Customers of EVs can purchase their EVs without batteries under the BaaS model, lowering the scooter's initial cost. After that, the battery is given to you in the form of a lease or subscription.

Bounce and SUN Mobility plan to roll out 30,000 electric scooters

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Manufacturer of <a href="https://evindia.online/electric-scooters" rel="noopener noreferrer" target="_blank" style="color: rgb(17, 85, 204); background-color: transparent;">electric scooters</a> <a href="https://evindia.online/electric-vehicle-companies/bounce-infinity" rel="noopener noreferrer" target="_blank" style="color: rgb(17, 85, 204); background-color: transparent;">Bounce Infinity</a> with the help of energy infrastructure provider SUN Mobility is ready to rollout over 30,000 Bounce Infinity scooters that will be installed in major cities throughout the nation by February, beginning in Bangalore and Hyderabad and moving on to Mumbai, Pune, and Delhi NCR. According to a joint media statement released by the companies on January 18, SUN Mobility will use both the Mobility-as-a-Service (MaaS) and Battery-as-a-Service (BaaS) models to deploy these two-wheelers. With the help of energy infrastructure provider SUN Mobility and ing company Bounce Infinity, over 30,000 Bounce Infinity scooters will be placed in strategic locations around the nation by February, beginning in Bangalore and Hyderabad and moving on to Mumbai, Pune, and Delhi NCR. Customers of electric vehicles (EVs) can purchase their EVs without BaaS model, lowering the scooter's initial cost. After that, the battery is given to you in the form of a lease or subscription. Scooters will also be made available on a subscription basis with monthly or quarterly rent under the MaaS concept. According to Vivekananda Hallekere, CEO of Bounce Infinity, "This partnership is timely since the electric two-wheeler industry in India is expected to grow rapidly, possibly reaching 80% of the market by 2030."

Prashant

Centre is currently not considering any recommendations to increase the subsidy per electric vehicle (EV) because EV sales are not slowing down, Union Minister for Heavy Industries HD Kumaraswamy told the Parliament on Friday during question hour. Additionally, Kumaraswamy stated that there are no immediate plans to change the criteria of the automobile industry's production-linked incentive (PLI) scheme. The minister further informed the Parliament that as of July 31, 2024, claims for 16,71,606 EVs totalling ₹6,825 crore had been filed by the OEMs under the second phase of the FAME India Scheme for repayment of subsidies. Additionally, under the FAME-II Scheme, 6862 electric buses were approved for intra-city operations by various cities, STUs, and State Government organisations. As of July 31, 2024, 4,853 e-buses from a total of 6,862 have been delivered, Kumaraswamy said. The interim electric vehicle program the Electric Mobility Promotion Scheme (EMPS) was recently extended for an additional two months by the Ministry of Heavy Industries. The EMPS was introduced on April 1, 2024, with ₹500 crore budget to absorb the shock created by the conclusion of the FAME-2 subsidy. Since the FAME II scheme expired in March and the new FAME scheme could not be unveiled until after the elections, the EMPS was originally only supposed to last for four months. With a ₹10,000 crore budget, the government has created a draft plan for FAME III; however, reports indicate that the scheme's finalisation may take longer, CNBC TV 18 reported

MHI: Centre has no immediate plans to change the criteria of the production-linked incentive (PLI) scheme or increase the subsidy on EVs.

