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.
Bengaluru-based bike-sharing platform Bounce has received homologation certification from International Centre for Automotive Technology (ICAT) for its self-assembled two-wheeler electric vehicles (EV). The company’s founder and CEO Vivekananda HR confirmed the development on his Twitter handle, however, the company declined to comment on the specifics.
Homologation certification process approves every part of the vehicles including components like lamps, mirrors, tires and more. Even other startups like Ather Energy, Revolt, Tork Motors and others have received the homologation certification in the past. However, Bounce is the only consumer-focused bike-sharing platform to receive the same certification in India.
The company will provide its new self-assembled EV on a subscription pricing model as well as on a long-term rental basis. In parallel, it will also work with delivery and ecommerce companies to supply scooters for last-mile use.
Chart Of The Week:
(Source: Argonne National Laboratory, Assessment of Light-Duty Plug-In Electric Vehicles in the United States, 2010 – 2019, June 2020.)
EV News Of The Week
Entuple Emobility To Raise $3.5 Mn For Powertrain Plant
Bengaluru-based EV components maker Entuple E-mobility is planning to raise $3-3.5 Mn (INR 22-25 Cr) of equity capital from various investors. The company will use this funding to set up the company’s 150,000-unit annual capacity electric powertrain manufacturing plant.
Besides this, the company also plans to make EV fast chargers by 2021, and has been in talks with nearly 30 EV companies — large auto manufacturers, startups, systems integrators, and specialty vehicle makers.
Meru Cabs To Take On Shared Mobility With 10K EVs
Homegrown cab service provider Meru Cabs is looking to add nearly 10K EVs to its fleet in an attempt to take on the B2B segments. The company will invest nearly $10 Mn in the technology and electric mobility segment by the end of this year. It also plans to create an infrastructure to operate a fleet of over 300 EVs across India.
EVs has also been the central focus of Mahindra which acquired a 55% majority stake in Meru back in September 2019.
UP Gives Nod To EV Charging Systems
Uttar Pradesh government has identified eight cities for the installation of e-charging facilities for electric two, three and four-wheelers. According to a recent proposal, the e-charging facilities under the smart city projects will be simultaneously launched in Lucknow, Varanasi, Prayagraj, Kanpur, Aligarh, Saharanpur, Bareilly and Jhansi.
In Prayagraj, the state government also plans to develop a new e-charging facility along with a bus charging station on an area of 6,000 metre square under the new Yamuna bridge. The facility will house an e-charging facility for nearly 25 buses.
Okinawa Brings Purchasing Options For Two-Wheelers
Gurugram-based electric scooter manufacturer Okinawa has partnered with OTO Capital to provide flexible and affordable leasing options for the users. The leasing model by OTO will ensure 30% saving per month and the flexibility to upgrade to any other model within 2-3 years. The leasing period can range from 12 months to 36 months.
The company, in the press statement, explained that the Okinawa Praise Pro would cost INR 3960/month over a period of 2 years through a traditional bank loan. However, it would cost only INR 2950/month over the same time through the OTO solutions.
Third Wheels United Launches Mobile App For Rickshaw Drivers
Bengaluru-based social enterprises Three Wheels United (TWU), which offers holistic financing solutions for auto drivers to own a light EV, has launched a mobile app for auto rickshaw drivers to find all relevant local information related to safety and sanitisation protocols. It will also provide information on government relief initiatives for drivers, service station locations, peer to peer vehicle rental, charging points for electric auto-rickshaws and other resources.
Three Wheels United has offered over 30,000 drivers various products and services and has financed over 3000 auto rickshaws.
IIT Hyderabad-Incubated Pure EV Enters Nepal
IIT Hyderabad-incubated EV startup Pure EV has set its foot towards international expansion by launching its electric two-wheeler, EPluto7G, in Nepal. The model will be available in the market from October 2020.
It is currently looking for more distribution partners for other markets who can create an efficient channel network for vehicle sales and service in the target markets. For not, its partners include White Lotus Motors (WLM).
General Motors Plans EV Drive System
General Motors is looking to put into production an interchangeable “family” of EV drive systems, along with motors, boosting manufacturing efficiencies as it transitions to a fully electric lineup. The development comes as it is looking to build a vertically integrated electric car business.
EV Headlines From Around The World
Kia Motors Reveals Its 7-Year EV Plan
South Korean vehicle manufacturer Kia Motors has outlined its EV plans for the upcoming seven years, and has also increased its target. The company’s CEO and president Ho Sung Song noted that Kia Motors will roll out seven dedicated battery-electric models by the end of 2027. The company will be launching its first EV model in 2021.
Kia Motors also aims to increase EV servicing and charging infrastructure at its dealerships first in Korea, then around the world. The company has announced a partnership with European charging infrastructure company Ionity and is actively searching for infrastructure partners in the United States and China.
MG Motors To Launch HS, ZS EV In Pakistan
MG Motors is planning to launch its EV models HS and ZS in Pakistan this year. CEO of Haier and Changhong Ruba, Javed Afridi has also confirmed this development and asked his fans for their feedback on what models should be introduced in Pakistan next year.