The policy allows banks to extend loan terms and decrease monthly payments to increase the affordability of EVs.

ACKO announces insurance for EV batteries 

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Targeting owners of <a href="http://evindia.online" rel="noopener noreferrer" target="_blank" style="background-color: transparent; color: rgb(17, 85, 204);">electric vehicles</a> (EVs), the private insurer <a href="https://www.acko.com/?utm_source=google&amp;utm_medium=cpc&amp;utm_campaign=1st_Party_Brand_Exact_Web_S&amp;utm_adgroup=Acko&amp;utm_term=acko&amp;utm_network=g&amp;utm_matchtype=e&amp;utm_device=c&amp;utm_placement=&amp;utm_content=539592290108&amp;utm_Adposition=&amp;utm_location=9061702&amp;utm_Sitelink=&amp;utm_Audience=kwd-393194685563&amp;utm_Promotion=&amp;utm_Price=&amp;gclid=CjwKCAjw3POhBhBQEiwAqTCuBl0_KWcxA2thgJiFPto1jsUplaWm8EZthDkVwv5hZNnL8wYXvv8QSBoC1BQQAvD_BwE" rel="noopener noreferrer" target="_blank" style="background-color: transparent; color: rgb(17, 85, 204);">ACKO General Insurance </a>introduced its "Extended Battery Warranty" plan on Monday. The policy allows banks to extend loan terms and decrease monthly payments to increase the affordability of EVs. The increasing adoption of EVs across the country would be aided by this, according to Animesh Das, VP of Motor Underwriting at ACKO. The first-ever policy on battery insurance ensures performance coverage for up to 60,000 km and protects battery life for up to four or five years. According to a press statement from ACKO, the comprehensive plan also protects EV parts in addition to the battery and is transferable to a new owner in the event of a sale, increasing resale value. The insurance programme, which was created in partnership with <a href="https://olaelectric.com/experience-centres/book-appointment?utm_source=google&amp;utm_medium=cpc&amp;utm_campaign=delhi_search_ads&amp;gclid=CjwKCAjw3POhBhBQEiwAqTCuBphqEF8QVrPn5oDauxp783gXeGemGO_11noOjbiSyF0ayjx4_OL_9xoCzoIQAvD_BwE" rel="noopener noreferrer" target="_blank" style="background-color: transparent; color: rgb(17, 85, 204);">Ola Electric</a> and <a href="https://www.atherenergy.com/" rel="noopener noreferrer" target="_blank" style="background-color: transparent; color: rgb(17, 85, 204);">Ather Energy</a>, is a component of ACKO's larger ambition to build an EV infrastructure by working with OEMs and offering clients complete insurance packages. "The Indian journey of the EV is a tale of relentless expansion, which has fueled consumer desire for tailored protection solutions”. 79% of the respondents to our research report indicated a need for these solutions, according to Das. The report also highlighted the desire of 67% of EV owners to get an insurance policy to go along with their vehicles. According to ACKO, "This will alleviate the current annoyances and result in a radical disruption in the rapidly developing EV industry." According to a statement from the insurer, ACKO intends to keep upsetting the EV market by launching cutting-edge solutions and investigating joint ventures with a number of other OEMs to provide comprehensive coverage for EVs. With EV sales surpassing 10 lakh units in FY23, India's EV industry is booming thanks to strong demand. In FY23, <a href="https://evindia.online/scooter" rel="noopener noreferrer" target="_blank" style="background-color: transparent; color: rgb(17, 85, 204);">two-wheelers </a>accounted for the majority of EV sales. The Society of Manufacturers of Electric Vehicles (SMEV) claims that manufacturing has slowed as a result of FAME-II subsidy disbursement delays. The subsidy supports the production of 10 lakh electric <a href="https://evindia.online/bike" rel="noopener noreferrer" target="_blank" style="background-color: transparent; color: rgb(17, 85, 204);">two-wheelers,</a> 5 lakh <a href="https://evindia.online/vehicles?type=4" rel="noopener noreferrer" target="_blank" style="background-color: transparent; color: rgb(17, 85, 204);">electric three-wheelers</a>, 55,000 <a href="https://evindia.online/vehicles?type=3" rel="noopener noreferrer" target="_blank" style="background-color: transparent; color: rgb(17, 85, 204);">electric four-wheelers</a>, and 7,000 buses by allowing on-road pricing to be reduced by about 35%. Under Fame-II, an additional 10,000 crore has been set out for EV charging stations. At least 64 EV manufacturers had signed up to earn subsidies as of October 2022.

