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  • Odysse Electric and SUN Mobility Transforming E-Mobility for a Greener Tomorrow


    Odysse Electric and SUN Mobility join forces

    The partnership promises to revolutionize the global two-wheeler electric mobility landscape by introducing battery-swapping technology in electric bikes

    MUMBAI: Odysse Electric Vehicles, is pleased to announce its strategic partnership with battery-swapping solutions provider SUN Mobility for the export of its flagship electric motorcycle, Vader SM. Under this collaboration, Odysse Electric aims to deploy its daily commute bike, Vader SM, powered by SUN Mobility’s advanced battery-swapping technology, in key markets across the world. This collaboration marks an important step for Odysse Electric in expanding its global footprint and accelerating the adoption of electric mobility worldwide.

    Vader SM is powered by two of SUN Mobility’s Smart Batteries, which are AIS-156 approved and are portable and swappable at SUN Mobility’s Quick Interchange Stations. Vader SM has a digital instrument cluster and is powered by a 4000-watt electric motor with a top speed of 80 kmph and a range of 130 km per swap. Vader SM offers 5 drive modes including Eco, Power, Sports, Reverse, and Parking mode with cruise control. Vader SM also has advanced features such as a Combi Braking system, Hill assist, and Energy Regeneration and includes CAN communication with built-in protection circuits, ensuring safety and convenience for commuters.

    This partnership will leverage SUN Mobility’s innovative battery-swapping platform to enhance the accessibility and convenience of Odysse Electric’s Vader SM for international markets, including Africa, Latin America, and Southeast Asia under the Battery-as-a-Service (BaaS) model. These vehicles will be manufactured in Odysse’s Ahmedabad facility in Gujarat.

    SUN Mobility is currently deploying its swapping stations across Africa, Latin America, and Southeast Asia on a pilot basis to enable riders to swap batteries quickly and conveniently, addressing the key concerns of upfront cost, range anxiety, and long charging time for EV owners.

    Nemin Vora, CEO, of Odysse Electric Vehicles Pvt. Ltd. said, “We see huge export potential in the EV market and aim to contribute to the EV aspirations globally. This collaboration underscores our dedication to spearheading the transition towards providing sustainable mobility solutions on a global scale. Our association with SUN Mobility will enable us to bring our flagship product, Vader SM, to new markets by leveraging SUN Mobility’s advanced battery infrastructure and network.”

    Ajay Goel, Co-founder & Executive Director, of SUN Mobility, said, “We are proud to collaborate with Odysse Electric Vehicles in introducing the Vader SM, one of India’s first electric motorcycles powered with SUN Mobility’s advanced battery-swapping technology, to international markets. This partnership marks a significant step forward in our mission to drive affordable sustainable mobility solutions globally, leveraging our innovative battery-swapping platform to enhance accessibility and convenience for electric vehicle users worldwide.”

  • Tata Curvv EV Unveiled in India; Check Price

    Tata Motors EV unveiled the Tata Curvv EV on Wednesday. Its ex-showroom price is Rs 17.49 lakh.

    The electric SUV coupe offers two battery options with an ARAI-claimed range of up to 585 km.

    Specifications:

    Battery Packs: 45 kWh (Medium Range) and 55 kWh (Long Range)

    Power: 150 PS (Medium) and 167 PS (Long)

    Torque: 215 Nm

    Range: 502 km (Medium) and 585 km (Long)

    0-100 kmph: 8.6 seconds

    Top Speed: 160 kmph

    Charging: DC fast charging, 10-80% in 40 minutes

    The Curvv EV features a 12.3-inch touchscreen, 10.25-inch driver’s display, automatic climate control, panoramic sunroof, wireless charger, and JBL sound system.

    It also includes safety features like 6 airbags, ESC, blind spot monitoring, and Level 2 ADAS.

    Acoustic alerts will be emitted at speeds below 20 kmph to enhance pedestrian safety.

  • Neuron Energy secures INR 20 crores in Series A funding round • EVreporter









    Neuron Energy secures INR 20 crores in Series A funding round • EVreporter


























































    Neuron Energy, a startup specializing in electric vehicle batteries, has announced the successful completion of a INR 20 crores Series A funding round. This investment will be directed towards advancing battery technology and expanding production capabilities.

