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‘1 in every 7 cars sold now an EV’

Electric vehicle.

EV sales are expected to reach over 14.5 million units by the end of 2023….reports Asian Lite News

One in every 7 cars sold during the first quarter this year was an electric vehicle, dominated by China’s BYD at 21.1 per cent market share while Tesla was at second spot, with 16 per cent share, a report showed on Wednesday.

Global passenger EV sales in Q1 2023 rose 32 per cent YoY. Battery EVs (BEVs) accounted for 73 per cent of all EV sales during the quarter, while plug-in hybrid EVs (PHEVs) made up the rest, according to Counterpoint Research.

EV sales are expected to reach over 14.5 million units by the end of 2023.

The US surpassed Germany to become the world’s second-largest EV market while China remained the leader.

“Tesla slashed prices for its models globally in January, following which other automotive brands announced similar cuts for their car models starting in February, which led to an improvement in EV sales,” said research analyst Abhik Mukherjee.

Global EV sales were largely driven by China with 56 per cent of total EV sales coming from this market.

During February and March, almost 40 automakers, including BYD, NIO, Xpeng, Volkswagen, BMW, Mercedes-Benz, Nissan, Honda and Toyota, reduced their vehicle prices by a couple of hundred dollars to tens of thousands of dollars, which eventually stoked a competitive price war in China.

In China, EV sales experienced a remarkable 29 per cent YoY growth, despite a 12 per cent decline in overall sales of passenger vehicles in the country.

The top 10 EV models accounted for 37 per cent of the total passenger EV sales. Tesla’s Model Y remained the best-selling model globally followed by Tesla’s Model 3 and BYD’s Song.

“Although sales of the traditional internal combustion engine (ICE) vehicles remained stable in Q1 2023 compared with that in the year-ago period, the significant growth in EV sales indicates a rapid transition from traditional vehicles to EVs,” commented senior analyst Soumen Mandal.

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Business India News Technology

BluSmart Mobility to boost its EV ops in India

The latest round included an equity round of $37 million and venture debt of $5 million which saw participation from existing energy investors…reports Asian Lite News

Leading EV ride-hailing and charging provider BluSmart Mobility on Thursday said it has raised $42 million in the recent round and will continue to build on its vision of decarbonising the future of transportation in the country.

The latest round included an equity round of $37 million and venture debt of $5 million which saw participation from existing energy investors, with almost 50 per cent of the round being subscribed by the BluSmart founders and leadership team.

With an all-electric ride-hailing fleet size of 3,500 EVs currently operating in Delhi-NCR and Bengaluru, BluSmart plans to have 10,000 EVs in FY24.

“The electrification of public transportation is imminent but the path to electrification has its own challenges. BluSmart tackles these challenges through an integrated and full-stack approach, optimally using and maintaining the EV ride-hailing fleet at scale,” said Anmol Singh Jaggi, Co-founder and CEO, BluSmart Mobility.

BluSmart’s monthly revenue has grown 3 times over the last three quarters and to scale further this funding round will be utilised to penetrate deeper into mega cities, expansion of fleet capacity to 10,000 over the next 1 year.

BluSmart recently secured the largest EV asset financing of Rs 633 crore in India, backed by the Power Finance Corporation (PFC), which will add 5,000 EVs to BluSmart’s growing fully-electric ride-hailing fleet.

“We are focused on sustainability and profitability with a larger purpose to accelerate EV adoption and reverse climate change.” said Tushar Garg, Co-founder and Chief Business Officer, BluSmart Mobility.

BluSmart has raised $109 million across rounds which includes an equity raise of $85 million. It has also received EV asset leasing of $150 million (Rs 1,200 crore) backed by Development Financial Institutions like PFC, IREDA among others.

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Business Tech Lite

Ola announces its first EV car

The car will also come with Ola’s very own MoveOS software and car owners will be able to receive regular feature updates OTA through their ownership span, said the company…reports Asian Lite News

Ola Founder and CEO Bhavish Aggarwal on Monday shifted gears and entered a new territory by showcasing a homegrown electric car that will arrive in the country by 2024.

Aggarwal said the Ola Electric car will have a 500-km range on single change and will go from zero to 100 km within 4 seconds.