The first-ever policy on battery insurance ensures performance coverage for up to 60,000 km and protects battery life for up to four or five years.

ACKO General Insurance launches this move to increase EV's affordability

Prashant

Pure EV on Monday announced its plan to launch an initial public offering (IPO) in 2025 and become the second electric vehicle (EV) manufacturer to go public in India. The Hyderabad-based EV manufacturer said in a statement that it has been operationally profitable for the past two years and expects a 20 times increase in revenue to INR 3,000 Cr over the next four years.&nbsp; Furthermore, the company claims that for the previous three years, it has sustained positive cash flows without relying on FAME subsidies. It is to be noted that the company was a loss-making organisation as of its most recent financial declaration for the fiscal year 2022-23. For FY23, the company’s revenue from operations was recorded at INR 131.28 Cr, a 42% decrease from INR 225.98 Cr in FY22. Moreover, the company has also posted a loss of INR 9.32 crore in the year.&nbsp; Nishanth Dongari and Rohit Vadera founded the firm in 2015. Currently, the company makes electric bikes and scooters under the names ePluto 7G MAX, ETRANCE Neo+, ePluto 7G, ecoDryft 350, and 3TrystX. The business says that its solutions presently account for 7% of the EV market at the regional transport office (RTO) level. In addition, the company has also established an EV and battery production facility in Telangana spanning over 1 lakh square feet. The business hopes to deliver solid-state battery technology in FY26 with the UK-based engineering firm PDSL. Announcing the company's IPO plans, Vadera stated, "As we embark on our journey towards a significant IPO in 2025, we are excited to continue driving the electric revolution in India. Our dedication to innovation and sustainability has established PURE EV as an industry leader in the electric two-wheeler category." The company's public market debut announcement comes as it nears the end of its $25 million Series A1 investment round. Earlier in February, the company announced that it had secured $8 million in finance led by Bennett Coleman and Company Limited and Hindustan Times Media Ventures, among others.&nbsp;

The company's public market debut announcement comes as it nears the end of its $25 million Series A1 investment round.

Pure EV to launch IPO

Pure EV to launch IPO, aims to become second listed EV Manufacturer in India

The Chinese Original Equipment Manufacturer (OEM) <a href="https://evindia.online/electric-vehicle-companies/byd-india-ev" rel="noopener noreferrer" target="_blank" style="background-color: transparent; color: rgb(0, 0, 0);">BYD</a> announced on Saturday that it will increase its investment in R&amp;D to manufacture two-wheeler batteries.&nbsp; While announcing the update, the company’s wholly-owned battery subsidiary FinDream posted on WeChat that it will manufacture reliable and safe batteries for the two-wheeler electric vehicles in the upcoming years. The post reads, “Our mission is to let people use batteries without worries,” According to the reports, the company is expected to collaborate with different third-party stakeholders to produce efficient indoor batteries.&nbsp; At 15.8% of the worldwide EV battery market in 2023, BYD is the second-biggest manufacturer in the world. Until now their batteries were used in electric cars and stationary storages, but after the update, BYD may soon be seen in electric scooters and e-bikes segments as well.&nbsp; Currently in India, BYD operates only in the 4-wheeler segment and plans to further scale the business. However, the ambition to grow further in India saw an impediment when the government rejected BYD’s proposal of investing $1Bn in the Indian domestic market.&nbsp; At the same time, the discussion of EV giant Tesla with the government to enter the Indian EV market has been at its peak. Although earlier, reports have suggested that BYD has overtaken Tesla in sales numbers, the “China-Factor” still holds significance in the Indian policy-making side. For the past few years, the government of India (GOI) has been actively participating to decrease the reliance of India on the import of EV’s raw components from China. The “vocal-for-local”, and “Aatm-Nirbhar Bharat” among many other initiatives have resulted in raising $4.8 billion in the EV industry, according to the latest reports. Moreover, the highly incentivised policies of the GOI&nbsp; to promote local manufacturing from the supply side and subsidies for the customers on the demand side have established an EV ecosystem which BYD may find difficult to penetrate.&nbsp; Meanwhile, it will be interesting to note that markets like Africa where the success of Indian two-wheeler brands has already been established will be able to sustain the transition towards clean energy or not after constantly increasing competition. The update of BYD’s entry into the 2-wheeler segment may counter the unreliability of Chinese products in the world market. Earlier, in the ICE segment, Chinese products were reported to have poor customer satisfaction in the African market. However, BYD’s entry may foster new customer reliability and induce novel competitive challenges for countries like India.&nbsp;

