June's 45,734 units indicate a 56.58% decrease month-over-month after the industry's best-ever performance in May 2023 

E-two-wheeler sales show significant dip to 45,734 units in month of June 

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The retail sales total for the <a href="https://evindia.online/scooter" rel="noopener noreferrer" target="_blank" style="background-color: transparent; color: rgb(17, 85, 204);">electric two-wheeler</a> market in India for June 2023 is 45,734 units, the Vahan portal stated. June's 45,734 units indicate a 56.58% decrease month-over-month after the industry's best-ever performance in May 2023 (105,338 units), which was attributed to a buyer rush in the last week of May to take advantage of the 40% FAME subsidy before it was lowered to 15% on June 1.&nbsp; June 2023 retail sales were at the same level as June 2022 (44,380 units). In August 2022 (52,225 units), electric two-wheeler retail sales in India reached 50,000 units for the first time. In the holiday shopping month of October 2022 (77,250 units), they surpassed 75,000 units. In the fiscal year that ends in March 2023, this record was surpassed (86,283 units). With 39,637 units or 86.66% of the market's total sales in June, the top eight e-two-wheeler OEMs maintained their lead over the competition. Additionally, companies have seen pressure from decreasing sales as a result of the cut in the FAME subsidy. Ola Electric, which continues to have a commanding market share (38%), sold 17,552 units last month, down 39% from the previous month (May 2023: 28,629 units). TVS Motor Co. remains in second place with 7,791 iQube e-scooters sold in May, a 62% drop from the 20,397 units sold in May 2023. Following it are Bajaj Auto with 2,966 units (down 54% from 9,965 in May 2023) and Ather Energy with 4,540 units (down 49% from 15,407 in May 2023) each. EV retail sales for all vehicle classes were 101,832 units in June, marking the ninth consecutive month that they have topped 100,000 units, despite a considerable decline in e-two-wheeler sales.

In August 2022 (52,225 units), e-2-wheeler retail sales in India reached 50,000 units 

Prashant

The new electric vehicle subsidy policy, unveiled on Sept. 11 by the Union Cabinet will reduce electric two-wheeler prices by up to Rs 10,000 per unit, according to HD Kumaraswamy, the Union Minister for Heavy Industries.&nbsp; The subsidies for electric two-wheelers are Rs 5,000 per kWh for up to Rs 10,000 per unit in the first year, and Rs 2,500 per kWh for up to Rs 10,000 per unit in the second year, according to Kumar. The minister underlined that no decision had been made on the magnitude of subsidies for electric buses. The program, known as PM Electric Drive Revolution in Innovative Vehicle Enhancement, or PM E-Drive, is yet another attempt to accelerate the adoption of electric mobility in the world's third-biggest automobile sector. Under the scheme, 24.79 lakh electric two-wheelers, 3.16 lakh electric three-wheelers and 14,028 electric buses would be subsidized with an all-over investment of Rs 10,900 crore in two years. However, the scheme does not cover electric and hybrid automobiles. According to Kumaraswamy, the goal of the policy is to attain 10% EV penetration in the two-wheeler area and 15% EV penetration in the three-wheeler space by the end of this plan. He further remarked that about 40% of the scheme's total budget, or Rs 4,391 crore, had been set aside for electric buses. This is followed by an investment of Rs 1,772 crore in electric two-wheelers and Rs 907 crore in electric three-wheelers, he stated.&nbsp;

The subsidies for electric two-wheelers are Rs 5,000 per kWh for up to Rs 10,000 per unit in the first year, and Rs 2,500 per kWh for up to Rs 10,000 per unit in the second year.

Pm E-Drive scheme

Electric 2 wheelers prices to go down by Rs 10,000: Pm E-Drive scheme

The CEO of Ola Cabs and the founder of Ola Electric, Bhavish Aggarwal, has been in the news recently for remarks he made emphasising the importance of made-in-India digital solutions to counter the dominance of large tech corporations. The tech entrepreneur from India has gradually increased his voice and frequently uses social media to discuss his opinions on technological advancements, especially as they relate to India. Here are some significant statements and declarations made by Bhavish Aggarwal in the last few weeks that highlight his long-term goals and strategic perspective for digital innovation, in light of Ola Electric's recent announcement that it is opening up its IPO to subscribers. Only a few days separate Ola Electric from being India's first EV firm to go public. Speaking at a press conference prior to Ola Electric's August 2 initial public offering (IPO), Aggarwal claimed that the company's market share in the electric vehicle (EV) sector is comparable to that of Maruti Suzuki, a major player in the auto industry. “In the EV space, we have already established a market position for ourselves. Since the others are far behind, we are also closing the gap in terms of margin of jump," Aggarwal stated. Each equity share of Ola Electric has a price range of Rs 72–Rs 76 as part of the IPO. The last day to subscribe is Tuesday, August 6. The IPO price for Ola Electric was 25% less than its prior $5.4 billion value. Citing Agrawral, Economics Times reported, “We are four-five years old and have scaled significantly. I wanted to make sure we price it attractively for the entire investor community in India. It’s a journey of significance for the country — we’re doing EVs, cells, India manufacturing, cutting-edge manufacturing. Hence, we represent a lot of themes that the future of the Indian economy is built on. The response from investors has been very encouraging,”&nbsp; Recently, the CEO shared a video on Twitter in which he can be seen riding a bike which is expected to be the Ola Roadster. The company in this upcoming annual Sankalp event on August 15 may release further details about this vehicle

