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EV
May 2023
monthly
update
Lead Sponsors
  

NEXT GENERATION SMART

LITHIUM ION BATTERIES
FOR ELECTRIC VEHICLES

www.waareeess.com 1800-2121-321
  
A DVA N C E D L I -I O N BAT T E R I E S

For 3 Wheeler
Battery capacity: Up to 230 Ah
Nominal voltage: 48V, 51.2V
Efficiency: >97%
CAN 2.0 Enabled
Advanced Thermal Management
4G Enabled
Software BMS
Fast Charging

3
  

Contents
1. New Product Launches | 4

2. EV Sales Trends | 8

3. Policies and Regulations | 16

4. Charging Infrastructure & Battery Swapping | 21

5. E-Bus Updates | 23

6. Other Market Updates | 25

7. Deals & Investments | 30

8. JVs and Partnerships | 34

9. Global Market Updates | 37

4 4
 1 New Product Launches
Table 1.1: India Launches – May 2023

Product Vehicle type Battery specifications Other specifications Price

• Range – 140 km
E2W • 2.5 kWh Li-ion (AIS 156 INR94,000
Enigma Crink V1 • Top Speed – 70 km/hr
(E-Scooter) certified) (ex-showroom)
• Charging Time –3.5 hrs

• Range – 120 km
E2W INR89,000
Enigma GT450 Pro • 40Ah LFP • Top Speed – 60 km/hr
(E-scooter) (ex-showroom)
• Charging Time –3.5 hrs

INR1,45,000
(ex-showroom
Simple Energy E2W • Range – 140 km Bangalore)
• 5 kWh Li-ion
Simple One (E-scooter) • Top Speed – 65 km/hr INR1,58,000
(Inclusive of 750W
charger)

INR1,29,999
(ex-showroom)
E2W • Range – 212 km
e-Sprinto Amery • 60V 50Ah Li-ion NMC (Compliant with
(E-scooter) • Top Speed – 105 km/hr
revised FAME-2
subsidy)

INR 94,999
Pure EV ePluto 7G E2W • Range – 100-150 km
• 3 kWh (AIS 156 certified) (ex-showroom,
Pro (E-scooter) • Motor – 1.5 kW
India)

Source: Industry News Articles, Company Websites, JMK Research

  

Upcoming Launches

Volvo C40 Recharge EV to make India debut on June 14

Volvo has confirmed the date of debut for its C40 Recharge EV
in India. The automaker will unveil the car in the country on June
14. Upon launch, this is going to be the second electric car from
the Swedish luxury car manufacturer in India after the Volvo XC40
Recharge, which is already on sale in the country. Volvo plans to
launch the C40 Recharge in India later this year, and ahead of this,
the June 14 event will be the EV’s debut in the country. The Volvo
C40 Recharge draws energy from a 78-kWh battery pack that has
a usable capacity of 75-kWh and can deliver up to 371 kilometres of
range on a single charge

Zen Mobility launches cargo 3- wheeler LEV

Zen Mobility, a Manesar-based Electric Vehicle OEM introduced the

Zen Micro Pod, a purpose-built cargo 3- wheeler LEV (Light Electric
Vehicle). The Zen Micro Pod will be available in two variants - the R5x
and R10x. With a maximum payload of 150 kilograms, the Zen Micro
Pod surpasses conventional 2 wheelers’ load-carrying capacity by 2.5
times. It is claimed to offer a range of over 120 km per charge. Zen
Mobility has already received 10,000 orders from various enterprises
and has established a production line in Manesar with an annual
capacity of 100,000 vehicles. Mass production is scheduled to
commence in June 2023, and the company possesses the necessary
infrastructure to cater to increased market demands.

Switch Mobility to launch five new models in FY2024

Switch Mobility, the electric vehicle subsidiary of the Hinduja Group,

plans to launch five products this fiscal year. The group flagship
Ashok Leyland could pump INR1,200 crore into the unit over the
next 12 months in two tranches to bolster its expansion plan. The EV
company is scouting for investors as it seeks to expand its presence in
India and the overseas markets.

RunR Mobility unveils RunR HS e-scooter

Electric two-wheeler manufacturer, RunR Mobility has unveiled

the RunR HS EV model for sustainable transportation. It is priced
between INR1.25 lakh and INR1.30 lakh. These prices are ex-showroom
and before subsidy. The company claims that this electric scooter
combines advanced technology, good performance, and a sleek

6
  

design. Its lithium-ion battery gives a range of up to 110km per

charge. The RunR HS EV is available in 5 colours, allowing customers
to personalize their scooters. Equipped with 60 V 40 AH Li-on liquid-
cooled wire bounded batteries, the scooter utilizes a state-of-the-art
can-based Battery Management System (BMS). The electric scooter
has a top speed of 70kmph and a 1.5kW BLDC motor.

Ola Electric announces to commence deliveries of Ola S1 Air

in July

Ola Electric has teased Ola S1 Air electric scooter online. Ola S1 Air
was launched in the country last year. It is offered in three different
variants and comes with a starting price of INR84,999 for the base
model. The mid and top variants on the other hand are priced at
INR99,999 and INR1,09,000, respectively. Ola S1 Air comes equipped
with the company’s latest MoveOS 3 and is said to have a range of
76km. Ola S1 Air packs a 2.5KWh lithium-ion battery and takes about
4.5 hours to charge fully. The company claims that Ola S1 Air can
jump from 0 to 40km in 4.3 seconds. It has a top speed of 85kmph. It
is equipped with three different modes – Eco, Sport, and Reverse. It is
said to have an IDC range of 100 km in Eco mode.

Komaki launches updated TN 95 electric scooter at INR1.31

lakh

Electric vehicle manufacturer Komaki has launched the updated

version of its electric scooter TN 95 Sport at a starting price of INR1.31
lakh (ex-showroom) for the mileage range of a claimed maximum 150
kms. The more advanced variant with 180 km of claimed mileage is
priced at INR1.4 lakh (ex-showroom). The 203 Komaki TN 95 boasts
of new anti-skid technology and is equipped with app-based smart
batteries, upgraded from the hardware-based NMC battery in the
outgoing model. These batteries are fire-resistant and can be juiced
from 0-100 percent in under 5 hours.

Simple Energy targets to launch 3 new 2Ws; hopeful of

bringing e-car by 2025

EV startup Simple Energy has finally entered the market with its
maiden electric scooter, Simple One, for which customers have been
waiting for almost two years. The company is working on two more
electric scooters and an electric motorcycle which will be launched
within the next 18 months and an electric car which will be launched
by 2025.

7
  

Kabira Mobility unveils KM5000 e-cruiser bike; deliveries to

begin next year

Goa based Electric two-wheeler maker Kabira Mobility unveiled its

flagship electric bike KM5000. Price of the cruiser electric bike is
expected to start from INR3.15 lakh (ex-showroom Goa). The company
plans to formally launch the bike later this year with deliveries
expected to commence in 2024. The KM5000 can attain a top speed
of 188 kmph. It is equipped with an 11.6 kWh water-cooled LFP
battery pack that provides a range of 344 km on a single charge.
The charging options include a high-speed charger that can charge
the motorcycle from 0 to 80% in under two hours, and a standard
charger for overnight charging.

8
  

2 EV Sales Trends
The overall EV sales in May 2023 witnessed a m-o-m increase of
~42% to reach 1,57,217 units. On a y-o-y basis, EV sales in May 2023
increased by 135% from that of EV sales in May 2022.