“Designed to deliver a drag coefficient of less than 0.21, it will be the sportiest car ever built in India with an all glass roof,” said the company.

The car will be equipped with one of the most advanced computers in a 4W, assisted driving capabilities, keyless and handless doors among many other features etc, the company added.

The car will also come with Ola’s very own MoveOS software and car owners will be able to receive regular feature updates OTA through their ownership span, said the company.

“We believe that India needs to become the global epicentre of the EV revolution and command 25 per cent of the world’s automotive market. As we build for India, we will also be creating the EV paradigm for the rest of the world,” said Aggarwal.

“We missed the semiconductor, solar, electronic and other manufacturing revolutions. If we invest now, we can lead the electric cells and batteries market,” he added.

The car will come with an all-glass roof and assisted driving capabilities as good as any other car in the world. It will be keyless and handleless, according to Ola CEO.

The company also claimed to soon launch more than 100 hyperchargers across major 50 cities.

Ola also launched an all-new Ola S1 scooter with premium design at an introductory price of Rs 99,999. The reservations for early access of the all-new Ola S1 began for Rs 499.

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Business India News

iVOOMi Energy bets big on EV with new facility

The investment is expected to increase the facility’s production capability by 60,000 plus units, taking the production number from 1,80,000 units a year to 2,40,000 units a year…reports Asian Lite News

EV company iVOOMi Energy on Monday announced to invest Rs 200 crore towards setting up a brand new manufacturing facility in Pune, along with creating more than 2,000 jobs and ramping up its research and development (R&D) efforts.

The new facility will be a fully-integrated electric two-wheeler plant that will be operational from March 2023, the company said in a statement.

The investment is expected to increase the facility’s production capability by 60,000 plus units, taking the production number from 1,80,000 units a year to 2,40,000 units a year.

The company aims to roll out more than 2,00,000 units by the end of FY 2023.

“We feel there is a large scope for development and innovation to be made in the space and iVOOMi Energy is continuously striving to set a benchmark in the industry,” said Ashwin Bhandari, CEO and Co-founder, iVOOMi.

“We will focus on more R&D and business expansion to make a significant development by the end of this financial year,” he added.

The company already has an R&D unit in Pune and has a manufacturing capacity of 500 electric scooters a day from its manufacturing facilities in Noida, Pune and Ahmednagar.

Additionally, in order to further accelerate the battery’s performance, the company plans to introduce cutting-edge battery modules, swappable batteries, and core battery technology.

The company said it is focused on scaling up its in-house design and production capabilities for the batteries.

Meanwhile, the deployment of solid-state batteries in electric vehicles (EVs) is set to be delayed to 2030 owing to key technical challenges, according to a report.

Recent announcements from solid-state battery developers have suggested deployments by automotive in electric vehicles will begin in the near-term.

However, Strategy Analytics predicts that solid-state batteries will face delay in mass production and further deployment.

With the higher cost, the first deployments will be limited to premium models until technology breakthroughs and production maturity enable volume production for battery electric vehicles in the 2030s timeframe.

“Prior to this, semi-solid-state cells and implementation in hybrid models will provide the test beds for true solid-state battery technology,” the report noted.

A solid-state battery has higher energy density than a Lithium-ion battery that uses liquid electrolyte solution.

Toyota has announced that the first deployment of its solid-state battery cells will be in hybrid models, not battery electric, in 2025.

The technology trial was originally planned to take place during the 2020 Tokyo Olympic Games, but that development was delayed due to technical challenges and the pandemic.

Toyota’s solid electrolyte is sulfide-based, which requires a moisture-free production environment that would otherwise be prone to generate hydrogen sulfide gas, which threatens the performance of the battery cell.

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Business India News

Indian EV sector sees 108% job growth

Leading EV players have hired 2,236 employees over the last six months….reports Asian Lite News

The Indian electric vehicle (EV) sector is witnessing a 108 per cent employment growth over the last two years and Bengaluru leads in the talent location, finds a survey.

As per the survey done by the recruitment and staffing company CIEL HR Services, metro cities are witnessing large participation in the EV segment.