No increase in EV subsidy as EV sales continue to grow

No increase in EV subsidy as EV sales continue to grow: MHI to parliament

The budget for 2024–2025, is a critical opportunity to boost the electric vehicle (EV) market in India, according to Oben Electric. One of the main issues in the two-wheeler segment is the inverted duty structure. Right now, the higher raw material GST rates (18–28%) compared to the lower finished vehicle GST rate (5%), are causing cash flow problems for producers.&nbsp; Due to these discrepancies, the working capital demands and expenses have risen significantly. By taking account of the problem, solving this disparity may lower expenses for both producers and buyers, accelerating the adoption of electric vehicles. As part of the government's clean transportation agenda, Oben Electric believes that this problem will be addressed in the upcoming budget. Furthermore, if states used a uniform GST certification procedure would improve corporate operations worldwide. Oben Electric highlights that solving this inverted duty structure will mitigate reliance on imports and bolster the 'Make in India' campaign. Promoting domestic manufacturing boosts industry expansion and resistance to shocks. Meanwhile, to further improve the industry, programmes for specialised EV engineers and technicians must also be implemented that can provide a workforce with the necessary skills to advance the sector. Moreover, enhancing investor confidence and drawing significant investments into India's electric mobility industry also depends on maintaining regulatory stability and transparency. Oben Electric also advocates for taking the reach of EV infrastructure beyond urban centres to towns and villages. It highlights the necessity to improve research and development in sustainable materials and effective production methods. These actions will reaffirm India's dedication to environmentally friendly transportation. Additionally, the business offers a long-term FAME III subsidy programme with streamlined application procedures. This would guarantee more EV player engagement without needless obstacles, promoting industry expansion. A representative for Oben Electric said, "We hope the budget will address this disparity to reduce the burden on manufacturers, eventually transferring the cost-benefit to the consumer." India can become a worldwide leader in electric transportation solutions and realise its goals of Atmanirbhar Bharat and Viksit Bharat by putting these policies into practice. The forthcoming budget offers a chance to usher in a new phase of rapid growth for India's electric vehicle industry.

One of the main issues in the two-wheeler segment is the inverted duty structure. Right now, the higher raw material GST rates (18–28%) compared to the lower finished vehicle GST rate (5%), are causing cash flow problems for producers. 

Oben Electric seeks EV sector reform

Budget 2024 in pipeline: Oben Electric seeks EV sector reform

To hold off on releasing the Xiaomi SU7, Xiaomi EV, the company's automobile division, informed prospective buyers and order holders that it is aiming to increase manufacturing capacity. In a message to order holders posted on Weibo today, Xiaomi EV stated that the delivery ramp-up for the Xiaomi SU7 is progressing well. The facility began double-shift manufacturing in June, and deliveries have already topped 10,000 units in a single month. Since July 1, Xiaomi EV has further expedited the delivery of its SU7 series, cutting wait times after orders are locked in by up to five weeks, the company stated. “To be ready for more capacity ramp-up, we will soon be starting a fresh round of manufacturing line optimisation and maintenance,” said Xiaomi EV. In an attempt to reassure buyers, Xiaomi EV stated that the manufacturing line optimisation will not impact its July delivery target of over 10,000 units. With three versions—standard, Pro, and Max and with beginning costs of RMB 215,900 ($29,700), RMB 245,900, and RMB 299,900, respectively, Xiaomi unveiled its first model, the SU7, on March 28. Moreover, April 3 marked the start of SU7 basic and Max version deliveries, while SU7 Pro deliveries started in May. Customers who presently buy the Xiaomi SU7 will have to wait over 30 weeks for delivery, according to statistics tracked by CnEVPost. The model has seen remarkable success since its inception. According to Xiaomi management's prior statement, Xiaomi EV intends to produce over 100,000 units by 2024 and surpass the 120,000 unit delivery objective. Xiaomi EV stated yesterday that it has shipped over 10,000 SU7 devices, however it did not specify how many. Listed in Hong Kong In the upcoming days, Xiaomi is anticipated to make an official announcement with precise SU7 delivery numbers.

With three versions—standard, Pro, and Max and with beginning costs of RMB 215,900 ($29,700), RMB 245,900, and RMB 299,900, respectively, Xiaomi unveiled its first model, the SU7, on March 28.

Xiaomi EV accelerates manufacturing capacity

Xiaomi EV accelerates manufacturing capacity to deliver SU7 on time

Prashant Sha

In February 2024, the Indian market for <a href="https://evindia.online/electric-two-wheelers" rel="noopener noreferrer" target="_blank" style="background-color: transparent; color: rgb(17, 85, 204);">electric two-wheelers (E2Ws</a>) had a notable spike in registrations, suggesting a strong 24% annual increase in high-speed scooters. Vahan data indicates that this increase is a reflection of the rising popularity of electric vehicles in the nation, where major firms are making progress in this rapidly developing industry. High-speed E2W registrations continued their consistent month-over-month trend in February, totalling 81,963 units. It's important to note that February's extra day helped to spur this expansion. The average monthly run rate for the current fiscal year is 73,190, a notable 21% increase over the average of 60,500 units for the last fiscal year. The market momentum for electric two-wheelers (E2Ws) has continued, as seen by the 5.7% penetration rate in February 2024—a minor rise from 5.6% in January. With 33,722 units registered, Ola Electric continued to lead the pack in February 2024. Ola Electric not only had the most registrations, but it also held a commanding 41.1% of the market. A calculated price decrease in the last fifteen days of the month served to reinforce this achievement even further. Notable companies including TVS Motor, which had a 17.7% market share, Bajaj Auto, which had a 14.2% share, and Ather Energy, which had an 11% share, came after Ola Electric. Three percent of the market was taken up by Greaves Electric, formerly known as Ampere.

