Monthly updates April 2022 - Lead sponsors - JMK Research
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monthly
updates
April 2022
Lead sponsors
2
3
Contents
1. New Product Launches | 6
2. EV Sales Trends | 8
3. Policies and Regulations | 16
4. Charging Infrastructure & Battery Swapping | 18
5. Other Market Updates | 20
6. Deals & Investments | 23
7. JVs and Partnerships, M&As | 26
8. Tenders | 30
9. Global Market Updates | 32
5
1. New Product Launches
Table 1.1: India Launches – April 2022
Product Vehicle Type Battery Specs Other Specification Price
• Motor type-AC
Synchronous
Strong Hybrid
• Battery cell type- Lithium-ion • Tyre type and size-185/55
Honda City Electric Vehicle Not Unveiled
R16 87H
(SHEV)
• Nominal Voltage- 172.8 V
Source: Industry news articles, JMK Research
Table 1.2: India Upcoming Launches
Known/ Revealed specifica- Expected Launch Expected
Product Vehicle type
tion Date Price
• Range- 418 km
Volvo XC40 • Charging time- 40 mins with
E-Car May 2022 Not Unveiled
Rechage 150kW DC fast-charging/ 8-10
hours with 11 kW AC charging
• Top Speed- 110 km/hr
E2W May 2022
Svitch CSR 762 • Range- 120 km INR 1.65 lakh
(E-Motorbike)
• Battery- 3.7kWh
• Range- 493 to 590 km
26 May 2022
BMW i4 E-Car • Battery- 81.5kWh INR 80 lakh
• 0-100km/hr in 5.7 secs
• Top speed- 185 km/hr
Hyundai IONIQ-5 E-Car H2 2022 Not Unvelled
• Battery- 58kWh
Source: Industry news articles, JMK Research
6
2022 Hero Optima CX electric scooter to launch soon
Hero Electric is gearing ready to launch updated Optima CX electric
scooter with new features and higher range of 140 km. The upcoming
2022 Hero Optima HX is likely to be offered in two variants - CX and
CX ER (Extended Range). These trims are expected to replace the
existing Optima HX range of e-scooters. While the former is expected
to feature a single battery unit, the latter is likely to come equipped
with a dual battery pack.
Commercial EV maker EKA unveils its first e-bus E9
Commercial electric vehicle maker EKA unveiled its first e-bus E9
at the Pune Alternate Fuel Conclave (AFC) on April 2, 2022. EKA E9
is powered by a 200-kW electric motor offering faster acceleration,
more horsepower, greater traction power and regenerative braking
system.
Tata Motors unveils concept of new electric SUV Curvv
Tata Motors, India’s top-selling electric car company, unveiled the
concept of new electric SUV Curvv in India on April 6. The company
expects to launch vehicles based on the concept in two years from
now.
Honda Motorcycle & Scooter India plans to launch multiple
EV models
Honda Motorcycle & Scooter India (HMSI) plans to launch multiple
electric models, foray into the entry-level 100 cc bike segment,
and enhance exports as part of the future business roadmap in
the country. The company plans to develop its Manesar-based
manufacturing plant as a global hub for overseas shipments.
Kia Motors to roll out entry-level EV SUV for the global
market from India
South Korean carmaker Kia is looking to make its mark in the electric
vehicle space by rolling out a small SUV EV for the emerging market
of India. The development work for a small SUV codenamed AY has
kicked off and it is expected to hit the roads in 2025. The proposed
SUV is based on a flexible platform, allowing Kia to launch a mass-
market entry-level petrol SUV besides the EV
7
2. EV Sales Trends
The overall EV sales in April 2022 declined m-o-m by 5.3% to reach
73,046 units. There was however a y-o-y leap of 415%.
Fig 2.1 Registered EV Sales Trend in India (April 2021–April 2022)
77,128
80000
72000
73,046
64000
54,557
56000 49,672
Units sold
48000 42,055
50,866
40000 34,316
38,684
32000
26,127
28,906
24000
14,174
16000
11,149
8000
3,309
0
Apr-21
May-21
Jun-21
Jul-21
Aug-21
Sep-21
Oct-21
Nov-21
Dec-21
Jan-22
Feb-22
Mar-22
Apr-22
Source: Vahan Dashboard, Company Press Releases, JMK Research
Note: Sales figures represent EVs registered across 1,429 RTOs in 33 states/ UTs.
As depicted in the figure below, EV registrations in April 2022 were
driven by electric two-wheelers and passenger-type electric three-
wheelers, which together accounted for 92.92% of total registrations
in the month. The shares of these categories were followed by E-Cars
(3.64%), cargo-type electric three-wheelers (3.17%), and so on.
8
Category-wise EV sales
E-Bus, 0.22%
E-Car, 3.64% Others, 0.04%
Electric Three-wheeler Cargo,
3.17%
Fig 2.2: Category-wise EV
Sales in April 2022
100%
= Electric Two wheeler,
73,046 units 67.27%
Electric Three-wheeler
Passenger, 25.67%
Source: Vahan Dashboard, Company Press Release, JMK Research
Note: Sales figures represent EVs registered across 1,429 RTOs in 33 states/ UTs; Others include adapted vehicles, fork-lifts,
goods carriers, omni bus, and trailer (agriculture) vehicles.
Among all the states and UTs, Uttar Pradesh retained its top spot of EV share with 16%
of overall sales, followed by Karnataka with 13% share. Maharashtra fell to the third spot
with 11% share, followed by Gujarat (10%), Tamil Nadu (8%), Rajasthan (7%) and Delhi (5%).
Fig 2.3: (State/ UT) Region-wise
Registered EV Sales – April 2022 Others, 11% Uttar Pradesh, 16%
Odisha, 3%
Haryana, 3%
Bihar, 4%
Karnataka, 13%
Assam, 4% 100%
=
73,046 units
Kerala, 5%
Delhi, 5%
Maharashtra, 11%
Source: Vahan Dashboard, Company Press Rajasthan, 7%
Release, JMK Research
Note: Sales figures represent EVs registered
across 1,429 RTOs in 33 states/ UTs. Others Tamil Nadu, 8% Gujarat, 10%
include Chhattisgarh, Punjab, and other 14
states/UTs.