And Bengaluru is the hottest location for EV talent with 62 per cent of job postings in this region, followed by 12 per cent in Delhi, nine per cent in Pune, six per cent in Coimbatore and three per cent in Chennai, the survey notes.

According to the study, there has been a significant employment growth and the average growth in employee numbers stands at a whopping 108 per cent over the last two years.

The survey titled ‘Latest Employment Trends in EV Sector 2022’ was conducted for an employee base of 15,700 spread over 52 companies.

It revealed that the engineering function dominates the EV sector, followed by operation, sales, quality assurance, business development, IT, human resource and marketing.

Leading EV players have hired 2,236 employees over the last six months.

Women, who have their presence in almost all the sectors across India, are climbing their way up in the EV segment. Different EV companies like Kinetic Green, Mahindra Electric Mobility, Convergence Energy Services Limited, OBEN Electric Vehicle and Ampere Vehicles have women in top management positions, CIEL HR said.

Commenting on the findings, Aditya Narayan Mishra, CEO said, “We have always been working towards understanding hiring strategies, employer demands and workplace trends across different industries from across India. The insights from the study will help companies in strategic decision making related to the Talent Ecosystem.”

Meanwhile, the multi-level car parking that will soon be operational at the Chennai International Airport will have five charging stations for electric vehicles (EV) apart from multiplex, food courts, retail outlets.

According to the Airports Authority of India (AAI), the 2.5 lakh sq.ft. multi-level car parking with a capacity to accommodate over 2,000 cars will come into operation next month.

The car parking will also offer commercial options including retail facilities, food courts and five multiplex for visitors.

Visitors driving to the car parking can pre-book for the EV charging slots and make payments on the dedicated app, AAI said.

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Business

Volkswagen to invest $20.38 bn to build EV batteries

The automaker will create a new company called Power Co under CEO Frank Blome and the production at the plant will start in 2025…reports Asian Lite News

German automaker Volkswagen will invest $20.38 billion to build electric vehicle (EV) batteries, creating 20,000 jobs and generating more than $20 billion in annual sales.

Volkswagen broke the ground for its first cell factory in Salzgitter, Germany in the presence of German Chancellor Olaf Scholz late on Thursday.

The automaker will create a new company called Power Co under CEO Frank Blome and the production at the plant will start in 2025.

“Volkswagen is showing how the future of sustainable, climate-compatible mobility could look. Together, we are laying the foundation for shaping this future to a significant extent in Salzgitter,” said German Chancellor Scholz.

Up to 2030, PowerCo will invest more than 20 billion euros, together with partners in the development of the business area, to employ up to 20,000 people in Europe alone.

“The battery cell business is one of the cornerstones of our new auto strategy which will make Volkswagen a leading provider of the sustainable, software-driven mobility of tomorrow. Establishing our own cell factory is a megaproject in technical and economic terms,” said Herbert Diess, CEO of Volkswagen AG.

The company will manage international factory operations, the further development of cell technology, the vertical integration of the value chain and the supply of machinery and equipment to the factories.

Looking ahead, further products such as major storage systems for the energy grid are planned.

The company said that following Salzgitter, the next cell factory is to be established at Valencia.

“Sites are currently being identified for three further cell factories in Europe. In addition to Europe, PowerCo is also already exploring the possibility of further gigafactories in North America,” Volkswagen announced.

Volkswagen also unveiled the prismatic unified cell announced at the Power Day in 2021.

In future, the plant is to reach an annual capacity of 40 GWh — enough for about 500,000 electric vehicles.

By 2030, the Volkswagen Group intends to operate six cell factories with a total volume of 240 GWh throughout Europe together with partners.

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Business Tech Lite

EV manufacturers laud industry-wide GST reduction

Battery price makes up as much as 50 per cent of an electric vehicle’s cost…reports Asian Lite News

Electric vehicle (EV) manufacturers hailed the GST Council’s decision that EVs with or without battery pack will now be taxed at 5 per cent.

At present, e-vehicles are taxed at 5 per cent while lithium-ion batteries are taxed at 18 per cent.

The decision was taken at the GST Council’s 47th meeting in Chandigarh on June 28-29, chaired by Union Finance Minister Nirmala Sitharaman.