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

1,60,000 1,57,217
1,39,789
1,40,000
1,19,889 1,19,949
1,20,000
1,00,562
1,10,503
Units sold

1,00,000 88,129 1,02,212 1,05,976

93,605
80,000 73,257
79,720
60,000 66,745

40,000

20,000

0
May-22

Jun-22

Jul-22

Aug-22

Sep-22

Oct-22

Nov-22

Dec-22

Jan-23

Feb-23

Mar-23

Apr-23

May-23
Source: Vahan Dashboard, Company Press Releases, JMK Research
Note: Sales figures represent EVs registered across 1,350 RTOs in 34 states/ UTs.

As depicted in the figure below, EV registrations in May 2023 were

again driven by electric two-wheelers and passenger-type electric
three-wheelers, which together accounted for 91.71% of total
registrations in the month.

9
  

E-Bus, 0.17%
Electric Three-wheeler Cargo,
3.29% Others, 0.12%
E-Car, 4.70%

Category-wise EV sales

Fig 2.2: Category-wise

EV Sales in May 2023

100%
Electric Two- wheeler,
Electric Three-wheeler =
66.63%
Passenger, 25.08% 1,57,217units

Source: Vahan Dashboard, JMK Research

Note: Sales figures represent EVs registered across 1,350 RTOs in 34 states/ UTs; Others include adapted vehicle, agricultural
tractor, forklift, and goods carrier.

Among the states and UTs, Maharashtra secured number one position in EV registration
this month, pushing Uttar Pradesh to the second position. Karnataka attained third spot
this month with 11.81% market share.

Others, 14.49% Maharashtra, 14.42%

Fig 2.3: State/wise Registered
EV Sales – May 2023

Andhra Pradesh, 2.93%

Uttar Pradesh, 14.06%
Assam, 3.70%

Madhya Pradesh, 3.97% 100%

=
Bihar, 4.24% 1,57,217 units

Delhi, 4.83%

Kerala, 5.37% Karnataka, 11.81%

Rajasthan, 6.17%
Note: Sales figures represent EVs registered Gujarat, 6.72% Tamil Nadu, 7.29%
across 1,350 RTOs in 34 states/ UTs. Others
include Chhattisgarh, Uttarakhand, Punjab,
and 19 other states/UTs. 10
  

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

For the first time, HS E2W sales in India have surpassed the
milestone of one lakh units in a single month. The overall HS E2W
sales in India surged by 57% m-o-m in May 2023 to reach 1,04,755
units. This notable increase can be attributed to the government’s
reduction in the FAME-II subsidy amount and increase in vehicle
prices, scheduled to take effect from June 1, 2023. The substantial
increase in sales of HS E2Ws has provided a compelling reason for
value-conscious buyers to expedite their purchases. The Top 10
players accounted for 92% of the total registrations witnessed in the
month of May 2023. On a y-o-y basis, E2W sales in May 2023 surged
by more than 160% from that of E2W sales in May 2022.

Fig 2.4: High-Speed E2W Sales Trend

1,20,000

1,04,755

1,00,000
85,674
79,844
80,000
Units Sold

76,162
64,202
65,620 66,408
64,348
60,000
51,517
52,999
42,245
45,563
40,000
39,438

20,000

0
May-22

Aug-22

May-23
Dec-22
Nov-22

Mar-23
Sep-22

Feb-23
Jun-22

Oct-22

Apr-23
Jan-23
Jul-22

Source: Vahan Dashboard, JMK Research

Note: Sales figures represent only high-range E2W (Top speed > 25 kmph) registered across 1,350
RTOs in 34 states/ UTs.

Ola Electric recorded the highest ever sales in this month with 28,438
units sold. TVS moved into second place this month. Ather and Bajaj
Auto secured third and fourth positions respectively. Battre Electric
made an entry to the top 10 squad this month.

11
  

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

30,000
Ola Electric

27,000

24,000

21,000
TVS

18,000
Units Sold

Ather
15,000

12,000
Bajaj Auto

Ampere
9,000

6,000

Okaya EV
Okinawa
3,000
Hero Electric
BGauss
Battre Electric
0
May-22

Aug-22

May-23
Dec-22
Nov-22

Mar-23
Sep-22

Feb-23
Jun-22

Oct-22

Apr-23
Jan-23
Jul-22

Source: Vahan Dashboard, JMK Research

Note: Sales figures represent only high-range E2W (Top speed > 25 kmph) registered across 1,350
RTOs in 34 states/ UTs. Others include Jitendra New EV Tech, GoGreen E-mobility Private Limited,
AMO Mobility, Twenty-Two Motors, KLB KOMAKI, and 116 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.

12
  

Electric Three-Wheeler (E3W)

The sales of registered passenger and cargo-type E3Ws in May 2023

stood at 39,437 units and 5,173 units respectively, signifying a m-o-m
increase of ~17% and ~16% respectively. Overall E3W sales recorded a
m-o-m rise of ~17% over last month. On a y-o-y basis, passenger E3W
sales in May 2023 increased by 89% and cargo E3W sales increased
by more than 100% from that of passenger and cargo-type E3W sales
in May 2022.

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

40,000 6,000

35,000
5,000

30,000

4,000
25,000
Units Sold
Units Sold

20,000 3,000

15,000
2,000

10,000

1,000
5,000

0 0
May-22
Jun-22
Jul-22
Aug-22
Sep-22
Oct-22
Nov-22
Dec-22
Jan-23
Feb-23
Mar-23
Apr-23
May-23
May-22
Jun-22
Jul-22
Aug-22
Sep-22
Oct-22
Nov-22
Dec-22
Jan-23
Feb-23
Mar-23
Apr-23
May-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 1,350 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 the top 8 electric 3-wheeler players across

passenger and cargo segments in May 2023 accounted for 40.95%
share of the entire E3W market. Mahindra and YC Electric came in
at first (9.97% share) and second (7.99% share) positions respectively.
This was followed by Dilli Electric (5.12%), Saera Electric Auto (5.08%),
Piaggio (4.07%), Champion Poly Plast (3.00%), Mini Metro (2.96%), and
Unique International (2.76%).

Fig 2.7: Top E3W Players in May 2023

5,000

4,500

Mahindra
4,000 Electric Mobility

3,500

YC Electric

3,000
Units Sold

2,500

Dilli
Saera
2,000

Piaggio vehicles
1,500
Champion
MINI METRO
Unique
1,000 International

500

0
May-22

Jun-22

Jul-22

Aug-22

Sep-22

Oct-22

Nov-22

Dec-22

Jan-23

Feb-23

Mar-23

Apr-23

May-23

Source: Vahan Dashboard, JMK Research

Note: Others made up 62.73% of the E3W market in May 2023; sales figures for players are inclusive
of both cargo and passenger offerings; Sales figures represent E3Ws registered across 1,350 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 May 2023 stood at 7,392 units, witnessing
a m-o-m rise of ~27%. Tata Motors has been driving the E-car sales
(with 78% of the market share) this month as well. Both Tata Motors
and MG Motor have been witnessing an increase in sales this month.
Hyundai India experienced a remarkable surge in sales during May
2023, with a staggering increase of ~219% compared to the previous
month of April 2023. This significant growth propelled Hyundai India
to secure a position among the top five automotive brands in terms
of sales during that period. On a y-o-y basis, E-Car sales in May 2023
increased by more than ~94% from that of E-Car sales in May 2022.

Fig 2.8: Player-wise E-car sales trend

9,000 8,520

Tata Motors
MG Motor
8,000 Mahindra & Mahindra 7,392
PCA Automobiles
Hyundai
7,000 Others
Total monthly E-car sales

6,000
5,810
4,984 4,907
Units Sold

5,000 4,445
4,510

3,796 4,325 4,239

4,000 3,894
3,739
3,318
3,000
HR
26
2,000

1,000

0
May-22

Jun-22

Jul-22

Aug-22

Sep-22

Oct-22

Nov-22

Dec-22

Jan-23

Feb-23

Mar-23

Apr-23

May-23

Source: Vahan Dashboard, JMK Research

Note: Sales figures represent E-cars registered across 1,350 RTOs in 34 states/ UTs; Others include,
BYD, Audi, Volvo Auto, Mercedes-Benz, BMW, Jaguar, KIA Motors, and Porsche

15
  

Electric Buses (E-Buses)

The total sales of E-buses in May 2023 stood at 274 units, witnessing
a m-o-m increase of ~226%. On a y-o-y basis, E-Bus sales in May 2023
increased by ~73% from that of E-Bus sales in May 2022.

