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.
Last month, Tesla CEO Elon Musk confirmed that electric vehicles (EV) brand Tesla will be making an entry in India by 2021. For this, the company is also currently in talks with Karnataka and Maharashtra to zero down on a location for its research and development (R&D) centre.
The company is an undisputed market leader in the EV segment across the world, and had clocked annual worldwide sales of 1 Mn vehicles till October 2020. The company plans to hit 20 Mn vehicle sales by 2030. At the time of releasing Tesla’s third-quarter earnings, Musk said, “I’m not saying for sure we’ll hit 20 Mn vehicles. But it does seem like a good goal to have because that would mean that we’re replacing 1% of the global fleet per year.”
But is it possible for Tesla to achieve these numbers without a big push in India?
Though India is becoming a big market for embolity, it is largely riding on the back of electric two and three-wheelers. India has barely sold more than 8,000 electric cars in six years, however, the investment flow has improved without addressing the issue of price. Tesla top-selling Model 3 costs $37,990 – $54,990 (INR 28 Lakh to INR 40 Lakh) and is yet to be launched in India. It is expected to launch the Indian model at $95,496 (INR 70 Lakhs).
What are the other challenges Tesla will be facing while planning its entry in the Indian market? Read here.
Chart Of The Week:
Tata’s Nexon EV comes at just $22,584 (INR 16.25 lakhs) and the pack is led by Mercedes-Benz EQC (INR 99.30 Lakh), followed by MG ZS EV (INR 23.58 Lakh). It is worth noting here that India’s per capita income is $7,680 (INR 5.6 Lakh), nearly 31% lower than that of China.
EV News Of The Week
Ather Energy Raises $35 Mn In Round Led By Sachin Bansal
Bengaluru-based electric two-wheelers maker Ather Energy, has raised an investment of $35 Mn in its latest round of Series D funding, led by Flipkart cofounder Sachin Bansal’s who pitched in $23 Mn.
With this round, Bansal has made a total investment of $53 Mn in Ather Energy. Hero MotoCorp has also invested $12 Mn in the electric two-wheelers maker this round. The company plans to use the capital to accelerate its expansion plans and speed up the deliveries of the scooter Ather 450X which it launched in January 2020.
EV Policy Will Reduce Carbon Emission By 4.8 Mn Tonnes: Delhi Govt
The government of Delhi has announced that its electric vehicle policy will help reduce carbon emission by 4.8 Mn tonnes by 2024, Dialogue and Development Commission Vice Chairperson Jasmine Shah said on November 11.
Addressing a global audience of climate activists and leaders from business and government, Shah said, “The motivation behind Delhi’s ambitious roadmap to transition of zero-emission vehicles is to address both climate change and the health emergency that arises from the high level of air pollution in Delhi.”
Hyundai India Is Developing A Mass-Market SUV
Hyundai is currently developing an India-centric electric SUV that will be a mass-market product, the company’s MD and CEO Seon Seob Kim told MotorBeam. He also added that Hyundai is working on the most suitable body type for the Indian market.
EV Headlines From Around The World
Total Acquires German EV Charging-Point Business
France-based broad energy company Total has acquired Charging Solutions, a German business that operates EV charging infrastructure. The acquisition of the Munich-based business from Viessmann Group provides Total with a network of 2000 charge points in the country.
Electrify America Has Opened More Than 500 EV Charging
Electrify America has opened more than 500 electric vehicles (EV) charging stations across the US, with more than 2,200 individual DC fast chargers. The company has set a rapid pace for its network expansion, opening an average of nearly four stations per week.