Monthly updates May 2022 - Lead sponsors - JMK Research
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monthly
updates
May 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 | 19
5. Other Market Updates | 21
6. Deals & Investments | 25
7. JVs and Partnerships, M&As | 28
8. Tenders | 31
9. Global Market Updates | 42
5
1. New Product Launches
Table 1.1: India Launches – May 2022
Product Vehicle type Battery specifications Other specifications Price
• Range- 100km
E2W
iVoomi S1 • 2kWh • Powered by a 2kW electric INR 84,999
(E-scooter)
motor
• Range- 180-220km
E2W • Advanced lithium battery
Komaki Z DT 3000 • Powered by a 3kW BLDC INR 1,22,000
(E-scooter) • 52Ah
motor
E2W • Lithium ferro phosphate • Range- 80-90km
Komaki LY INR 88,000
(E-scooter) battery • 12-inch wheels
E2W • Range- 100-140km INR 98,564 –
TVS iQube • 3.4kWh – 5.1kWh
(E-scooter) • Powered by 4.4kW 1,08,690
E2W • Li-ion battery • Range- 115km INR 99,999-
BGauss D15
(E-scooter) • 3.2kWh • 16-inch wheels 1,14,999
E2W • Range- 150km
Odyssey V2 • IP 67 certified battery INR 75,000
(E-scooter) • 12-inch front tyre
• Li-ion battery INR 17.74-19.24
Tata Nexon EV Max E-Car • Range – 437km
• 40.5kWh lakhs
• Li-ion battery
BMW i4 E-Car • Range – 510-590km INR 69.9 lakhs
• 80.7kWh
6
Product Vehicle type Battery specifications Other specifications Price
• Range- 154km
• Powered by 27kw (36hp)
Tata Motors- Ace EV E-Cargo N/A INR 6,60,000
motor with 130 Nm of peak
torque
• Range: 528km
• Charging Time: 18 minutes
(10% to 80%) with 350kW
INR 59.95-69.95
Kia EV6 E-Car • Battery: 77.4kWh DC charger
lakhs
• Charging Time: 73 minutes
with 50kW fast charger
Source: Industry news articles, JMK Research
Upcoming Launches
Known/ Revealed spec- Expected Launch
Product Vehicle type Expected Price
ifications Date
Switch Mobility’s bus E-Bus • Range- 300 km Jun 14, 2022 N/A
• Battery- 3.1kWh
HS E2W • Range- >130km
Batt:RE Stor:ie N/A N/A
(E-scooter) • Top Speed- 65kmph
Source: Industry news articles, JMK Research
Volvo XC90 electric successor to debut by late 2022
The electric successor to the Volvo’s flagship SUV – the XC90 – will
be revealed in the final quarter of 2022. XC90 successor will have
EV electric and ICE-powered options. It will be based on Volvo’s
Recharge Concept.
7
2. EV Sales Trends
The overall EV sales in May 2022 declined m-o-m by 8.6% to reach
66,745 units. There was however a y-o-y leap of ~20 times
Registered EV Sales Trend in India (May 2021–May 2022)
77,128
80,000
73,046
72,000
64,000 66,745
54,557
56,000 50,866
Units sold
48,000 49,672
38,684
40,000 42,055
32,000 28,906
34,316
24,000 26,127
16,000 11,149
8,000
3,309
0
May-21
Jun-21
Jul-21
Aug-21
Sep-21
Oct-21
Nov-21
Dec-21
Jan-22
Feb-22
Mar-22
Apr-22
May-22
Source: Vahan Dashboard, Company Press Releases, JMK Research
Note: Sales figures represent EVs registered across 1,481 RTOs in 34 states/ UTs.
As depicted in the figure below, EV registrations in May 2022 were
driven by electric two-wheelers and passenger-type electric three-
wheelers, which together accounted for 90.23% of total registrations
in the month. The shares of these categories were followed by E-Cars
(5.69%), cargo-type electric three-wheelers (3.80%), and so on.
8
Category-wise EV sales
E-Bus, 0.24%
Electric Three-wheeler Cargo, Others, 0.05%
3.80%
E-Car, 5.69%
Fig 2.2: Category-wise EV
Sales in May 2022
100%
= Electric Two wheeler,
66,745 units 59.09%
Electric Three-wheeler
Passenger, 31.15%
Source: Vahan Dashboard, Company Press Release, JMK Research
Note: Sales figures represent EVs registered across 1,481 RTOs in 34 states/ UTs; Others include adapted vehicles, fork-lifts, agri-
cultural tractors, goods carriers, and omni bus.
Among all the states and UTs, Uttar Pradesh retained its top spot of EV share with 18%
of overall sales, followed by Maharashtra with 15% share. Karnataka fell to the third spot
with 10% share, followed by Rajasthan (8%), Gujarat (7%), Tamil Nadu (6%), and Delhi (5%).
Fig 2.3: (State/ UT) Region-wise Uttar Pradesh, 18%
Others, 11%
Registered EV Sales – May 2022
Odisha, 3%
Haryana, 3%
Kerala, 4%
100%
Assam, 5%
= Maharashtra, 15%
66,745 units
Bihar, 5%
Delhi, 5%
Tamil Nadu, 6% Karnataka, 10%
Source: Vahan Dashboard, Company Press
Release, JMK Research
Note: Sales figures represent EVs registered Gujarat, 7% Rajasthan, 8%
across 1,481 RTOs in 34 states/ UTs. Others
include Chhattisgarh, Uttarakhand, Punjab, 9
and 19 other states/UTs.
