Electric Vehicles This Week: SBI Cuts Down EV Loan Rates, Renault To Slow Down Its India EV Plans

Electric Vehicles This Week: SBI Cuts Down EV Loan Rates, Renault To Slow Down Its India EV Plans


Hyundai India is planning to source locally-produced parts for its EV project

NITI Aayog has asked oil ministry to set up EV charging stations at nearly 1K fuel stations in India

Tesla announces robotaxi ride-sharing service plans

Bengaluru-based cab-aggregator Ola’s policy research and social innovation think-tank Ola Mobility Institute has said that usage-based incentives on electric vehicles by the government will be essential to accelerate innovation, encourage the early adopters, enable new business models, and promote low-cost shared mobility services.

In its report titled, Beyond Nagpur: The Promise of Electric Mobility’, the company stated that the government’s emobility goals for 2030 can be achieved only when the incentive provision goes beyond the purchase cost of electric vehicles.

Analysing the insights from its pilot project at Nagpur, the company also suggested the use of renewable energy to power electric vehicle infrastructure.

Meanwhile, China which is looking to dominate the electric vehicle space is now under scrutiny. After the quality and safety of its electric vehicles and batteries were questioned since February, another scandal has fueled up the argument. This week, China-based carmaker NIO revealed that one of its ES8 models had burst into fire in Xi’an city during the repair. The company is still investigating the matter. Issues to this sort explain that the government’s move to focus more on quantity over quality will not be sustainable.

Chart Of The Week

EV News From India

NITI Aayog Pushes Oil Ministry To Develop EV Charging Infra

In a bid to boost the electric vehicle charging issues in India, the government think tank NITI Aayog has directed Ministry of Petroleum and Natural Gas to set up electric vehicle charging stations at nearly 1K fuel stations across India. Currently, the lack of charging infrastructure is one of the major roadblocks for EV adoption in India. Some experts believe NITI Aayog’s plans will be hard to comply with for EV startups as they will have to redesign charging stations and create new business models or network for them.

SBI Reduces Loan Rates On EV Purchase

As an effort to push the demand for electric vehicles, the State Bank of India (SBI) has reduced the rates of loans on purchase of electric vehicles. According to reports, people taking SBI auto loans for the purchase of electric vehicles will get a discount of 20 basis points on the interest that they need to pay. Under this scheme, they will also get the benefit of a longer repayment period. The bank also said that this move was made to help the government achieve its 30% emobility by 2030.

Hyundai Motor India Looks To Source Locally Produced EV Parts

South Korean automaker Hyundai’s Indian subsidiary is exploring options for locally sourcing electric vehicle components. According to reports, Hyundai Motor India is also looking to source locally manufactured battery parts. The company plans to launch its first electric vehicle in the country this year. The vehicle will be assembled in its Chennai plant.

Renault To Slow Down Its EV Plans In India Due To Market Uncertainty

Citing uncertainties and lack of clarity over the government’s assistance program, France-based Renault is reportedly planning to slow down its electric vehicles plan in India. While speaking to media, Venkatram Mamillapalle, managing director, Renault India said that regulation is coming in FAME II but the uncertainty lies in how will it be accepted by the customers.

EV Startup Pick of the Week: Emflux Motors

Launched in 2016 by Varun Mittal, Ankit Khatry, and Vinay Raj Somashekar — Bengaluru-based Emflux Motors is the first Indian company to launch an electric superbike. In addition, Emflux also provides emobility solutions to other businesses such as electric vehicle batteries, battery management system and much more. Its first product Emflux One which is currently under development has a maximum speed of 200 Kmph. The superbike is set to go for sale next year.

According to Khatry, the company plans to sell the superbike through online portals and experience centres next year. He also added that they aim to expand its distribution from Bengaluru, followed by other major cities in India.

EV News From Around The World

Ford Invests $500 Mn In EV Startup Rivian

US-based EV startup Rivian has announced an equity investment of $500 Mn from Ford Motor Company. As a part of this investment, both companies will work together to develop a next-generation electric vehicle battery for Ford’s EV portfolio, using Rivian’s electric skateboard platform. Also, Joe Hinrichs, Ford’s president of Automotive, will be joining Rivian’s board of members. Post investment, Rivian will continue to work as an independent company.

Tesla To Launch Robotaxis Next Year

Electric vehicle major Tesla is aiming to launch ‘robotaxis’ as part of its broader vision of bringing an autonomous ride-sharing network in 2020. Tesla CEO Elon Musk said that the company aims to have over a million robotaxis on road next year. While speaking at Tesla Autonomy Day, Musk also revealed that all new vehicles are now being produced with a custom full self-driving computer chip which meets the hardware requirements for self-driving.

Google To Inform Users If Nearest EV Charger Is In Use

Google Maps will now reportedly show that if the electric vehicle charging station near you is in use by others. This feature will help people know how long they will have to wait at that particular station. Currently, this feature will be made available in US and UK for charging points from Chargemaster, EVgo, and SemaConnect. The search company also plans to include ChargePoint chargers. Google had introduced the feature of spotting EV charging stations in October.

You have reached your limit of free stories
Become An Inc42 Plus Member

Become a Startup Insider in 2024 with Inc42 Plus. Join our exclusive community of 10,000+ founders, investors & operators and stay ahead in India’s startup & business economy.

Unlock 60% OFF
Cancel Anytime
Unlock 50% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

Electric Vehicles This Week: SBI Cuts Down EV Loan Rates, Renault To Slow Down Its India EV Plans-Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

Electric Vehicles This Week: SBI Cuts Down EV Loan Rates, Renault To Slow Down Its India EV Plans-Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

Electric Vehicles This Week: SBI Cuts Down EV Loan Rates, Renault To Slow Down Its India EV Plans-Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

Electric Vehicles This Week: SBI Cuts Down EV Loan Rates, Renault To Slow Down Its India EV Plans-Inc42 Media
Electric Vehicles This Week: SBI Cuts Down EV Loan Rates, Renault To Slow Down Its India EV Plans-Inc42 Media
You’re in Good company