company TÜV SÜD
plans to set up an EV battery lab in the second phase of its recently
inaugurated testing centre in Bengaluru. In the initial phase, involving
an investment of nearly INR 135 crore, the facility primarily focuses on
testing medical devices and electrical components. TÜV SÜD’s newly
developed facility spans over three acres, with an initial construction
covering 70,000 square feet.

20
  

4 Charging Infrastructure
& Battery Swapping

Stakeholder(s)/ Player(s) Description

• MG Motor India has joined hand with Zeon Electric, a Charge Point
Operator , to boost the existing EV charging infrastructure. This
partnership will be focused on strengthening the EV ecosystem at key
locations, including highways, cities, and MG dealerships in Karnataka,
Kerala, Andhra Pradesh, Telangana, Tamil Nadu, Maharashtra, and more.
MG Motor India partners and
• As part of the collaboration, MG customers will enjoy exclusive offers
Zeon Electric
for charging at Zeon kiosks. The partner charging stations, seamlessly
integrated into the MyMG App, will be discoverable and visible on the
iSmart infotainment screens. Zeon’s network of 300+ AC and DC chargers
in key locations will be added to MG’s current network of 12,000 chargers so
far.

• Xero EVs, a manufacturer of electric two-wheelers, and VoltUp, a battery

swapping firm, have tied up to deploy 15,000 electric two-wheelers in the
country within the next two years.
• The collaboration aims to deploy electric vehicles for last-mile deliveries
Xero EVs and VoltUp
across 12 markets in the country. Xero EVs offers electric transportation
solutions through its two electric two-wheelers, namely Xero Mink and
Xero Bolt, both designed and manufactured in India. VoltUp specializes in
providing swapping solutions for two-wheeled and three-wheeled electric
vehicles, eliminating the waiting time for users in need of battery charging.

• The Maharashtra State Electricity Distribution Company Ltd (MSEDCL)

has given its mandatory consent to provide power for the 25 proposed
EV charging points at the new bus depot being set up by the Nashik
Maharashtra State Electricity
Municipal Corporation (NMC) at Adgaon in Panchavati division.
Distribution Company Ltd
• The state power utility will charge about INR 1.25 crore to provide power to
(MSEDCL)
the bus depot. The Centre is expected to provide 50 e-buses to NMC in the
first phase within the next one or two years. The remaining 50 e-buses are
to be provided in the second phase.

21

Stakeholder(s)/ Player(s)
Erisha E-Mobility and
Uttarakhand Government
Tata Passenger Electric
Mobility Ltd. (TPEM) and Glida,
Zeon, Statiq, and Chargezone
Bharat Petroleum and Tata
Passenger Electric Mobility
Tata Power and Indian Oil
Corporation
22
 
Description
• The government of Uttarakhand has signed a Memorandum of
Understanding (MoU) with Erisha E Mobility to establish an EV park and
deploy 100 EV charging hubs across the state. The proposed Electric
Vehicle (EV) Park, spanning 320 acres with an investment of INR 1500 crore,
will serve as a platform for Electric Vehicles manufacturing, ancillary units,
technology providers, and researchers to collaborate, fostering the growth
of the electric vehicle ecosystem in Uttarakhand.
• Additionally, the project aims to establish a robust charging infrastructure
with the installation of 100 Electric Vehicle charging hubs with the
proposed investment of INR 400 crore, strategically located across the
state. The total investment of INR 1900 crore will be over a 10-year time
period.
• Tata Passenger Electric Mobility Ltd. (TPEM) has signed a Memorandum
of Understanding (MoU) with charge point operators (CPOs), Chargezone,
Glida, Statiq, and Zeon to further develop India’s charging infrastructure.
Chargezone, Glida (formerly known as Fortum Charge & Drive India), Statiq,
and Zeon are leading CPOs in the country, with a combined network of
nearly 2,000 charging points across key cities.
• Through this collaboration, the CPOs intend aim to roll out over 10,000
additional charging points within the next 12-15 months. As part of the
MoU, TPEM will also collaborate with Chargezone, Glida, Statiq, and Zeon
to explore the possibility of introducing a smart payment gateway through
co-branded RFID cards. This initiative is designed to facilitate seamless
payment for Tata EV users.
• Bharat Petroleum Corporation Limited (BPCL) , an Indian public sector
undertaking (PSU) and Tata Passenger Electric Mobility Ltd. (TPEM) have
signed an MOU to collaborate in establishing public charging stations
across India.
• The collaboration will leverage BPCL’s widespread fuel stations network
and TPEM’s insights from over 1.15 lakh Tata EVs on Indian road, to set up
chargers at locations frequently visited by Tata EV owners. Additionally,
BPCL will gather insights on charger usage to improve customer
experience.
• Tata Power EV Charging Solutions Limited (TPEVCSL), an EV Charging
solutions providers, and Indian Oil Corporation Limited (IOCL) have signed
a Memorandum of Understanding (MoU) to roll out fast and ultra-fast
electric vehicle (EV) charging points across India.
• The collaboration will see Tata Power install 500+ EV charging points across
multiple IOCL retail outlets. These EV charging points will be installed in
major cities like Mumbai, Delhi, Kolkata, Bengaluru, Ahmedabad, Pune,
and Kochi, as well as across major highways such as the Mumbai-Pune
Expressway, Salem-Kochi Highway, Guntur-Chennai Highway, and the
Golden Quadrilateral.
  

Stakeholder(s)/ Player(s) Description

• Servotech Power Systems Ltd., a manufacturer of EV chargers and solar

solutions, has announced that it has filed two patents in the realm of EV
charger technology to revolutionize EV charging infrastructure.
• These patents enable users to fast charge any GB/T Bharat DC 001 vehicle
Servotech
based on 72V/96VDC through a CCS2 connector using a small additional
gadget. These two patents aim to transform the EV charging infrastructure
using two different methodologies, contributing to a robust, interoperable,
and cost-effective EV charging ecosystem.

• Kia India, an automotive manufacturer has introduced the “K-Charge”

feature in the ‘MyKia’ app —an innovative tool that enables users to
discover over 1000 electric vehicle charging stations across the country.
• This initiative is not exclusive to Kia customers; it extends its benefits
Kia India
to non-Kia users, aiming to alleviate Range Anxiety for EV owners. This
move underscores Kia’s commitment to enhancing customer services by
consolidating various functions into a single, user-friendly smartphone
app.