High-Speed Electric Two-Wheeler (HS-E2W)
The overall HS-E2W sales in the country in May 2022 stood at 39,438
units, signifying a decline of 19.75% m-o-m however a whopping
3,744% y-o-y leap in registrations. The Top 10 players accounted for
92% of the total registrations witnessed in the month of May 2022.
Fig 2.4: High-Speed E2W Sales Trend
49,591 49,141
50,000
40,000
39,438
Units Sold
32,416
30,000 27,568
22,453
24,725
20,000
16,510 19,253
13,173
14,700
10,000
1,026 4,027
0
2
2
2
1
1
2
1
22
1
21
21
1
1
-2
-2
-2
-2
-2
-2
-2
-2
-2
l-2
p-
n-
n-
ay
g
ec
ov
ay
ct
ar
b
pr
Ju
Au
Se
Ju
Fe
Ja
O
M
M
N
D
M
A
Source: Vahan Dashboard, JMK Research
Note: Sales figures represent only high-range E2W (Top speed > 25 kmph) registered across 1,397
RTOs in 34 states/ UTs.
Okinawa moved to 1st position this month from previous month’s
number 2nd position while Ola Electric moved to the second
position. Further, Hero Electric fell to fifth position this month from
third position in April 2022. The Top 10 positions were retained by the
same players as that in April 2022.
10
Fig 2.5: Top High-Speed E2W Players in May 2022
15,000
14,250
13,500
12,750
12,000
11,250
10,500
9,750 Okinawa
Ola Electric
9,000
8,250
Units Sold
7,500
6,750
6,000 Ampere
5,250
4,500
3,750
Ather
3,000 Hero Electric
2,250 Bajaj
Revolt
1,500 Pure EV
750 Jitendra EV Tech
TVS
0
May-21
Jun-21
Jul-21
Aug-21
Sep-21
Oct-21
Nov-21
Dec-21
Jan-22
Feb-22
Mar-22
Apr-22
May-22
Source: Vahan Dashboard, JMK Research
Note: Sales figures represent only high-range E2W (Top speed > 25 kmph) registered across 1,481
RTOs in 34 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 May 2022
stood at 20,788 units and 2,533 units respectively, signifying a m-o-m
increase of 10.94% for E3W - Passenger and increase of 9.37% for E3W
- Cargo.
Fig 2.6: Sales Trend of E3W – Passenger (Left) and E3W - Cargo (Right)
25,000 3,500
3,000
20,000
2,500
15,000
2,000
Units Sold
Units Sold
1,500
10,000
1,000
5,000
500
0 0
May-21
Jun-21
Jul-21
Aug-21
Sep-21
Oct-21
Nov-21
Dec-21
Jan-22
Feb-22
Mar-22
Apr-22
May-22
May-21
Jun-21
Jul-21
Aug-21
Sep-21
Oct-21
Nov-21
Dec-21
Jan-22
Feb-22
Mar-22
Apr-22
May-22
Three wheeler (Personal) Three wheeler (Goods)
E-Rickshaw (P) E-Rickshaw with Cart (G)
Three wheeler (Passenger)
Source: Vahan Dashboard, JMK Research
Note: Sales figures represent E3Ws registered across 1,481 RTOs in 34 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 May 2022 accounted for 37.70%
share of the entire E3W market. YC Electric Vehicle continued to have
the highest share of 8.77%, which was followed by Mahindra Electric
Mobility (8.14%), Saera Electric Auto (5.86%), Dilli Electric (4.37%),
Champion Poly Plast (4.03%), Unique International (3.3%), and MINI
METRO EV L.L.P (3.22%). MINI METRO EV L.L.P entered the top 7 squad
for the first time, replacing Best Way Agencies which accounted for
just 2.32% of the overall E3W market in May 2022.
Fig 2.7: Top E3W Players in May 2022
2,500
2,250
YC Electric
2,000
Mahindra
Electric Mobility
1,750
1,500
Units Sold
Saera
1,250
Dilli
1,000
Champion
Unique
International
750 MINI METRO
500
250
0
May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22
Source: Vahan Dashboard, JMK Research
Note: Others made up 62.30% of the E3W markets in May 2022; sales figures for players are inclusive
of both cargo and passenger offerings; Sales figures represent E3Ws registered across 1,481 RTOs
in 34 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 May 2022 stood at 3,796 units,
witnessing a m-o-m rise of 42.76% and a massive y-o-y surge of
approximately ~15 times in registrations. Tata Motors has been driving
the E-car sales the entire year. This month, the Company accounted for
91% of the total registrations. BYD and Hyundai witnessed an increase
in sales of their E-cars this month as well.
Fig 2.8: Player-wise E-car sales trend
4,000
3,796
Tata Motors
MG Motor 3,561
3,600
Others
Total monthly e-car sales
3,200
2,950 2,933
2,800
2,522 2,659
2,400
Units Sold
2,000
1,539
1,600
1,299
1,221
1,200
967 961
735
800
400 234
0
May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22
Source: Vahan Dashboard, Company Press Release, JMK Research
Note: Sales figures represent E-cars registered across 1,481 RTOs in 34 states/ UTs; Others include
Ampere, Hyundai, BYD, Jaguar, Audi, Mahindra & Mahindra, Mercedes-Benz, BMW, Volvo, and
Porsche.
14 14
Electric buses (E-buses)
The cumulative sales of E-buses in May 2022 stood at 158 units, with
a m-o-m fall of 3.66% and a y-o-y increase of 88%. This month’s sales
were driven by Olectra Greentech (39%) followed by JBM Auto (32%),
PMI Electro (17%), and Tata Motors (11%). Mytrah Mobility made a
surprise entry this month with sales of two E-buses.
