SUMMARY
Mahindra plans to invest INR 3,000 Cr and enter into partnerships for EV penetration
French carmaker Citroen has launched a premium EV model in India
EV company Polestar raises $550 Mn from new investors to fuel growth
Mahindra and Mahindra (M&M) is planning to invest up to INR 3,000 Cr on its electric vehicles (EV) business in the next three years. The company will also be looking to crack more alliances and partnerships in the vertical, Mahindra Group’s managing director and CEO Anish Shah has said.
The company aims to put 5 Lakh EVs on the Indian roads by 2023 and has already invested INR 170 Cr in the EV business in India with another INR 500 Cr on a new research and development (R&D) centre. M&M already has an electric technologies plant in Bengaluru to produce battery packs, power electronics and motors Besides this, it has also invested in a new manufacturing unit at its Chakan facility to produce electric vehicles.
Electric Vehicles News Of The Week
IIT Delhi-Incubated Gelios Launches New EV Model
IIT Delhi-incubated startup Gelios Mobility has launched an affordable electric scooter Hope that is rated to travel 75 Km on a single charge, at a top speed of 25 Km per hour. The company claims that the running cost of the scooter is INR 0.25 per Km. The vehicle is integrated with an in-house battery management system, data monitoring system and pedal assist unit.
French Carmaker Citroen Enters Indian Market
French carmaker Citroen has launched its premium EV model C5 Aircross SUV in India and is now planning to expand its lineup further by launching C21 SUV. The company is also planning to launch a low-cost EV by 2022.
India Records 1.35 Lakh EV Sales In FY2021
About 1.35 Lakh electric vehicles (EV) were sold in the financial year 2021, according to the data shared by CEEW Centre for Energy Finance’s (CEEW-CEF) electric mobility dashboard. The dashboard highlighted that the EV registration formed 0.88% of all vehicles registration in the last financial year, representing the highest share ever achieved. Overall, the Indian automobile market has registered over 6.38 Lakh EVs since FY2012.
Electric Vehicles Headlines From Around The World
Hyundai To Launch 21 EV Models In China By 2030
Hyundai Motor Group has announced that it will launch more than 20 electric models in China by 2030, as it is struggling to revive sales in the Chinese market. The product pipeline created by the company will include vehicles from Hyundai Motor Co. and Kia Corp.
Volvo’s EV Venture Polestar Raises $550 Mn
Polestar, the electric carmaker controlled by Volvo and its owner Zhejiang Geely, raised $550 Mn from new investors to help fuel its expansion plans. The investment was led by Chongqing Chengxing Equity Investment Fund Partnership, Zibo Financial Holding and Zibo Hightech Industrial Investment. This is Polestar’s first external funding round.