• Fujitsu, the digital transformation partner of choice for customers, has

launched pilot modelling activities aimed at optimizing the installation
of electric vehicle charging infrastructure in India. The initiative leverages
Fujitsu’s Fleet Optimization solution, which uses digital twin simulation
Fujitsu
technology to streamline fleet deployment and operations.
• As part of this effort, Fujitsu will collaborate with a consortium of global
companies and partners to construct a data-sharing platform. The pilot
modelling activity will take place between November 2023 and March 2024

• Indian Oil Corporation (IOC) has inaugurated its first battery-swapping

station in Kolkata for electric vehicles (EV). The oil marketing PSU
established the facility at its retail outlet in New Town on the eastern
outskirts of the city in collaboration with Sun Mobility, adding that this
Indian Oil Corporation and Sun marks a significant step forward in promoting sustainable and accessible
Mobility electric mobility solutions across the city.
• In the coming months, IOC, in association with Sun Mobility, will install
more battery-swapping facilities at its retail outlets, allowing drivers to
access its convenient and efficient solution to quickly swap depleted
batteries for fully charged ones.

23
  

Stakeholder(s)/ Player(s) Description

• The stage is finally set for the installation of electric vehicle (EV) charging
stations at 32 sites across the city. After a field survey and inspection by
its engineering department, the Chandigarh Municipal Corporation has
handed over the sites to the Chandigarh Renewable Energy and Science
Chandigarh Renewable Energy
and Technology Promotion Society (CREST) of the UT.
and Science and Technology
• The CREST will soon commence the exercise as the tender for installing
Promotion Society (CREST)
EV charging stations has already been allotted to a private bidder. While
handing over the sites to CREST, the civic body has ensured that all these
sites are free of technical or physical glitch for the installation of charging
stations.

Source: Vahan Dashboard, JMK Researc

EV charging points, battery-swapping facilities to soon cross 5,000-

mark in Delhi: Discoms

The EV charging infrastructure is expanding rapidly in Delhi with

power distribution companies setting up over 4,500 charging points
and battery-swapping facilities across the city and hundreds more to
be installed by the end of the current fiscal. The number of charging
points and battery-swapping facilities in the city will cross the 5,000-
mark in the next few months. According to the latest report of the
Central Electricity Authority (CEA), Delhi consumes 55 % of the power
consumed at EV charging points across the country. The BSES discoms
-- BYPL and BRPL -- have installed over 3,100 charging points and
battery-swapping stations at more than 1,200 locations across South,
West, East, and Central Delhi. These include 1,260 (40 %) private, 1,220
(39 %) public and 485 (15 %) captive categories.

Government has no plans for EV port standardization of two

wheelers

The government currently has no plans to standardize EV ports for

two-wheelers. The Minister of Heavy Industries clarified that there are
no plans to establish a universal charging port standard. Consequently,
it seems improbable that Ola’s proprietary Hyperchargers, specifically
designed for charging Ola Electric scooters, will be compatible with
Ather Energy’s users. This is because of Ather Energy’s users, as it is
an open-source charging standard, which is also shared by Hero Vida
V1 e-scooters and other original equipment manufacturer (OEM)
charging platforms.

24
  

Now, 10,000 fuel pumps offer EV charging points

Approximately 10,000 fuel pumps across India are currently offering

electric vehicle charging facilities, indicating that traditional energy
suppliers wouldn’t want to be left behind in the country’s accelerated
transition to electric mobility. Indian Oil, a fuel retailer, is leading the
race with EV charging facilities at more than 6,300 outlets, according to
oil ministry data. Hindustan Petroleum follows with over 2,350 outlets
equipped with EV chargers, while Bharat Petroleum has more than
850 outlets. Among private fuel retailers, Shell provides EV charging
facilities at over 200 outlets, while Nayara Energy has fewer than 200
outlets. The joint venture of Reliance Industries and BP has EV chargers
at fewer than 50 retail outlets.

25
  

5 KEY manufacturning updates

Elon Musk’s Tesla to set up its first India factory in Gujarat,

announcement likely during Vibrant Gujarat event

Tesla is all set to enter India with its manufacturing plant in Gujarat next
year. The negotiation for the establishment of the first manufacturing
unit of the EV maker in India has reached its final leg and is likely to
conclude soon. The announcement related to the Tesla manufacturing
unit in the state is likely to take place in the upcoming Vibrant Gujarat
Summit, going to be held in January 2024. Gujarat is being considered
as an ideal location for Tesla’s export-oriented strategy. The company
is likely to invest up to US$2 billion, contingent on a concessional duty
of 15% on imported vehicles during the first two years of the plant’s
operation.

India’s Himadri Speciality to make lithium-ion battery parts; shares

rise

India’s Himadri Speciality Chemical would set up a facility for

manufacturing lithium-ion battery components with an estimated
project cost of 48 billion rupees (US$ 576.12 million). The plant aims
to produce 200,000 million tonnes per annum (MTPA) of lithium
iron phosphate, one of the key materials used in making lithium-ion
battery cells, in phases over the next five-six years.

ARENQ to set up new INR 28 crore battery manufacturing plant in

Pune

ARENQ, a manufacturer in the energy storage battery sector,

is establishing a new manufacturing unit in Khed City, Pune,
Maharashtra. The company is investing INR 28 crores in this project,
aiming to elevate its total production capacity to 200MW. The new
facility, spanning over 80,000 square feet, will be fully automated
and complement ARENQ’s existing manufacturing capabilities. It will
focus on producing batteries across all segments, showcasing the
company’s commitment to innovation and excellence in the energy
storage industry.

Tata likely to shift Nexon EV manufacturing to Gujarat’s Sanand

Tata Motors is expected to shift manufacturing of the electric variant

of its popular SUV, Nexon, to Sanand soon. The company recently

26
  

completed acquisition of Ford India Limited’s car manufacturing

facility in Sanand, where the company plans to manufacture electric
vehicles. The new plant will unlock an additional manufacturing
capacity of 300,000 units per annum which is scalable to 420,000
units per annum.