At 15.8% of the worldwide EV battery market in 2023, BYD is the 2nd biggest manufacturer in the world. Until now their batteries were used in e-cars and stationary storages and now it may soon be seen in e-scooters and e-bikes.

BYD to enter the two-wheeler EV market

BYD plans to enter the two-wheeler EV market

The official website of Ampere has introduced the upcoming members of its electric scooter fleet with the tagline “Democratising style and speed for everyone”. The all-new electric scooter is expected to be named name NXG, according to information available. With the launch, the EV giant seems to enter a new higher-budget EV market making their fleets of vehicles available for everyone. The company has hinted at the update on its website and started taking reservations.&nbsp; The NXG's fascia has an LED headlamp and turn indicators located on the apron, and its design elements lean towards youth. The sleek design introduced in the NXG seems to be a nice mixture of family scooter TVS I Qube and the sporty looks of Ather 450X, the company’s traditional fit-for-all design has withheld a perfect balance between the two. The battery pack will be situated beneath the rider's seat, according to the website's teaser photos. Its floorboard appears to have a good amount of area. <img src="https://lh7-us.googleusercontent.com/3sX1r51DQQs4G-QlxZe3JyepiDH0LEuiXNwtn1U9rHW_PhB_KXmm_NT4cMzh7woKUhgfPU4ovqxBo2BbfcAB9SPvxy5C-ZMBFz-t_6htF407elYbegxnNQnSHdBGoy8rkHUeRdmwLT8bZ2V0S0q09wQ" height="292" width="602"> Moreover, the EV is expected to be equipped with a 4kwh battery which may give the vehicle an estimated top speed of 80kmphr. To make it more pocket-friendly, it is anticipated that better finance options and an offer-flexible price will be introduced with the ride. The current products of Ampere provide only 2kwhr battery specification (Ampere Magnus Ex) and 3 kWh (Ampere Primus) specification which has a stronghold in the lower and mid-budget segment of the Indian EV industry. However, the newly announced entry of Ampere is expected to increase the audience pool of the company by competing in the higher-budget segment against Ola S1 pro (2nd generation), Ather 450XPro, TVS I qube S, etc.&nbsp; In addition to LED lighting, the Ampere NXG will have a touchscreen instrument console that may be connected to a smartphone. The belt-driven scooter will also have four riding modes. Concurrently, the hardware will consist of a disc braking system, dual rear springs, and telescopic front forks. Ampere is now operating a ride on the NXG from Kashmir to Kanyakumari. We anticipate that the company will make the formal launch announcement following the aforementioned ride.

The EV is expected to be equipped with a 3-4kw battery which may give the vehicle a top speed of 80kmphr. To make it more pocket-friendly, it is anticipated that better finance options and an offer-flexible price will be introduced

 Ampere launches NXG

Democratising style & speed: Ampere launches NXG to complete its battery capacity fleet?