Tata Motors is the leader in May 2023 (with a 39.78% market share),
followed by JBM Auto (18.98%), PMI Electro Mobility (17.52%), Olectra
Greentech (14.23%), Mytrah Mobility (7.66%), and Switch Mobility
(1.82%).

Fig 2.9: Player-wise E-bus sales trend

300

274

250 241
226

207 204
200

158
Units Sold

150 145 142

117

96 98
100
87 84

50

0
May-22

Jun-22

Jul-22

Aug-22

Sep-22

Oct-22

Nov-22

Dec-22

Jan-23

Feb-23

Mar-23

Apr-23

May-23

Tata Motors JBM Auto PMI Electro Mobility Olectra Greentech

Mytrah Mobility Switch Mobility/ Ashok Leyland VE Commercial vechicles Ltd

Source: Vahan Dashboard, JMK Research

Note: Sales figures represent E-buses registered across 1,350 RTOs in 34 states/ UTs.

16
  

3 Policies and Regulations

The Delhi Government has published the Draft Delhi Motor Vehicle
Aggregator and Delivery Service Provider Scheme

The Delhi Government has shared the Draft Delhi Motor Vehicle
Aggregator and Delivery Service Provider Scheme, 2023. This draft
stipulates that the scheme shall apply to Aggregators, Delivery
Service Providers, and E-Commerce Entities with at least 25 motor
vehicles associated with each Aggregator or Delivery Service
Provider. The scheme applies to Aggregators who have onboarded
2-W, 3-W, and 4-W passenger vehicles, as well as to Delivery Service
Providers who have onboarded any category of delivery vehicles,
excluding buses. Under the scheme, it is specified that only electric
2-wheelers can be onboarded for the bike-taxi fleet starting from
the commencement date of the scheme. Additionally, the target for
achieving 100% EV adoption in net new onboarded delivery vehicles
is set at 4 years for 2-wheelers and 3-wheelers, and 5 years for
4-wheelers.

Government of India has revised the subsidy on the FAME scheme

The Ministry of Heavy Industries (MHI) has issued a gazette

notification revising the per kWh incentive on Electric two-wheelers
(E2Ws). As per the gazette notification issued by MHI dated 19th
May’2023, with effect from 01st June 2023, for all E2Ws registered on
or after 1st June 2023 - Demand Incentive will be INR10,000/kWh as
against INR15,000/kWh. Furthermore, the cap on incentives for E2Ws
has been brought down to 15% of the ex-factory price of vehicles as
against the 40% benefit extended earlier.

No Price Hike, says Hero Electric post reduction of FAME II subsidy

Hero Electric, an electric two-wheeler company, has announced that

it will not increase the prices of its popular e-scooter models. Despite
the recent reduction in the FAME II subsidy, the company remains
dedicated to promoting the adoption of E2 Wheelers and dispelling
misconceptions about their cost of ownership.

MHI allegedly proposes to deregister Greaves Electric Mobility

from FAME India Scheme Phase II

Greaves Electric Mobility (GEMPL) informed the stock exchanges

that the Ministry of Heavy Industries has alleged that the company

17
  

purportedly failed to adhere to the Phased Manufacturing

Programme Guidelines and allegedly has proposed to deregister
it from FAME India Scheme Phase II. MHI has further purportedly
directed GEMPL to deposit all the incentive claimed (approximately
INR124 crore along with interest), under the said scheme to MHI
subject to submission of necessary representation. The Board
of Directors of GEMPL will be reviewing and analysing the facts
regarding the purported notice and the alleged violations for
taking appropriate course of action including engaging with the
Government to better understand the alleged violations and for a
resolution, in accordance with law.

Himachal govt plans to encourage EV use; to become Green

Energy State by March 2026

The Himachal Pradesh government discussed plans to encourage

the use of electric vehicles and has set a target to transform the
state into a ‘Green Energy State’ by March 2026. During a review
meeting in Dharamshala, Chief Minister Sukhvinder Singh Sukhu
stressed the importance of identifying suitable locations for charging
stations along the proposed three Green Corridors Highways in
Himachal Pradesh. These highways include Parwanoo-Nalagarh-
Una-Hamirpur-Sansarpur Terrace and Bilaspur-Hamirpur-Kangra, and
Mandi-Dharamshala-Kangra. The state government has set a target
to transform Himachal Pradesh into a Green Energy State by March
31, 2026. To achieve this goal, the Himachal Pradesh cabinet approved
the Rajiv Gandhi Self-Employment Scheme 2023. The scheme will
provide a uniform 50 per cent subsidy for the purchase of e-taxis,
e-buses, and e-trucks.

Government has started to work on Delhi’s new EV policy

The Delhi government has started drafting a revised electric

vehicle policy for the next three years and will hold a stakeholder
consultation next week to get opinions. The Delhi EV policy 2020
expires in August this year and officials said that about 86% of the
policy measures and targets have been achieved so far, although no
categorization of the achievement is available. Moreover, with a high
incentive offtake, the Delhi government has disbursed around INR154
crore as subsidies for EV adoption. The revised policy is only expected
to extend the targets and include more aggressive measures in areas
that have not been focused on till now. These areas include setting
up private charging stations, electrification of commercial heavy
vehicle fleets, increasing private vehicle ownership, etc., which the
stakeholder consultation will focus on.

18
  

Govt scans China firms exploiting EV sops loophole

India plans to crack down on Chinese companies trying to bypass

a 2020 government policy that requires its prior approval for
investments from countries that share land borders with India
by forging ties with Indian shell companies to access subsidies,
especially in the rapidly growing electric vehicle market. The
Department for Promotion of Industry and Internal Trade (DPIIT)
is scrutinizing Chinese automobile companies having ties with
suspected Indian proxy partners but lack strategic plans for building
capabilities in the country. The crackdown comes as the government
spends heavily to promote the electric vehicle market in India, with
a subsidy of over INR5,000 crore under the FAME II scheme for
hybrid and electric vehicles in the current fiscal year. In addition,
the government’s approval of an INR18,000 crore production-linked
incentive (PLI) scheme in 2021 further supports the manufacturing,
export, and storage of lithium-ion cells crucial for electric vehicle
development.

With a 3-time hike, incentives on buying EVs touch INR15 crore in

Chandigarh

The UT administration has received INR15 crore for paying incentives

to buyers of electric vehicles for this fiscal year, raising the budget
three times as compared to INR5 crore allotted last year from
September when the new EV policy was launched. The amount
- earmarked in the 2023-2024 budget of the administration after
assessing the registration of EVs in the city - has been released to the
Department of Science and Technology for distribution according
to applications and categories of EVs purchased as specified by the
administration in its policy.

Private Electric Vehicle firms to get skill development subsidy in

UP

Private electric vehicle manufacturing companies which provide

skill training to workers will be given additional subsidy under the
UP Government’s Electric Vehicle Policy. Additionally, a separate
financial incentive will be provided to train employees in a particular
year. Under the skill development subsidy, a one-time subsidy at
the rate of INR 5,000 per employee per year will be provided for a
maximum of 50 employees in the form of reimbursement of stipend
for all defined manufacturing projects. A subsidy will also be paid for
training a maximum of 10 employees in a particular year.