9
High-Speed Electric Two-Wheeler (HS-E2W)
The overall HS-E2W sales in the country in April 2022 stood at 49,141
units, signifying a slight decline of 0.91% m-o-m however a whopping
866% y-o-y leap in registrations. The Top 10 players, as shown below,
accounted for 93% of the total registrations witnessed in the month
of April 2022.
Fig 2.4: High-Speed E2W Sales Trend
49,591
50000
49,141
40000
Units Sold
32,416
30000 27,568
22,453
24,725
20000
16,510 19,253
13,173
14,700
10000
5.088
1,026 4,027
0
Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22
Source: Vahan Dashboard, JMK Research
Note: Sales figures represent only high-range E2W (Top speed > 25 kmph) registered across 1,429
RTOs in 33 states/ UTs.
Ola Electric moved to 1st position this month from the previous
month’s number 2nd position. Further, Hero Electric fell to the third
position, with Okinawa taking the second place. Bajaj re-entered the
Top 10 race after its brief absence last year, pushing Benling to the
11th place.
10
Fig 2.5: Top High-Speed E2W Players in April 2022
15000
14250
13500
12750 Ola Electric
12000
11250 Okinawa
10500
9750
9000
8250
Units Sold
7500
Hero Electric
6750
Ampere
6000
5250
4500
3750
3000
Ather
2250
Pure EV
TVS
1500 Revolt
Bajaj
750 Jitendra EV Tech
0
Apr-21
May-21
Jun-21
Jul-21
Aug-21
Sep-21
Oct-21
Nov-21
Dec-21
Jan-22
Feb-22
Mar-22
Apr-22
Source: Vahan Dashboard, JMK Research
Note: Sales figures represent only high-range E2W (Top speed > 25 kmph) registered across 1,429
RTOs in 33 states/ UTs. Others include Benling, Lectrix. GoGreen E-mobility Private Limited, MEW
Electricals Ltd (BGauss), KLB KOMAKI, and 33 other players.
11
Electric Three-Wheeler (E3W)
The sales of registered E3Ws passenger and cargo-type in April
2022 stood at 18,738 units and 2,316 units respectively, signifying
a decrease m-o-m of 9.59% for E3W - Passenger and decrease of
26.38% for E3W - Cargo.
Fig 2.6: Sales Trend of E3W – Passenger (Left) and E3W - Cargo (Right)
25000 3500
3000
20000
2500
15000
2000
Units Sold
Units Sold
1500
10000
1000
5000
500
0 0
Apr-21
May-21
Jun-21
Jul-21
Aug-21
Sep-21
Oct-21
Nov-21
Dec-21
Jan-22
Feb-22
Mar-22
Apr-22
Apr-21
May-21
Jun-21
Jul-21
Aug-21
Sep-21
Oct-21
Nov-21
Dec-21
Jan-22
Feb-22
Mar-22
Apr-22
Three wheeler (Personal) Three wheeler (Goods)
Three wheeler (Passenger) E-Rickshaw with Cart (G)
E-Rickshaw (P)
Source: Vahan Dashboard, JMK Research
Note: Sales figures represent E3Ws registered across 1,429 RTOs in 33 states/ UTs; E3W (Passenger
and Cargo) sales shown in the figure takes into account both e-rickshaw and three-wheeler classes
as categorized in the Vahan dashboard.
12
The cumulative sales of top 7 electric 3-wheeler players across
passenger and cargo segments in April 2022 accounted for 38.4%
share of the entire E3W market. YC Electric Vehicle continued to have
the highest share of 8.95%, which was followed by Mahindra Electric
Mobility (8.94%), Saera Electric Auto (5.56%), Champion Poly Plast
(4.37%), Dilli Electric (3.88%), Best Way Agencies (3.4%), and Unique
International (3.3%).
Fig 2.7: Top E3W Players in April 2022
2500
2250
2000
YC Electric
Mahindra
1750 Electric Mobility
1500
Units Sold
1250
Saera
1000
Champion
Dilli
750 Bestway
Unique
International
500
250
0
Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22
Source: Vahan Dashboard, JMK Research
Note: Others made up 61.6% of the E3W markets in April 2022; sales figures for players are inclusive
of both cargo and passenger offerings; Sales figures represent E3Ws registered across 1,429 RTOs
in 33 states/ UTs; E3W (Passenger and Cargo) sales shown in the figure takes into account both
e-rickshaw and three-wheeler classes as categorized in the Vahan dashboard.
13
Electric cars (E-cars)
The cumulative sales of E-cars in April 2022 stood at 2,659 units,
witnessing a m-o-m fall of 25.55% but a y-o-y surge of 344.65% in
registrations. Tata Motors has been driving the E-car sales the entire
year. This month, the Company accounted for 87% of the total
registrations. BYD, Audi, and BMW witnessed an increase in sales of
their E-cars this month as well.
Fig 2.8: Player-wise E-car sales trend
3500 3561
Tata Motors
MG Motor
3150
Others
Total monthly e-car sales
2800
2950 2,933
2,522 2,659
2450
2100
Units Sold
1750
1400 1,539
1,299
1,221
1050 961
967
735
700 598
234
350
0
Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22
Source: Vahan Dashboard, Company Press Release, JMK Research
Note: Sales figures represent E-cars registered across 1,397 RTOs in 33 states/ UTs; Others include
Hyundai, BYD, Jaguar, Audi, Mercedes-Benz, BMW, Volvo, and Porsche.
14 14
Electric buses (E-buses)
The cumulative sales of E-buses in April 2022 stood at 164 units, with
a m-o-m rise of 116% and a y-o-y increase of 6%. This month’s sales
were driven by JBM Auto (30%), followed by PMI Electro (29%), Tata
Motors (23%) and Olectra Greentech (18%).