Wardwizard and Triton EV forge partnership for EV manufacturing

Wardwizard Innovations & Mobility Ltd. (WIML), a manufacturer

of electric vehicles under the ‘Joy e-bike’ brand in India, signed a
Memorandum of Understanding (MOU) with Triton EV (TEV), a US-
based electric vehicle manufacturer. This strategic collaboration spans
five years and aims to revolutionize the electric vehicle landscape in
India and the UAE. Under this strategic alliance, Triton EV has selected
WIML as its manufacturing partner for Battery Operated trucks in
India and UAE. Furthermore, WIML will expand its manufacturing
capabilities to produce Two-wheelers and Three-wheelers for Triton

27
6 E-Bus Updates

Bihar transport department to buy 400 more e-buses for five cities

In a bid to reduce air pollution and promote eco-friendly transportation,

the state transport department has decided to add 400 more electric
buses to its existing fleet of 25 such vehicles by next year. The Bihar
State Road Transport Corporation limited (BSRTC) has started the
bidding process after the state cabinet’s approval of the proposal to
acquire more e-buses. The new buses will run on different routes in
five cities - Patna, Bhagalapur, Gaya, Darbhanga, Muzaffarpur and
Purnia. The use of e-buses will reduce reliance on petrol and diesel-
powered public transport vehicles.

500 e-buses to be added to Delhi’s fleet

In one of the most inductions, 500 low-floor electric buses will be

inaugurated in Delhi, expanding DTC’s electric fleet to over 1,300
vehicles. The e-buses have been manufactured by Tata Motors.
Currently, Delhi operates a fleet of approximately 7,300 operational
CNG public buses, with DTC contributing 4,010 (1,256 AC and 2,504
non-AC), DIMTS operating 3,319. The city has been facing a shortage,
with several overaged buses breaking down.

Karnataka State Road Transport Corporation (KSRTC) to add 300

electric buses

The Karnataka State Road Transport Corporation (KSRTC) is planning

to add 300 electric buses to enhance connectivity to nearby districts
of Bengaluru. While the buses are being procured through GCC
contracts, the corporation expects an increase in costs in the absence
of a central government subsidy. In a new effort to add more electric
buses, KSRTC is planning to get 300 more such buses. These buses will
facilitate connectivity for passengers in nearby districts of Bengaluru
and other areas lower than 100 km. KSRTC wants to experiment with
running electric buses on shorter routes.

Tata Motors delivers 100 Starbus EVs to Bengaluru Metropolitan

Transport Corporation

Tata Motors, a commercial vehicle manufacturer, has successfully

delivered 100 technologically advanced Starbus EVs to the Bengaluru
Metropolitan Transport Corporation (BMTC). This delivery is part of
a larger order outlined in the agreement between TML Smart City
Mobility Solutions Ltd., a subsidiary of Tata Motors, and BMTC. The
agreement covers the supply, operation, and maintenance of 921 state-
of-the-art 12-metre low-floor electric buses over a 12-year period.

India’s plan for 50,000 e-buses on its roads gets US support

India is aiming to get 50,000 electric buses on its streets by 2027 with
help from a joint finance mechanism with the US. The US$ 390 million
fund will act as a guarantee for manufacturers seeking loans to expand
production. India currently only has 12,000 e-buses in operation. The
new fund mechanism from the government is designed to mitigate
manufacturers’ risks as they access finance for fresh investments.

Olectra Greentech receives Rs 62.8 cr order for e-bus supply

Electric vehicle maker Olectra Greentech has received an order from

Vasai-Virar City Municipal Corporation, Mumbai, for the supply and
maintenance of 40 e-buses at a value of INR 62.80 crore. This supply
order is on an outright sale basis and these buses will be delivered over
a period of seven months.

Eka Mobility to roll out 50 e-buses over next few weeks in Mira-
Bhyander and Ulhasnagar

EKA Mobility, a subsidiary of Pinnacle Industries, expects to formally

start rolling out the initial orders of 50 electric buses to Mira-Bhayandar
and Ulhasnagar municipal corporations over the next few weeks. EKA
Mobility announced in July of this year the acquisition of a significant
order of 57 electric buses from the Mira-Bhayandar Municipal
Corporation (MBMC).
  

7 Other Market Updates

Ola Electric becomes first Indian 2W EV company to receive PLI
certification for automobiles and auto components

In a significant milestone for the Indian electric vehicle (EV) industry, Ola
Electric has become the first 2W EV company to receive certification
under the Production Linked Incentive (PLI) Scheme for automobiles
and auto components. The industry have revealed that Ola Electric
has successfully met the stringent eligibility assessment requirements
outlined in the PLI Scheme, including a minimum of 50% domestic
value addition to its vehicles. This certification positions Ola Electric as
the sole EV 2W manufacturer eligible for benefits under the PLI auto
scheme.

Tata Motors receives first PLI-AUTO certificate from ARAI for 12m
fully built bus in M3 Category

Automotive Research Association of India (ARAI) has conferred the

first PLI-AUTO certificate to Tata Motors in the M3 category for their
12 metre long fully built bus. This recognition is a testament to the
conformity of their vehicle model, Tata Starbus 4/12 EV, encompassing
both AC and Non-AC variants.

SIDBI grants INR 12.45 crore to deploy 300 Electric 3-wheelers in

Delhi and Hyderabad

The Small Industries Development Bank of India (SIDBI) has granted

INR 12.45 crore to ETO Motors to deploy 300 Electric 3-Wheelers (E3W)
in Hyderabad and Delhi for first and last mile passenger connectivity.
ETO Motors, as part of the financial support, will also build an EV
Charging Infrastructure to support the deployment of 300 E3Ws
Hyderabad and Delhi. The financial support to ETO Motors is under
SIDBI’s Mission 50K-EV4ECO which aims at strengthening the EV
ecosystem in India, including uptake for two, three and four-wheelers
through direct and indirect lending. The objective of this scheme is
to provide access to affordable financing for electric vehicles and to
develop charging infrastructure, including battery swapping.

Nexzu Mobility signs MoU with Gujarat government to set up India’s

first smart EV park

Nexzu Mobility, a sustainable urban transportation solutions provider,

has signed a Memorandum of Understanding (MoU) with the

30
  

Government of Gujarat, to develop India’s first ever Smart EV Park in a

move that promises to redefine the country’s mobility landscape. The
company will invest INR 5,000 crores over the next 10 years to set up
the park, which is expected to generate employment for over 5,000
people.