19
  

FAME II SOPs: Govt to give INR500 crore to four e-scooter

companies

With electric two-wheeler manufacturers agreeing to reimburse

consumers for chargers, the government has decided to release over
INR500 crore of subsidy under FAME II scheme to four companies —
Ola Electric, Ather, TVS and Hero MotoCorp. Ola is in line to get the
highest payout from the ministry of heavy industries, which will be to
the tune of INR370 crore, followed by around INR275 crore for Ather.
TVS is likely to get upwards of INR150 crore, while the subsidy bill to
be settled for Hero MotoCorp will be INR28-30 crore. The remaining
amount, which adds up to INR288 crore, will be released once the
companies submit details of the reimbursements made by them.

Chandigarh distributes over INR 6 crore worth incentives to 964 EV

buyers in 8 months

The Chandigarh Renewable Energy and Science and Technology

Promotion Society (Crest) of the UT administration has released over
INR6 crore on incentives to purchase of 964 electric vehicles since the
launch of the scheme in September 2022 to April 30. Under the ‘Early
Bird Scheme’ -a special incentive to woo buyers till March 31-INR 1.43
crore was disbursed. Incentives have been given in all categories of
EVs. Data showed that maximum incentives had been received by
two-wheeler vehicles. A maximum of 705 two-wheeler EV purchasers
were given incentives followed by over 241 four-wheelers and 17
three-wheeler buyers.

Govt steps to recover INR249 crore from Okinawa and Hero Electric
for violating FAME norms

The Indian government has concluded a probe into the

implementation of the INR10,000-crore FAME II scheme. It has
been found that Hero Electric and Okinawa Autotech violated the
provisions of the scheme, and the government is demanding the
recovery of subsidies totaling INR249 crores from them. However,
Hero Electric claims that no subsidies were received, so questions
of clawback do not arise. On the other hand, ICAT, one of the testing
agencies appointed by the Ministry of Heavy Industries, has cleared
six electric two-wheeler makers of bypassing localization norms to
avail subsidies. This clears the way for these companies, including
Okaya, TVS, Jitendra New EV, Avon Cycle, Victory Electric Vehicles,
and Thukral Electric Bikes, to receive the government subsidies.

20
  

Ola Electric to refund INR130 crore to 1 lakh customers for EV

chargers sold separately with scooters

The government has closed the probe against Ola Electric in a

case related to the mispricing of its electric two-wheelers after the
company agreed to reimburse buyers the cost of chargers sold
separately with scooters. The company will reimburse about INR130
crore to nearly 1 lakh customers who had purchased Ola S1 Pro
electric scooters as of March 30, 2023.

Ather, TVS, Hero MotoCorp to refund charger cost to buyers

Ather, TVS, and Hero MotoCorp have agreed to refund the cost of
EV chargers that were sold separately to consumers. The Ministry of
Heavy Industries (MHI) conducted a crackdown and found instances
of chargers being billed separately. The four major EV two-wheeler
players, including Ola, Ather, TVS Motor, and Vida (a unit of Hero
MotoCorp), were under scrutiny for allegedly mispricing their vehicles
to be eligible for subsidies under the FAME scheme. The EV makers
were billing chargers and proprietary software separately to keep
the ex-factory price of their electric scooters below the subsidy
threshold. After the investigation, the EV makers have offered to pay
back consumers, with Ather reimbursing INR 140 crore to 95,000
consumers, TVS reimbursing INR 15.61 crore to 87,000 consumers
who purchased TVS iQube S model between May 2022 and March
2023., and Hero MotoCorp reimbursing INR 2.23 crore to 1,100
consumers who purchased VIDA V1 Plus and VIDA V1 Pro models of
E2W from the beginning until March 2023.

21
  

4 Charging Infrastructure
& Battery Swapping

Stakeholder(s)/ Player(s) Description

• The New Delhi Municipal Council (NDMC) has approved the second
expansion phase for electric vehicle charging stations in the city. The
council agreed to sign memorandums of understanding (MOUs) with
three public sector undertakings, which will conduct feasibility studies and
install public EV charging and battery swapping stations in the coming
New Delhi Municipal Council
months.
(NDMC)
• There are 100 EV charging stations in New Delhi, installed by Energy
Efficiency Services Limited (EESL). NDMC plans to partner with Rajasthan
Electronics and Instruments Limited (REIL), Kerala State Electronics
Development Corporation Limited (KELTRON), and HLL Infra Tech Services
Limited to expand its public EV infrastructure significantly.

• Chargeup, the Fi-Ne-Tech platform (Finance-Network-Technology

Platform) in the EV sector, has announced its entry into the Mathura
district with the launch of 35 EV stations in the city offering battery
swapping services, leasing, and financing options to EV buyers.
Chargeup
• With this addition, the total number of Charge-up stations across the
country has now reached 300. These stations will cater to both 2-wheelers
and 3-wheelers. The new stations in Mathura will serve an estimated 700
drivers per day and provide a seamless and cost-effective transition to EVs.

• The New Delhi Municipal Council (NDMC) is planning to increase the

number of EV charging stations in Lutyens' Delhi and even provide battery-
swapping facilities at some of these points. There are around 100 electric
vehicle charging stations across the national capital at present and this
New Delhi Municipal Council would be the first time that some of them would have battery swapping
(NDMC) facilities, which is quite prominent in Western countries.
• Various PSUs, including the Rajasthan Electronics and Instruments Limited
(REIL) and the Kerala State Electronics Development Corporation Limited
(KELTRON), have approached the NDMC for setting up public charging
stations.

22
  

Stakeholder(s)/ Player(s) Description

• Esmito, battery swapping solution provider, has joined hands with

ElectricFuel, a leading EV Charging Services Provider, to roll out Energy as
a Service (EaaS) platform to bring affordable, high performance battery
swapping solutions to the Indian EV market.
Esmito and ElectricFuel • The operations are currently being rolled out in Bengaluru and Hyderabad
and will be scaled to pan India in the next six months. As part of the
partnership, ElectricFuel will serve as an EaaS operator enabled by Esmito
technology consisting of battery swap stations backed by its smart
management platform and Mobile App.

• In a relief for Electric Vehicle owners, Bangalore Electricity Supply Company

Limited (Bescom) is planning to set up fast charging stations at toll plazas
along the NH-48 (Bengaluru-Pune) section within Karnataka.
• Bescom officials have submitted a proposal to the National Highways
BESCOM
Authority of India (NHAI) to establish charging stations at ten toll plazas.
The initiative aims to provide convenient and accessible charging
infrastructure for EV owners traveling on the busy Bengaluru - Pune
highway.

Source: Industry news articles, JMK Research

23
  

5 E-Bus Updates

UP Roadways to run electric buses on selected routes in Lucknow,

Ghaziabad as a pilot project

Uttar Pradesh State Road Transport Corporation (UPSRTC) is set

to launch 100 electric buses over selected routes in Lucknow and
Ghaziabad as part of a pilot project. In the first phase, these buses will
be run on a pilot basis. Later it will be started in other state districts
as well.

100 electric buses to ply on old CTU routes soon

A total of 100 new electric buses will be added to the Chandigarh

Transport Undertaking (CTU) fleet to replace 100 diesel buses
currently plying on the local Tricity routes. Earlier, e-buses were being
used on new routes, but now the UT administration has decided that
these will be operated on old and existing routes so that the diesel
buses can be replaced.

SC dismisses Tata Motors’ appeal against BEST rejection of tender

for e-bus delivery

Tata Motors’ appeal against Brihanmumbai Electric Supply and

Transport’s (BEST) decision to exclude the business from a tender
offer for the delivery of 2,100 electric buses in Mumbai was denied
by the Supreme Court. Before this, BEST had deemed Tata Motors’
proposal to be “technically non-responsive,” and had chosen to give
the contract to the Hyderabad-based Evey Trans instead. The court
supported BEST’s judgment, stating that Tata Motors’ argument was
without substance. The decision comes in response to a Bombay
High Court decision from July of last year that upheld BEST’s verdict.
Supreme Court rejected the case after finding that Tata Motors had
been legally disqualified, and that BEST’s decision was binding and
final.