Fig 2.9: Player-wise e-bus sales trend
JBM Auto
PMI Electro Mobility
Tata Motors
150 Olectra Greentech
Ashok Leyland
120
Units Sold
90
60
30
0
Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22
Source: Vahan Dashboard, JMK Research
Note: Sales figures represent E-buses registered across 1,429 RTOs in 33 states/ UTs.
15
3. Policies and Regulations
NITI Aayog released the much-awaited draft of its Battery
Swapping Policy
NITI Aayog released the much-awaited draft of its Battery Swapping
Policy. The policy seeks to level the playing field for the sale of
EVs with fixed or swappable batteries. Key highlights of the policy
include:
• The policy is mainly targeted at electric two- and three-wheelers
for the adoption of battery-swapping systems and all metros with a
population of more than 4 million will be eyed in Phase one.
• The draft also states that the GST council may consider reducing
the tax on batteries from 18 percent to 5 percent.
• The draft also proposes to support batteries with Advanced
Chemistries eligible under the FAME Scheme.
• A rigorous testing protocol to avoid breakdowns and unwanted
temperature rise has also been proposed. The document also
says that data sharing among major battery providers will be
encouraged.
• NITI Aayog has said that the draft is now up for consultation and
has invited comments on it until June 5.
Government of India orders inquiry into e-scooter fires
The government of India has ordered an inquiry into the increasing
number of incidents of fire in electric two-wheelers, including ones
produced by Pure EV, Ola Electric and Okinawa, and has sought a
report within a month as concerns rise over customer safety and
vehicle robustness. The Road Transport Ministry asked the Centre for
Fire Explosive and Environment Safety (CFEES) to investigate the two
cases. CFEES is the defense laboratory of the Defense Research and
Development Organisation (DRDO).
West Bengal govt eyes 2,000 more e-buses for its green fleet
to change Kolkata commute, clean up air
The West Bengal state transport department has set itself the target
of acquiring 2,000 electric buses for Kolkata to add to its existing fleet
of 80, the biggest of all metro cities in the country. The acquisition
will be under the second phase of the Centre’s INR 10,000-crore
scheme Faster Adoption and Manufacturing of Hybrid and Electric
Vehicles (FAME). The process of inducting 50 more electric buses has
already started, and the department is also shifting from the CAPEX
16
(capital expenditure) to OPEX (operational expenditure) mode while
acquiring the buses, while opening up the sector to private partners
to run the service and share a royalty with the government
Delhi govt to hire only e-vehicles for staff
To give a push to its EV policy and encourage people to adopt
greener vehicles, the Delhi government has decided to lease or hire
only electric vehicles for its staff and officers. However, automobiles
such as ambulances, fire engines, and enforcement vehicles, which
fall in the category of “special purpose vehicles” and are not covered
under the Delhi Electric Vehicle Policy, have been kept exempted
from the new set of guidelines issued by the finance department
for hiring and leasing cars for staff. The Delhi government will also
continue to buy petrol, diesel, and CNG-run vehicles for its officers
since the EVs are costly and only a few options are available in the
market.
Maharashtra Has Deferred Implementation of New Electric
Vehicle Policy Till 2023
Maharashtra, which was one of the first states in the country to
design and notify an Electric Vehicles policy, has now decided to
put the policy on hold for a year which earlier required that “Starting
April 2022, all new govt. vehicles (owned/leased) operating within
the major cities to be electric.” Various government departments
objected to the proposal, citing lack of suitable charging stations
for these vehicles across the state and raising concerns about how
the EVs would perform in isolated areas, where road networks are
inadequate. Considering these issues, the state’s Environment
Department has issued a government resolution, declaring that
government agencies might now defer the purchase of these EVs
until April 2023.
17
4. Charging Infrastructure
& Battery Swapping
Stakeholder(s)/
Subject/ Scope Description
Player(s)
• Tata Power, a leading electric-vehicle charging infrastructure provider,
Tata Power and has collaborated with the National Real Estate Development Council
National Real Estate Installing charging (NAREDCO), Maharashtra, to install up to 5,000 electric vehicle (EV)
Development Council points across Mumbai charging points across its member developer properties in Mumbai.
(NAREDCO) • Tata Power will provide a comprehensive EV charging solution across
member developers of NAREDCO
• Free-of-cost electric vehicle charging is now available in the national
Setting up EV capital starting June 1 owing to an initiative started by the EV Charging
ElectriVa charging points in startup ElectriVa to incentivize EV ownership.
Delhi-NCR • Free EV charging facilities can be availed at over 40 charging stations of
ElectriVa across Delhi-NCR between 12pm and 3pm.
• Maharashtra State Electricity Distribution Company Limited (MSEDCL)
Maharashtra Setting up of announced setting up of 50 new EV charging stations in Maharashtra
State Electricity
new EV charging including six in Thane, 10 in Navi Mumbai, 18 in Pune, 6 in Nagpur and 2
Distribution
stations in each in Nashik, Aurangabad, Solapur, Kolhapur, and Amravati.
Company Limited
Maharashtra • The state plans a total 5,000 new EV charging stations across the state,
(MSEDCL)
with 1,500 in Mumbai metropolitan region.
• Statiq, an electric vehicle charging network startup, has announced its
collaboration with Hindustan Petroleum Corporation (HPCL) to set up EV
charging stations across the country.
• With this alliance, Statiq aims to increase the number of public EV
Setting up EV
chargers from over 200 in Uttar Pradesh, Bihar, and Uttarakhand to 10,000
Statiq and HPCL charging stations
EV charging stations by the end of 2022.
across the country.
• These charging units will be of varying combinations of 3.3 kW or 7.7 kW
chargers, which will be compatible across all EV makes and ensure that
complete charging is possible within a matter of 2-3 hours for electric four-
wheelers.