Gogoro to go ahead with US$ 2.5 billion battery swapping MoU with
Maha government without Belrise

Taiwan-based global battery systems provider Gogoro has chosen to

proceed with the US$ 2.5 billion MoU with the Maharashtra government
to build battery-swapping infrastructure in the state, excluding Pune-
based auto component maker Belrise Industries. Following the MoU
announcement, the collaboration between Belrise and Gogoro did not
progress to the joint venture establishment stage. This was attributed
to the failure to complete and fulfill various variables and parameters
beyond the control of the two partners.

Electric vehicles for last mile link at a few metro stations

Chennai Metro Rail (CMRL) has planned to launch electric vehicles at

five stations for first- and last-mile connectivity. A total of 12 electric
vehicles with varying capacities are set to operate at the following
stations: Koyambedu, Thirumangalam, Wimco Nagar Depot, Thousand
Lights (LIC), Meenambakkam, or Nanganallur Road. CMRL recently
issued a tender calling for expressions of interest (EOI). According to
the tender, four-wheeler electric vehicles with 5, 8, and 14 seats have
been planned. These vehicles will transport passengers to and from
the stations between 6 am to 10 pm. Commuters can pay for the feeder
service using their CMRL smart cards or QR codes. The vehicles are
likely to have GPS trackers, SOS for female passengers, and a customer
care support system.

Macquarie cheques into EV finance in India with US$ 400 Mn

Australian financial services firm Macquarie is looking to enter the

credit space in India by launching a non-banking financial company
(NBFC) as part of an electric vehicle (EV) platform it plans to set up in
the country. The NBFC will help commercial fleet operators avail credit,
addressing a major gap in India’s EV ambitions. Macquarie will soon
apply for a licence with the Reserve Bank of India (RBI). For now, the
firm has set aside a US$400 million investment in its end-to-end EV
platform, which will offer everything from fleet leasing to electrification
(battery services) and heavy transportation.

31
  

C4V inks MoU with Hindalco for EV battery material

C4V, the US-based Li-Ion battery technology company, has entered into
a Memorandum of Understanding (MoU) with Hindalco Industries for
the development and supply of Battery Grade Aluminium foils, Coated
Foils, and structural components for Li-ion cells. According to the MoU,
Hindalco will supply up to 2,000 tons of battery foil to C4V over a five-
year period. The agreement outlines a strategic roadmap that includes
collaboration on materials and joint technology development. This
collaboration is aligned with the evolving demands of the Indian EV
market and focuses on achieving self-reliance in India’s EV battery
technology.

iVOOMi upgrades battery tech, introduces cloud data connectivity

to its vehicles

iVOOMi, an electric two-wheeler original equipment manufacturer

(OEM), has undergone significant research and development efforts
to enhance its battery technology. The result is a notable increase in
power and capacity by 22%-25% , coupled with the introduction of cloud
data connectivity to its vehicles. The upgraded battery technology
allows iVOOMi vehicles to draw up to 7 kW of power, providing users
with superior performance experience and an extended range. This
enhancement translates to a 25% increase in range.

Neogen Ionics completes land acquisition in Gujarat to establish

Battery Materials facility at a Greenfield site

As part of its future expansion strategy and a crucial step in establishing

a greenfield project, Neogen Ionics Limited, a wholly owned
subsidiary of Neogen Chemicals Limited, has successfully completed
the acquisition of approximately 65 acres in Pakhajan, Dahej PCPIR,
Gujarat. Dedicated for battery materials and new future business
opportunities, Neogen will set up the plant on this greenfield site to
manufacture 30,000 MT of electrolytes and 4,000 MT of electrolyte
salts and additives in the first phase.

GoMechanic, MoEVing launch EV service for fleet aggregators

GoMechanic has launched of ‘Electric Vehicle Services’ for India’s key

fleet operators in the EV space. Under its new expansion strategy,
GoMechanic will enlarge its service portfolio from ICE (Internal
Combustion Engine) to EVs (Electric Vehicles) for leading Industry fleet
leaders. The GoMechanic network will target to service/repair over
10,000+ smart vehicles across India in the year 2024-25. EV fleet services

32
  

will include periodic vehicle service to major repairs – including paint,

tyres, windshield, side mirrors, brake pads, repair, and replacements.

Audi inaugurates India’s first ultra-fast charging station in Mumbai

Audi, the German luxury car manufacturer, has inaugurated India’s

first ultra-fast charging station in Bandra Kurla Complex (BKC),
Mumbai. Developed in collaboration with Charge Zone, the 450kW
ultra-fast charging ‘e-tron hub’ features a high-powered gun capable
of delivering up to 360kW/500amps, ensuring efficient and high-
performance charging. Until March 2024, Audi e-tron owners can
enjoy free charging at the ‘e-tron hub’, and the charging station is
compatible and open for all electric vehicles.

Mahindra set to drive in its first electric truck in 2025

Domestic automaker Mahindra & Mahindra is developing its inaugural

range of electric light commercial vehicles (LCVs) to establish a presence
in a fiercely competitive segment that transitioning from conventional
fuels to cleaner technologies, including compressed natural gas (CNG)
and electrification. Mahindra plans to launch its first line-up of electric
four-wheeler commercial vehicles in 2025, complementing its existing
range of electric three-wheeler cargo products.

Zypp Electric plans to incorporate 500-1000 Gogoro e-scooters in

its fleet

India and the US are set to partner to accelerate New Delhi’s transition
to electric public transport systems to meet its net zero goals, signalling
the growing trade and political ties between the two countries as
they seek to counter China’s influence on the global stage. As per the
proposal, which has been forwarded for inter-ministerial consultations,
the US will extend US$ 150 million (about INR 1,250 crore) to set up a
fund as a payment guarantee for companies supplying electric buses
to ailing state transport undertakings (STUs). The two sides are in talks
to finalise the modalities of the financial mechanism.

KPIT unveils breakthrough Sodium-ion battery technology to

alleviate Lithium dependency

KPIT Technologies, an independent software integration partner to

the automotive and mobility ecosystem, has unveiled its Sodium (Na)-
ion battery technology. This battery technology promises to reduce
import dependency on core battery materials. It has several use-cases

33
  

for automotive and mobility, especially for electric two and 3-wheelers
and commercial vehicles. It has promising applications in stationary
deployments, such as UPS backups and grid storage, as well as in the
marine and defence sectors.