The market momentum for electric two-wheelers (E2Ws) has continued, as seen by the 5.7% penetration rate in February 2024—a minor rise from 5.6% in January.

ndian 2W EV market observes 24%

Indian 2W EV market observes 24% surge in February. Ola remains at top

By 2030, India's annual sales of <a href="https://evindia.online/" rel="noopener noreferrer" target="_blank" style="background-color: transparent; color: rgb(17, 85, 204);">electric vehicles</a> are projected to be close to 20 million units, with the majority of those sales coming from electric two- and three-wheelers. According to Kaushik Madhavan, Global Head and Vice President, of the&nbsp; Consulting, Automotive and Transportation, MarketsandMarkets Research, "Growth in EV volumes will be driven by increased model availability, positive customer sentiments, and push from governments." By then, <a href="https://evindia.online/scooter" rel="noopener noreferrer" target="_blank" style="background-color: transparent; color: rgb(17, 85, 204);">electric two-</a> and <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> are anticipated to contribute more than 90% of the yearly volumes. From 0.6 million in 2022 to 0.8 million in 2023, 1.1 million in 2024, and 14.4 million in 2030, sales of electric two-wheelers are predicted to increase.&nbsp; He predicted that mass, individual, and shared transit will all play a significant role in India's electrification in the years to come. "While the most recent FAME subsidy reduction has had an impact on the sales of electric two-wheelers, I think it just has a passing effect. I'm hopeful that things will get better and that the volume will go up. Electric two-wheeler OEMs are now focusing on affordable electric two-wheelers for the Indian market after the FAME II subsidy was lowered, he said. According to Madhavan, new business models are beginning to emerge in India's electric mobility sector, and localised aggregate development for EVs is reducing dependency on imports and developing domestic competencies and skills. The creation of Centres of Excellence for e-mobility solutions is one of the crucial models. In R&amp;D for EV aggregates for local and international markets, EV OEMs from all categories are spending. Additionally, collaborations are being established for data analytics/predictive maintenance products with academic institutions and technological start-ups. The best course of action, according to him, is to concentrate on developing in India the skill and expertise necessary to provide cost-effective solutions exclusively for Indian clients. Other methods include prioritising motor technology and segment clusters, collaborations with microfinance &amp; NBFCs to help the purchase of electric two and three-wheelers in Tier 2 &amp; 3 locations, and fleet electrification through institutional captive sales. The circular economy will also play a major role in the development of e-mobility. According to Madhavan, one of the main elements influencing future investment in India would be the circularity of the whole value chain.

From 0.6 million in 2022 to 0.8 million in 2023, 1.1 million in 2024, and 14.4 million in 2030, sales of electric two-wheelers are predicted to increase. 

Ev sales in India expected to reach 20 million

Ev sales in India expected to reach 20 million by 2030

Elon Musk-led electric company Tesla's much-awaited India plan suddenly seems to be building up pace after stalling for a time. The discussions are reportedly being spearheaded by India's Ministry of Trade and Industry. The objective of the government is to offer a "good deal" while maintaining parity. The goals Tesla has for India are consistent with the "Make in India" programme of the government. The company plans to produce 500,000 cars yearly in India, with a starting price of roughly Rs. 20 lakhs, according to sources. If Tesla can achieve its production goals, it would have a significant positive impact on the Indian automotive industry. The company's investment would result in the creation of thousands of jobs across the country. In addition to building automobiles in India, Tesla intends to invest in the country's charging infrastructure. The company reportedly intends to build a network of Superchargers around the country. A Tesla presence in India would be a huge step forward for the electric vehicle industry there. The establishment of the company will hasten the adoption of <a href="https://evindia.online/" rel="noopener noreferrer" target="_blank" style="background-color: transparent; color: rgb(17, 85, 204);">EVs</a> in India. In addition to using China as an export base, the company reportedly aims to leverage India to reach consumers in the Indo-Pacific region. According to sources, Tesla has supplied us with a bold plan that involves both local manufacturing and exports, so "we are optimistic that the outcome is going to be positive this time around." The company's plans to invest in India have recently changed as a result of Musk's conversation with PM Modi during the latter's recent visit to the US on official business. Musk, who had previously described himself as a "fan of Mr Modi," admitted that the PM had been urging him to grow his stake in India after their meeting. It is obvious that Mr Modi cares about India since he is pressing us to make significant investments there, which is something we want to do. Only the ideal time is being sought. "I am confident that Tesla will launch in India and will do it as soon as humanly possible," said Musk on June 21.