The <a href="https://evindia.online/electric-vehicle-companies/tata-motors" rel="noopener noreferrer" target="_blank" style="background-color: transparent; color: rgb(0, 0, 0);">Tata</a> Punch EV is scheduled to be launched on January 17. Although the EV's specifications have not been released officially yet, the leaked specifications of the <a href="https://evindia.online/" rel="noopener noreferrer" target="_blank" style="background-color: transparent; color: rgb(0, 0, 0);">EV</a> have recently come to light.&nbsp; Specifications of Tata Punch EV With the Punch EV, Tata will provide two different battery packs: a 35 kWh long-range battery and a 25 kWh medium-range battery. So let's start by discussing the long-range version. The extended-range battery pack is expected to have a stated range of 421 km. It will include electric motors that can generate 190 Nm of torque and 118 horsepower. Additionally, this version will have a peak speed of 140 kmph.&nbsp; Regarding the medium-range Punch EV, its stated range is 315 km. This version's electric motors will have a maximum torque of 114 Nm and 78 horsepower. The Punch EV's medium-range model can reach a peak speed of 110 kmph. In each of these versions, the Punch EV's charging time and capacity will be 3.3 kW AC, 7.2 kW AC, and 50 kW DC fast charging. To start with, the 3.3 kW AC charger for the extended range type would fully charge a battery from 10 to 100% in around 13.5 hours. The 7.2 kW AC charger, meanwhile, would do the same task in five hours. But in just 56 minutes, the 50kWDC rapid charger will reach 10-80%. The 3.3 kW AC will charge the medium-range Punch EV from 10 to 100% in 9.4 hours, while the 7.2 kW AC charger would take 5 hours. Regarding the 50 kW DC rapid charging, the SUV will reach 10-80% capacity in 56 minutes, in line with the long-range model. Apart from the recently disclosed details regarding battery packs and motors, we already know about the unique characteristics the SUV will have. It will have several high-end features from the existing Tata SUV series, such as an illuminated Tata logo on the steering wheel and a touch panel for the AC settings. In terms of features, the Punch EV will have a 10.25-inch touchscreen system, an electronic parking brake with auto hold, ventilated front seats, cruise control, an air purifier, a rotary drive mode selector, six airbags, ESP, and multi-mode regen. What will be the price? Tata has added a lot of additional features to the Punch EV, so the price will likely increase. Pricing (on-road, Mumbai) is anticipated to begin at Rs 13 lakh and go up to Rs 18 lakh. It has the potential to become the nation's best-selling EV in this price category.&nbsp;

The Punch EV will have a 10.25-inch touchscreen system, an electronic parking brake with auto hold, ventilated front seats, cruise control, an air purifier, a rotary drive mode selector, six airbags, ESP, and multi-mode regen

Upcoming Tata Punch EV specifications 

Upcoming Tata Punch EV specifications leaked?