BluSmart Mobility taps Tata Motors, MG Motor India for 3800 e-cars

BluSmart Mobility, a ride hailing company, plans to purchase 3,800

electric cars from Tata Motors and MG Motor India as it expands its
presence in the growing Indian market for electric mobility. With this
latest addition, BluSmart’s electric vehicles fleet will increase from the
current 5,500 to 9,300. The majority of the cars will be sourced from
Tata Motors, the firm will further augment its fleet over the next couple
of years to take the total fleet size to 21,000-22,000 by 2025.

E-rickshaw pilot project to soon resume in Matheran

The Raigad district administration has signaled the early resumption

of the e-rickshaw pilot project. A recent Supreme Court order released
recently allows the state government to continue with the e-rickshaw
pilot project in the hill station until further orders. During the three-
month trial, seven e-rickshaws were put into service. Notably, Matheran
has 94 hand-pulled rickshaw owners.

Hindustan Zinc begins EV trucks deployment at mines

Vedanta Group firm Hindustan Zinc has initiated the deployment of

electric trucks at one of its mines. The company officially launched
the first fleet of electric vehicles in partnership with Inland EV Green
Services. Crafted for Indian conditions, these trucks boast a remarkable
55-tonne capacity each, coupled with an impressive charging capacity,
capable of going from 20 to 100 per cent in just 90 minutes.

Emobi develops E2W in collaboration with Japan’s Musashi

The Bengaluru-based Emobi Manufactury Private Limited has

developed an electric two-wheeler in collaboration with Japan’s
Musashi Seimitsu CO Ltd. (Musashi) using Musashi’s high-performance
powertrain with Battery-As-A-Service provided through Honda Power
Pack Energy India (HEID). Designed for performance, reliability, and
affordability, the electric two-wheeler targets the last mile delivery /
bike taxi segments. It is engineered to match the standards of 125cc
ICE variants and is expected to be among the best-in-class for the
target segment.

34
  

Terra Charge announces Blanket Solution to electrify last mile

delivery and logistics companies\

Terra Motors Charging Solutions, an EV ecosystem developer, has

announced the Terra Charge Blanket Solution—a comprehensive EV
package. This all-encompassing package aims to make a significant
impact on the US$ 2 billion Indian Electric Vehicle market, offering a
range of features, including L5 Loader vehicles, designed to cater to
the needs of the last-mile delivery and the logistics arena. It will also
provide personalized financing options for EV purchases, build charging
infrastructure, and provide centralized management software with
dashboards and mobile app access for real-time insights.

35
  

8 Deals & Investments

Deal value
Company name Company type Deal type Investor(s) Details
(INR Crore)

Omidyar Network, with

participation from the
Asian Development Revfin secures US$
Digital lending Bank, Companion
Revfin Equity 115 Series- B 14 million in Series B
Platform Capital Limited, and
existing investors Green funding
Frontiers Capital and LC
Nueva.

Existing investors, BluSmart secures INR

BluSmart EV Ride Hailing Equity founders, and the 200 200 crore in recent
leadership team equity round

Zephyr Peacock, Lets

Venture, JITO Angel
Network, and family Li-ion battery recycler
Battery 41.36 (Pre-Se-
BatX Energies Equity offices of Mankind BatX Energies raises
Recycling ries A)
Pharma, Excel US$ 5 Mn in pre-Series A
Industries, BluSmart,
and others

Eight Roads Ventures,

TDK Ventures,
Lightspeed, YourNest Exponent secures
VC, 3one4 Capital,
Exponent Energy Energy Tech Equity 164 (Series-B) US$26.4 million in Series
AdvantEdge VC, and
Dr. Pawan Munjal B funding
(Executive Chairman,
Hero MotoCorp)

Source: Industry news articles, JMK Research

EVRE to invest INR 200-250 crore to set up commercial EV charging

hubs

EVRE, a third-party B2B charging solution provider, is set to invest

INR 200-250 crore in setting up 800-1,000 commercial electric vehicle
(EV) charging hubs over the next two years. Currently, the company
operates 120 charging hubs across eight cities. The company is looking
for local partners globally, specifically in European Union, South-East
Asian countries, and West Asia. In addition, it also plans to enter the

36
  

highway segment of public charging and wants to create a large-scale

charging infrastructure that will be different from what the current
players are doing.

Taiwan’s Gogoro plans to rev up India investment to make electric

2-wheelers

Taiwan’s Gogoro is planning to scale up investments in the Indian

market for the local production of electric two-wheelers and set up a
battery swapping network to support these vehicles over the next few
years. Gogoro has already firmed up plans to invest US$ 1.5 billion in
Maharashtra to manufacture vehicles and set up swapping stations in
the state by the end of the decade. The company will make additional
investments to grow its footprint in other states.

Hindalco to set up INR 800 crore battery foil plant in Odisha to tap
EV market

Hindalco Industries, an aluminium rolling and recycling company, is

planning a substantial expansion of its manufacturing capacity for
high-quality aluminium foil used in rechargeable batteries to serve
the rapidly growing market for electric vehicles and energy storage
systems.
The company is investing INR 800 crore to build a new plant near
Sambalpur in Odisha, which will initially produce 25,000 tonnes of
this resilient product which forms the backbone of Lithium-ion and
Sodium-ion cells.

Kinetic Green in final leg of INR 250 crore fund raise, eyes 1 lakh EV
sales in FY25 and INR 1000 crore turnover

Kinetic Green, the electric vehicle arm of the Kinetic Group, is in the
final stages of raising approximately US$ 30 million or INR 250 crore
from external investors to fund its expansion plans. The company is
likely to close the fundraise within the next quarter. Having generated
around INR 300 crore in business by selling a modest number of
electric two and three-wheelers in 2023, Kinetic Green aims to surpass
INR 1000 crore in turnover in FY2025.

Amara Raja plans INR 1,500 crore capex for expansion of new energy
business

Amara Raja Energy and Mobility, an industrial and automotive battery

major formerly known as Amara Raja Batteries, is planning to invest
approximately INR 1,500 crore as capital investment (capex) over a two-

37
  

to three-year period as it seeks to expand its new energy business in

the form of lithium-ion cells and battery packs, EV charging products,
and energy storage solutions.
The company is in the process of establishing its first 2 GW per hour
NMC line, with commercial production scheduled to commence
sometime in FY2026. For these three projects, the initial outlay to be
spent over the next two to three years is estimated to be around INR
1,500 crore. Land acquisition has been successfully concluded, and
construction has recently commenced. The company plans to incur a
capex of INR 500–600 crore in the next year for equipment purchases
and various other activities, with a similar expenditure expected in
FY2026.