 Speaking at a press conference prior to Ola Electric's August 2 IPO, Aggarwal claimed that the company's market share in the electric vehicle (EV) sector is comparable to that of Maruti Suzuki, a major player in the auto industry.

Bhavish Aggarwal remarks on EV industry and Make-in-India push

To encourage the use of environmentally friendly vehicles in the state, the Uttar Pradesh government announced on Tuesday that registration taxes on strong hybrid automobiles will be completely waived. This move was welcomed by electric vehicle (EV) companies. Plug-in hybrid electric cars and strong hybrid electric vehicles are eligible for a 100% registration fee waiver from the state. The action is expected to help manufacturers of hybrid vehicles, including Maruti, Toyota, and Honda. Co-Founder and CTO of Statiq Raghav Arora told IANS that it's an important move in the direction of encouraging environmentally efficient vehicles. He said, "As an EV charging firm, we support this effort since it increases accessibility to environmentally friendly automobiles." According to Arora, "People will be encouraged to switch to electric vehicles by this proactive government effort, which is in line with India's larger goals of reducing carbon emissions and advancing the adoption of green technology." The current EV policy has been amended, thus the registration fee easing is only going to last until October 2025. Ankit Sharma, Co-Founder &amp; Director of Vidyuta Materials, states that his company supports this attempt to increase the cost of sustainable transportation because it is a business that specialises in creating Cathode Active Materials (CAM) for lithium-ion batteries in electric vehicles. In addition, Sharma stated, "These steps encourage a wider uptake of electric vehicles, supporting India's efforts to reduce carbon emissions and embrace environmentally sustainable technologies."

Plug-in hybrid electric cars and strong hybrid electric vehicles are eligible for a 100% registration fee waiver from the state.

UP govt’s eases road tax for hybrid vehicles

EV businesses welcome UP govt’s step to ease road tax for hybrid vehicles

To stave off competition from Chinese manufacturers and get a larger market share while boosting profit&nbsp; margins, Renault is all set to introduce a planned line of seven automobiles in the luxury electric class. Within this decade, the company will launch the planned seven vehicles including an electric variant of the legendary Alpine A110 sports car. The first of these seven vehicles, the front-wheel drive Alpine A290 electric hot hatch based on the new Renault 5 E-Tech, was unveiled by the French automaker on Thursday. The A290 features a strikingly different Alpine style sheet. The ride comes with a X-shaped auxiliary headlights, which draw inspiration from a rally car's fog lamps. A low-mounted air intake with vertical vents on either side gives the front end a cunning smile. The A290 will have a two-tone exterior with a blue window border and a black roof. Wide fender flares that protrude from the side panels give the car an aggressive attitude and help it stick out even more from the side. Four trim options are available for the A290 from Alpine, which are divided into two distinct power brackets. The vehicle's electric motor produces 284 Nm of torque and 174 horsepower in the GT and GT Premium. With 215 horsepower and 300 Nm of torque, the GTS and GT Performance can reach 100 kmph in 6.4 seconds. The less potent versions accelerate by one second, with a top speed that consistently ranges from 160 to 170 kmph. According to Alpine, the A290 has a 52 kWh battery thanks to which the vehicle can travel about 380 kilometers. A few intriguing design elements from the Alpine concept car for the A290 that was unveiled last year were left out of the final production model. One such option was to place the driver's seat in the middle, emulating the Mclaren F1 of the early 2000s. Although it is the best driving posture in theory, the commercialization of the concept was not the most practical option. Covered in Nappa leather, the interior is in double tone. Sporty bucket seats in the Alpine A290 help to secure the occupants in position when negotiating steep turns. Positioned between the driver's digital gauge cluster and the center console is a 10-inch infotainment screen. The center console of the ride is fixed at the right side of the user’s footwell. In front of it, the rider will have a convenient wireless charging slot that can hold user's phone while connected to the infotainment screen which offers multiple Google services.&nbsp; The interior is manufactured to be completely driver-focused with every single button and display facing towards them. Moreover, the ride’s cockpit features a flat-bottom steering wheel that comes with a 'Recharge' knob that can adjust the level of regenerative braking and an 'Overtake' button.