Fig 2.9: Player-wise e-bus sales trend
Olectra Greentech
JBM Auto
PMI Electro Mobility
120 Tata Motors
Ashok Leyland
100
80
Units Sold
60
40
20
0
May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22
Source: Vahan Dashboard, JMK Research
Note: Sales figures represent E-buses registered across 1,481 RTOs in 34 states/ UTs.
15
3. Policies and Regulations
DRDO report finds serious battery defects in EVs that caught
fire
The Defence Research & Development Organisation (DRDO) that was
tasked with investigating into EV fire incidents by the Union Road
Transport and Highways Ministry, has found serious defects in the
batteries, including designs of the battery packs and modules. As
per DRDO, these defects occurred because the electric two-wheeler
manufacturers like Okinawa Autotech, Pure EV, Jitendra Electric
Vehicles, Ola Electric, and Boom Motors may have used lower grade
materials to cut costs. The Centre for Fire, Explosive and Environment
Safety (CFEES) at the DRDO has submitted its fact-finding report to
the Ministry.
Tripura introduces EV policy, to convert 60,000 vehicles into
electric mode
The council of ministers in Tripura approved the Electric Vehicle
Policy for the next five years targeting to convert at least 10% of
the total vehicles into e-mode. The cabinet has adopted the Tripura
electric Vehicle Policy, 2022, which aims to convert at least 42,000
two wheelers, 10,000 three-wheelers, 7500 four-wheelers, and 500
buses into electrically operated vehicles by 2027. The policy was
already made effective in 14 states, including Meghalaya and Assam,
and now Tripura has been added to the list as 15th state.
Rajasthan Electric Vehicle Policy approved to encourage
adoption of EVs
The Rajasthan government has approved the Rajasthan Electric
Vehicle Policy (REVP) to encourage adoption of electric vehicles in
the state. Rajasthan approved an additional budget provision of INR
40 crore for the State Goods and Services Tax (SGST) reimbursement
on the purchase of battery-powered vehicles.
Delhi government to offer up to INR 15,000 subsidy for
electric cycle buyers
Delhi government announced up to 33% incentive for electric cycles.
The electric cycle buyers will be eligible to receive incentives of up to
INR 15,000 for purchasing the EVs. This is the first such initiative in
the country. Under the new policy, passenger electric cycles will be
16
eligible for a purchase incentive of 25% of their sticker price. The first
1,000 individual buyers will get an INR 2,000 additional incentive.
For cargo electric cycles, the incentive is 33% of the sticker price. The
incentive will be capped at INR 5,500 maximum in this case.
Delhi government approves 1,500 low-floor electric buses
into its public transport fleet
The Delhi government has approved the deployment of 1,500 low-
floor electric buses into its public transport fleet. The Delhi Transport
Corporation (DTC) is also determined to give 10 sites to different
agencies to set up Electric Vehicle charging and battery swapping
stations as a part of its Delhi EV Policy 2020.
India partners with Japan for affordable EV charging
standard
India has joined hands with Japan to develop an electric vehicle
charging standard for emerging markets. Under this partnership,
the two countries aim to develop easy-to-build EV charging stations
based on Japanese protocols that are claimed to slash installations
costs by two-thirds. The CHAdeMO Association, the organization
responsible for Japan’s charging standard, will work with India’s
standards drafting committee. The drafting committee includes
automakers such as Mahindra Electric and Maruti Suzuki.
Government plans mega tenders for 50,000 electric city
buses
After the super success of CESL’s mega 5,450 electric bus tender last
month that received enthusiastic response from the industry and
realised a cost reduction of 40% over diesel and 34% over CNG buses,
the government is planning to bring in multiple tenders for 50,000
buses in the next 1 year. The government is looking at 50,000 buses
being deployed over the next 5-7 years in cities as well as smaller
towns across the country.
Indian EV makers to soon follow BIS standards for batteries
amid fires
As fires and explosions in electric two-wheelers continue unabated,
the government is all set to introduce EV battery standards (BIS
standards) for EV two-wheelers that will be expanded to four-
wheelers at a later stage. The BIS standards for EV batteries will look
into size, connectors, specification and minimum quality of cells, and
battery capacity.
17
West Bengal to introduce 1200 electric buses in Kolkata
West Bengal government is planning to introduce 1,200 electric
buses in Kolkata in next three years. Already 80 electric buses are
functional and by July, total of 125 E-buses will be operational.
Converting old cars into electric vehicles to be made simpler
To make retrofitting of vehicles easy, transparent, and accessible to
the public, the Delhi transport department is planning to make the
entire process online — from applying for fuel conversion to details
about manufacturers, products, cost, dealers and how to apply for
kits. Following the orders of the National Green Tribunal, the Delhi
government had last year announced scrapping of 15-year-old petrol
vehicles and 10-year-old diesel vehicles.
Centre approves new third-party vehicle insurance rates
The central government has revised third-party vehicle insurance
base premiums for two-wheelers, passenger vehicles, and electric
vehicles, effective June 1. According to the new insurance base rates
for electric vehicles released by the Ministry of Road, Transport, and
Highways, a new private electric vehicle not exceeding 30 kW can be
insured for INR 5,543 for three years, INR 9,044 for vehicles between
30 kW and 65 kW, while vehicles above 65 kW can have three-year
insurance for INR 20,907. Two-wheelers under 3 kW can be insured
for INR 2,466, electric vehicles between 3 and 7 kW can be insured
for INR 3,273, while vehicles between 7 kW and 16 kW will see a price
of INR 6,260, and EVs higher than 16 kW will demand a premium of
INR 12,849. All the prices for electric two-wheelers are for five-year
insurance terms.
18
4. Charging Infrastructure
& Battery Swapping
Stakeholder(s)/
Subject/ Scope Description
Player(s)
• To give a push to electric vehicles (EVs) in the city, the Brihanmumbai
Electric Supply and Transport (BEST) has planned to install EV charging
stations at its bus stops and bus stands.