18
Stakeholder(s)/
Subject/ Scope Description
Player(s)
• British automotive company MG Motor, to enhance the adoption of
‘sustainability and green mobility,’ has partnered with Indian ‘Maharatna’
company Bharat Petroleum Corporation Limited (BPCL) to bolster the
Installation of EV electric vehicle charging infrastructure across the country.
MG Motor and BPCL
chargers • Both these organizations, with their combined expertise in identifying
charging sites, gathering consumer insights, and creating technology
tomanage charging systems -- would be installing EV chargers across
highways and within cities.
• In a big boost to the already growing electric vehicle industry in the State,
RapidEV Charge is all set to expand its footprint pan-India and aims to
install more than 1000 EV charging units across Telangana and Andhra
Installation of EV
RapidEV Charge Pradesh in the next 18 months.
charging units
• A minimum of 600 EV charging stations will dot different parts of
Hyderabad and the remaining will come up in cities like Visakhapatnam,
Vijayawada, and Tirupati.
• Atum Charge, a solar-powered EV charging company, has set up about
250 universal EV charging stations in the past six months. The company's
current focus is on the Tier 1 and Tier 2 towns and cities but plans to
Installation of EV
Atum Charge expand into additional cities and states.
charging units
• The charging stations have been set up across Maharashtra (36), Tamil
Nadu (44), Telangana (48), Andhra Pradesh (23), Karnataka (23), Uttar
Pradesh (15), Haryana (14), Odisha (24), and West Bengal (23).
Source: Industry news articles, JMK Research
19
5. Other Market Updates
ABB launches new robots for EV makers
In its attempt to make shopfloors of electric vehicle manufacturers
even more automated, ABB, which already provides its robots to the
Ola mega factory, has added a couple of new robot families to its
portfolio for the EV segment. The new robots codenamed as IRB 5710
and 5720 come in eight variants and provide options for payloads from
70 kg to 180kg and a reach from 2.3 to 3 metres. These find a range of
applications in production tasks for EVs including material handling,
machine tending, and assembly as well as specific operations in EV
manufacturing that include battery module picking and placing, high
precision assembly, and parts handling.
Okinawa recalls 3,215 units of Praise Pro electric scooters
Okinawa Autotech has issued a recall of 3,215 units of its electric
scooter, Okinawa Praise Pro. Okinawa has recalled these electric
scooters to check and fix any issues related to batteries. The company
has issued a statement saying the initiative is part of the company’s
comprehensive power pack health check-up camps. Okinawa has
initiated this recall amid various instances of fire in electric two-
wheelers across the country.
TVS Srichakra to enter two-wheeler EV segment
TVS Srichakra which manufactures the TVS Eurogrip brand will soon
launch tyres specifically for electric two-wheelers called E Torq with
low rolling resistance, a key requirement for EVs. The E Torq along with
other range of products will be launched for both Indian and global
markets.
20 electric scooters from Jitendra EV catch fire in Nashik
In the biggest ever EV fire incident in the country, 20 electric scooters
from Jitendra EV caught fire near Nashik when they were being
transported not far from the factory in Nashik. This is the fifth incident
of fire in electric scooters since the onset of summer.
Pure EV recalls Etrance+ & Epluto 7G electric scooters after
fire incidents
E-scooter manufacturer Pure EV has issued a recall of 2,000 units
of its Etrance+ and Epluto 7G range of scooters following recent
20
fire accidents in Nazimabad and Chennai. As per the company, the
recalled vehicles and batteries will undergo a thorough check for their
health, and battery inspections for any imbalance issues, which will be
calibrated through their device, Batrics Faraday. Additionally, the BMS
(Battery Management System) and charger calibration shall be carried
out as required.
Dabur India to induct 100 electric vehicles for last-mile
product distribution
Homegrown FMCG major Dabur India Ltd is planning to induct a
fleet of 100 electric vehicles in its supply chain for last-mile product
distribution in the next 12 months. The first batch of the new EVs
has been inducted into its fleet in North India and has commenced
deliveries in Haryana’s Sonipat area.
MoEVing expands presence; plans to deploy 5,000 more
electric vehicles this year
E-mobility tech platform MoEVing announced expanding its operation
to various Tier-2 cities in Punjab, Uttar Pradesh, Rajasthan, Gujarat,
and Tamil Nadu. It also plans to deploy 5,000 electric vehicles in Tier-2
markets this year. The company already has over 1,000 electric two
and three-wheelers in operation, and there are plans to deploy 5,000
more such vehicles this year. As part of the expansion, the company is
now present in Chandigarh, Ludhiana, Lucknow, Jaipur, Ahmedabad,
and Coimbatore. It has a presence in 16 cities spread across 11 states.
Ola recalls S1 Pro batch as part of ongoing probe
A day after union minister for roads and highways, Nitin Gadkari
suggested that mandatory recalls and stiff penalties would be the
norm for organizations associated with scooter fires, Ola announced
that it would be recalling 1,141 units of its S1 Pro model that are a part
of the batch that caught fire last month. Ola says that the recall is in
line with the internal investigation instituted into the March incident
in Pune where preliminary findings suggest that the thermal incident
was likely an isolated one. Ola also says that it will conduct a detailed
diagnostics and health check of the entire batch.
Tata Motors unveils Avinya electric car concept: Production
version by 2025
Tata Motors unveiled its Pure EV concept called Avinya. A production
version based on this third-generation concept will be rolled out by
21
2025, following the production version of the gen-two concept Curvv
in the next 24 months. The architecture is expected to have a range of
a minimum 500 km.