The EV’s motor produces 284 Nm torque and 174 hp in the GT and GT Premium. The GTS and GT Performance, with 215 hp and 300 Nm torque, reach 100 km/h in 6.4 seconds. Less potent versions are one second slower, with top speeds of 160-170 km/h.

Alpine A290: Renault to launch electric hatchback in Indian market

Bhavik

Electric vehicle startup Okaya EV has launched its Motofaast e-scooter in the Indian market, and described the 2-wheeler as a ‘fusion between a scooter and a motorcycle.’&nbsp; "We have come to understand that, in addition to safety, our customers are seeking an array of advanced features. This has inspired us to introduce the ‘Scoobike’ with high-end features, to offer our customers the safest and most comfortable ride possible. We aim to provide the latest and safest technology, whether in terms of batteries or feature enhancements,” HT Auto quoted Dr. Anshul Gupta, MD, Okaya Electric Vehicles, as saying. Motofaast has been offered a price of ₹136,999 (ex-showroom) by the company. Additionally, reservations are now being accepted for a nominal fee of ₹2500. Meanwhile, deliveries will start the following month, with Jaipur and Delhi first. Rechargeable The EV's dual battery system, which has a total 3.53 kWh capacity, was installed by the manufacturer. The battery pack, which employs lithium iron phosphate (LFP) technology, requires 4-5 hours to fully charge the model. Okaya states that the e-scooter can go between 110 and 130 kilometers at a maximum speed of 70 kmph. There are three riding modes available as well: Eco, City, and Sports. In terms of features, Motofaast boasts a 7-inch touchscreen infotainment system with 3 GB of RAM and a 2 GHz processor. It also includes car statistics, GPS navigation, and support for the Okaya EV application. Colors: Black, Cyan, Matt Green, Red, Rusty White, Silver, and White are the seven color possibilities available.

 Motofaast has a 7-inch touchscreen infotainment system with 3 GB of RAM and a 2 GHz processor. It also includes car statistics, GPS navigation, and support for the Okaya EV application.