“Electric vehicles, whether or not fitted with a battery pack, are eligible for the concessional GST rate of 5 per cent,” a ministry statement read.

Akshit Bansal, CEO of electric vehicle (EV) charging network provider Statiq, said that the government has declared a clear intention to boost domestic EV adoption and usage by making the industry eligible for a concessional GST rate of 5 per cent.

“This move will encourage the industry to pass on more cost benefits to the users and also lend a necessary push to people who are still looking for incentives to adapt to the EV way-of-life,” Bansal told.

“I welcome this move of industry-wide GST reduction to 5 per cent and thank the government for helping us bridge the gap between the possible adoption of EVs and a real-life rise in its adoption,” he added.

Battery price makes up as much as 50 per cent of an electric vehicle’s cost.

In 2018, the GST rate on lithium-ion batteries was slashed from 28 per cent to 18 per cent.

In December last year, then NITI Aayog CEO Amitabh Kant said the government was working on reducing GST on EV batteries.

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Business

Tata Technologies to set up EV production unit in Punjab

Pointing out further, the Chief Minister categorically said the state government is already roping in more industrial tycoons from across the country to set up their ventures in the state…reports Asian Lite News

In a major initiative aimed at giving fillip to industrial development of the state on one hand and opening new vistas of employment for youth on the other, Tata Technologies on Wednesday offered to set up its ambitious electric vehicle (EV) production centre in Punjab.

A delegation of the Tata technologies called on Chief Minister Bhagwant Mann here at his official residence.

During the deliberations, the delegation comprising Global CEO of Tata Technologies Warren Harris, President Global HR and IT Pawan Bhageria and others evinced keen interest to set up this unit in the state with a current investment of Rs 250 crore and future investment of Rs 1,600 crore.

The delegation said that it would lay thrust on development of MSME in EV segment with a focus on cleaner mobility and creating jobs for the youth in Punjab. The visiting delegation opined that the company will also ensure skill development of youth in the state.

Welcoming the initiative, the Chief Minister assured fulsome support and cooperation to the Tata Technologies for this project.

He said the government is committed to accelerating industrial growth in the state and no stone will be left unturned for this noble cause.

Mann said the government is duty bound to reverse the trend of Punjabi youth going abroad in search of green pastures for their careers by ensuring that best employment opportunities could be created here through such projects.

Pointing out further, the Chief Minister categorically said the state government is already roping in more industrial tycoons from across the country to set up their ventures in the state.

He said Punjab has emerged as the most investment friendly destinations in the country. Mann said that investment friendly policies of state government coupled with hard working, dedicated and skilled Human Resource are a boon for any industrial development.

Meanwhile, it was also decided in the meeting that Shaheed Bhagat Singh Nagar-based Lamrin Tech Skill University will collaborate with IBM, an anchor partner and with Tata Technologies and Ansys Corporation for a setting up a highend technology labs through Innovation Centre for Education with the investment of Rs 602 crore.

This will help in producing a pool of skilled labour required for industrial houses in the state.

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Business Tech Lite

Vision EQXX claims range of 1000 km  on single charge

The route profile – from motorway to mountain passes, including roadworks – and the weather conditions presented the Vision EQXX with a wide variety of challenges…reports Asian Lite News

In a strongest challenge to Elon Musk’s Tesla in the electric vehicle (EV) market, Mercedes-Benz has unveiled its long-range ‘Vision EQXX’ concept car that travelled over 1,000 kms on a fully charged battery — longest-ever distance covered by an EV on a single charge to date.

According to the automaker, the journey from Germany to the south of France started in cold and rainy conditions, and was undertaken at regular road speeds, including prolonged fast-lane cruising at up to 140 km/hour.

“The battery’s state of charge on arrival was around 15 per cent, amounting to a remaining range of around 140 kms, and the average consumption was a record-breaking low of 8.7 kWh per 100 kms,” the company said in a statement.

The route profile – from motorway to mountain passes, including roadworks – and the weather conditions presented the Vision EQXX with a wide variety of challenges.

According to the company, the lightweight design concept of the VISION EQXX is comprehensive — from the materials used to innovative bionic structures that deliver a favourable power-to-weight ratio.