Graphite India to buy 31% stake in Godi for INR 50 crore

Graphite India, a manufacturer of graphite electrodes, is set to

invest INR 50 crore to acquire a 31% stake in Hyderabad-based Godi
India. Godi India specializes in advanced chemistry R&D to support
manufacturing of sustainable batteries for EVs and supercapacitor-
based energy storage systems. This strategic investment aligns
with Graphite India’s broader goal to diversify into advanced battery
technologies and energy storage systems. The agreement involves
Graphite India signing a definitive transaction for the INR 50 crore
investment in compulsory convertible preference shares of Godi. Upon
full dilution, this investment will confer a 31% holding in Godi India.

38
  

9 JVS & Partnerships

Companies involved Purpose of Partnership

• Mahindra Last Mile Mobility Limited (MLMML), a subsidiary of Mahindra

& Mahindra, has entered into a strategic collaboration with Attero, a
player in lithium-ion battery recycling and e-waste management. The
Partnership is focused on effective EV battery recycling.
Mahindra Last Mile Mobility
• MLMML, a company specializing in electric vehicle technologies, offers an
and Attero
extensive selection of Li-ion electric 3-wheelers, including models such as
the Treo, Treo Plus, Treo Zor, Treo Yaari, and Zor Grand. The collaboration
between MLMML and Attero is specifically aimed at promoting the
sustainability and recycling/reuse of lithium-ion batteries.

• BluWheelz, a technology-driven logistics firm specialising in first, mid, and

last-mile solutions, has recently announced a strategic partnership with
Log9, an energy solutions provider.
• The collaboration aims to harness Log9’s comprehensive ecosystem of
Log9 and BluWheelz commercial assets, enhancing operational capabilities for BluWheelz.
BluWheelz operates an electric vehicle fleet within the e-commerce,
quick commerce, and food tech industries. Meanwhile, Log9 is making
notable strides in sustainable transportation by deploying its first fleet of
2-wheelers in North India.

• •In a transformative move to enhance electric two-wheeler accessibility

in India, Motovolt Mobility Pvt. Ltd. has joined forces with German
climate-tech firm Swobbee. This collaborative effort addresses challenges
associated with EVs, with a primary focus on battery charging time, cost,
Motovolt and Swobbee and life to elevate the overall user experience in the country.
• The partnership is poised to revolutionize the sector with the commitment
to establish 200 battery swapping stations across India within the next 24
months. The initial phase has commenced with the launch of the first two
Swobbee battery swapping and charging stations in Delhi and Kolkata.

• Omega Seiki Mobility (OSM), an EV manufacturer, has entered into a

strategic partnership with ReadyAssist to introduce an extensive roadside
assistance program for its three-wheelers, aiming to deliver a seamless
and reliable customer experience. ReadyAssist’s Roadside Assistance
(RSA) program will cover all deployed OSM vehicles, focusing on prompt
Omega Seiki and emergency assistance, after-sales support, and the overall reliability of its
Ready Assist electric three-wheelers in the first year.
• During the second year, a retail subscription plan will be introduced,
granting access to the ReadyAssist RSA for all existing OSM vehicles. In
addition to roadside assistance, ReadyAssist will extend support for hub
movements through towing services based on ad-hoc orders, following a
Garage-to-Garage (G2G) model.

39
  

Companies involved Purpose of Partnership

• OTO has announced a strategic partnership with Mufin Green Finance to

reshape the landscape of electric vehicle (EV) financing, particularly for
underserved customer segments. Recognising the evolving EV industry
landscape, OTO’s collaboration with Mufin Green Finance not only
provides the latter access to OTO’s digital-savvy customer base within
OTO and Mufin
the two-wheeler sector but also represents a strategic move towards the
Green Finance
burgeoning electric mobility sector.
• OTO has set an ambitious goal to sell 35,000 electric vehicles in 2024,
reinforcing its dedication to fostering the adoption of sustainable solutions.
With plans to allocate over 250 crores in green mobility, OTO aims to
deploy over 100 crores through Mufin Green Mobility.

• In a recent collaborative initiative, Revamp Moto announced its

partnership with Bolt.Earth to integrate an operating stack into their
Revamp Moto and existing vehicles.
Bolt.Earth • This strategic alliance aims to redefine vehicle capabilities within the EV
industry, enhancing efficiency and delivering a smarter, more intuitive
experience for end-users.

• Hero MotoCorp, a manufacturer of motorcycles and scooters, has

partnered with Ather Energy to establish an interoperable fast-charging
network in India.
Hero MotoCorp and Ather
• This collaboration aims to provide electric vehicle (EV) users with the
Energy
convenience of seamlessly utilizing both VIDA and Ather Grids across the
country. The integrated network is set to span 100 cities and include over
1900 fast-charging points.

• Log9 and TORK Motors have partnered to promote interoperable charging

infrastructure in India through the Bharat Charge Alliance (BCA) initiative.
Both Log9 and TORK Motors are members of BCA.
• As a battery pack manufacturer, Log9 has introduced Type 6-Bharat
LEV fast charging across its new battery platforms in the two and three-
Log9 and TORK Motors wheeler space. Type 6 is set to become the low-voltage fast charge
standard in the next generation, with multiple OEMs adopting the same.
Under this partnership, both TORK Motors and Log9 will allow customers
of both brands to utilise their chargers and charging network, which is
based on BCA’s LEV DC interoperable standard (IS 17017-25 and IS 17017-2-6
released by BIS in 2021).

40
  

Companies involved Purpose of Partnership

• Quantum Energy, an electric vehicle (EV) startup specializing in the design,

development, manufacturing, and sales of electric scooters, has partnered
with Fintech startup RevFin, an advanced digital consumer lending
platform, which is revolutionizing the way the financing is being done.
Quantum Energy
• Under this collaboration, Revfin will empower the fleet companies with the
and RevFin
required funds to add Quantum Energy’s innovative Bziness and Bziness
Pro e-scooters to their fleets. With the increasing trends of e-commerce,
quick commerce, and fast adoption of electric scooters in the logistics
sector this association will help the fleet companies.

