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.
According to Deloitte’s Global Automotive Customer Research for 2020, the study revealed that 40% of Indians are likely to buy a hybrid, or battery-powered electric vehicle in the coming years. Further, Deloitte’s study stated that two out of three Indians are willing to pay additional INR 50K for connected cars.
Moreover, the study highlighted that more than 75% of consumers in India and China are embracing the idea of vehicle connectivity and electric vehicles, twice the rate in Germany, which stood at 36%. On the other hand, developed countries such as the US and Japan aren’t enthusiastic about advanced technologies, and Korea sees value in vehicle connectivity.
Citing the clean environment experienced by the people during the Covid-19 lockdown period, the electric vehicle players, Hyundai Motors, Mercedes-Benz and MG Motor among others, at the EESL online forum, urged the government to come up with an incentivised, electric vehicle-friendly reforms, and charging infrastructure development for fast adoption of electric vehicles in the country. Hyundai Motors’s AVP and Group Head, Brijesh Gubbi said that initiatives such as EV battery policy need to come out soon.
Emphasising on the high cost acquisition of electric vehicles, MG Motor’s COO Gaurav Gupta also suggested the enhancement of local manufacturing of some of the parts of the EV battery in the country. Simply put, high battery cost inevitably affects the price of electric vehicles. If we can minimise the cost by manufacturing the batteries locally, India has a fair amount of chance to become the hub for electric vehicle manufacturing. In fact, batteries constitute about 40% of the total cost of electric vehicles.
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Ampere Vehicles Acquires Bestway, Eyes Electric Three-Wheeler Market
Coimbatore-based electric company, Ampere Vehicles recently acquired 74% stake in Noida-based electric three-wheeler company Bestway Agencies for INR 7 Cr. However, the company said that the acquisition deal is subjected to customary closing conditions. Once closed. Ampere Vehicles will be venturing into the electric three-wheeler segment. Through this acquisition, Ampere Vehicles aims at having a strong presence in both electric two wheelers and three-wheelers market.
Earth Energy EV Raises Seed Funding To Launch Three New Electric Vehicles
Mumbai-based electric vehicle startup Earth Energy EV recently announced that it has raised an undisclosed amount of seed funding from LR Joshi, MD at Pranada Bio-Pharma. Prior to this, Earth Energy EV had also raised investments from private investors and has been a part of the SmartCity Dubai Accelerator Programme in 2018.
Earth Energy EV will be using the fund to launch three new electric vehicles by end of this year, which has been under testing for the last two and half years. Also, it will be using it for strategic hiring, strengthening the sales network and building enhanced OEM relations and strong supply chain. The founder of Earth Energy Rushi Shenghani claimed that the vehicles are 96% localised.
EV Headlines From Around The World
Fisker Raises $50 Mn Funding For Product Development
American electric car manufacturer, Fisker Inc., recently announced that it has raised $50 Mn Series C funding from Moore Strategic Ventures. The company said that it will be using the fund to support the next phase of development on the upcoming Fisker Ocean all-electric luxury SUV. “We are radically challenging the conventional industry thinking around developing and selling cars and this capital will allow us to execute our planned timeline to start pricing vehicles in 2022,” said Fisker’s CEO Henrik Fisker.
Siemens Energy Plans To Exit Coal-Generated Electricity
In a bid to tackle the climate change problem, German multinational conglomerate’s energy wing Siemens Energy recently said that it will be planning to exit coal-generated electricity soon. Joe Kaeser, CEO of Siemens Energy said that the power generation is responsible for about 40% of global electricity-related carbon emissions. “That is why I have asked the managing board of Siemens Energy AG to quickly present a stakeholder-friendly plan to phase out coal-based power generation,” the CEO added.
Elon Musk’s Tesla Perfects Level 5 Autonomous Driving Technology
Tesla’s CEO Elon Musk recently said that it is ‘very close’ to achieving level 5 autonomous driving technology, referring to driverless capability. At the Shanghai’s World Artificial Intelligence Conference (WAIC), Musk remarked: “I am extremely confident that level 5 or essentially complete autonomy will happen very soon.” In addition to this, Tesla is also developing a new cooling system that enables more advanced computers in cars, he added.