India isn't far behind the rest of the globe when it comes to utilising green energy to lessen its carbon impact. It looks like the nation is making every effort to reach its net zero emission targets.&nbsp; The effort is evident in the nation's adoption of <a href="http://www.evindia.online" rel="noopener noreferrer" target="_blank" style="color: rgb(17, 85, 204); background-color: transparent;">electric vehicles (EVs)</a>, which has increased by almost 50% this year. Data from Vahan as of December 29 indicates that the number of electric vehicle registrations in the nation increased from 10.25 lakh units in 2022 to 15.13 lakh units in 2023. <a href="https://evindia.online/electric-two-wheelers" rel="noopener noreferrer" target="_blank" style="color: rgb(17, 85, 204); background-color: transparent;">Two-wheelers</a> are still at the forefront of the EV market. In 2023, the number of two-wheeler electric vehicle (EV) registrations in the nation increased by 34% YoY to 8.49 lakh units. This rise occurred in spite of the fact that the government fined original equipment manufacturers (OEMs) crores of dollars and that more than a dozen firms in the category were embroiled in FAME-II scandals. Therefore, if the FAME-II debacle had not occurred, the sales rise may have been substantially greater. In the meanwhile, there was a significant consolidation in the market in 2023. Even while sales of electric two-wheelers rose, just a small number of companies—either well-funded startups or established automakers—ruled the market this year. For example, the IPO-bound Ola Electric, helmed by Bhavish Aggarwal, saw an over 140% increase in car registrations in 2023, from 1.1 lakh units to 2.62 lakh units.&nbsp; In the same vein, Ather Energy saw a more than threefold increase in its vehicle registrations to 1.04 lakh units this year after raising almost INR 1,000 Cr in new capital. Conversely, an established participant in the two-wheeler market TVS Motors has become a prominent figure in the electric vehicle (EV) space this year, as its vehicle registrations have increased by 250% year over year to 1.65 lakh units by 2023. The number of EV registrations for Hero MotoCorp and Bajaj Auto increased significantly as well.&nbsp; Even though several of 2023's best players had a slow start to the year due to FAME-II scandals, they were able to pick up steam by August. YoY sales increases were recorded by BGauss, iVOOMi Energy, Kinetic Green, Lectrix EV, and Okaya, among other names.&nbsp; But this year, the biggest names in the industry, such as Okinawa Autotech, PureEV, Hero Electric, Ampere, and electric motorbike maker Revolt, lost a lot of their allure. <img src="https://lh7-us.googleusercontent.com/FpBfEbSqh8X15Bmg6im03wGIg5zFTiKLrBQBKjbAOaRmTL1MeGYOGYj4HjYqWUg4lfUQIdDCwKAgyLsTt-ID3wRyV3DK0ngHDHUUVQSilgdJeHQGuYiKKDfMI3UWB0HQU0aWQR-fWydWrzE2nLPjIsM" height="787.0000000000001" width="602"> Let's examine the performance of a few of the leading manufacturers of electric two-wheelers in 2023 as well as their month-to-month trends over the previous three months: Nevertheless, even if the market for electric two-wheelers sold a record number of automobiles this year, the growth rate obviously decreased. Over 300% YoY, or 6.31 lakh units, more electric two-wheeler registrations were made last year. The increase was more than 400% YoY in 2021. Citing some experts, Inc42 reported that one of the biggest obstacles to India's EV development narrative this year was the FAME-II subsidy problem.&nbsp; For example, earlier this year, Vinkesh Gulati, chairman of research and academy at the Federation of Automobile Dealers Associations (FADA), informed us that it is highly challenging to adhere to localization norms in a country like India, which is heavily dependent on imports of batteries and cells for EVs due to a lack of resources, raw materials, and infrastructure. Gulati had stated that the FAME-II programme was the greatest way to boost sales, but that certain firms are currently put off by it. The sector cannot develop by relying just on subsidies, other industry participants added at the time, and it was necessary to crack down on EV companies that acted more as importers of parts than as manufacturers of vehicles tailored to India's roads and climate. What 2024 holds? Increased government support for electric vehicles (EVs), technological advancements, and growing public awareness of the need to reduce pollution are all predicted to contribute to EV sales growth in 2024. It is anticipated that wealthy entities capable of surviving without government assistance would prevail in this competition. Additionally, as support for the other sub-segments has grown, there may be a reduction in private investment for EV OEMs. The electric two-wheeler market, which is now crowded with over 200 firms, may see consolidation moving ahead as technology improves and consumers choose higher-quality goods, according to the report by Inc42.&nbsp; The market for electric two-wheelers is now being entered by an increasing number of electric motorbike companies, which is expected to drive up sales of two-wheeler EVs in the upcoming years.&nbsp; While well-known brands like Royal Enfield are preparing for the debut of electric vehicles, other startups are also attempting to upend the Indian motorbike industry. Several VC-backed businesses, including Ultraviolette, Orxa Energies, Matter, and Oben Electric, anticipate beginning or significantly increasing delivery of their electric bikes in 2024. Next year, Ola Electric also plans to introduce its line of electric motorcycles. Mohal Lalbhai, the founder and CEO of Matter, stated in an interview that while there is a growing demand among motorbike riders to switch to electric vehicles, there is a shortage of quality, reasonably priced mass-market products, Inc42 reported.

Discover India's remarkable 2023 EV journey: a 50% rise in registrations with key players like Ola Electric and Ather Energy leading. Despite FAME-II challenges, the electric two-wheeler market thrives towards a sustainable future.