E-bus suppliers may get central support if states fail to pay up

The Centre is examining measures to insulate electric bus suppliers

from payment defaults by state transport undertakings, including
some form of financial backing. There have been discussions about
what can be done to mitigate risks faced by suppliers and new
structures that can bring down financial risks. The move comes after
key private players remained lukewarm to an INR5,000-crore supply

24
  

contract floated by Convergence Energy Services Limited (CESL), a

subsidiary of state-owned Energy Efficiency Services Limited (EESL).

State govt releases INR137cr for 250 e-buses for Nagpur city

In a major boost to the city’s public transport, the Maharashtra

government has released INR137 crore for procuring 250 electric
buses for Nagpur city. The transport department of Nagpur Municipal
Corporation (NMC) has already received the fund. While NMC’s
electric bus strength is set to increase, it will also reduce the civic
body’s expenses on operating city bus service.

Ayodhya, Saharanpur to get 25 e-buses soon

Two more cities in the state — Ayodhya and Saharanpur — will soon
get 25 electric buses each as a mode of urban transport. With this, 16
cities in the state will have e-bus services. Of the 300 electric buses
that will be added to the fleet of 700 already operating in the state
within the next three months, Lucknow will get 125, Prayagraj 100,
and Gorakhpur 25.

100 e-buses between Pune and Mumbai by June-end

The Maharashtra State Road Transport Corporation (MSRTC) plans to

operate only electric buses between Pune and Mumbai by June-end.
On May 1, the MSRTC launched the first e-Shivneri bus between Pune
and Thane. By June-end, all 100 Shivneri buses running on diesel will
be replaced by these e-buses.

25
  

6 Other Market Updates

Accenture introduces electric vehicles in transportation fleet in
India

Strengthening its commitment to environmental sustainability,

Accenture in India has introduced electric vehicles in its
transportation fleet to enable climate-smart travel options for its
people across four locations—Bengaluru, Mumbai, Hyderabad, and
the National Capital Region. Over 200 electric vehicles are being
added to the Accenture fleet in India. The initiative is aligned with
Accenture’s global commitment to drive tangible environmental
change and run sustainable operations, including achieving net-zero
emissions by the end of 2025, moving to zero waste, and planning for
water risk.

Credent launches India’s largest Electric Vehicle Healthcare

Delivery Fleet

Credent, known as C3 Logistics, is launching India’s largest electric

vehicle healthcare delivery fleet. Credent’s initiative to launch India’s
largest EV healthcare delivery fleet is admirable. By converting its
entire fleet of 2500 employees to EVs, Credent is taking a big step
towards reducing its carbon footprint and promoting a cleaner future.

Showrooms raided for raising EV battery power illegally

Motor vehicles department (MVD) raided electric vehicle showrooms

across Kerela given complaints that EVs with less battery power are
sold to customers by increasing the power illegally. The complaints
are that EVs with 250 watts are sold to customers by increasing
power to 1,000 watts illegally. The driver does not require a licence for
driving electric scooters with 250 watts. It also need not register with
MVD. MVD received complaints from the public, and CCTVs installed
at various places also caught EVs of 250 watts plying at a speed of
48km/hr instead of 25km/hr.

Zypp Electric to deploy 2 lakh vehicles in its fleet in next three

years, invest US$300 million for expansion

Startup electric mobility services provider Zypp Electric is targeting

to deploy 2 lakh vehicles in its fleet in the next three years and will
need up to US$300 million to fund its expansion. The company, which
is planning to enter new cities like Mumbai, Pune and Hyderabad is

26
  

targeting a revenue of INR500 crore this year, up from INR125 crore

last year. Zypp Electric to deploy as many as 10,000 electric scooters
in Bengaluru over the next two months. 2,000 Zypp e-scooters are
already on the roads. The remaining 8,000 of these vehicles will be
deployed over the next two months.

Automakers to pump US$10 billion into building EV capacity by

2030

Automakers in India will be pumping in close to US$10 billion

(INR80,000 crore) to build infrastructure for manufacturing electric
vehicles by the end of this decade. The move comes amid the
electrification trend sweeping the automotive industry globally. It
is also being prompted by the government’s nudge to ditch pure
internal combustion engines in favour of battery-operated vehicles.

MG ZS EV crosses the 10,000 sales mark

MG Motor India announced that its globally successful ZS EV has

crossed the 10,000 sales-mark in the country. The electric car was
first launched here back in late 2019 and subsequently, an updated
version was launched in March of 2022. The model is offered in
two variants - Excite and Exclusive, priced at INR23,38,000 and
INR27,29,800, respectively.

Tesla stops short of committing to India plant in renewed talks

A delegation of Tesla Inc. executives to India discussed the possible

local sourcing of components and incentives but stopped short of
proposing to build vehicles in the country after the electric carmaker
reopened dialog with the government after a year-long impasse.
While the automaker will eventually look to establish a domestic
factory to tap India’s vast consumer market, it hasn’t yet presented
a formal plan. The executives reiterated their concern about
India’s high tariffs on imported cars during the meeting, but the
government doesn’t plan to change its tax regime to accommodate
one automaker.

Luxe Auto Companies Set to Drive in More EVs in FY2024

Almost a dozen luxury electric cars and SUVs are set to hit the Indian
roads this fiscal year, as manufacturers seek to align their product
strategy with the trend in a market where adoption of greener
mobility is growing at a fast clip. Out of the 48-passenger vehicle

27
  

launches scheduled for the year through March 2024, as many as 11

are electric luxury vehicles — the highest in a fiscal year so far — with
the likes of Mercedes-Benz, BMW, Lexus, Audi, and Volvo lining up
models from their global portfolio for launch in India.

MG Motor India Aims to Hand Over Majority Stake to Indian Suitors

In 2-4 Years

Seeking to distance itself from its Chinese origins and have a clear
future road map, MG Motor India will hand over a majority stake in
the company to Indian suitors. As part of the strategic 5-year ‘MG 3.0’
plan, the carmaker – a wholly-owned subsidiary of China’s Shanghai
Automotive Industry Corporation (SAIC Motor) – is in discussions with
several Indian entities, including strategic investors and corporates,
to dilute its shares. By 2028, MG Motor India aims to have an Indian
entity as its majority stakeholder, and the first step in share dilution is
expected to be announced later in 2023.

Ather Energy set to introduce a new low-cost electric scooter

Bengaluru-based smart electric scooter OEM Ather Energy is set

to introduce a new low-cost electric scooter. The company has
trademarked the ‘450S’ moniker hinting at a new variant joining the
line-up soon, possibly around the festive season. The Ather 450S
is likely to be positioned below the current 450X and could carry
fewer features in comparison. A smaller battery pack cannot be
ruled out either. The Ather 450S could fill the void left by the recently
discontinued Ather 450 Plus in the company’s lineup. The more
affordable variant not only promises more volume but will be in a
better position to meet the INR1.5 lakh (ex-factory) pricing threshold
set under the FAME II policy to receive the subsidy.

Hindustan Motors’ plans to venture into the EV segment stalled

due to notice of resumption of land by the WB government

Hindustan Motors’ plans to venture into the electric vehicle segment

in a joint venture with another company are stalled at present due
to a notice from the West Bengal government on the resumption
of its land in Uttarpara. Hindustan Motors had earlier signed a
Memorandum of Agreement with another company for handing over
a part of surplus land at Uttarpara for the proposed project.