• The BEST has identified 55 of its locations across Mumbai including bus
Brihan Mumbai stops, bus stands and bus depots where ample space is available for the
Installation of EV
Electric Supply and installation of the charging stations.
charging stations
Transport (BEST) • There will be selected operators who will install electric vehicle charging
stations primarily at the BEST bus stops, stands, and depots.
• All private two-wheelers and four-wheelers will be able to charge their
vehicles in the space.
• EV manufacturer BYD has tied up with as many as three EV charging
Accessing nearly a network players in India for the convenience of its customers while
BYD and three EV
1,000 EV charging recharging their EVs.
charging networks
stations • BYD India currently sells a three-row MPV e6 in the Indian market in the
B2B segment.
• Ashok Leyland has joined hands with Tirex Chargers to create the charging
Infrastructure for the former’s E-Bus Fleet in Bangalore.
Ashok Leyland and Installation of EV
• As per the tie-up, Tirex will be one of the two approved OEMs for EV
Tirex Chargers chargers
chargers in India to work with Ashok Leyland’s EV wing Switch Mobility
and will supply DC Ultra-fast chargers for this upcoming project.
• Sunfuel Electric announced plans to install over 70 fast DC chargers on
Indian highways.
Installation of EV
Sunfuel Electric • The first supercharger will be installed on the Kalka-Shimla highway by
chargers
early June 2022, which will make it the first charging station on Indian
motorways with a peak output of 120 kW.
• EV maker Ather Energy has partnered with Magenta ChargeGrid to
expand the Ather Grid charging infrastructure in the country.
• With this partnership, Ather will gain access to Magenta ChargeGrid’s
Ather Grid and Installation of EV
multiple charging locations across the country.
Magenta chargers
• The company currently has a network of over 330 fast-charging Ather Grid
Points across 35 cities in India and plans to install 5,000 fast chargers in the
country in the next 3 years.
19
Stakeholder(s)/
Subject/ Scope Description
Player(s)
• Fortum Charge and Drive India has installed 50 public electric vehicle
charging points at Forum Neighbourhood mall, Whitefield, Bengaluru.
The firm also aims to set up 200 charging points in Bengaluru by the end
Installation of EV of this year.
Fortum Charge
chargers • The 50-point electric vehicle charging setup comprises 10 CCS standard
60kW DC fast chargers, four 15kW Bharat DC001 chargers, and 36 7.4kW
Type-2 AC chargers. Thus, it can charge 50 EVs together, including all types
of four-wheelers plus compatible two-and three-wheeler EVs.
• Maharashtra Minister Aaditya Thackeray inaugurated an EV charging
station in Mumbai.
• The station, a first-of-its-kind, will generate 220 units of electricity from
Brihanmumbai
Installation of EV food waste collected from its nearby areas, mostly from bulk generators
Municipal
charging stations like hotels and offices.
Corporation
• The Brihanmumbai Municipal Corporation (BMC) is now planning to
set up organic waste-powered EV charging station in each of the 24
administrative wards in Mumbai.
Source: Industry news articles, JMK Research
20
5. Other Market Updates
BikeWo appoints 25 dealers, unveils 15 multi-brand EV
dealership stores pan India
Hyderabad-headquartered BikeWo launched its flagship multi-brand
electric two-wheeler dealerships pan India, starting with Telangana
and Andhra Pradesh. As a part of this, the company has appointed
25 dealers and unveiled 15 dealership stores located in Hyderabad,
Kurnool, Gadwal, Rajamumdhry, Nellore and Tanuku. Among some
of the renowned E2W EV brands that BikeWo has partnered with for
EV display and sales in its showrooms include Hayasa, EV Minda, One
Moto, E-Motorad, Ekotejas and Battre, among others. BikeWo is the
only company that has acquired exclusive rights to sell the E2Ws of
Hayasa and EV Minda in Andhra Pradesh and Telangana.
Zyngo to deploy over 18,000 EVs for last-mile delivery by FY
2022-23
Delhi-NCR headquartered third-party logistics service provider (3PL)
Zyngo EV Mobility Pvt. Ltd. announced to increase its active fleet size
to deploy over 18,000 electric vehicles, which will include 60% electric
2Ws and 40% electric 3Ws, for last-mile deliveries across India by the
end of the current fiscal, i.e. FY 2022-23. By ramping up its fleet size
and footprints across India, the company aims to capture at least 35%
of the entire hyperlocal e-commerce logistics market by 2024. These
delivery vehicles will be leased/sourced by Zyngo from the country’s
leading OEMs such as Hero Electric, Piaggio, Omega Seiki Mobility,
Kinetic Green and Mahindra Electric, among others.
Olectra receives order of 2,100 E-buses from BEST
Olectra Greentech has bagged a big order for 2,100 electric buses
from the Brihanmumbai Electric Supply & Transport (BEST) valuing
the order size at INR 3,675 crore. The order of 2,100 E-buses is being
considered as one of the biggest orders ever received in India’s
electric mobility history. Earlier in May, Olectra was declared an L1
bidder.
Ather to expand its network in Kerala
Ather Energy plans to further expand its footprint by opening 8 new
experience centres in Tier II and III cities across Kerala including
21
Kollam, Trichur, Palakkad, Kannur, Kasaragod, Alappuzha, Kottayam,
and Pathanamthitta. Ather will be opening up its outlets in these
cities in a staggered manner by Q2 2022.