2023 Indian EV Industry Review: Record Growth and Market Shifts in Electric Two-Wheelers

2023 EV wrap: All updates of Indian EV industry 

Bhavik EV

On the eve of its August 15 Consumer Day, <a href="https://evindia.online/company/ola-electric" rel="noopener noreferrer" target="_blank" style="background-color: transparent; color: rgb(17, 85, 204);">Ola Electric</a> showcased a variety of <a href="https://evindia.online/" rel="noopener noreferrer" target="_blank" style="background-color: transparent; color: rgb(17, 85, 204);">electric vehicle</a> (EV) <a href="https://evindia.online/vehicles?type=5" rel="noopener noreferrer" target="_blank" style="background-color: transparent; color: rgb(17, 85, 204);">two-wheelers</a> at its "End of ICE Age Event, Part I." During the ceremony, Ola Electric CEO Bhavish Aggarwal highlighted that over the previous two years, the two-wheeler EV penetration market in India increased from less than 2 per cent to almost 20 per cent. "Nobody in India was considering EVs two years ago. Regarding the country's EV market, there was scepticism. According to him, India now has more than 20% of scooters are electric. Aggarwal also expressed gratitude to the nation's first EV adopters. The business presented a number of EV scooters, motorbikes, and even a super-sports bike during their "End of ICE Age Event, Part I." It introduced the Ola S1 X scooter, which will be offered in two variations and has a 150-kilometre range promise. According to the business, the improved vehicle has superior thermal performance, a lighter and more effective battery pack, and increased safety. At the occasion, the two-wheeler EV maker also unveiled MoveOS 4, a new upgrade whose beta version will be accessible starting on September 15. During the ceremony, 100 new customer care centres were also opened. At the ceremony, the pricing of its other EV scooters was also disclosed. Priced at Rs 1,47,499 for the Ola S1 Pro and Rs 1,19,999 for the Ola S1 Air, respectively. The Ola S1 X+ has an MSRP of Rs. 1,09,999, however, it is now on sale for Rs. 99,999 through August 21. The Ola S1 X will cost Rs 99,999, but it is presently on sale for Rs 89,999 till August 21. Up till August 21, the Ola S1 X (2kw) is available for an introductory price of Rs 79,999. Aggarwal emphasised the company's achievements in the EV market and referred to India as the "Ground Zero of the EV Revolution" while asserting that the country's EV revolution has only begun.&nbsp; The CEO pressed further on the significance of electric vehicles (EVs) in the Indian market, stating that "buying EVs is not only good for the environment, but it is also good for the pocketbook. The EV revolution is a technological disruption, and India can become a worldwide centre for EVs by taking the lead in emerging fields.&nbsp; At the ceremony, Ola Electric also presented its first lithium cell. "By developing our own energy technology, we can control our own fate in the future. As he ignited a diya on stage at the occasion using a lithium cell”, Aggarwal declared, "We have to produce the future technology in India”. According to the CEO, it will be included in vehicle updates starting in 2019. At the occasion, the business also debuted the highly anticipated Cruiser, Adventure, and Roadster series of electric bikes. The super-sports EV motorbike, named Diamond Head, which was presented just before the event ended and left attendees in amazement, was the event's star attraction. Aggarwal stated that the super-sports motorbike will "truly define what super sports biking is across the world" when presenting it to the general audience. India will develop motorcycle technology in the future.

The all-new Ola S1 X scooter, will offer two variations and has a 150-kilometre range. It also has superior thermal performance, a lighter and more effective battery pack, with increased safety.