Tata signs MoU with Lithium Urban for deploying 5000
XPRES-T’ EVs
Tata Motors has announced a partnership with Lithium Urban
Technologies, an EV-based urban transportation service provider
which will deploy 5000 Xpres T electric sedans, across the country,
for employee transportation. In July 2021, Tata Motors launched the
‘XPRES’ brand, exclusively for fleet customers and the XPRES-T EV
is the first vehicle under this brand. The electric sedan comes with 2
range options – 213 km and 165km (ARAI certified range under test
conditions). It packs a high energy density battery of 21.5 kWh and
16.5 kWh and can be charged from 0- 80% in 90 mins and 110 mins,
respectively, using fast charging or can also be normally charged from
any 15 A plug point.
22
6. Deals & Investments
Company Deal value
Company type Deal type Investor(s) Details
name (US$ Mn)
Last mile deliver- Zypp Electric raises US$ 1
Zypp Electric Debt Northern Arc 1
ies and logistics million from Northern Arc
EV Startup BGauss Bags
Electric Vehicle Darshan Patel, founder,
BGauss Equity 7 US$7 Mn A Series Funding
Manufacturing Vini Cosmetics
To Chart Retail Expansion
EV battery start-up Nexus
EV Battery Undis-
Nexus Power Equity JITO Angel Network Power gets investment
startup closed
from JITO Angel Network
Mufin Finance acquires
APM Finvest for INR 76
APM Finvest EV Financing Acquisition Mufin Finance 10
crore, aims to create EV
financing ecosystem
Source: Industry news articles, JMK Research
23
US-based Triton Electric Vehicle to set up commercial EV
plant in Gujarat
US-based Triton Electric Vehicle LLC has signed an agreement with
the Gujarat government to set up a commercial electric vehicle
manufacturing plant at Bhuj with a total investment of INR 10,800
crore (including an initial investment of INR 1,200 crore in the current
financial year). As per the agreement, Triton Electric Vehicle will set
up the plant over 645-acre land with an annual production capacity
of 50,000 trucks.
Maruti sets up New Mobility Division to participate in EV race
Maruti Suzuki has restructured its organisation, starting April 1, by
forming a dedicated team for Electric and connected vehicles called
as “New Mobility Division” to enable a sharper focus. This comes a few
weeks after the Company announced investment of INR 10,000 crore
on electric vehicles in India. Further, development work has already
started for a project codenamed YY8 planned for 2024-25.
Lucas TVS sets out on a INR 3,000-crore diversification drive
Looking to diversify beyond its core line of automotive products,
Lucas TVS is looking to invest around INR 3,000 crore over the next
3-5 years to build capabilities in areas like electric vehicles and
consumer appliances. The company is diversifying into making
motors for EVs and is also investing upto INR 2,500 crore to set up a
lithium-ion cell manufacturing plant in collaboration with US-based
24M. Lucas TVS is looking to start supplies of EV motors by the end of
this month.
Bharat Petroleum to Pump in INR 200 Crore to Set Up 100
Fast Electric Vehicles Charging Corridors
Public sector oil marketing company Bharat Petroleum Corporation
Limited (BPCL) will invest around INR 200 crore this fiscal to set up
100 fast electric vehicle charging corridors having 2,000 stations
along the busiest 100 national highways. In the long run, the
company has planned to have 7,000 fast EV charging stations by
2024-25.
24
Biliti Electric to build the world’s largest electric three-
wheeler plant in Telangana at US$150 million
California-based Biliti Electric Inc is teaming up with Hyderabad-
headquartered Gayam Motor Works (GMW) to set up the world’s
largest electric three-wheeler production facility with a capacity of
240,000 vehicles a year, involving an investment of US$150 million
(approximately INR 1,144 crore) in Telangana. The largest investment
in the electric vehicle manufacturing segment in Telangana would go
into setting up the manufacturing facility over an area of 200 acres
to be operational in two phases. The first phase with 18,000 vehicles
a year would take off in early 2023 to reach the capacity of 240,000
vehicles by 2024.
Omega Seiki Mobility plans to set up world’s largest electric
three-wheeler plant in Karnataka
New Delhi based electric vehicle manufacturer Omega Seiki Mobility
announced its plans to set up the world’s largest electric three-
wheeler manufacturing plant in Karnataka with an investment of
US$ 250 million (INR 1,900 crore at current exchange rates). The
manufacturing plant will be built on 250 acres of land in three phases
and with a capacity to produce 1-million electric three-wheelers
annually. The company will be raising funding in the form of equity
as well as debt to build the manufacturing plant which is slated to
commence production by 2024.
One Moto’s proposed EV facility in Hyderabad on track,
Phase 1 to be operational in early 2023
British EV-tech startup, One Moto, which plans to invest INR 250
crore in setting up an electric two-wheeler and lithium-ion battery
manufacturing facility on Hyderabad’s outskirts, is also looking at
setting up a facility for manufacturing four-wheelers in India. The first
phase of the two-wheeler EV facility, to be spread over 15 acres and
slated to come up at Zaheerabad, is expected to become operational
by early 2023.
25
7. JVS & Partnerships, M&aS
Companies involved Purpose of Partnership
• Amazon India is working with Sun Mobility to expand the deployment of EVs
integrated with battery swapping technology for its transportation and logistics
services.
• These vehicles will be part of Amazon India’s commitment to adding 10,000
Amazon India and Sun Mobility
electric vehicles to its India delivery fleet by 2025, announced in 2020.
• Under the partnership, Sun Mobility will be setting up its Swap Points across
its customer locations including Amazon warehouses in major cities like Delhi,
Bangalore, Mumbai, Pune, Ahmedabad, Jaipur, and Hyderabad
• Bangalore-based advanced battery technology start-up Log9 Materials has
inked a Memorandum of Understanding (MoU) with Nashik-headquartered EV
manufacturer Jitendra New EV Tech.
• As part of the understanding, Jitendra New EV Tech will introduce a new electric
Jitendra New EV Tech and Log9 scooter range named ‘JMT 1000 HS’ incorporating Log9’s InstaCharge battery
Materials technology.
• The e-scooters have been designed and targeted for the last-mile logistics and
delivery segment in India. Powered by Log9 batteries, the e-scooters will be able
to fully charge in 15 minutes, and have a battery life of more than 10-years.