28
  

Amara Raja Batteries holds ceremony for Telangana’s first

gigafactory in Mahbubnagar district

Amara Raja Batteries, an industrial and automotive battery firm, held

a ceremony for Telangana’s first gigafactory in the Mahbubnagar
district. The ground-breaking ceremony officially marked the
beginning of ‘Amara Raja Giga Corridor’ which aims to produce
Lithium Cell and Battery Packs with an ultimate capacity of up to
16GWh and up to 5 GWh, respectively. The facility also aims to create
direct employment for about 4,500 people and a similar number of
indirect jobs. The initial facilities would also include a first-of-its-kind
advanced energy research and innovation center, dubbed the Amara
Raja E +Ve Energy Labs.

NBFCs step up used car funding as EVs catch on

Non-banking financial companies (NBFCs) are stepping up the

funding of used cars, seeing it as a growth driver over the next two-
three years, especially with electric vehicles are gaining traction in
the Indian market. Mahindra Finance, Shriram Finance, Poonawalla
Fincorp, Cholamandalam Finance and others expect wider
acceptance in the metros for used EVs. Finance penetration in this
market has grown from 20% a year back to about 35% currently.

Tata’s Tiago delivery crosses 10,000 in less than four months

Tata Motors has announced the achievement of the 10K delivery mark
for the Tiago.ev, making it the Fastest EV to achieve this milestone
in less than four months. This announcement comes shortly after
the Tiago.ev became the ‘Fastest Booked EV in India’, receiving 10K
bookings in just 24 hours and 20K bookings by December 2022.

Schaeffler India lands over INR2,700 crore electric axle order

Automotive and industrial parts maker Schaeffler India, part of the

Euro 16 million Germany-based Schaeffler Group, has received a
INR2700 (Euro 300 million) order for its two-in-one electric axles as
the supplier transitions to electrification from internal combustion.
The order, from an unnamed Indian automaker, is the company’s first
system-level solution offering in the electric vehicle space.

VIDA announces new prices for VIDA V1 and VIDA V1 Pro, as it aims
to expand to 100 cities in 2023

VIDA, the emerging mobility brand of Hero MotoCorp, is set to

29
  

expand its operations in the country, as it plans to increase its

presence to 100 cities within this calendar year 2023. The company
has already commenced the expansion plan with eight new cities –
Pune, Ahmedabad, Nagpur, Nasik, Hyderabad, Chennai, Calicut, and
Kochi. VIDA has already been present in Bengaluru, Jaipur, and Delhi.
The expansion plans will be supported through new pricing for the
VIDA V1. All new bookings and subsequent sales to customers will be
made under the new pricing. The VIDA V1 Plus will now be priced at
INR1,19,900 and VIDA V1 Pro will now be priced at INR1,39,900 (ex-
showroom price pan-India, including portable charger and FAME II
subsidy).

30
  

7 Deals & Investments

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

Ola Electric raises

E2W
Ola Electric Equity Undisclosed 2,500 US$300 Mn funding at
manufacturer
US$ bn valuation

Battery-tech startup
Transition VC and co-led
Battery-tech EMO Energy raises
EMO Energy Equity by venture capital firm 10
start-up US$1.2 million in seed
Gruhas
funding round

Jupiter Wagons raises

Mobility solution Qualified Institutional
Jupiter Wagons Equity 125 INR125 crore through
provider Placement route
QIP route

Growx Ventures with

RACEnergy raises
participation from 25
EV battery Equity + INR25 crore in fresh
RACEnergy investors like Micelio (Pre-series A
swapping Debt funding, will scale up
Mobility, Huddle, and round)
expansion
other angel investors

Delta Corp Holdings

Zyngo Mobility raises
Third party with participation from 41.04
Zyngo EV USD 5 Mn in Pre-Series
logistics service Equity existing investors LC (Pre-series A
Mobility A funding Led by Delta
provider Nueva Investment round)
Corp
Partners LLP

Avaana Climate Fund,

EV SaaS Start-up Other investors include EV SaaS startup Kazam
(Charging Third Derivative and raises US$3.6 million in
Kazam Equity 30
Solution existing investors— round led by Avaana
Provider) Inflection Point Ventures Climate Fund
and We Founder Circle.

31
  

Deal Deal value

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

EV cab startup
EV Ride-hailing Equity + BP Ventures and several 302 (Equity) BluSmart raises US$42
BluSmart
platform Debt other existing investors 40.8 (Debt) million in funding from
BP Ventures, others

Antler India, Blume

Founders Fund, other
EV Financing platform
angels like Sagar Gubbi
Ohm Mobility raises
EV financing (Ecoforge), Anshuman
Ohm Mobility Equity 3 INR3 crore in pre-seed
platform Bapna (Terra.do), Mathew
funding led by Antler
Chako (Spice Route
India
Legal), and Karishma
Menon

Source: Industry news articles, JMK Research

Siemens to acquire Mass-Tech Controls’ EV division, expanding

eMobility offering in India

Siemens Limited has signed an agreement to acquire the EV division

of Mumbai-based Mass-Tech Controls Private Limited. The division
is engaged in the design, engineering, and manufacturing of a
wide range of AC chargers, and 30 to 300kW capacity DC chargers
for various end applications for EVs. The purchase consideration is
INR38 crore on a cash-free and debt-free basis and is subject to other
adjustments that are mutually agreed between the parties to the
transaction.

Mukesh Ambani-backed EV maker is said to weigh raising US$85

Mn

Altigreen Propulsion Labs Pvt Ltd. is considering raising about 7

billion rupees (US$85 million) in a new funding round as the Indian
electric cargo vehicle maker looks to ramp up its production and
invest in new models. The company, which counts billionaire Mukesh
Ambani among its backers, is seeking a valuation of around US$350
million in the new round.

32
  

Founder buys investor Mayfield’s stake in BluSmart for INR32 crore

Venture capital fund Mayfield India has exited from electric mobility
start-up BluSmart, selling its entire stake to the company’s chief
executive Anmol Singh Jaggi for around INR32 crore. With the
purchase of Mayfield India’s 2% shares, the founders of BluSmart
have further consolidated their holding in the company, and together,
the six founders now own over a 30% stake in the Gurugram-based
start-up.

Hyundai Motor India to Invest INR20,000 Crore in Tamil Nadu

Hyundai Motor India will invest INR20,000 crore in a phased manner

in Tamil Nadu over the next ten years to make further inroads into
electric vehicles and the modernisation of vehicle platforms. The
automaker will invest in phases starting in 2023 till 2032. Hyundai
has been one of the largest manufacturers and consistent investors
in Tamil Nadu. This strategic partnership is a testimony to Hyundai’s
commitment to boosting the socio-economic development in the
state and making the country self-reliant. As part of its long-term
vision, the company has finalised plans to develop and establish
Tamil Nadu as a base for Hyundai’s EV manufacturing in India.

TI Clean Mobility signs definitive agreements to raise further

capital for EV biz

TI Clean Mobility, a subsidiary of Tube Investments of India Ltd, has

signed definitive agreements to raise further capital of INR675 crore
through compulsory convertible preference shares. TI Clean Mobility
Pvt Ltd is engaged in the manufacturing and marketing of electric
three wheelers and through its subsidiaries into electric tractors and
electric heavy commercial vehicles.

Rana Group to invest INR1,900 crore in EV business in phases

Rana Group, which has diversified business interests, will invest

INR1,900 crore in the electric vehicle business in phases. The group
announced the opening of 101 showrooms pan India and started
billing electric three-wheelers to end customers. The group has also
roped in cricketer Sourav Ganguly as a brand ambassador for its three
subsidiaries Erisha Agritech, Erisha E Mobility and Erisha Edu Support.
The group has signed two MoUs with the Uttar Pradesh government
and is about to set up 100 EV charging hubs in PPP mode, and the
investment will be approximately INR400 crore. Another MoU is for
an EV park in Jhansi to spread to an area of over 300 acres, and the

33
  

investment will be around INR1,500 crore.