• ZEVO, a tech-enabled EV mobility platform, has entered into partnership

with Machphy Solutions to deploy its innovative temperature-controlled
last-mile delivery solutions across 10 cities in India.
• The collaboration aims to offer sustainable and climate-friendly solutions
ZEVO and for temperature-controlled logistics (TCL) in the delivery of frozen goods
Machphy Solutions and pharmaceuticals. ZEVO’s system, operating with an overnight plug-
in electric charge, can maintain intracity operations for up to 16 hours
at -20°C with a range of 120 km. The solution utilises advanced thermal
materials for efficient energy storage, providing a sustainable and cost-
effective option for EV operators in the last-mile delivery segment.

Source: Industry news articles, JMK Research

41
  

10 Global Market Updates

EKA Mobility partners with Japan’s Mitsui and Netherlands’ VDL
Group to manufacture EVs

Pune-based EKA Mobility has formed a strategic partnership with

Japan’s Mitsui & Company and Netherlands-based VDL Group to
manufacture electric buses and light commercial vehicles in the
country. As per the agreement, Mitsui and VDL together will invest
US$ 100 million (approx. INR 830 crore) in EKA Mobility for significant
minority stakes. The resources will be utilized to scale up research and
development and enhance manufacturing capacity. EKA Mobility,
which commissioned a production unit in Pune earlier this year, plans
to scale up production capacity to roll out 5,000 electric buses and
6,000 light commercial vehicles per annum in the first phase. This
would be further increased to produce 12,000 electric buses and
commercial vehicles each in the medium term, as per market demand.

EU, UK extend trade rules to avoid tariffs on electric vehicles

The European Union and Britain agreed to give electric vehicle (EV)
makers until the end of 2026 to comply with local content rules,
delaying the imposition of tariffs on EVs traded with the UK. The
extension from the previous 2024 deadline would save manufacturers
and consumers up to 4.3 billion pounds (USD 5.45 billion) in additional
costs. Britain and the EU are each other’s largest market for exports of
EVs, which are being encouraged as an alternative to carbon-emitting
internal combustion engine vehicles powered by gasoline or diesel.

Tesla moves forward with a plan to build an energy-storage battery

factory in China

American electric automaker Tesla’s plans to produce energy-storage

batteries in China moved forward with a signing ceremony for the land
acquisition for a new factory in Shanghai. The new factory will initially
produce 10,000 of Tesla’s Megapack units annually for sale worldwide.

BYD’s first European plant to come up in Hungary

BYD, a manufacturer of new energy vehicles, has announced the

next stage of its European strategy: the construction of a brand-
new manufacturing and production centre in Szeged, Hungary. The
state-of-the-art facility will be the first of its kind built by a Chinese
automotive company in Europe and will have the advanced car

42
  

production line. The factory will be built in phases and is expected to

create thousands of local jobs, boost the local economy, and support
local supply chains. BYD has not specified which models it plans to
manufacture in Europe.

EU and UK sign off deal providing much-needed certainty for EU EV

manufacturing

The EU and UK have signed off on extending current battery and electric
vehicle rules of origin under the Trade and Cooperation Agreement
(TCA). European manufacturers have welcomed this solution, which
will help support the competitiveness of Europe’s burgeoning electric
vehicle manufacturing industry.

Wardwizard Innovations inks MoU with BEEAH to sell EVs in GCC,

African countries

Wardwizard Innovations & Mobility, an electric vehicle company has

signed a Memorandum of Understanding (MoU) with BEEAH Group
(BG), a sustainable waste management firm co-owned by the Sharjah
government in the UAE. This collaboration aims to promote the use
of electric vehicles and contribute to environmental improvement
across the GCC countries and African nations. As a part of this
strategic alliance, WIML and BEEAH Group will conduct technical
and commercial feasibility studies to produce two-wheelers, three-
wheelers, and battery-operated trucks, both small and large, in the
UAE.

SQM ties up with Hancock on USD 1.1 billion bid for Australian lithium
developer Azure

Chile’s SQM has teamed up with Executive Chairman of Hancock

Prospecting, Gina Rinehart, to make a sweetened A$1.7 billion (US$ 1.14
billion) bid for Australian lithium developer Azure Minerals. The deal
would give lithium producer SQM a foothold in Australia with a stake
in Azure’s Andover project and a partnership with Hancock, which has
rail infrastructure and local experience in developing mines.

ABB to supply 1,300 robots to Volvo to build next-gen EVs

ABB, a longstanding supplier to Volvo Cars, is to supply more than

1,300 robots and functional packages to help the Swedish car
maker build the next generation of electric vehicles and achieve its
ambitious sustainability targets. The automotive industry’s historic
transformation, driven by increasing consumer demand for electric
vehicles and a desire to operate more sustainably, is creating new

43
  

opportunities as well as challenges for global manufacturers.

Canada Set to Mandate Zero Emissions for All New Cars by 2035

Canada is expected to announce a mandate requiring all new cars to

be zero emissions by 2035.The upcoming regulations, known as the
Electric Vehicle Availability Standard, aim to ensure a sufficient supply
in the Canadian market and reduce wait times for electric vehicles. This
move aligns with the global trend of countries promoting electrification.
The proposed standard dictates that zero-emission vehicles, including
battery electric, plug-in, and hydrogen models, must constitute 20% of
new car sales in 2026, 60% in 2030, and reach 100% by 2035.

Germany to end e-vehicle subsidy programme

Germany’s electrical vehicle subsidy programme will end prematurely

after paying out around EUR 10 billion since 2016, the latest sign of belt-
tightening following the adoption of a revised 2024 budget this week.
The new budget had to be slimmed down after a ruling by Germany’s
constitutional court that blew a EUR 60 billion (US$65.36 billion) hole in
the country’s state budget and forced the government to shelve some
programmes designed to speed up Germany’s green transition. The
e-car subsidy was originally intended to apply until the end of 2024.
Subsidies already applied for will be paid out, but no new applicants
will be accepted from December 18, 2023.

Greaves Technologies partners Danisi Engineering, plans foray into

Europe

Bengaluru-based Greaves Technologies, a full-service engineering,

and R&D, and digital services solutions provider and part of the highly
diversified Greaves Cotton Group, has partnered with Italy’s Danisi
Engineering that specialises in offering vehicle engineering and
prototyping solutions for the automotive industry. The alliance aims to
leverage Greaves Technologies’ presence in India to build and grow IT
and software engineering capabilities, as well as capacities for Danisi
Engineering in India. Additionally, it provides Greaves Technologies
with opportunities to expand into the European market, where Ferrari
and Fiat are key customers of Danisi.