Marelli launches wireless distributed battery management
system for EVs
Marelli, a leading global automotive supplier, announced expansion
of its range of battery management technologies for electric vehicles
with a new Wireless Distributed Battery Management System
(wBMS). This technology eliminates the wired physical connections
typically needed in other Battery Management System (BMS)
architectures. The solution will be available starting Q2 2022 to
support customer launches in 2024.
Delhi CM flags off 150 electric buses
The Delhi Chief Minister Mr. Arvind Kejriwal flagged off 150 electric
buses on May 24. The national capital will boast 2,000 more such
buses by next year. The Delhi government is planning to spend INR
1,862 crore on procuring electric buses over the next 10 years.
Hindustan Motors aims comeback as EV company, plans
electric scooters and cars
Hindustan Motors seems to be ready for a comeback, this time as
an electric vehicle manufacturer. The company joined hands with a
European electric vehicle company for making electric scooters at its
plant in Hindmotor near Kolkata. Initially, the company is planning
to launch an electric scooter, while at a later stage it could bring an
electric car as well.
Simple Energy defers deliveries of e-scooter amid rising fire
incidents in EVs
EV maker Simple Energy has deferred the deliveries of its maiden
electric scooter ‘Simple One’ to September, citing possible policy
changes by the government in the wake of the recent incidents
of fire in electric vehicles. The Bengaluru-based company, which
launched the e-scooter on October 15 last year, has taken a conscious
call to postpone the vehicle deliveries to the first week of September
from June.
Cumulative EV sales top 50,000 units in Delhi, corner over
12.5% share of new vehicle sales in March
22
Cumulative electric vehicle sales in India’s national capital since the
rollout of its EV policy in 2020, have topped 50,000 units this month
with EVs accounting for over 12.5% of all new vehicle sales in March
2022. The Delhi state government had rolled out its maiden EV policy
in August 2020 which extended a host of incentives over and above
the central government’s FAME 2 Scheme to customers.
BEL to manufacture battery packs for Triton electric trucks
The Pune unit of Navratna Defence PSU Bharat Electronics Limited
(BEL) will manufacture Li-ion battery packs for the electric trucks of
US-based Triton, as part of an MoU signed between Triton and Gujarat
State government for setting up an EV truck manufacturing plant,
with a commitment to invest around INR 10,800 crore over a span
of five years. The agreement was inked to explore manufacturing of
battery cells in India for energy storage systems and electric vehicles
in the heavy vehicle segment for the requirements of customers in
USA, India and other countries.
Ford cancels EV production plans in India
Ford has withdrawn its application from the Centre’s production-
linked incentive (PLI) scheme worth INR 26,058 crore meant for the
automobile and drone industry. Ford was amongst the first tranche
of manufacturers which got approval for this scheme. Now, however,
the company will not use any of its existing facilities in India – at
Maraimalai Nagar, Tamil Nadu, and Sanand, Gujarat – for this purpose.
EV maker Omega Seiki Mobility to foray into trucks, tractors
and drones
Electric vehicle manufacturer Omega Seiki Mobility Pvt. Ltd. said it
would get into the manufacturing e-trucks in 1.5, 3.5, and 6.5-tonne
capacities, e-drones, and e-tractors to broaden its product offerings.
The company is also working on a high-speed scooter range and
e-rickshaws, according to founder and chairman Uday Narang in a
recent interview. Currently, the company manufactures seven EV
models, including five three-wheeler models and two two-wheelers.
Starya Mobility introduces retro fitment kit for two-wheelers
Bengaluru-based retrofitting scooter start-up, Starya Mobility has
launched a cost-effective electric powertrain developed over the last
four years which can convert any petrol scooter to electric. Its 5.5kW
patented PMSM Motor,250A controller unit will offer a top speed of
75kph and a range of around 72km per charge.
23
Nexcharge starts making lithium-ion battery packs in Gujarat
Nexcharge, an exclusive joint venture between Exide Industries and
Leclanche inaugurated its fully automated lithium-ion battery packs
and modules manufacturing plant at Prantij, Gujarat. The plant
is spread across 610,098 sq.ft., which is, claimed to be the largest
production facility for lithium-ion battery packs and modules in India,
and has an installed capacity of 1.5GWh.
Matter Energy launches EV battery packs & swapping tech
for two and three-wheelers
Matter, a technology start-up in energy storage and EVs launched its
lithium ion-based energy storage product portfolio for mobility and
stationary applications at the India Energy Storage week. Matter’s
stationary energy storage systems offerings are intended to support
RE generators, transmission operators, discoms, and other end-users.
WardWizard plans to set up lithium-ion advance cell
manufacturing unit in India
WardWizard Innovations and Mobility Ltd, which manufactures
electric two-wheelers under the Joy E-Bike brand, has announced
plans to set up a lithium-ion advance cell manufacturing unit at its
electric vehicle ancillary cluster in Vadodara, Gujarat. The company
has signed a memorandum of understanding (MOU) with Singapore-
based renewable energy management consulting firm Sunkonnect.