    The funding round saw participation from key investors, including the Chona Family Office and Capri Global Family Office. Neuron Energy plans to set up a 40,000 sq ft production facility in Delhi and a new R&D lab in Pune. The company projects revenues of INR 150-200 crores for the current fiscal year and aims to reach INR 300 crores by FY 25-26, positioning itself for substantial growth in the EV market.

    Also read: How major OEMs are attempting to secure the EV battery supply chain

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    EVreporter

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  • Maruti Suzuki India to introduce electric cars to propel country’s 2047 goal

    Hybrid cars improve fuel efficiency by up to 45 per cent and help reduce carbon and greenhouse gas emissions by 25 to 35 per cent

    Maruti Suzuki India said as India develops faster and aspires to become “Viksit Bharat” by 2047, the company will introduce electric cars in the next few months towards a sustainable mobility future.

    R.C. Bhargava, Chairman, Maruti Suzuki India, said that the company has not only helped the growth and prosperity of its stakeholders, but indirectly, it has also created millions of jobs that have benefited several sections of society.

    “The company will continue to partner with India in its ‘Viksit Bharat’ journey following its proven approach,” he said while launching its annual integrated report for FY24. On reducing carbon emissions and the dependence on imported fuel, he said that considering India’s economic and social environment and the availability of resources, the best strategy would be to offer customers cars with different technologies and at different price levels. “We will be introducing electric cars in the next few months. While electric car use increases, customers should be encouraged to buy cars using strong hybrid technology, or CNG or ethanol and biogas. Pure petrol and diesel car use should be minimised,” Bhargava noted. Hybrid cars improve fuel efficiency by about 35 per cent to 45 per cent and help reduce carbon and greenhouse gas emissions by 25 per cent to 35 per cent. India has a very large potential for developing biogas from agricultural, animal and human waste. The company has started work on a trial basis to produce biogas. “We look forward to government policies that would result in rapid development of this fuel,” said Bhargava. According to Hisashi Takeuchi, Managing Director and CEO, Maruti Suzuki India, they are proud of creating employment opportunities, enhancing the quality of life for many and contributing to nation-building. “Many of our business practices align with the United Nations Sustainable Development Goals (SDGs) and with many of the government of India’s programmes, such as Make in India, Skill India, Startup India, and PM Gati Shakti,” said Takeuchi.

  • Retail sales of cars, SUVs surge 10 pc in July

    New Delhi, Aug 6: Retail sales of passenger vehicles in India, including cars and SUVs, posted a 10 per cent jump to 3,20,129 vehicles in July this year compared to 2,90,564 in the same month last year, driven by new model launches and higher discounts, according to the Federation of Automobile Dealers Associations (FADA).

    “Dealers reported benefits from good product availability, attractive schemes, and a wider range of products,” the Federation of Automobile Dealers Associations (FADA) Vice President C S Vigneshwar said in a statement.

    Heavy rains, low consumer sentiment, and intense competition posed challenges but dealers managed to sustain sales through strong promotions and incremental discounts, he added.

    However, Vigneshwar also pointed out that the growth is accompanied by high inventory levels which have surged to a historic high of 67-72 days, equivalent to Rs 73,000 crore worth of stock.

    “This poses a substantial risk for dealer sustainability, necessitating extreme caution. FADA urges passenger vehicle (PV) original equipment manufacturers (OEMs) to be vigilant about potential dealer failures due to these high inventory levels,” he stated.

    Two-wheeler retail sales in July stood at 14,43,463 units, an increase of 17 per cent over 12,31,930 units in July 2023.

    The segment experienced robust growth due to a thriving rural economy, the positive effect of a better monsoon, and the government’s support programmes enhancing rural incomes, Vigneshwar observed.

    “The introduction of new products and better stock availability also contributed significantly, despite market slowdowns in certain regions, excessive rains, and increased competition,” he added.

    Commercial vehicle (CV) retail sales grew 7 per cent year-on-year to 80,057 units last month.

    “Positive factors included growth in the construction and mining sectors, while challenges such as continuous rainfall, negative rural market sentiment, poor finance availability, and high vehicle prices were also noted,” Vigneshwar said.

    Tractor sales declined 12 per cent year-on-year to 79,970 units in July.

    FADA, which collated vehicle registration data from 1,568 out of 1,645 RTOs across the country, noted that the near-term outlook across the auto retail segments shows a blend of optimism and caution.

    Two-wheeler sales are expected to be buoyed by factors such as a growing rural economy, positive monsoon impacts and the introduction of new products. The festive season beginning after the Aadi festival and favourable agricultural conditions are also likely to contribute to increased sales.