The company plans to produce 500,000 cars yearly in India, with a starting price of roughly Rs. 20 lakhs, according to sources. If Tesla can achieve its production goals, it would have a significant positive impact on the Indian automotive industry

Tela is all set to enter India

Tela is all set to enter India: EV may cost around Rs20 Lakhs

Greaves Finance Ltd., the non-banking financial company (NBFC) subsidiary of Greaves Cotton Ltd., has recently introduced "evfin," an innovative financial platform aimed at transforming the landscape of <a href="https://evindia.online/" rel="noopener noreferrer" target="_blank" style="color: rgb(17, 85, 204); background-color: transparent;">electric vehicle</a> (EV) financing and beyond. This move comes at a vital time when the EV business is ready to play a crucial part in the progress to efficient green energy. The domestic EV market is projected to grow at a compound annual growth rate (CAGR) of 49% between 2022 and 2030, as stated in the Economic Survey 2023. According to the survey, India's annual sales of electric vehicles will reach a staggering one crore units by 2030. It is essential to address the entire lifecycle of EV use by consumers in order to accelerate the adoption of electric vehicles and facilitate the transition to sustainable mobility. Recognizing this need, "evfin" has been designed to offer a range of innovative experiences, ensuring an enhanced EV journey throughout the ownership lifecycle by providing accessible and cost-effective financing options. Nagesh Basavanahalli, Vice Chairman of Greaves Cotton Ltd., expressed his enthusiasm for the launch of "evfin" and emphasized the company's commitment to creating a comprehensive ecosystem for diverse last-mile mobility. By introducing this sustainable financing platform on World Environment Day, Greaves Cotton Ltd. is reinforcing its dedication to sustainability and supporting the global efforts towards a greener future. Sandeep Divakaran, ED &amp; CEO of Greaves Finance Ltd., highlighted the significance of "evfin" as India's first consumer finance technology platform fully dedicated to electric mobility and sustainable solutions. With the integration of advanced digital lending capabilities, innovative asset management technology, and a nationwide reach, "evfin" aims to provide an exceptional and tailor-made experience for EV customers. The primary goal is to democratize access to electric vehicles by offering the most cost-effective financing options available in the market. By providing an end-to-end lifecycle experience for EV owners, "evfin" ensures a unique and seamless ownership journey throughout their usage of electric vehicles. <h2>What do we think?</h2> As the demand for electric vehicles continues to rise and the government focuses on promoting clean energy solutions, initiatives like "evfin" play a vital role in supporting the transition to a greener and more sustainable future. Greaves Finance Ltd. is poised to make a significant contribution to this transformative journey by empowering individuals and businesses to embrace electric mobility through their innovative financing platform, "evfin." It is anticipated that the introduction of "evfin" will have a profound effect on the market for <a href="https://evindia.online/company/ampere" rel="noopener noreferrer" target="_blank" style="color: rgb(17, 85, 204); background-color: transparent;">electric vehicles</a> (EVs), making electric vehicles more affordable and accessible to a wider range of customers. The sudden hike in EV two wheeler prices due to the introduction of FAME II this year, is also an issue to be addressed by this innovation. By funding difficulties related with electric versatility, Greaves Money Ltd. is adding to the development and advancement of the sustainable transportation ecological system in India. Other companies should take inspiration from this breakthrough and innovate their own NBFC products that can help consumers to afford an EV with ease. By this way, the EV adoption in India will certainly get a boost.