24
6. Deals & Investments
Deal
Company Company
Deal type Investor(s) value Details
name type
(US$ Mn)
Equity (USD 15mn): BP Ventures and EV cab firm BluSmart
Green Frontier Capital
EV Ride-hail- Equity + raises $50 mn; plans to
BluSmart Venture debt (USD 10mn): Stride 25
ing platform Debt expand fleet to over 5,000
Ventures, Alteria Capital, BlackSoil,
cars
and UCIC
Kuwaiti investor Sivaram Juvva and
his company Al Tebah and Omani
Startup eBikeGo com-
E2W Manufac- investor, Ivor Braganza and his com-
eBikeGo Equity 5 pletes USD 5 mn fund
turer pany Muscat International Project
infusion
Management & Services LLC; Other
investors
EV Financing Startup
Three
Three Wheels United Bags
Wheels Fintech Equity Delta Corp Holdings 10
$10 Mn To Launch In 10
United
New Cities
Hyderabad ride-sharing
EV Ride-hail-
Hala Equity Magnifiq Securities 1 startup Hala raises 1 mil-
ing platform
lion USD
Maxwell
Energy
Systems Endurance Technologies
(Ion Ener- EV Compo- buys Ion Energy’s battery
gy’s bat- nent Manufac- Acquisition Endurance Technologies 40 management system unit
tery man- turer for $40 million in an all-
agement cash deal
system
unit)
EV Compo- EV startup Revoh Innova-
Revoh In- Angel investors Vel Kanniappan and
nent Manufac- Equity 0.15 tions raises $150M to build
novations Ravi Renganathan
turer new production plant
25
Deal
Company Company
Deal type Investor(s) value Details
name type
(US$ Mn)
National Investment and Infrastruc-
EV Maker Ather Energy
Ather E2W Manufac- ture Fund Limited's (NIIFL) Strategic
Equity 128 Raises US$128 Million In
Energy turer Opportunities Fund (SOF) and Hero
Series E Funding Round
MotoCorp
BeyondTeq, GCC family offices,
EV Startup MoEVing Se-
Equity + Strides One, TradeCred, N+1 Capital,
MoEVing EV Start-up 5 cures US$5 Mn to Add 10K
Debt and Nitish Mittersain from Nazara
EVs To Its Fleet
Technologies
Triton EV acquires AMW’s
EV Compo-
AMW manufacturing facility in
nent Manufac- Acquisition Triton EV 139.67
Motors Gujarat, first EV truck to be
turer
rolled out this year
Source: Industry news articles, JMK Research
ABB to acquire controlling stake in EV charging platform
Numocity
The e-mobility division of ABB has agreed to acquire a controlling
stake in Numocity, a digital platform for electric vehicle charging in
India. ABB would increase its shareholding to a controlling majority of
72% in Numocity and gain the right to become the sole owner of it by
2026. ABB’s holding increased to 77% from 7% three years ago.
Toyota’s Subsidiaries Invest INR 4,800 Cr to Manufacture EV
Parts In Karnataka
Toyota Kirloskar Motor and Toyota Kirloskar Auto Parts, subsidiaries of
Toyota Group of Companies, have inked an MoU with the Karnataka
government to invest US$0.62 billion (INR 4,800 crore) in the state.
The investment aims to set up local manufacturing facilities to build
electric powertrain parts and components, thus catering to India’s EV
manufacturing industry.
Switch Mobility to invest INR 1,000 crore in electric vehicle
plant
Switch Mobility, the electric vehicle arm of Ashok Leyland, will be
investing US$0.13 billion (INR 1,000 crore) in a dedicated EV plant in
26
South India. The plan is to set up 30,000 units of E-LCV capacity and
10,000 units electric buses that will help Ashok Leyland to cater to
rising demand for EVs for the last-mile goods and public transport.
Jindal Worldwide makes EV foray, acquires Earth Energy EV
Jindal Worldwide has acquired Mumbai-based electric vehicle
start-up Earth Energy EV through its subsidiary Jindal Mobilitric.
In addition, Jindal Mobilitric will set up a new manufacturing plant
in Ahmedabad which will supplement the existing Earth Energy
manufacturing facility in Maharashtra. The acquisition will see
Jindal Mobilitric take over the indigenously developed technology
platform as well as Earth Energy’s brands – Glyde SX and the Glyde
SX+ – variants of its commuter scooter as well as the – Evolve R
and the Evolve S commuter and cruiser motorcycles. The EV start-
up has already appointed distributors across 10 states including
– Maharashtra, Gujarat, Karnataka, Kerala, Tamil Nadu, Telangana,
Andhra Pradesh, Chhattisgarh, Madhya Pradesh and Orissa, which
will be retained by Jindal Mobilitric.
Attero Recycling plans to spend $1 billion to expand as EVs
take off
E-waste recycling firm Attero Recycling plans to invest US$1 billion
(INR 7,700 crore) to expand its lithium-ion recycling capacity across
the globe to 3 lakh metric tonnes per annum by 2027. At present, the
company recycles lithium-ion in India only but with fresh investment
the company will expand recycling capacity globally to 1.5 lakh MT by
2025 in phase 1 with investment of US$500 million and then to 3 lakh
MT by 2027 with additional investment of US$500 million.
Svitch MotoCorp to invest INR 100 crore in electric bike
project
Ahmedabad-based EV maker Svitch MotoCorp plans to invest INR
100 crore in the project related to electric bike CSR 762 which is
expected to hit the market in this calendar year. The e-motorbike will
be priced at around INR 1.65 lakh on which a subsidy of INR 40,000
will be given as per the government mandate. Svitch Bike, which
started in 2019, currently has four bikes -- XE+, XE, MXE and the non-
electric NXE -in its product portfolio. These models are produced at
its Sanand manufacturing facility in Gujarat.
27
7. JVS & Partnerships
Companies involved Purpose of Partnership
• EV company Hero Electric entered into a partnership with Cholamandalam
Hero Electric and Cholamandalam Investment and Finance Company Limited, the financial services arm of
Investment and Finance Company Murugappa Group, to offer easy and smart financing for electric two-wheelers.
Limited • The collaboration aims to make Hero Electric scooters more affordable for
discerning and price-conscious buyers with attractive financing solutions.
• GreenPower Motor Company Inc., a leading manufacturer and distributor of
zero-emission, electric-powered, medium and heavy-duty vehicles, announced
that its wholly owned subsidiary EA Green-Power Pvt Ltd. has entered into a
GreenPower and Jupiter Wagon joint venture with the Jupiter Wagon Group to bring select GreenPower all-
Group electric vehicles to the Indian market.