    On the other hand, heavy rainfall and inconsistent monsoon patterns may dampen demand in certain areas. FADA noted that the PV segment could see mixed results in the near term.

    High inventory levels pose a significant risk and it is crucial for PV OEMs to avoid further increases in stock to prevent financial strain on dealers, FADA said.

    The CV segment faces a modest outlook, with positive factors including improved market reach and the festive season, but challenges such as bad freight rates and ongoing rainfall pose a risk, it added.

  • Ola Electric Mobility Limited IPO subscribed 4.26 times on Final Day

    Chennai, 06.08.24: The Rs 6,145.56 crore Initial Public Offering (IPO) of Ola Electric Mobility Limited was subscribed 4.26 times on the final day of bidding.

    The issue received bids of 1,98,14,05,530 shares against the offered 46,51,59,451 equity shares, at a price band of ₹72-76, according to the data available on the stock exchanges.

    Qualified Institutional Buyer Portion was subscribed 5.31 times. Retail Portion and Non-Institutional Investors Portion were subscribed 3.85 times and 2.39 times respectively, whereas Employee Portion was subscribed 11.66 times.

    Kotak Mahindra Capital Company Limited, Citigroup Global Markets India Private Limited, BofA Securities India Limited, Goldman Sachs (India) Securities Private Limited, Axis Capital Limited, ICICI Securities Limited, SBI Capital Markets Limited, and BOB Capital Markets Limited are the book running lead managers and Link Intime India Private Limited is the registrar to the offer. The equity shares are proposed to be listed on BSE and NSE.

    Company Information

    Ola Electric manufactures EVs and certain core EV components like battery packs, motors and vehicle frames at the Ola Futurefactory. Its business focuses on capturing the opportunity arising out of electrification of mobility in India and also to export its EVs in select international markets in the future. It commenced the delivery of its first EV model, the Ola S1 Pro, in December 2021, followed by delivery of Ola S1 in September 2022, the Ola S1 Air in August 2023 and the Ola S1 X+ in December 2023.

    Within nine months of delivering its first EV scooter in December 2021, it became the best-selling E2W brand in India in terms of monthly E2W registrations on the VAHAN Portal of Ministry of Road Transport and Highways (“VAHAN”) according to the Redseer Report.

    Ola’s business model comprises of its R&D and technology platform with in-house design and development across EV technologies and components, adaptable manufacturing and supply chain platform, and D2C omnichannel distribution platform. Its model is vertically integrated across R&D and technology, manufacturing, supply chain, sales and service, and charging facilities.

    The current EV scooter Generation 2 platform is the base for the Ola S1 scooter models – Ola S1 Pro, Ola S1 Air, Ola S1 X+, Ola S1 X (2 kWh) and Ola S1 X (3 kWh). It plans to replicate the platform approach for its recently announced motorcycle range which comprises four models – Diamondhead, Adventure, Roadster and Cruiser.

    Ola has a Futurefactory, Gigafactory and a Battery Innovation Centre in Bengaluru, whereas it is in the process of building its EV hub in Krishnagiri and Dharmapuri districts in Tamil Nadu.


    Neel Achary

  • JSW MG launches several EV ecosystem initiatives at DriEV.Bharat event

    Hyderabad: JSW MG Motor India has launched a series of pioneering electric vehicle (EV) innovations at DriEV.Bharat. This event was organised by the company at Bharat Mandapam, New Delhi, in partnership with leading industry players from diverse automotive and EV ecosystem domains. This first-of-its-kind event reflects the unwavering commitment of the manufacturer to advancing EV technology and the faster adoption of electric vehicles along with building a robust EV infrastructure for a hassle-free ownership experience. The event featured the launch of–eHUB by MG, the Industry’s first and largest charging platform by an OEM; of Project Revive, focused on repurposing EV batteries beyond cars; of EVPedia, India’s first dedicated educational and knowledge platform for electric car users; the MG-Jio Innovative Connectivity Platform (MG-Jio ICP), which will be standard in all upcoming MG vehicles.