The car has sustainable carbon-fibre-sugar composite material used for the upper part of the battery, which is also used in Formula 1, and the rear floor manufactured using an aluminium casting process.

The innovative design approach resulted in a weight saving of up to 20 per cent compared to a conventionally manufactured component.

“The EVA is the most efficient Mercedes ever built. The technology programme behind it marks a milestone in the development of electric vehicles. It underpins our strategic aim to aLead in Electric’,” said Ola Kallenius, Chairman of the Board of Management of Mercedes-Benz Group AG.

Since the electric drivetrain generates little waste heat thanks to its high efficiency, passive cooling is sufficient throughout the journey, said the automaker.

The aerodynamically highly efficient solution increases the range by 20 kms.

The VISION EQXX has unequivocally proven the real-world potential of outstanding efficiency for electric vehicles,” said the company.

The Mercedes-Benz EV poses a tough challenge to other electric luxury sedan leaders, including the Porsche Taycan, Audi E-tron GT, and the upcoming Tesla Roadster.

The automaker plans to go fully electric by 2030, setting a target for half of its global sales to comprise plug-in hybrids and EVs by 2025.

Mercedes’ lineup will have nine models by the end of the year, including electrified versions of its E-Class and B-Class vehicles.

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Business

IndianOil sets up 10,000 EV charging stations

Presently, IndianOil has 448 EV Charging Stations and 30 Battery Swapping Stations across the country….reports Asian Lite News

Conventional fuel retailer IndianOil is going green and will be installing EV charging facilities at 10,000 fuel stations over the next three years.

The proposed EV Charging Network is expected to facilitate an uninterrupted driving experience for EV users and boost the country’s EV manufacturing ecosystem.

IndianOil has been evaluating emerging trends in mobility, focusing on relevant areas in the Electric Vehicle (EV) value chain, and exploring potential business opportunities to stay ahead in the transition curve.

Presently, IndianOil has 448 EV Charging Stations and 30 Battery Swapping Stations across the country.

Elaborating on the Corporation’s plans, Chairman IndianOil S.M. Vaidya said, “Electric Vehicles are now a reality, and IndianOil is geared up to tide over challenges and leverage opportunities in this area. Our bouquet of services will now include alternative energy offerings, including EV charging at our fuel stations. We will focus on nine cities in the first phase, including Mumbai, Delhi, Bangalore, Hyderabad, Ahmedabad, Chennai, Kolkata, Surat and Pune.”

“This is as per the ‘National Mission for Transformative Mobility and Battery Storage. We will expand the Network of Charging Stations in a phased manner to the state Capitals, Smart Cities and major highways and expressways connecting these cities,” he further added.

IndianOil has collaborated and is supporting Tata Power, REIL, PGCIL, NTPC, Fortum, Hyundai, Tech Mahindra, BHEL, Ola for setting up EV chargers at its fuel stations. Initially, a mix of Chargers suited for 2W/3W will be provided, which will be further upgraded as per requirement and market conditions.

IndianOil is also undertaking several other initiatives to minimize its carbon footprint and that of its customers. The Corporation has started ‘Zero Emission Electric Mobility’, a hybrid microgrid enabled clean energy EV charging solution, at IndianOil’s SBT Fuel Station at Neelamangala, Bangalore. The hybrid microgrid used for charging EVs at IndianOil fuel stations comprises solar power, battery storage and grid power. The solution, developed and patented by Hygge Energy, ensures that charging takes place primarily using solar power, thus ensuring zero-emission e-mobility. In addition to EV charging, this solution is an integrated platform that allows energy monitoring, energy optimization and revenue monitoring.

Moreover, IndianOil has collaborated with Sun Mobility to strengthen its forays into green energy for battery swapping stations. The Corporation also has set up IOC Phinergy Pvt Ltd, a 50:50 JV Company with Phinergy Ltd of Israel, to commercialize Aluminium-Air Battery Technology in India. The Corporation is also exploring Solid Oxide Fuel Cell (SOFC) to generate clean power using SOFC. Through this, the fuel stations will act as parallel mini-grid and ensure the generation of reliable and affordable clean & green energy for EV charging.

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