Ola unveils pocket-friendly E-scooters

Ola unveils pocket-friendly E-scooters, shows glimpses of new bike 

The union government has ordered seven <a href="https://evindia.online/scooter" rel="noopener noreferrer" target="_blank" style="background-color: transparent; color: rgb(17, 85, 204);">two-wheeler EV</a> manufacturers to repay INR 469 Cr in subsidies for violating localization requirements under the Faster Adoption and Manufacturing of <a href="http://www.evindia.online" rel="noopener noreferrer" target="_blank" style="background-color: transparent; color: rgb(17, 85, 204);">Electric Vehicles</a> (FAME)-II plan.&nbsp; According to sources cited by The Hindu Businessline, the Centre has ordered significant domestic companies like Hero Electric, Okinawa, Ampere, and Revolt, among others, to repay the subsidies. Citing a government official the report stated, if the money is not refunded, the offending firms will be removed from the programme in the following seven to ten days, and they won't be permitted to take part in the programme again.&nbsp; As per the research, Hero Electric would be required to pay the largest amount—INR 133.48 Cr—while Ampere would be the second-highest—INR 124.91 Cr. Okinawa is responsible for reimbursing subsidies of INR 116.85 Cr.&nbsp; The crackdown follows a Ministry of Heavy Industries (MHI) inquiry that showed the seven EV producers took advantage of "fiscal incentives under the scheme by violating the norms," according to MHI, which is the nodal organisation for the scheme. According to the Scheme's regulations, incentives were permitted to be used to produce EVs using parts produced in India. However, it was discovered during the inquiry that these seven enterprises had utilised imported parts, an MHI official informed the magazine.&nbsp; The Prime Minister's Office (PMO) was encouraged by Hero Electric, Benling Motors, and Ammo Mobility the previous day to pressure the MHI to settle the issue since the fines might force EV OEMs to declare bankruptcy. The FAME-II programme, introduced in 2019 with a total investment of INR 10,000 Cr, sought to increase EV adoption in the nation by providing subsidies for 55,000 <a href="https://evindia.online/vehicles?type=3" rel="noopener noreferrer" target="_blank" style="background-color: transparent; color: rgb(17, 85, 204);">electric four-wheel</a> passenger vehicles, 7,000 electric buses, 10 lakh electric two-wheelers, and 5 lakh <a href="https://evindia.online/vehicles?type=4" rel="noopener noreferrer" target="_blank" style="background-color: transparent; color: rgb(17, 85, 204);">electric three-wheelers</a>. The government discovered, however, that several EV two-wheeler producers submitted claims for subsidies without following the laws requiring localization.&nbsp; After then, the government stopped giving several of the players subsidies. Since then, EV industry organisations and individual individuals have written to the government to complain about its actions, claiming they are harming the nation's EV goals. The administration, though, has persisted in its position. After wrongdoings were discovered, the MHI also reduced incentives under the FAME-II plan from 40% to 15% of the ex-factory price of an EV two-wheeler. The demand incentive was also lowered from INR 15,000 per kWh to INR 10,000 per kWh.

According to the Scheme's regulations, incentives were permitted to be used to produce EVs using parts produced in India. However, it was discovered during the inquiry that these seven enterprises had utilised imported parts

Govt plans to recover Rs469 Cr from EV players

Govt plans to recover Rs469 Cr from Okinawa, Hero Electric and other EV players under FAME-II fiasco

To solve the crucial issue of sustainable battery disposal in the <a href="https://evindia.online/" rel="noopener noreferrer" target="_blank" style="background-color: transparent; color: rgb(17, 85, 204);">electric vehicle</a> sector, Altigreen, a producer of electric <a href="https://evindia.online/vehicles?type=4" rel="noopener noreferrer" target="_blank" style="background-color: transparent; color: rgb(17, 85, 204);">three-wheelers</a>, has signed a strategic agreement with Lohum, a top provider of sustainable energy transition materials. The partnership intends to minimise the carbon footprint of Altigreen's electric vehicles while promoting ethical and sustainable practices within the electric mobility industry. The collaborators will create a cutting-edge framework for fulfilling Alitgreen's goals for ethical battery recycling and disposal. Alitgreen will be able to easily accomplish these objectives thanks to Lohum, an Extended Producer Responsibility (EPR) partner recognised under India's Battery Waste Management Rules (BWMR 2022). In accordance with this cooperation, Lohum will recycle Altigreen electric vehicle end-of-life batteries using its 'NEETM' technology, recovering 95% of high-purity battery raw materials that may be utilised to create new batteries. Over the next three years, the cooperation will allow it to recycle 1 GWh of Altigreen EV freight vehicle batteries, significantly reducing battery waste and maximising resource use. Founder and CEO of Altigreen, Dr. Amitabh Saran, stated, "At Altigreen, we believe that sustainability is at the heart of our purpose. Through this agreement, we will be able to manage our electric car batteries properly, limiting waste and the environmental effect of our operations. "We are thrilled to work with Altigreen Propulsion Labs, a company that shares our vision for a greener and more sustainable future," stated Rajat Verma, the founder and CEO of Lohum. We want to assist Altigreen in its dedication to circular economy principles and boost the general expansion of the EV sector with our experience in battery recycling.

 Lohum will recycle Altigreen electric vehicle end-of-life batteries using its 'NEETM' technology, recovering 95% of high-purity battery raw materials that may be utilised to create new batteries

Altigreen join hands with Lohum

Altigreen join hands with Lohum for recycling EV batteries

The first-ever policy on battery insurance ensures performance coverage for up to 60,000 km and protects battery life for up to four or five years.  | EV Marketplace

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