• GreenPower's EV Star Cab and Chassis Right Hand Drive is a purpose-built
multi-utility zero-emission vehicle with a standard battery pack of 62.5 kWh
offering a payload of 4,095 kilograms with a range of 150 Km
• Okinawa Autotech has partnered with Italian electric and performance bike firm
Tacita to set up a joint venture for the manufacturing of futuristic scooters and
motorcycles as well as powertrain for domestic and international markets.
• The Joint Venture company will be based in India and commence production
Okinawa Autotech and Tacita
from 2023.
• The 2023 range, to be equipped with the best connectivity systems in the
market having Okinawa technology, will include a scooter and a high-end
performance motorcycle.
• Advik Hi-Tech, an automotive component manufacturer, announced a new
exclusive technology licensing agreement with Spain-based Entecnia for electric
vacuum pumps used in passenger car braking systems.
Advik and Entecnia
• With Entecnia’s patented technology in electric vacuum pumps and Advik’s
manufacturing capabilities, this product will cater to electric vehicles and
internal combustion engines for automotive applications.
• ElectricPe has partnered with Electric One, India's Largest EV Super Stores
Chain, to provide robust charging infrastructure and encourage EV adoption
ElectricPe and Electric One
• Through this alliance, Electric One customer across 82 stores in India will get
access to ElectricPe's EV platform.
28
Companies involved Purpose of Partnership
• Hero Electric partnered with RevFin, an advanced digital consumer lending
platform, to provide readily available loans to EV riders across India.
Hero Electric and RevFin • Both companies have inked an agreement to jointly finance and lease 2,50,000
electric two-wheelers over the next three years and collaborate with multiple
e-commerce, logistics, and fleet operations companies to fulfill the objective.
• Hyundai Motor India has joined hands with Tata Power to set up fast charging
electric vehicle infrastructure across its select dealerships in the country.
Hyundai and Tata Power • Under the collaboration, 60 kW DC charging stations will be installed at the
company's 34 EV dealerships in 29 cities to cater to all kinds of electric vehicles
through Hyundai and Tata Power EZ Charge Mobile App.
• The two companies have collaborated to strengthen mobility and charging
network for EV users in the northern belt of the country.
Hero Electric and Statiq • Under the partnership, Hero Electric will help decide where the next set of EV
chargers should be launched based on the consumers’ inquiries, demands and
requests.
• Electric one and Ipower batteries will collaborate to set up 500 EV battery
checkup and replacement centres in FY 2022-23.
Electric One and Ipower Batteries
• These centres will ensure EV batteries are checked on time and replaced with
lithium-ion batteries to avoid any accidents on road or otherwise.
• Hero Electric, a leading electric two-wheeler company has partnered ReadyAssist,
a 24x7 roadside assistance company, to provide AMC and service support to its
B2B customers.
Hero Electric and ReadyAssist • Earlier, the companies also announced their collaboration for training and up-
skilling 20,000 mechanics in EV skillsets across the country.
• The EV company aims to deliver efficient servicing of e-bikes at the customer hub,
offer roadside assistance, and resolve breakdown issues on priority.
• cKers Finance, an NBFC focused on financing sustainability and clean energy
in India, has provided a debt financing facility of INR 10 crore to Log9 Mobility, a
Log9 Mobility and ckers Finance wholly-owned subsidiary of Log9 Materials.
•Log9 is developing advanced cell chemistries which can be used in battery
storage technologies across mobility and stationary storage solutions.
29
Companies involved Purpose of Partnership
• Log9 Materials has entered into a long-term partnership with electric-mobility-as-
a-service solutions provider Indeanta Ventures.
Indeanta Ventures and Log9 Mate- • As per the partnership, Log9 will provide its rapid-charging battery solution
rials (RapidX batteries) to Indeanta Ventures’ electric two- and three-wheeler platforms.
• The partners will work closely for the next 3 years to jointly deploy over 15,000
RapidEVs across various parts of India.
• TVS Motor Company has inked a strategic partnership with Rapido, an on-demand
delivery and mobility platform, which will see both companies collaborate by
leveraging synergies of their respective businesses.
• Through this partnership, TVS Motor Co and Rapido will bring together their
TVS and Rapido
strength in mobility and seamless technology platform respectively to deliver a
winning proposition to the demanding user base. This comprehensive partnership
will cover both two- and three-wheeler vehicles and extend across ICE and EV
segments.
• Indian automotive component firm, Badve Engineering, and Israeli startup
EVR Motors have announced forging a strategic commercial agreement for
manufacturing of the latter's proprietary Trapezoidal Stator – RFPM electric motors
Badve Group and EVR Motors in India which will be nearly half the weight and size of similar competing motors.
• Badve Group, which has already initiated the joint development and localisation
process at one of its facilities in Pune, plans to ramp up its production to an annual
capacity of 0.5 million units by mid-2023 to meet the rising EV demand.