• The e-scooter has a range of upto 82km and payload capacity of upto 150kg.
• The Bengaluru-based start-up Log9 Materials has partnered with Pi Beam to
boost the last-mile delivery operations of the latter using Log9’s InstaCharge
battery technology.
Log9 Materials and Pi Beam
• As a part of this collaboration, Log9 Materials will deliver a large number of
Rage+ RapidEV electric 3-Wheeler fleets powered by Log9’s RapidX batteries
that InstaCharge (get fully charged from 0 to 100%) within 35 minutes.
• Omega Seiki Mobility and a Bengaluru-based battery technology startup Log9
Materials, announced a partnership to deploy 10,000 three-wheeler Rage+ Rapid
Omega Seiki and Log9 Materials EVs in Tier II and III markets of India by FY2024.
• These InstaCharging stations can charge an electric 3W completely within 35
minutes as compared to up to 3.5 hours taken by conventional 3Ws.
• EKA, an electric vehicles and technology company, and a subsidiary of Pinnacle
Industries has inked a strategic collaboration with Bangalore-based advanced
battery technology start-up Log9 Materials.
• The partnership will see Log9 provide its fast-charging advanced battery solution
RapidX for EKA’s new energy vehicles, including its recently unveiled electric bus
EKA and Log9 Materials range, EKA E9 and upcoming LCV.
• The RapidX batteries are claimed to be the first-of-its-kind batteries in India for
electric buses and SCVs that come with a 15-year warranty, long cycle life (of
greater than 15,000 charge-discharge cycles), and are powered by InstaCharge
battery technology which enables charging time of less than 30 minutes on both
the LCV and e-bus platforms of EKA.
26
Companies involved Purpose of Partnership
• Electric two-wheeler maker Hero Electric has partnered with Shadowfax
Technologies for supplying its e-scooters for last-mile deliveries.
• As part of the association, Hero Electric will convert around 25 per cent of
Hero Electric and Shadowfax Shadowfax’s 100,000-strong delivery fleet into electric vehicles with its NYX HX
e-scooters across delivery centres. Shadowfax, a crowdsourced platform for last-
mile delivery, had recently announced converting 75 per cent of its fleet to EVs by
2024.
• Hero Electric has partnered ElectricPe, an EV charging platform to set-up charging
points across India for its customers.
• The OEM estimates that with 2 million electric vehicles estimated to be plying the
Hero Electric and ElectricPe roads by 2026 there will be a huge need to build the charging infrastructure.
• The collaboration will allow Hero Electric customers to access ElectricPe’s
charging network. The charging point network will be nestled in residential
complexes, offices, malls, and other establishments.
• Hero Electric, India’s largest electric two-wheeler company, partnered with BOLT,
India’s largest EV Charging Network to set up 50,000 EV charging stations in India
in the next year.
Hero Electric and Bolt • As part of the collaboration, BOLT chargers will be installed in more than 750 Hero
Electric touchpoints across India benefitting over 4.5 lakh customers.
• Around 2,000 Hero Electric riders can avail themselves free of cost BOLT charging
units set.
• Hero Electric has partnered with Even Cargo, India’s first women-only delivery
platform, for strengthening the last-mile delivery segment.
• Hero Electric will aid Even Cargo to create the first-ever women-only delivery EV
Hero Electric and Even Cargo
fleet by bringing over 10,000 women riders by 2025.
• The fleet will be allocated across major Indian cities including Delhi, Mumbai, and
Hyderabad.
• Epsilon Carbon has tied up with US-based The Metals Company to study the
feasibility of extracting rare metals used in lithium-ion cells from deep-sea mining.
• Post the feasibility study, the two companies will set up an INR 1,200-crore
Epsilon Carbon and The Metals
polymetallic nodule processing plant in India by 2025.
Company
• The planned Indian plant will process 1 million tons per annum (MTPA) of dry
nodules to create about 30,000 tonnes of raw materials required to manufacture
the cathode for Lithium-Nickel-Manganese-Cobalt-Oxide (NMC) cells.
27
Companies involved Purpose of Partnership
• HYM Drive Systems, a joint venture between Hero Motors and Yamaha Motor Co
Japan, expects to start production of electric drive units at its facility in Ludhiana
from November this year.
• The ground-breaking ceremony for the manufacturing facility with a capacity of 10
Hero Motors and Yamaha lakh drive units in phases took place on April 2.
• Hero Motors and Yamaha Motor had entered into an agreement in October 2021
to create a global electric drive unit company at Hero ‘E-Cycle Valley’ in Ludhiana
as part of their strategic alliance forged in September 2019 to work together in the
e-cycle product segment.
• Bengaluru-based electric vehicle start-up Simple Energy has signed an MoU with
US-based battery maker C4V for setting up a lithium-ion cell manufacturing facility
for cells in India.
• The strategic partnership is expected to explore the potential of C4Vs P-, N-,
Simple Energy and C4V
S-series battery and LiSER (Lithium Slim Energy Reserve) tech, which claims to
offer better safety, higher energy density than LFP, fast-charging and longer
lifecycle based on patented technology. Simple Energy plans to leverage C4V's
technology in its upcoming two- and four-wheeler products.
• Jio-BP and TVS Motor Company have joined hands to establish public electric
vehicle charging infrastructure for electric two-wheelers and three-wheelers
across the country.
Jio-BP and TVS Motor Company • Under this proposed partnership, the customers of TVS electric vehicles are
expected to get access to the widespread charging network of Jio-BP, which is also
open to other vehicles. The said partnership aims at creating a regular AC charging
network and a DC fast-charging network.
• Delhi-NCR-based electric vehicle start-up Euler Motors has partnered with
Mumbai-headquartered Magenta, an integrated clean energy and electric mobility
solutions provider, to deploy 1,000 HiLoad electric three-wheeler cargo vehicles.
