Govt. might slash down GST on EV sales to 5%
Ministry of road transport and highways proposed to remove EV registration fees
EV rental startups Bounce and Vogo raised new funding rounds
Indian government’s think-tank NITI Aayog has proposed that only electric vehicles should be sold in India by 2030. The commission has reportedly moved a cabinet note asking for the plan responsibilities to be divided among different Indian ministries.
Earlier last month, NITI Aayog CEO Amitabh Kant had suggested a complete switch to the use of electric two and three wheelers in India in a phased manner by March 31, 2023.
To which, multiple automobile companies and industry bodies such as the Confederation of Indian Industry (CII) and the Society of Indian Automobile Manufacturers (SIAM) have said that the government is making a hasty decision. Following this, Kant was recently reported to be planning a meeting with the heads of two and three wheeler EV companies in New Delhi on June 21.
In other attempts to boost EV sales, the government is also expected to slash down the goods and services tax (GST) levied on the sale of electric vehicles to 5% from existing 12%, in the upcoming 35th GST council on June 20.
Also, the union ministry of road transport and highways had proposed to waive off electric vehicles registration fees. Currently, vehicle registration fees range from INR 300 for three wheelers/quadricycles/ light motor vehicles and INR 1000 for medium passenger motor vehicles.
Chart of the week: Comparison of global EV adoption
EV News From India
Bounce Raises Series C funding
Bengaluru-based two-wheeler rental company Bounce raised a $72 Mn Series C funding round led by global technology fund, B Capital Group, and New York-based Falcon Edge Capital. The company plans to use these funds towards expansion in Indian smart cities and technology strengthening. With this round, the total funding raised by Bounce has reached over $92 Mn.
Vogo Gets Backing From Former Myntra CEO, Others
Bengaluru-based bike rental startup Vogo has raised an undisclosed amount of funding from a clutch of investors including former Myntra CEO Ananth Narayanan, serial entrepreneurs K Ganesh and Srini Anumolu along with Manish Vij, the founder of SVG Media. Vogo claims to be operational in five Indian cities and has completed over 3 Mn trips on its platform.
Ola To Start Hiring Across Electric Mobility Roles
Talking at IIT Bay Area Alumni meet recently, Ola CEO Bhavish Aggarwal said that the company is looking to hire people across capabilities in electric mobility, AI and ML capabilities for its core businesses. Aggarwal also added that in the future he wants to
build a new-age, cutting edge technology which impact the new age business models and that is the reason why the company has made a “small start” in the Bay Area where it will be hiring close to around 100-150 people this year.
Ather 450 Covers Over 600K Kms In A Year
Two-wheeler electric vehicle manufacturer Ather Energy has claimed that its Ather 450 bikes have together covered a total of over 600K Kms since the launch of the flagship bike in Bengaluru last year. Ather 450 is said to have a range of 75Km and a top speed of 80Km/hr. Further, the bike’s battery can fast charge to 80% at the rate of 1 km/minute.
Startup of the week: Revolt Intellicorp
Micromax cofounder Rahul Sharma has launched Revolt Intellicorp in April with a personal investment of about INR 400-500 Cr. The Gurugram-based company is focused at making personal mobility practical, affordable and sustainable.
Earlier this week, Revolt Intellicorp has unveiled its AI-enabled electric motorcycle RV 400. Along with a range of 156 Km and four hours charging time, RV 400 will also be connected to a Revolt mobile app.
This Revolt app will enable the rider to remote start/stop the bike, search Revolt’s mobile battery swap stations, change motorcycle sound and volume, and access real-time bike diagnostics among other features.
EV News From Around The World
EVs Make Up 60% Of New Car Sales In Norway
According to the latest industry figures, Norway has recorded a total of 11.5K electric vehicle registrations in the first quarter of 2019, which is double of last year’s sale. Further, in March 2019, electric cars made up for around 60% of new car sales in the Scandavian country. This growth in sales could be attributed to Norway government’s various EV-focused incentives such as lower road tax, free parking, and zero toll charge among others.
VC Investment Slows Down In Chinese EV Startups
As of mid-June 2019, Chinese EV manufacturers have raised a mere $783.1 Mn as compared to $6 Bn funds raised in the same period last year. Bankers and investment firms have attributed this slow down in funding to companies not being able to differentiate new products and vehicles in the crowded Chinese market.
