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Electric Vehicles This Week: Himachal Pradesh’s EV Policy, Deepika Padukone Invests In EV Startup And More

Electric Vehicles This Week: Himachal Pradesh’s EV Policy, Deepika Padukone Invests In EV Startup And More

Himachal Pradesh is drafting its EV policy to achieve 100% transition to EV by 2030

Deepika Padukone’s Ka Entreprises has invested in electric cab-hailing company Blu Smart

Chinese EV Major NIO Reports loss of $453 Mn in second quarter of 2019

Earlier this week, the Himachal Pradesh government had announced that it is working on a draft electric vehicle policy with the aim to achieve 100% transition to electric vehicles by 2030.

The policy is said to propose incentives to EV batteries and related components manufacturers and disposals in the state. “The incentives shall be provided to eligible enterprises as per Himachal Pradesh Industrial Policy as applicable from time to time,” the state’s official release added.  

“The objective of the policy is to save the environment, accelerate demand for EVs, promote sustainable transport system and create public private charging infrastructure,” chief secretary of the state Dr. Shrikant Baldi said at the event. 

Complementing the central government’s national National Electric Mobility Mission Plan (NEMMP), multiple state governments, including Kerala, Tamil Nadu, Uttar Pradesh, Telangana, and Delhi, have also come up with their individual EV policies in the last one year. 

Chart Of The Week: Batteries Make Up One Third Of EVs’ Cost

EV News From India 

Deepika Padukone’s Family Office Invests In Electric Cab-Hailing Startup Blu Smart

Delhi-based Blu Smart has raised $3 Mn angel round from the Bollywood actress Deepika Padukone’s family office Ka Entreprises, JITO Angel Network, Kalpavriksh Trust, Survam Partners, cofounder of Micromax Rajesh Agarwal, and the MD of Bajaj Capital Sanjiv Bajaj among other investors.  

Cofounded by Puneet Singh Jaggi, Anmol Singh Jaggi and Punit K Goyal, Blu Smart was initially launched in January 2019 as an electric cab-hailing platform. Later in June, the Delhi-based company has pivoted to offer subscription-based car rentals, ride-sharing on both electric cars and bikes, and shared electric vehicle (EV) charging infrastructure across Delhi NCR region. 

Toyota Could Delay India Electric Vehicles Launch Over Charging Concerns

Japanese automotive giant Toyota has reportedly delayed the launch of Toyota Kirloskar’s electric vehicle models in the country. The automaker is considering setting up a separate legal entity to manufacture electric and hybrid cars. Toyota has also ruled out any plans to withdraw vehicles powered by internal combustion engines from the Indian market.

Bike Sharing Startup Bounce Aims To Have 100% EV Fleet By 2030 

Bounce has signed into the EV100 initiative at the Climate Week NYC as part of its sustainable growth mission. As a part of this initiative, the company is aiming to turn 1005 of its fleet to electric vehicles, till then it anticipates to have a fleet close to 2 Mn vehicles. Commenting on this development, Vivekananda H R, cofounder and CEO of Bounce said, “Our aim is to provide clean, convenient and affordable commute options and to achieve this we are working towards electrifying a sizable portion of our fleet in the coming months. “

MG Motor India Launched MG Developer Program And Grant for Start-ups for Mobility Ecosystem

Automobile major MG Motor India has announced a MG Developer Program and Grant. Launched in collaboration with leading technology companies such as SAP, Cognizant, Adobe, Airtel, TomTom and Unlimit, the initiative is aimed at incentivizing Indian innovators and developers to build futuristic mobility applications and experiences. As part of the MG Developer Program and Grant, MG Motor India will provide innovators with an opportunity to secure mentorship and funding from industry leaders. 

Startup Of The Week: qQuick

Founded by Aishwarya Kachhal in 2018. The company rents electric two wheelers for short distances commute at the rate of INR 1 per minute. All the electric two wheelers on the platform are connected and controlled by a software, which allows the company to alter vehicles’ speed, and even remotely stop the vehicle in case of theft.  Further, the company also provides charging stations and EV battery swapping options. 

EV News From Around The World

After BYD, Another Chinese EV Major Reports Huge Drop In Sales 

Chinese premium EV manufacturer NIO Inc reported to have lost $453 Mn in the second quarter of 2019. This brings the company’s total losses in the past two years to $2.61 Bn, according to the company’s filings. NIO  second-quarter report has noted that its investor Tencent and company’s founder will both invest $100 Mn each to the company. However, at the current cash burn rate of the company, this money is expected to last for only about six weeks. 

Germany Launches EV Subsidies As Part Of Its $60 Bn Climate Policy Package 

Just in time for the UN climate summit in New York, Germany government has introduced a $60 Bn climate policy package. The policy includes subsidy worth thousand euros each for electric cars consumers and raising road toll for trucks. Further, the country’s passenger vehicle will also be modified to encourage greener mobility solutions.