Greaves Finance Ltd., the non-banking financial company (NBFC) subsidiary of Greaves Cotton Ltd., has recently introduced "evfin," an innovative financial platform aimed at transforming the landscape of electric vehicle (EV) financing and beyond. 

Greaves Finances Ltd. Launches Evfin: A New Breakthrough towards EV Adoption

Greaves Finances Ltd. Launches Evfin

Somsubhra Chowdhury

By July 2022, there has been well over 13 lakh electric cars on Indian roads. This is a phenomenal increase in just a couple of years. To suggest that EVs are the automobile sector's fate is no longer an understatement. The Indian government introduced the Production Linked Incentive plan for battery production in May 2021 to lower the cost of the essential part of electric cars. Electric mobility was included in the PLI program for automobiles and equipment in September 2021, with a significant financial commitment for the next five years. <a href="https://evindia.online/product/tata-motors-nexon-ev-xe" rel="noopener noreferrer" target="_blank" style="color: rgb(17, 85, 204);">Electric car</a> sales now only incur a 5% Goods and Services Tax (GST), down from 12%. State governments have urged the Ministry of Road Transport &amp; Highways to exclude electric car purchases from paying road taxes. For instance, Maharashtra has provided a road tax incentive for electric vehicles up to Rs 1.5 lakh. Consumers are also permitted to discount an extra Rs 1.5 lakh for interest paid on loans made to buy electric automobiles. While these initiatives are commendable, additional incentives like this would encourage people to adopt electric cars. Following are some significant initiatives projected from the Union Budget 2023: <h2>Until March 2025, interest on loans used to buy electric vehicles will still be deductible</h2> Currently, a statutory exemption of Rs 1.5 lakh per year is available for loan interest approved for the adoption of EVs up to March 31, 2023. This reduction is valid until the consumer finishes the loan used to purchase the electric car. Consumers may anticipate a two-year renewal of this tax advantage, which will apply to loans approved up to March 31, 2025. Please be aware that certain electric vehicles are eligible for this reduction; hybrid electric vehicles are not. <h2>The establishment of a one-time income tax break for the purchase of an Electric Vehicle</h2> The government must take into account a one-time tax break when calculating tax liability for owners of newer electric vehicles during the year of the sale itself to give the electric vehicle movement some momentum. <h2>Including electric cars under the scope of the necessary regulations</h2> According to current income-tax legislation, a perk worth in possession of an individual that has been given a motor vehicle to be used by the company partially for government and partially for subjective reasons is regarded as chargeable. The recommended requirement amount falls into two groups; it is somewhat greater if the car's engine size is more significant than 1,600cc. More businesses will be able to purchase and distribute these electric vehicles for workforce usage as a result of this interpretation without worrying about denying their workers of the tax concessions perquisite value or risking legal action for using the wrong perquisite value for taking away tax objectives. <h2>GST charges for Electric vehicle conversion kits are being reduced</h2> A sizable group of current combustible fuel-powered engine vehicle consumers might not be ready to switch to electric automobiles. Electric vehicle conversion kits are extremely important to make switching to EVs affordable. If the GST rate were reduced to 5% in connection with the price of electric vehicles, this would greatly assist this section of vehicle holders looking to jump on the e-mobility bandwagon. Presently, GST records a sensible part of the cost when buying an EV conversion kit, which is 18%.Additionally, the justification for the electric mobility sector has solidified after the unprecedented high spike in fuel prices. We must observe if the government can persuade more people to embrace electric vehicles, as the Central Budget is just around the door. So, if you plan to buy an electric vehicle, this year would be perfect. India is already accounting for a massive rate of reliance on EVs for the past couple of years; make sure you are not left behind. To ensure your knowledge of Electric vehicles and if you are planning to buy one, you should surely <a href="https://evindia.online/" rel="noopener noreferrer" target="_blank" style="color: rgb(17, 85, 204);">follow us</a> for more details &amp; assistance.

How will the 2023 budget be best for you to buy an EV?

How will the 2023 budget be helpful for you to buy an EV?

By July 2022, there has been well over 13 lakh electric cars on Indian roads. Lets know why 2023 budget will be helpful for you if you are planning to buy an EV.

Customers of EVs can purchase their EVs without batteries under the BaaS model, lowering the scooter's initial cost. After that, the battery is given to you in the form of a lease or subscription.  | EV Marketplace

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