Euler Motors and Magenta Under the partnership, Magenta will deploy these EVs in Bangalore followed by
other regions over the next 12 months. The vehicles will be deployed for multiple
segments and customer applications including e-commerce, food delivery,
pharma, and other last-mile logistics clients.
• Tier 1 supplier Napino Auto & Electronics has forged a commercial licensing
agreement with Israel-based EVR Motors, the inventor of a newly designed
and patented motor topology – the Trapezoidal Stator – Radial Flux Permanent
Napino and EVR Motors Magnet (TS – RFPM) topology to develop and manufacture motors for electric two-
wheelers in India.
• This is EVR Motors' second partnership in India; earlier it had inked a partnership
with Omega Seiki Mobility for the electric three-wheeler segment.
28
Companies involved Purpose of Partnership
• Greaves Electric Mobility, the e-mobility arm of Greaves Cotton has announced
a strategic partnership with Bengaluru-based Mesha Energy Solutions, a wholly
Greaves Electric and Mesha Energy owned subsidiary of US-based Mesha.
• Through this association, Greaves Electric Mobility aims to improve the battery
technology for its products across the portfolio and expand its presence.
• Sona Comstar has formed a strategic partnership with Canada-based Enedym
Inc. to develop the next-generation of switched reluctance motors (SRMs), electric
propulsion, and electrified powertrains for the Indian market.
• Under the agreement, both the parties will develop SRM drive platforms for all
Sona Comstar and Enedym
kinds of Indian road and usage conditions targeting the three-wheeler electric
vehicles, 2-wheeler high-performance motorcycles having 10kW or greater
nominal power, and four-wheeler cargo delivery electric vehicles having 20kW or
greater nominal power.
• Battery swapping services provider SUN Mobility has entered into a strategic
partnership with Terra Motors Corporation, a Japanese electric vehicle
manufacturer to integrate Terra Motors’s 3W passenger vehicles and 2W platforms
Terra Motors and SUN Mobility with SUN Mobility’s swappable batteries-based energy solution by June 2022.
• Terra Motors’ EVs will have leverage from SUN Mobility’s battery technology, along
with access to its SWAP POINTS some of which will also be placed at select Terra
Motors dealership locations.
• Battery-swapping network Chargeup and Microgrid Labs have teamed up with
BECIL as its technological partner.
• BECIL, a mini-Ratna PSE offers advisory and consulting services to Indian and
overseas customers on the transition from a fossil fuel-based fleet to an electric
Chargeup, Microgrid Labs and BECIL
one.
• This MoU aims to prepare a strategic framework for all three players and its scope
will cover transition planning and design, as well as the EV charging infrastructure
market using battery swapping technology.
Source: Industry news articles, JMK Research
29
8. Tenders
Bid Submission
Tender Name Tendering Authority Requirements
Date
Selection of agency for Tender Value: INR 1 Crore
establishing operating and Ujjain Municipal
Total number of charging stations: 10
maintaining the electric vehicle Corporation 18-May-22
Fast Chargers: 20
charging stations in Ujjain on PPP (Madhya Pradesh)
Slow Chargers: 4
Model
Integrated contract of Tender Value: INR 34,40,577
establishment of Electric Vehicle Successful tenderer will be permitted
(EV) charging stations, operation to install Charging stations at their
Western Railways-
of e-cars as Taxis both online own cost and will also be permitted to
Vadodara Division 23-May-22
& offline, e-Auto Rickshaws & provide e-cars as Taxis both online &
(Gujarat)
e-Scooters on rental & leasing offline, e-Auto Rickshaws & e-Scooters
basis at Vadodara Railway Station on rental & leasing basis at Vadodara
for the period of 05 years Railway Station for a period of 05 years
Request for Proposal for
engagement of consultant to SBI is looking to work with business
State Bank of India
explore the business potential for consultants to explore the potential of 26-Apr-22
(SBI)
bank in electric vehicle charging electric charging infrastructure
space
30
Bid Submission
Tender Name Tendering Authority Requirements
Date
Providing EV Charging Station At
RTO Premises Across the State Bangalore Electricity
And Strengthening BESCOM Supply Company Click here to access the requirements 06-May-22
Charging Stations in Bengaluru Limited (BESCOM)
City
Tender for establishment of
Supply and installation of 1 EV
Electric Vehicle (EV) Charging Central Railways,
Charging point for charging one 10-May-22
Solution at Mankhrud Railway Mumbai Division
electric car at a time
Station, Mumbai
Source: Industry News Articles, State Municipal Corporations, JMK Research
Tata emerges as lowest bidder for CESL tender to deploy
5,450 e-buses in Delhi
Tata Motors has been announced as the lowest bidder in the
mega tender for 5,450 electric buses floated by Convergence
Energy Services (CESL) under the remodelled FAME II scheme,
the government said. The price bids of the tender process under
the remodelled FAME II scheme for electric buses were opened
by Ministry of Heavy Industries (MHI) on 26 April 2022. The tender
contains the largest ever aggregation of electric buses – 5450 buses
across five major cities which have indicated their demand for such
buses. Participating cities are Kolkata, Delhi, Bangalore, Hyderabad,
and Surat.
31
9. Global Market Updates
GM and Honda expand electric vehicle partnership
General Motors and Honda Motor Co announced plans to co-develop
a series of electric vehicles based on a new joint platform, allowing
production of millions of cars starting in 2027. The announcement
expands on plans for GM to begin building two electric SUVs for
Honda starting in 2024 - the Honda Prologue and an Acura model.
The new deal is primarily for affordable EVs, including compact
crossover vehicles, built using GM’s Ultium battery technology.
China’s BYD ends combustion engine cars to focus on
electric
China’s largest electric vehicle maker BYD Co Ltd said that as of last
month it stopped making combustion engine vehicles and now
produces electric and hybrid cars only. BYD’s move is in response
to Beijing’s pledge to boost green energy consumption to bring
carbon emissions to a peak by 2030. BYD is among the six carmakers
including Volvo, Ford, General Motors, Mercedes-Benz, and Jaguar
Land Rover, to have signed up to a global campaign to phase out
combustion engine vehicles by 2040.
