SUMMARY
Govt gives in-principle nod for 2,600 charging startups
Ola Electric earns INR 2 Cr without any operations
Coronavirus outbreak leaves a shortage in components
Electric Vehicles This Week
Inc42 brings the weekly briefing on India's budding electric vehicle industry. Get a rundown of the latest news, innovations, new launches, research & insights on the electric vehicles industry and the global learnings.
After missing out on Indian electric vehicle (EV) industry, the Indian government has now reportedly given an in-principle nod to firms, including NTPC, EESL and REIL, to set up 2,600 EV charging stations across the country. The government’s plan is to set up EV charging stations at every 4 km in million-plus cities.
However, the Indian government hasn’t signed off on the actual contracts yet. The government is reportedly looking to make the contract once the public sector units have signed memorandums of understanding (MoUs) for the land where the EV charging stations are proposed.
The report also suggests that REIL and EESL have bagged the contract for 62 cities with a million-plus population. With this initiative, the Indian government is looking to tackle range anxiety that customers are facing.
Chart of the week: Chinese EV Market Growth
Will coronavirus disrupt China’s EV momentum? The authorities have banned driving in many cities, and the components market has taken a big hit because of the inadequate workforce and industries being shut down in many cities.
EV News From India
Tata Motors Plan To Set Up New Division For EVs
Tata Motors is working on establishing a separate division for its EV to focus on the electrification roadmap. Moreover, the company will also be investing INR 500 Cr to set up a new plant, which will be used to manufacture EVs and its components locally.
Old Electric Earns INR 2 Cr In FY19, But How?
Even though Ola electric does not have any disclosed operations, it has managed to make INR 2.13 Cr in the financial year 2019, ending March 31, 2019. As per its filings, the income includes one-time attachment fees and swapping income, which is recognised as and when the right to receive is established. With this, the company’s operating income INR 9.57 Lakh, making rest of the INR 2.03 Cr the interest income and gain on financial assets.
SoftBank, Mahindra Electric Looking For A Partnership
SoftBank is reportedly in preliminary talks with Mahindra Electric to formulate a strategic partnership. If successful, SoftBank may also get a minority stake in Mahindra Electric. Last month, Mahindra Electric had announced that it is looking for strategic partnership and investors to boost its business.
Suzuki, Toshiba And Denso JV Plan To Recycle EV Batteries
A joint venture between Suzuki, Toshiba, and Denso called Automotive Electronics Power is looking to establish a lithium-ion battery recycling plant in India. The JV claims that recycling will help in recovering metals such as lithium, cobalt, nickel, and manganese used in lithium-ion batteries.
Lapp Mobility Looks To Tap Charging Market
Germany-based Lapp Mobility is currently holding talks with Indian original equipment manufacturers (OEMs) and charging infrastructure providers to explore the possibility of entering Indian EV charging pace.
Blu Smart Deploys Its Fleet At Delhi International Airport
Deepika Padukone-backed Blu Smart has deployed 200 electric cars at the Terminal 3 of Indira Gandhi International Airport in Delhi for airport service. The company already provides services from Gurugram to any of the terminals of Delhi Airport and Aerocity.
Auto Expo 2020 Launches
Tata Unveils Its First Electric Truck
This week, Tata Motors unveiled an intermediate commercial electric truck, Ultra T.7 Electric, at the Auto Expo 2020. “It is developed for Indian roads, redefining the transportation industry leveraging enhanced technologies, blending ideally both technology and economy of operations,” the company said.
Okinawa Showcases E-Scooter Cruiser
Gurugram-based Okinawa unveiled the prototype of its new electric scooter, the Okinawa Cruiser, at the Auto Expo 2020. The company claims that this is one of the most powerful “maxi-scooters” developed for the Indian market.
Piaggio To Enter Indian EV Market
The Indian unit of Italian motor vehicle manufacturer Piaggio will be launching a specialised version of its electric scooter, Vespa Elettrica, in the Indian market soon. The company unveiled the Vespa Elettrica at the Auto Expo 2020 to give a reference to the audience.
Evolet Unveils 5 EV Models
Gurugram-based Evolet showcased five new EV models — sports bike Hawk, cruiser scooter Raptor, off-roader Warrior and a three-wheeler — at Auto Expo 2020. The company has three manufacturing facilities in Haryana, Hyderabad and Chennai, where it produces 13 products in various segments.
Haima Automobile Displays Its EV
Chinese carmaker Haima Automobiles showcased three products at Auto Expo 2020. One of them was Haima E1 EV, a long-range affordable electric vehicle. Haima E1 is currently being sold in China as Aishang EV 360.
EV Headlines From Around The World
Hyundai, Kia Turn To EV Startup Canoo For Tech Platform
South Korean automobile maker Hyundai and its subsidiary Kia have decided to build new EVs based on the tech platform developed by California-based startup Canoo. However, the terms of the deal have not yet been disclosed.
Component Shortage Across The World With Coronavirus Outbreak
As one of the biggest suppliers for electric vehicle components and batteries, China is a crucial factor in the electric mobility industry. With the coronavirus outbreak, the supply and manufacturing chain has been disrupted in the country. As a result, various EV and automobile manufacturers are running out of components to manufacture their products, which could impact the price and affordability of such vehicles in the near future.