Omega Seiki to raise US$200 million to boost its EV & drones’

business

Omega Seiki Mobility (OSM) is in talks with private equity firms

and banks for funds to expand its electric vehicles business and
begin commercial manufacturing of drones. Anglian Omega Group
company has initiated talks with private equity firms to raise US$100
million over the next two years for its newly established drone
manufacturing firm, Sooryauday Aerial Vehicles Pvt Ltd. OSM is also
in discussions to raise US$100 million in a combination of debt and
equity to fuel the expansion of its core EV business.

Sunlit Power invests INR100 crore in automating the Pune unit

Sunlit Power, the manufacturer of ARENQ brand batteries, has

announced its plans to invest INR100 crore over the next two years to
set up an automated manufacturing unit in Pune. The manufacturing
unit is expected to be commissioned by October 2023. The company
plans to expand its presence across India by setting up service and
sale branches in Kerala, Chennai, Delhi, and Bangalore in the current
financial year.

Okinawa plans to raise US$100 Mn for third manufacturing plant

Electric two-wheeler maker Okinawa Autotech is in advanced talks to

raise US$100 million (about INR800 crore) from private equity firms
and a deal is likely to be signed shortly. The funds will be deployed
to commission its third manufacturing facility, which will have a total
installed capacity of one million units, to develop new products and
to manufacture powertrains indigenously.

34
  

8 JVS & Partnerships

Companies involved Purpose of Partnership

• Unveiling its roadmap for sustainable mobility at an event in Delhi,

ride-hailing app Uber has announced partnerships with various electric
vehicle makers and other entities to accelerate the transition of its
partners towards sustainable mobility.
• The company has partnered with EV fleet partners Lithium Urban
Uber and Lithium Urban Technologies, Everest Fleet Pvt Ltd, and Moove. Under the partnership,
technologies, Everest Fleet Pvt the company will deploy 25,000 electric cars in India on the Uber
Ltd, Moove platform over the next two years. Besides, Uber has teamed up with
Zypp Electric for 10,000 EV two-wheelers in Delhi by 2024. Uber is also
bringing its global partnership with BP to India through Jio-bp and has
also tied up with GMR Green Energy for fast-charging Uber EVs. The
ride-hailing app also announced a partnership with SIDBI to unlock
INR1,000 crore in EV financing.

• BSES Rajdhani Power (BRPL) has partnered with energy software

company Sheru to develop what it claims is India’s first vehicle-to-
grid station. The initiative would also help in easing pressure on power
demand and in strengthening the power grid.
BSES Rajdhani and Sheru • Sheru's state-of-the-art bidirectional battery-swapping station will offer
interchangeable batteries for electric two-wheelers, three-wheelers,
and rickshaws, effectively powering their mobility. The same station will
provide support to BRPL by fulfilling its power requirements during peak
consumption periods.

• Ceat, a leading tyre manufacturer, announced its partnership with MG

Motor India for the launch of the MG Comet, the newest electric vehicle in
India.
MG Comet and Ceat tyres
• As part of this partnership, Ceat will provide tyres for the MG Comet
with advanced tyre technologies that are required in electric vehicles to
improve efficiency and comfort for passengers.

35
  

Companies involved Purpose of Partnership

• Cake, the Swedish premium lightweight electric motorcycle

manufacturer, has announced its partnership with Pepfuels, an ONGC-
funded entity, under the brand name CollarEV, marking the company's
entry into the Indian market.
Cake and Pepfuels • This collaboration follows Cake's successful Asia expansion with Goldwin
Inc in Japan and Kolon Automotive in South Korea. A limited collection of
250 Cake Makkas constitutes entry into India. The first stage is initiated
by a market entry campaign as the bikes are being shipped and meant to
arrive during August, on a first-come, first-served basis.

• RunR Mobility from Vadodara, Gujarat, also known as MECPower Mobility

Pvt. Ltd., and Electric One Energy Pvt. Ltd. (an EV Super Store Chain) have
announced their cooperation for the sale of high-speed e-scooters in
RunR Mobility and Electric One India.
Energy and • This cooperation aims at making RunR Mobility's vehicles more affordable
and accessible to consumers and cultivates trust in the minds of Indian
and global buyers who are looking forward to innovative, affordable, and
100% indigenous electric vehicles.

• Altigreen, an electric three-wheelers OEM has partnered with Indian

Altigreen and Bank to provide its clients with specialized retail financing options.
Indian Bank • Indian Bank will make its range of financial products available to
Altigreen's customers’ pan India.

• iM3NY, a subsidiary of Magnis Energy Technologies has entered into

a joint venture agreement with Omega Seiki Mobility to manufacture
and sell lithium-ion battery packs. The proposed JV will see OSM pick
up majority or 74 percent of the shareholding, while iM3NY will own 26
Omega Seiki and iM3NY percent.
• The JV will manufacture and sell lithium-ion battery packs produced in
India to be used in Omega Seiki Mobility’s electric two-, three- and four-
wheelers with a geographical target covering India, UAE, Bahrain, Kuwait,
Qatar, and Saudi Arabia.

36
  

Companies involved Purpose of Partnership

• India's Sona Comstar has signed a technology licensing agreement with

Equipmake, the UK-based technology company that has developed high-
performance electric powertrains. Under the agreement, Equipmake
will license certain patented spoke motor and inverter technology in the
Sona Comstar and power range of 100kW to 440kW to Sona Comstar to manufacture and
Equipmake sell EV powertrains, sub-systems, and components for electric cars, buses,
commercial vehicles, and off-road vehicles.
• Sona Comstar will lead the business development and customer sales in
India, Thailand, and select South Asian countries, while Equipmake will
lead the sales in the rest of the world.

• e-Sprinto, the electric two-wheeler maker has announced its latest

partnership with prominent finance companies, including Shriram, HDB,
Kotak, and Bajaj Finserv, to finance electric two-wheelers in India.
• Looking ahead, e-Sprinto is proactively exploring new partnerships to
e-Sprinto and Shriram, HDB,
further expand its reach and provide options for interested customers
Kotak, Bajaj Finserv
to finance their electric two-wheelers. With these new partnerships,
e-Sprinto customers can expect a range of special benefits, including
customised financing plans, low-interest rates, flexible repayment
options, and streamlined application processes.

• RunR Mobility, an electric vehicle manufacturer, has announced its

partnership with vehicle assistance player ReadyAssist after signing
an after-sales service agreement to cater to its customers’ real-time
RunR Mobility and breakdown problems using deep machine learning, data intelligence,
ReadyAssist and operations efficiency.
• The collaboration will allow RunR Mobility clients with a full yearly
maintenance plan for their B2B 2W EVs, including periodic general
servicing, PAN India roadside assistance, and warranty replacements."

• Lithium-ion battery recycler Lohum has joined hands with ACKO to

recycle and reuse batteries. The partnership, which is expected to
accelerate the adoption of electric vehicles in the country, will help
Lohum and ACKO
optimize battery insurance and financing costs for the customers.
• The collaboration will benefit EV battery Original Equipment Makers
(OEMs) that have their products underwritten by the first-tech insurer.

37
  

Companies involved Purpose of Partnership

• In a bid to accelerate the EV buying process, Altigreen, an electric

commercial vehicle maker, has partnered with Sundaram to provide
customized retail financing solutions to its customers
Altigreen and Sundaram
• As a result of the strategic tie-up, Sundaram Finance will offer its range
Finance
of financial products to Altigreen’s customers across the country. These
will include attractive financing schemes and customized loans to EV
customers for boosting retail sales.