Panasonic to invest US$4.9 bn in EV batteries, supply chain
software
Panasonic is joining the high-growth electric vehicles market, with
plans to invest nearly US$4.9 billion in automotive batteries, supply
chain software, and cyber physical systems, among others, from
fiscal 2023 to 2025. Panasonic already has a joint venture with Toyota
that specialises in automotive batteries.
Hertz to buy up to 65,000 electric vehicles from Polestar
Rental car firm Hertz Global Holdings announced plans to buy up
to 65,000 electric vehicles over five years from Swedish EV maker
Polestar. Polestar cars would be available beginning this spring in
Europe and later in 2022 in North America and Australia. In March
this year, Hertz already added Tesla’s mid-size SUV Model Y to its
electric vehicle fleet after announcing its decision in October 2021 to
purchase 100,000 electric cars from Tesla Inc.
32
US safety agency opens probe into batteries
US safety regulators have opened an investigation into electric and
hybrid vehicle batteries after five automakers issued recalls due
to possible defects that could cause fires or stalling. The National
Highway Traffic Safety Administration says the probe covers more
than 1,38,000 vehicles with batteries made by LG Energy Solution
of South Korea. General Motors, Mercedes-Benz, Hyundai, Stellantis,
and Volkswagen have issued recalls since February of 2020.
Japanese OEMs join hands for swappable battery platform
As per a recent announcement, major Japanese OEMs Honda,
Kawasaki Motors, Suzuki, Yamaha Motor, and energy firm Eneos
Holdings will form a new company christened ‘Gachaco’, for battery
swapping service for the new electric motorcycles. Gachaco is
scheduled to launch the sharing service using Honda Mobile Power
Pack for electric motorcycles in the second half of 2022, starting from
Tokyo and other major cities in Japan. Gachaco will also promote
the use of standardised swappable batteries for applications such as
storage batteries installed at commercial facilities and private homes.
In addition, the expended batteries will be collected for secondary
and tertiary use and finally recycled for cyclical battery usage
Honda to launch 30 EVs with US$40 billion investment, will
develop three new EV platforms to meet its goal by 2030
Honda plans to launch 30 Electric Vehicle models globally by 2030.
This ranges from commercial use mini EVs to flagship class models
with production volume of more than 2 million units annually. Honda
will be ensuring stable procurement of liquid lithium-ion batteries
in each region through this partnership. To meet its goal of building
two million electric vehicles by 2030, Honda is also developing three
new EV dedicated platforms. One of the platforms will be jointly
developed with US partner General Motors Co.
Mercedes-Benz aims to go all-electric by 2030, to cut CO2
emissions by half by 2030
Mercedes-Benz aims to halve its CO2 emissions per passenger car
over the lifecycle by the end of 2030 compared to 2020 levels. To
achieve this goal, the key levers include electrifying the vehicle
fleet, charging with green energy, improving battery technology,
an extensive use of recycled materials and renewable energy in
production. Mercedes-Benz also plans to cover more than 70 percent
33
of its energy needs through renewable energy by 2030 by rolling out
solar and wind power at own sites as well as through further Power
Purchase Agreements.
BMW introduces much-awaited first electric 7 series luxury
sedan i7 xDrive60
Luxury automobile manufacturer BMW has unveiled its latest all-
electric 7 series luxury sedan, the i7 xDrive60. Pre-orders have
opened and the U.S. launch is currently planned for Q4 2022. Having
an estimated range of up to 300 miles, the i7 will be BMW’s third all-
electric vehicle, following the iX crossover and i4 midsize sedan. The
car has 536 horsepower and 549 lb-ft of torque that will get you from
zero to 60 in 4.5 seconds. Speed is capped at 149 miles per hour.
Ford unveils Lincoln Star electric SUV concept as it readies to
add four new EVs by 2026
Ford Motor plans to introduce four new electric vehicles into its
Lincoln lineup by 2026, as the prominent American luxury brand
reinvents itself to focus on EVs. The new vehicles were announced
alongside the unveiling of a new concept EV called the Lincoln Star.
The concept marks new design and technology directions for the
brand.
Lexus unveils its first Electric Car- RZ 450e
The new Lexus RZ 450e is the Japanese marque’s first bespoke
electric car, serving as the spearhead for the firm’s new range of
premium and dynamically oriented EVs. Power is stored in a 71.4kWh
lithium-ion battery, which is expected to offer a range of up to 362km
and offer 90 percent of its usable capacity after 10 years of use. The
company has not yet confirmed charging times, but its Toyota sibling
can charge at speeds of up to 150kW.
Self Drive Nepal to become exclusive rental partner for BYD
electric vehicles
Electric vehicle maker BYD India and its Nepalese partner, Cimex Inc
Pvt Ltd, have signed an agreement to supply 50 units of its electric
multi-purpose vehicle, e6 electric, with Self Drive Nepal Pvt Ltd for
rental fleet operation. Under the agreement, Self Drive Nepal- a
subsidiary of Spark Group, will become the exclusive rental partner for
34
BYD electric vehicles. Also, a BYD service center will also be set up at
Spark Group’s facility in Guheshwori, Kathmandu, which is scheduled
to be operational within May 2022.
Luxury EV maker Lucid scores order from Saudi government
for up to 100,000 vehicles
Lucid Group said that the government of Saudi Arabia has agreed
to buy up to 100,000 of its electric vehicles over the next ten years.
Saudi Arabia’s public wealth fund holds an approximately 62% stake
in the U.S.-based automaker, which began production of its Air luxury
sedan in September 2021. Saudi Arabia’s Ministry of Finance has
agreed to buy at least 50,000 of its vehicles over the next 10 years,
with an option to buy an additional 50,000 over the same period.
35
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