Source: Industry News Articles, JMK Research
30
8. Tenders
Bid Sub-
Tender Name Tendering Authority Requirements mission Tender ID
Date
Selection of bidder for
Supply, Installation,
Testing, Commissioning,
Operation and Tender Value: N/A
Maintenance of Electric
17 June
Vehicle Charging Convergence Energy CESL/06/2022-23/CPO
Total number of charging 2022 (2:30
Stations in eight cities Services Ltd. (CESL) EVCI/BOO/222305002
stations: N/A PM)
(Ahmedabad, Bengaluru,
Chennai, Delhi, Kolkata,
Mumbai, Pune and Surat)
on BOO Model for eight
years
Procurement of EV DC
fast, AC slow chargers
along with CMC, Telangana State Tender Value: N/A
06 June
Guarantee & AMC and Renewable Energy Period of Completion/
2022 321458
onsite services support Development Delivery Period (In Months): 6
(3 PM)
for 5 years period along Corporation Limited
with installation &
Commissioning
SITC Of 25 Nos. Of Fast Tender Value: INR 14.58 Crore
Public Electric Vehicle Surat Municipal (Estimated)
26 May ACE(Ele.)/ Light &
Charging Stations At Corporation Total number of charging
2022 EEC/01/2022-23
Various Locations In Surat (Gujarat) stations: 25 (Fast)
City
Source: Industry News Articles, State Municipal Corporations, JMK Research
31
9. Global Market Updates
Daimler Truck acquires stake in Reutlingen-based Manz for
cooperation in battery technology; sign strategic partnership
Commercial vehicle manufacturer Daimler Truck AG has acquired a
stake in German high-tech machinery manufacturer Manz through
a capital increase of around 10%, subject to approval by the relevant
antitrust authorities. In addition, as a first step, both companies
have signed a strategic partnership to establish a pilot line for the
production of lithium-ion battery cells and for the assembly of
batteries at Dailmer’s Germany-based Mannheim site.
Mercedes-Benz partners Sila for upcoming electric G-Class
Mercedes-Benz announced its partnership with Sila, a next-gen
battery materials company, to feature Sila’s silicon anode chemistry
in batteries as an option in the upcoming electric Mercedes-
Benz G-Class. Sila’s technology claims to enable a 20-40 percent
increase in energy density reaching more than 800 Wh/l at cell level
compared to today’s commercially available cells with a comparable
format. With this major development, Mercedes-Benz aims to store
much more energy in a smaller area, thus increasing range.
Hyundai, Kia to invest $16.5 billion to boost production of EV
Hyundai Motor company and its affiliate Kia plan to spend 21 trillion
won or US$16.5 billion to boost the production of EVs in South Korea.
The investment includes establishment of new factory that will
gradually have the capacity to make around 150,000 cars a year. Both
the automakers aim to increase annual EV production in the country
to 1.44 million units by 2030 from an expected 350,000 units this year.
Hyundai Motor Group to invest $5.5 bln to build EV, battery
facilities in U.S.
Hyundai will break ground to build its first dedicated full EV and
battery manufacturing facilities in the US in Georgia in early 2023. The
new facility is expected to begin commercial production in the first
half of 2025 with an annual capacity of 300,000 EV units.
32
Ford sells about 8% of its stake in electric-vehicle startup
Rivian
Ford Motor Co. has sold off about 8% of its stockholdings in Rivian
Automotive Inc. pushing shares of the electric-vehicle startup to
an all-time low. Ford sold about 8 million shares through Goldman
Sachs. Before the sale, Ford held about 102 million shares in Rivian,
accounting for 11.4% of the company.
Tesla recalls nearly 130K vehicles due to overheating
infotainment system
Tesla recalled 129,960 vehicles this month to fix infotainment systems
that may overheat before and during fast charging. Tesla says it
is resolving the flaw with an over-the-air software update, which
refreshes software wirelessly like a smartphone app update, making
the recall less burdensome for Tesla and affected owners. Tesla
owners won’t need to take their vehicles to a service station. Tesla
has issued seven recalls this year for the 2022 Model 3 and six for the
2022 Model Y, all of which have been addressed with over-the-air
software updates.
Japan’s Subaru to build its first electric vehicle factory
Subaru Corp. aims to build a dedicated electric vehicle factory in
Japan in the late 2020s as part of a US$1.9 billion ramp-up to respond
to surging demand for battery cars in the North American market-
which is its major market. It plans to launch a mixed-production line
of gasoline and electric vehicles around 2025 before opening an EV-
only production line in the new factory after 2027.
U.S. to spend more than $3 billion on EV battery
manufacturing
The Biden administration will allocate more than US$3 billion
in infrastructure funding to finance the electric vehicle battery
manufacturing. The funds will be allocated by the Department of
Energy from the US$1 trillion infrastructure bill President Joe Biden
signed last year. Among the initiatives will be the processing of
minerals for use in large-capacity batteries and recycling those
batteries.
33
Stellantis to spend US$2.8 billion on its Canada factories to
push EV goals
Stellantis NV has planned to invest US$2.8 billion to modernize its
two Canadian assembly factories to build electric vehicles. Stellantis
is aiming to add a new car platform that can be used to make electric
vehicles at its plants in Windsor and Brampton, Ontario. According
to a report by Bloomberg, this investment by Stellantis will restore
employment at the two factories, which have been adversely
impacted in recent years.
Ducati’s first electric bicycle MG20 launched at USD 1,663
Ducati launched its first-ever folding electric bicycle, called MG20
in in the international market. The two-wheeler manufacturer
introduced this e-bicycle at a price of US$1,663 equivalent to INR
1,28,915. The brand states that the Ducati MG20 electric bicycle is
specifically designed for city commuting. Powering the Ducati MG20
e-bicycle is a 36V 10.5Ah 378 Wh Samsung battery with a 250kW
electric motor placed at the rear.
Nano One and BASF join to develop li-ion battery materials
Vancouver-based technology company Nano One signed a joint
development agreement (JDA) with BASF to produce lithium-ion
battery materials. Under the JDA, the companies will co-develop
a process with reduced by-products for commercial production of
next-generation cathode active materials (CAM) based on BASF’s
HEDTM-family of advanced CAM and using Nano One’s patented
One-Pot process and metal direct to CAM technologies. This multi-
phase agreement includes detailed commercialization study for pre-
pilot, pilot and scaled up production.
34
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