Bolivia signs US$ 450 million lithium deal with Russia

Bolivia, home to some of the world’s biggest lithium reserves, has

signed a US$ 450 million deal with Russian state firm Uranium One
Group to produce key components for batteries and electric vehicle.

44
  

Under the agreement, the Russian firm’s parent company, Rosatom,

will invest in Bolivia over two years to build a pilot lithium plant in the
country’s south.

Thai state oil giant PTT starts making lithium-ion EV batteries

Thai oil and gas conglomerate PTT has commenced the production
of lithium-ion batteries as part of its efforts to create a supply chain
for its EV brand Neta and capitalize on the growing green car market.
The plant, owned by joint venture NV Gotion and situated in Rayong
province southeast of Bangkok, has set up a production line to make
lithium-ion batteries with a capacity of 2 gigawatt-hours per year.

Japan plans tax breaks for 10 years to boost EV, chip production

The Japanese government is planning to implement tax incentives over

a decade to stimulate mass production in five areas, including electric
vehicle (EV) production and semiconductor devices manufacturing.
The ruling Liberal Democratic Party in Japan is set to incorporate these
tax breaks in the fiscal 2024 tax reform framework, which are expected
to be finalized as early as this week.

South Korea to provide US$ 29 billion to support battery industry

over 5 years

South Korea will provide 38 trillion won (US$ 29 billion) in financing

to strengthen its battery industry over the next five years, as global
competition to secure battery supply chains remains fierce. South
Korean battery firms like LG Energy Solution, Samsung SDI and SK
On, a unit of SK Innovation, held a 49% share of the global battery
market excluding China as of 2022. The country plans tax incentives
and loan support for South Korean firms investing overseas to secure
mining rights for minerals and other battery materials and strengthen
financial support for companies that refine and reuse minerals.
First EV charging station funded by Biden’s infrastructure law goes
online

The first electric vehicle charging station funded by a US$ 7.5 billion
U.S. government program has commenced operating in Ohio, as
part of the White House’s initiative to address a key concern for
potential electric vehicle buyers. The White House aims to expand
the nationwide network of chargers to 500,000, including high-speed
chargers spaced no more than 50 miles (80 km) apart on the nation’s
busiest highways and interstates. The funding comes from the US$ 1
trillion 2021 infrastructure law.

45
  

Lohum partners Ministry of Energy & Infrastructure, UAE and BEEAH

to setup UAE’s first EV battery recycling plan

Lohum Cleantech, a leading electric vehicle battery recycling company

is expanding its presence globally and has announced its partnership
with the Ministry of Energy & Infrastructure, UAE, and BEEAH to setup
UAE’s first EV battery recycling. The partnership comes in light of
UAE’s COP28 agenda and aligning with the UAE’s net zero by 2050
strategic initiative, Circular Economy Policy and supporting emissions-
free mobility with future-ready solutions. The venture will entail
the setting up of an 80,000 sqft refurbishing and recycling lithium
batteries facility, in UAE. The facility will annually recycle 3,000-tonne
of lithium-ion batteries and repurpose 15MWh battery capacity into
sustainable Energy Storage Systems (ESS) per annum. This is expected
to account for more than 80 percent of the current expected EV
batteries management demands.

Stellantis EVs to use Ample’s modular battery swapping tech from

2024

Stellantis, an automotive manufacturer, and Ample have signed a

binding agreement to establish a partnership in electric vehicle (EV)
battery charging technology capable of delivering a fully charged
battery in less than five minutes. The two partners have agreed to
collaborate on integrating Ample’s Modular Battery Swapping solution
in Stellantis electric vehicles. Battery swapping technology enables an
EV customer who stops at a battery swapping station to have their
depleted EV battery swapped out for a fully charged battery in a
matter of minutes.

EV sales in the United States cross one million marks for the first
time ever

According to data from National Automobile Dealer Association

(NADA), sales of battery electric vehicles (BEVs) during the January
to November period reached 1,007,984 units, marking a significant
year-on-year increase of 50.7%. These record-breaking EV sales in the
United States in the first 11 months of 2023 counter suspicions that
demand for such vehicles is slowing down in key markets worldwide.
Instead, incentives and the introduction of new or updated models are
bolstering a positive sentiment towards new purchases. In particular,
the Joe Biden administration’s Inflation Reduction Act has not only
attracted increased investments from manufacturers into EVs but also
potentially stimulated demand in the US.

46
  

Ford commercial unit, Xcel Energy partner up to install 30,000 EV

charging ports

Ford’s commercial unit is set to collaborate with utility firm Xcel Energy
to deploy 30,000 electric vehicle charging ports across the United
States by 2030. Under the program, Xcel Energy will install charging
infrastructure for business customers that qualify for and enrol in an
approved Electric Vehicle Supply Infrastructure (EVSI) program at
their service locations. Most upfront costs for this Infrastructure will be
offset by the utility firm.

Eatron Technologies and About:Energy win funding to extend EV

battery lifetime

Eatron TEchnologies and About:Energy have secured funding from

UKRI’s Faraday Battery Challenge to develop a first-of-its-kind AI-
powered decision engine that delivers increased battery longevity,
accelerates time-to-market, and cements the UK’s position as a global
leader in AI-powered intelligent battery management systems. Current
battery management systems (BMS) rely on simple empirical methods
that sacrifice accuracy in return for reduced computational effort.
Conventional AI-powered methods, meanwhile, remain challenging to
integrate within the BMS due to their complexity, demanding training
process, and the need for large volumes of input data.

Greaves Electric Mobility forays into Nepal in collaboration with

Kedia Organisation

Greaves Cotton’s electric mobility arm, Greaves Electric Mobility

announced its entry into the overseas market with the setting up of
an outlet at Teku, Kathmandu in Nepal in collaboration with the Kedia
Organisation. This strategic expansion marks a significant milestone in
the group’s EV journey. The Kedia Organisation, a conglomerate based
in Nepal, will serve as the exclusive authorised distributor for Ampere
Electric two-wheelers, handling sales, marketing, distribution, and
after-sales support in the Himalayan country.

47
  

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