PLI scheme for auto sector to build self-sustaining framework for e-mobility industry: SMEV

2021-09-16 12:28:55

Electric vehicle manufacturers’ body SMEV on Thursday said the production-linked incentive (PLI) scheme for auto and auto-components will build a self-sustaining framework for the e-mobility industry.

The Union Cabinet has on Wednesday approved a Rs 26,058 crore PLI scheme for auto, auto-components and drone industries to enhance India’s manufacturing capabilities.

The scheme will incentivise the emergence of advanced automotive technologies’ global supply chain in India, with incentives worth around Rs 26,000 crore to be provided to

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Leasing options build highway to EV adoption

2021-09-15 05:57:25

The vehicle subscription and leasing model may not have really picked up in India, but in the nascent electric vehicle market, big bets are being placed on it to be a game changer.

A number of startups, mobility solution providers and financiers have come up with customised options that allow customers to have a vehicle for their personal use for a monthly fee, without owning it. These schemes come with zero down payment and no hassle

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Leasing options build highway to EV adoption

2021-09-15 05:57:25

The vehicle subscription and leasing model may not have really picked up in India, but in the nascent electric vehicle market, big bets are being placed on it to be a game changer.

A number of startups, mobility solution providers and financiers have come up with customised options that allow customers to have a vehicle for their personal use for a monthly fee, without owning it. These schemes come with zero down payment and no hassle

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Hong Kong shares drop, dragged lower by tech on latest crackdown

2021-09-13 14:39:11

SHANGHAI: Hong Kong shares finished down on Monday, dragged lower by internet giants following a slew of moves by Beijing to crack down on the country’s technology sector.

The Hang Seng index fell 1.5%, to 25,813.81, while the China Enterprises Index lost 1.6%, to 9,238.99 points.

Shares of tech giants Meituan, Alibaba Group and Tencent Holdings dropped 4.5%, 4.2% and 2.5%, respectively.

The latest moves in Beijing’s crackdown include telling delivery and ride-hailing firms to better protect workers,

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Tesla sold 44,264 China-made vehicles in August, local deliveries up

U.S. electric vehicle maker Tesla Inc in August sold 44,264 China-made vehicles, including 31,379 for export, the China Passenger Car Association (CPCA) said on Wednesday.

Local sales of China-made vehicles jumped to 12,885 cars last month from 8,621 cars in July. Tesla’s sales in the first month of each quarter are usually lower than the following two months.

The company, which makes Model 3 sedans and Model Y sport-utility vehicles in Shanghai, sold 32,968 China-made vehicles in

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Tesla sold 44,264 China-made vehicles in August, local deliveries up

2021-09-08 16:57:47

U.S. electric vehicle maker Tesla Inc in August sold 44,264 China-made vehicles, including 31,379 for export, the China Passenger Car Association (CPCA) said on Wednesday.

Local sales of China-made vehicles jumped to 12,885 cars last month from 8,621 cars in July. Tesla’s sales in the first month of each quarter are usually lower than the following two months.

The company, which makes Model 3 sedans and Model Y sport-utility vehicles in Shanghai, sold 32,968 China-made

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Ultraviolette Automotive to invest Rs 500 crore to scale up business

2021-09-08 12:17:24

Electric two-wheeler maker Ultraviolette Automotive Pvt Ltd will invest Rs 500 crore in the next three to five years to scale up business, including setting up of a new manufacturing unit and product development, according to top company officials.

The company, in which

is an investor, is setting up its manufacturing and assembling facility near Electronics City, Bengaluru, from where it will start producing its high performance electric motorcycle – the F77 in the first quarter of 2022.

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TVS Motor-backed EV maker Ultraviolette to set up manufacturing plant in Bengaluru

2021-09-08 11:30:24

TVS Motor-backed electric vehicle (EV) startup Ultraviolette said Wednesday that it was setting up a new manufacturing facility in Bengaluru with the target of selling its performance motorcycles in the market in the next six months.

Spread over 70,000 square feet of land at Electronics City in Bengaluru, the new plant will have an annual capacity of manufacturing 120,000 vehicles.

Construction on the new site has already begun and the plant should be operational by the

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Teslas and other electric cars could learn from the mule

2021-09-06 20:43:25

“Short horses” was Warren Buffett’s very ex-post advice for investors of yore playing the rise of the automobile. Thousands of automakers rose but then fell while a handful emerged as winners. Horses, meanwhile, just fell and then fell some more.

Notice Buffett didn’t say “short mules.” Oversight? Maybe. Or possibly he noticed that while mules also went the way of the horse, they didn’t go in quite the same way. Half of America’s horses had disappeared before Pearl

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Volkswagen unveils ID LIFE small e-car at 20,000 euros

2021-09-06 15:21:27

Volkswagen on Monday took the wraps off the ID LIFE, a fully electric small car to be launched in 2025 at a cost of around 20,000 euros ($23,730), in a bid to make battery-powered cars affordable for the masses.

“The ID LIFE is our vision of next-generation fully electric urban mobility,” Volkswagen brand CEO Ralf Brandstaetter said at the IAA Munich car show.

Munich Motor Show IAA Mobility 2021

Volkswagen Passenger Cars CEO Ralf Brandstatter during a world premiere of Volkswagen ID.