Scooter & bike in one: Okaya EV unviels Scoobike

Okaya EV unviels Motofaast ‘Scoobike’ in India at ₹1.37 lakh

India's sovereign credit rating may be lowered as early as the 2030s as a result of the effects of climate change and the rise in temperature volatility, according to research. Delaying green investments would result in increased borrowing costs for countries, which will raise the cost of corporate debt, according to the team, which is led by researchers from the University of East Anglia (UEA) and the University of Cambridge in the UK. The study is the first to integrate climate science with "real world" financial data, and it was released on Monday in the journal Management Science. Without emissions reduction, it predicts that 59 countries' sovereign credit ratings would decline over the course of the next ten years. Investors frequently use sovereign ratings to determine a country's creditworthiness. The ratings, and the agencies that support them, serve as the gates to the world's capital, covering more than USD 66 trillion in sovereign debt. In order to model the economic impacts of climate change on Standard and Poor's (S&amp;P) ratings for 108 nations over the course of the next 10, 30, and 50 years as well as towards the end of the century, the researchers employed artificial intelligence (AI). Meanwhile, the 4th and last Energy Transition Working Group Meeting held by India under the G20 summit came to an end when the members of the group took a discussion on topics of climate change, sustainability, energy security, equitable energy access and financing, and global energy transitions. As most of the developing nations stay committed to Sustainable Development Goals (SDGs), the efforts from developed countries seemed stagnant.&nbsp; The fact can be seen as the carbon emission per capita in India along with Bangladesh seen as 1.78 metric tones and 0.55 metric tons respectively, while developed countries like the USA stand at 14.67 metric tons. Countries like the USA, China and other industry houses stand far above the baseline target of 2.3 metric tons per capita as set by the Institute of European environmental policy. Despite this, the USA allocates only&nbsp; 1-4% of its GDP for climate change programs. Whereas, India being a developing nation allocates around 3-10%. Amid such a situation, the lowering of credit rating in green investment for developing countries seems absolutely discriminatory.&nbsp; According to Patrycja Klusak, a researcher linked with Cambridge's Bennett Institute for Public Policy and a professor at UEA's Norwich Business School, "this research helps to bridge the gap between climate science and real-world financial indicators." As the climate warms and temperature volatility increases, "we find significant consequences from climate change as early as 2030, with significantly greater downgrades across more countries," Klusak added. The results provide credence to the premise that postponing green investments will raise borrowing costs for countries, which will result in higher costs of corporate debt, according to the researchers.&nbsp; “Because they were unprepared for the 2008 financial crisis, rating agencies suffered in terms of reputation. They must act immediately to reflect the considerably more serious effects of climate change”, Klusak continued. The team, which included Dr Moritz Kraemer, a former chief sovereign rating officer for S&amp;P, discovered that by 2030, 59 countries might have their credit ratings lowered by an average of more than one notch if nothing is done to reduce greenhouse gas emissions. According to the experts, Chile, Indonesia, China, and India would all go up a grade, while the US, Canada, and the UK would move down a notch each. They said that between January 2020 and February 2021, 48 sovereigns were downgraded by the three major agencies as a result of the economic turbulence brought on by the Covid-19 epidemic. According to the analysis, adhering to the Paris Climate Agreement and limiting global warming to two degrees would have no immediate negative consequences on sovereign credit ratings and little long-term implications. The researchers also estimated how these sovereign downgrades might affect company ratings and debt in 28 other countries. They discovered that the Paris Agreement may cost corporations up to USD 17 billion more globally by 2100 and that it might cost corporations up to USD 61 billion more if no action were taken to cut emissions. The main concept, according to the study team, was to adhere as closely as possible to both climate science and actual financial practices. AI creditworthiness prediction models were trained using S&amp;P ratings from 2015 to 2020. In order to get "climate-smart" credit ratings for a variety of global warming scenarios, they were later coupled with climate economic models and S&amp;P's evaluations of the risk of natural disasters. For India to achieve its climate-changing goal it feels more than necessary to switch energy sources from fossil fuel to more feasible and sustainable sources like electricity.&nbsp; As the given research is carried out by an AI while studying trends and data available, it still has a margin of error which may get altered if the demand of the Indian market increases. The potential customers of <a href="https://evindia.online/" rel="noopener noreferrer" target="_blank" style="color: rgb(17, 85, 204);">electric vehicles</a>, incentivised policy to welcome investment may save the Indian industry to fall.&nbsp;Hence, customers seeking to buy electric vehicles are likely to make an impact to change the foreseen situation.&nbsp;

The USA allocates only 1-4% of it GDP for climate change programs whereas, India allocates around 3-10%. Amid such a situation, the lowering of credit rating in green investment for developing countries seems discriminatory

Climate change is likely to drop India’s credit rating

Climate change is likely to drop India’s credit rating: You may save this 

In Karnataka, companies that sell <a href="https://evindia.online/" rel="noopener noreferrer" target="_blank" style="background-color: transparent; color: rgb(17, 85, 204);">electric vehicles</a> (EVs) and potential customers are keeping their fingers crossed for the state budget since the transport department has suggested ending the 100% road tax exemption and implementing a 50% road tax for EVs. Concerns about the potential removal of the MV tax exemption have been expressed by EV firms and potential customers since it would result in increased pricing for EVs in the state. EV usage has grown in Karnataka in recent years, but the higher costs may put off some potential buyers from making the move. According to statistics, the state has almost 3 crore registered automobiles, including 2.37 lakh EVs. Karnataka has seen considerable growth in the number of EVs registered, going from 6,152 in 2019 to 9,716 in 2020, 33,314 in 2021, and 95,934 in 2022. In Karnataka, 77,711 electric vehicles (EVs) were registered between January 1 and July 6, 2023. Most electric vehicles (EVs) in Karnataka are <a href="https://evindia.online/scooter" rel="noopener noreferrer" target="_blank" style="background-color: transparent; color: rgb(17, 85, 204);">two-wheelers</a> and are registered there. The tax on motor vehicles is one of the government's main sources of income. Additionally, Karnataka has the highest internal combustion engine (ICE) car road tax in the nation. For instance, the tax rate is 13% of the real price for automobiles costing less than Rs 5 lakh, 14% for cars costing between Rs 5 lakh and Rs 10 lakh, 17% for cars costing between Rs 10 lakh and Rs 20 lakh, and 18% for cars costing more than Rs 20 lakh. Road taxes for two-wheelers range from 10 to 14 per cent of the price. A senior transport department official stated, "We have suggested a 50% road tax for EVs, but the state administration has not yet made a final decision." "It's too soon to implement a road tax on EVs," said Vivekananda Hallekere, co-founder of Bounce, a maker of electric two-wheelers. The FAME subsidy has already been decreased. This will raise the price of EVs, and the sector will not benefit from the abrupt implementation of road tax on EVs. Instead, the size of the government might grow gradually. A rapid increase in EV prices can put off potential customers. Amit Gupta, co-founder and CEO of the electric mobility firm Yulu, stated that while his company won't be impacted, others who are considering purchasing EVs could. Although the state can't permanently exclude EVs from paying taxes, it should be done so gradually. The Karnataka government exempted all EVs from paying road fees in March 2016. However, some governments give financial incentives to promote EVs, but Karnataka offers road tax exemption and free registration for EV purchasers. The nation's first state to adopt an electric vehicle and energy storage policy was Karnataka in 2017. Although the policy was in effect for five years, a replacement has not yet been revealed by the administration. The state administration, which is governed by Congress, is also putting pressure on the transport department to raise motor vehicle tax income. In Karnataka, where the party gained 135 seats in the 224-member assembly, the Congress party's election guarantees—which included everything from unemployment payments to free food grains for the poor—played a big role in the party's electoral success. However, it is predicted that putting these assurances into place will cost between Rs 50,000 and Rs 60,000 crore annually.