Source: Industry news articles, JMK Research

38
  

9 Global Market Updates

Jaguar recalls I-Pace electric vehicles due to fire risk in batteries by
LG

Jaguar is recalling more than 6,000 I-Pace electric SUVs in the US

due to the risk of the high-voltage battery overheating and catching
fire. The recall is the latest in a series of electric vehicle battery recalls
because of the potential for fires. Documents posted by the US
National Highway Traffic Safety Administration say the recall covers
all the SUVs from 2019 through 2024 model years. The documents
say the vehicle batteries were made by LG Energy Solution, which is
under investigation by the NHTSA after five automakers issued recalls
due to possible defects that could cause fires or stalling.

Tesla to Open Superchargers to non-Tesla EVs in Canada

Elon Musk-run Tesla will open a portion of its Canadian Supercharger

network to non-Tesla EVs to expand access to electric vehicle
chargers in the country. The Canadian government, which is working
with vehicle manufacturers and charging service providers to
advance the deployment of charging infrastructure in the country,
also collaborated with Tesla to install Superchargers to charge non-
Tesla EVs. Tesla is planning to open 750 charging connectors in public
locations for non-Tesla EVs across Canada by the end of 2025.

EVs drive European new car sales in April, SUV share rises to 51
percent

Continuing the trend prevailing in Europe, demand for electric

vehicles remains on the upswing. April 2023 saw European new
passenger cars sales total 960,191 units – an increase of 16%, marking
the ninth consecutive month of growth. While EVs secured the
highest market share for April with 13%, SUVs continued to have
a record market share. According to JATO Dynamics’ data for 28
European markets, these vehicles represented 13% of the total volume
– an increase of almost three percentage points compared to April
2022.

Hyundai Motor Group, LG Energy to build US$4.3 bn EV battery

plant in U. S

South Korea’s Hyundai Motor Group and LG Energy Solution will build
an electric vehicle battery plant in the United States with a combined

39
  

investment of US$4.3 billion. Starting construction in the second half

of 2023, the Hyundai-LGES plant in Georgia plans to start battery
production at the end of 2025 at the earliest. It will have an annual
production capacity of 30 gigawatt-hours (GWh), enough to support
the production of 300,000 EVs each year.

Ford strikes deal with Tesla to gain access to rival charging

stations starting 2024

Ford Motor has agreed with Tesla Inc to allow its electric vehicle
owners to gain access to more than 12,000 Tesla Superchargers in
North America in early 2024. The tie-up between the rivals makes
Ford the first major automaker to embrace Tesla’s proprietary
charging standard, giving the automaker access to the biggest
network of high-speed Superchargers in the United States.

Tesla offers China-made electric vehicles for sale in Canada

Tesla is listing China-made Model 3 and Model Y models for sale in

Canada, confirming the electric car maker has completed its first
shipments to North America from its Gigafactory Shanghai. Both the
models are qualifying for federal incentives of CUS$5,000 (US$3,700)
in Canada, which, unlike the United States, does not link electric-
vehicle subsidies to the location of the plant that made the car.

US pulls US$200 Mn grant for Microvast battery company

The U.S. Energy Department canceled a US$200 million grant

for lithium battery company Microvast Holdings, after lawmakers
cited concerns over its alleged links to China’s government. The
department had been in talks with Microvast over the grant to help
build a plant in Tennessee. The grant stemmed from the US$1 trillion
2021 bipartisan infrastructure law.

Mercedes plans new electric van platform, 20% cost cuts by mid-
decade

Mercedes-Benz’s van unit plans a new, scalable platform for its

electric vans that will reduce fixed costs by 20% by the middle of the
decade, and electric models should make up 50% of its van sales by
2030. Electric vans should make up 20% of sales by 2026. it expects
double-digit margins on zero-emission model sales by the end of
the decade. The company expects direct online sales to exceed 20%
by 2026. In Europe, which accounts for 60% of the van unit’s sales,
the company expects more than 75% of sales to be online by then.

40
  

Mercedes said it intends to reduce fixed costs primarily through

“streamlining and digitalising processes,” targeting a 20% cut by the
middle of the decade compared to 2019.

Volvo gets record order for up to 1,000 electric trucks

Volvo Trucks has signed a letter of intent to sell 1,000 electric trucks
between now and 2030 to Holcim, a global manufacturer of building
solutions provider. The deal is the largest commercial order to date for
Volvo electric trucks, and the first 130 trucks will be delivered in 2023
and 2024. Now, the company and its contractors have, with Volvo
Trucks, agreed to plan for the deployment of 1,000 electric Volvo
trucks across Holcim’s operations in Europe between now and 2030.

Mercedes-Benz AMG to introduce seven EVs

German luxury car maker Mercedes-Benz will introduce AMG-specific

electric architecture with seven new cars. Mercedes-Benz AMG, a
subsidiary of Mercedes- Benz, will create a new electric platform for
AMG cars.

Sri Lanka to convert 5,00,000 tuk-tuks to EVs

Facing a severe energy crisis amid the financial downturn, Sri Lanka
mulls to switch to electric mobility by converting 5,00,000 ‘tuk-tuks’
(autorickshaws) to electric vehicles (EVs) within the next five years.
Backed by the United Nations Development Program (UNDP) in Sri
Lanka, the Ministry of Transport and Highways and the Ministry of
Power and Energy, together with the Department of Motor Traffic
and the National Transport Commission, started the project to
mainstream e-mobility by converting to e-tuk-tuks.

Indonesia tax cut drives electric car sales for Hyundai, Wuling

Sales of electric cars in Indonesia jumped last month after the

government launched tax incentives, in an early sign that electric
vehicle adoption is gaining traction in Southeast Asia’s largest
economy. Effective from April, Indonesia cut the value-added
tax (VAT) on electric cars from 11% to just 1%, provided they are
manufactured with at least 40% local content. Hyundai Motor Co’s
sport-utility vehicle IONIQ 5, a model eligible for the tax cut, saw sales
jump three-fold to more than 600 units in April compared with the
previous month.

41
  

Tata Motors eyes growing EV market in Nepal launches Nexon EV

Max

Tata Motors has launched the new Nexon EV Max at a starting price
of NPR46.49 lakh (with a 7.2 kW charging option) in Nepal. The Nexon
EV Max had been launched in India last year and has helped the
company expand its EV market share.

After India, S.Korea calls for strict safety standards over EV fires

After India, the government and car manufacturers in South Korea

have to put a bigger focus on the safety of battery packs as a series of
recent battery fires may drive down demand for electric vehicles and
have a negative impact on the burgeoning EV market. South Korea
currently has about 400,000 registered EVs, accounting for 1.6 per
cent of the country’s registered passenger and commercial vehicles,
amid automakers’ accelerating electrification push in recent years.
But battery fires in some EV models have sparked grave concerns
among consumers over the safety of pure electric cars.

U.K. industry body cuts 2023 sales outlook for EVs

Sales of full-electric vehicles in 2023 are expected to take a hit in

the U.K. from inflationary pressures and lack of charging points,
though the overall outlook for British new-car registrations has
improved, as per the statement of the UK’s auto industry body, the
Society of Motor Manufacturers and Traders (SMMT). The SMMT has
downgraded its forecast for battery electric vehicles’ market share
to 18.4 percent of sales for the year, from a previous estimate of 19.7
percent.

Tesla raises prices in the US, China, Japan, and Canada

Tesla has raised prices for its Model Y and Model 3 variants by the
equivalent of about US$290 in the United States, China, Japan, and
Canada, after having slashed prices on its top-selling vehicles since
the start of the year. The hike was the first on its two top-selling
models at the same time in multiple markets, although prices
across its line-up are much lower than in January, after a round of
discounts. In China, Elon Musk-led Tesla raised the price for variants
by CNY2,000 (US$ 289.39), the website showed.

42
  

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