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Volkswagen unveils ID LIFE small e-car at 20,000 euros

2021-09-06 15:21:27

Volkswagen on Monday took the wraps off the ID LIFE, a fully electric small car to be launched in 2025 at a cost of around 20,000 euros ($23,730) in a bid to make battery-powered cars affordable for the masses and younger generations.

“The ID LIFE is our vision of next-generation fully electric urban mobility,” Volkswagen brand CEO Ralf Brandstaetter said at the IAA Munich car show. “This means we are making electric mobility accessible to even

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E-mobility firm HOP Electric looks to raise around Rs 200 cr to fund expansion

PTI

Integrated e-mobility firm HOP Electric is looking to raise at least $30 million (over Rs 200-crore) in Series-A round amid its plans to expand product portfolio as well as dealership network, the company’s founder and Chief Executive Officer Ketan Mehta has said.

The Jaipur-based HOP Electric Mobility, which hit the market with two e-scooters in January this year, is gearing up to launch another vehicle model, an e-bike, OXO, by October-November this year, which will be followed by two

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Power Grid Corporation of India Limited to develop around 11 EV charging stations in Shillong

2021-09-05 00:10:09

Power Grid Corporation of India Limited () to develop around 11 Electric Vehicle Charging Station (EVCS) in Shillong.

POWERGRID has laid the foundation stone for first ever EVCS in the state of Meghalaya at its office complex yesterday at Lapalang, Shillong.

The EVCS are being developed under Faster Adoption and Manufacturing of (Hybrid) & Electric Vehicles (FAME) India Scheme Phase-II.

Under this scheme, POWERGRID will be developing 11 EVCS in Shillong city (5 Public EVCS and 6 at

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PGCIL begins work on first electric vehicle charging station in Meghalaya

2021-09-04 18:09:23

State-run Power Grid Corporation of India Ltd (PGCIL) on Saturday said it has started work to set up the first electric vehicle charging station in Meghalaya. The company said it has laid down the foundation stone for first ever electric vehicle charging station (EVCS) at its office complex at Lapalang, Shillong on Friday.

The EVCS are being developed under Faster Adoption and Manufacturing of (Hybrid) & Electric Vehicles (FAME) India Scheme Phase-II. Under this scheme,

shall

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Xiaomi prepares to ride the EV wave

2021-09-03 21:39:54

Smartphone giant Xiaomi has officially registered its electric vehicle business and said the division has entered a “substantial development phase”.

According to CNBC, the name of the subsidiary is Xiaomi EV, Inc. and it has been set up with previously-announced registered capital of 10 billion yuan ($1.55 billion).

The company said that it now has 300 employees and the business is led by the group’s founder and CEO Lei Jun.

In March, the Beijing-headquartered firm announced plans

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Tatas push back on slashing EV import duty for Tesla

2021-09-01 11:18:42

The Tata group, electric car market leader in India has resisted any reduction in the import duty levied on electric cars, as infamously demanded by Elon Musk, CEO Tesla.

Tatas are of the belief that cutting import duty ‘goes contrary’ to Indian Government’s FAME (Faster Adoption and Manufacturing of Hybrid and Electric Vehicle) which promotes indigenisation of green vehicles and localisation.

Efforts should be made against subsidised imports as localisation is key to drive adoption of

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EV makers should give ‘significant discount’ to buyers who have scrapped old cars, says Gadkari

2021-08-31 18:24:53

Electric vehicle manufacturers should offer significant discount to buyers who have scrapped their old cars that were powered by internal combustion engines, Union minister Nitin Gadkari said on Tuesday. The Road Transport and Highways Minister also said the government intends to have Electric Vehicle (EV) sales penetration of 30 per cent for private cars and 70 per cent for commercial vehicles by 2030.

Addressing a virtual event, he said the government has planned to shift public transport and

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To push EV adoption, Karnataka eyes sops for companies making retrofit kits

2021-08-30 06:00:00

The Karnataka government is planning to offer sops to electric vehicle (EV) startups to retrofit petrol-powered two- and three-wheelers to make them electric.

“We want to look at it from the demand side, and give a policy push to drive demand,” a senior government official, who is part of negotiations with stakeholders, told ET. By policy push, the officials hinted at offering incentives to startups, but they added that the talks are at a very early

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To push EV adoption, Karnataka eyes sops for companies making retrofit kits

2021-08-30 06:00:00

The Karnataka government is planning to offer sops to electric vehicle (EV) startups to retrofit petrol-powered two- and three-wheelers to make them electric.

“We want to look at it from the demand side, and give a policy push to drive demand,” a senior government official, who is part of negotiations with stakeholders, told ET. By policy push, the officials hinted at offering incentives to startups, but they added that the talks are at a very early

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Geely’s EV brand Zeekr raises $500 mln in first external funding

2021-08-28 10:37:33

Zeekr, the electric vehicle brand by Geely, said on Friday it raised $500 million in its first external funding from investors including Intel Capital , battery maker CATL and online entertainment firm Bilibili.

Led by Chief Executive Andy An, who is also Geely’s president, Zeekr said investors would jointly hold a 5.6% stake in the company, valuing it around $9 billion. Chief financial officer Yuan Jing told reporters that Zeekr does not currently have a

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