 EV usage has grown in Karnataka in recent years, but the higher costs may put off some potential buyers from making the move

Karnataka govt plans to end exemption on road tax 

EV companies stand tens as Karnataka govt plans to end exemption on road tax 

In FY22-23, India's sales of <a href="http://evindia.online" rel="noopener noreferrer" target="_blank" style="color: rgb(17, 85, 204);">electric vehicles</a> surpassed one million units for the first time. <a href="https://www.smev.in/" rel="noopener noreferrer" target="_blank" style="color: rgb(17, 85, 204);">The Society of Manufacturers of Electric Vehicles</a> (SMEV) has released figures showing that in FY 2023, sales of e-buses, e-cars, e-three-wheelers, and <a href="https://evindia.online/bike" rel="noopener noreferrer" target="_blank" style="color: rgb(17, 85, 204);">e-two-wheelers</a> totalled 11,52,021 units. This is an increase of 58% from the 7,26,861 units sold in FY21–22. Two-wheelers made up the largest portion of the EV market (62%), selling 7,26,976 high-speed EVs, despite adoption falling month over month and "ending with an annual shortfall of more than 25% over the minimum target set by Niti Aayog," according to a statement from SMEV. Aside from this, the total number of two-wheelers sold in FY23 includes 120,000 low-speed e-scooters, 2,85,443 low-speed <a href="https://evindia.online/vehicles?type=4" rel="noopener noreferrer" target="_blank" style="color: rgb(17, 85, 204);">e-rickshaws</a>, and almost 50,000 low-speed e-cycles, bringing the total number of low- and high-speed-two-wheelers-sold-to 8,46,976 units. The number is significantly higher than the 3,28,000 units sold in FY22 and the 27,888 electric two-wheelers sold in FY17. With 4,01,841 units produced, electric three-wheelers accounted for the second-largest EV market share in FY23. <a href="https://evindia.online/vehicles?type=4" rel="noopener noreferrer" target="_blank" style="color: rgb(17, 85, 204);">Electric four-wheelers</a> sold 47,217 units at 4%, but electric buses only sold 1,904 units at 0.16%. The suspension of FAME2 subsidies for businesses that do not meet localisation requirements, however, has raised concerns from the industry, which claims that it has hurt sales. According to the SMEV statement, the sudden withholding of more than the 1,200 crores in subsidies that the majority of OEMS had already passed on to customers under the pretext of a delay in localization was the reason why the momentum for the adoption of electric two-wheelers "fell after the festive season, not because of consumer demand." Due to allegations of underbilling in order to circumvent FAME regulations, "an additional 400 crore of the OEMS operating in the premium end also got stuck." 16 businesses are now waiting for this stalemate to be resolved. "While all the earlier programmes since 2015 had almost an unrecognizable effect on the adoption of EVs, the revised FAME2 had a dramatic effect on the adoption of e-two wheelers as it decreased their prices by about 35%," said Sohinder Gill, director general, SMEV. Due to the exceedingly low number of electric two-wheelers, the component supply chain had previously avoided anything related to them. Late in 2021, suppliers started lining up with OEMS to indicate their interest in creating EV components. Most of these vendors needed 12 to 18 months on average to complete localization.

The Society of Manufacturers of Electric Vehicles published data showing EV sales over one million

Indian EV sales cross one million 

Indian EV market booms: Sales record cross one million units

June's 45,734 units indicate a 56.58% decrease month-over-month after the industry's best-ever performance in May 2023   | EV Marketplace

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