    Underscoring the company’s commitment to innovation and sustainability, the industry’s first charging platform, eHUB by MG was introduced at the event. This is intended to simplify the EV charging experience for customers nationwide by providing them with a single platform. The company also introduced Project Revive, an initiative in partnership with TERI, Lohum and BatX, aimed at repurposing EV batteries beyond cars to provide a second life as renewable energy storage systems for sustainable community applications. This initiative promotes a circular economy, a system aimed at eliminating waste and the continual use of resources through principles of reuse, repair, and recycling, and supports India’s clean energy goals. Reinforcing its commitment to enhancing consumer awareness and addressing their queries, JSW MG Motor India launched EVpedia—an industry-first dedicated EV education platform. This initiative provides reliable, accurate, and engaging information on EV technology, benefits, costs, and maintenance. By debunking myths and fostering informed decisions, EVpedia builds EV advocacy and promotes broader EV adoption.

    The carmaker also announced that all upcoming MG cars will feature the MG-Jio Innovative Connectivity Platform (MG-Jio ICP) as a standard inclusion. This is a technology stack which introduces several firsts, including the MG App Store for in-car gaming, entertainment, and learning, superior voice capability in six Indian languages, and a groundbreaking Home-to-Car functionality. At the event, a panel discussion amongst industry experts, such as EY and IIT was held about the long-term benefits of EVs.

    Gaurav Gupta, Chief Growth Officer at JSW MG Motor India, highlighted the company’s vision to redefine the future of electric mobility in India, stating, “DriEV.Bharat reflects our unwavering commitment to advancing EV technology and enhancing the user experience to accelerate EV adoption. With initiatives such as our unified charging platform, battery second-life project, EV education, and the MG-Jio ICP, we are empowering the industry as well as our customers with smarter, more sustainable choices.”

    A pioneer in India’s electric vehicle landscape, JSW MG Motor has successfully launched the country’s first internet electric SUV, the MG ZS EV, and the innovative Street-Smart urban mobility solution, the MG Comet EV. Committed to fostering a comprehensive EV ecosystem, the brand offers 6-way charging solutions and aims to install 1,000 community chargers nationwide. Through strategic partnerships with key industry players and initiatives like the MGDP and MG Nurture, JSW MG Motor has engaged with over 1,500 startups and collaborated with more than 50 colleges to drive EV education and skill development.

    eHUB by MG

    eHUB by MG is a one-stop solution for EV charging, simplifying the process of locating, reserving, and paying for charging stations. With access to the almost entire charging network of the country through partnerships with leading providers like Adani Total Energies Limited (ATEL), BPCL, Chargezone, Glida, HPCL, Jio-BP, Shell, Statiq, Zeon, and many others who shall be on-boarded soon, eHUB offers a seamless charging experience. Available in 11 languages and equipped with trip-planning features, the app provides a hassle free EV charging experience.

    Project Revive

    Project Revive is a pioneering initiative to repurpose used EV batteries in partnership with TERI and Lohum. The project extracts healthy battery components and builds energy solutions for use in schools and community centres. By extending the lifespan of EV batteries, Project Revive reduces waste and provides reliable power to underserved communities. The pilot at a Mukteshwar school demonstrates the practical impact of this innovative approach to environmental sustainability.

    EVpedia

    EVpedia is an industry-first initiative that provides relevant information on electric cars. This innovative platform goes beyond just explaining electric vehicle technology—it offers practical tools like the cost of ownership tools and calculators, a repository of government policies, and a collection of publications and research papers. Through interactive displays, educational videos, and live demonstrations, users can explore the benefits of electric vehicles. Additionally, users can interact with our EV expert ‘eVir,’ an AI-powered chatbot embedded in the site, for quick and easy answers to all their questions, making the EV adoption journey smoother and more accessible.

    MG-Jio Innovative Connectivity Platform (MG-Jio ICP)

    MG-Jio ICP is a unique collaboration between MG Motor India and Jio that redefines the in-car experience. This platform introduces industry-first features like the MG Store, transforming the vehicle into a hub for gaming, entertainment, and learning, voice commands in six Indian languages, and, for the first time in the automotive landscape, a Home-to-Car functionality. The superior MG-Jio ICP offers unparalleled convenience and accessibility.

  • JSW MG Motor India launches EV ecosystem initiatives at DriEV.Bharat • EVreporter

    JSW MG Motor India showcased its EV innovations at the DriEV.Bharat event held in New Delhi, organized in collaboration with automotive and EV industry partners. The event included a panel discussion with experts from EY and IIT on the long-term benefits of EVs. JSW MG Motor India Pvt. Ltd. was formed in 2024 as a joint venture between SAIC Motor and JSW Group.

    Key Initiatives Launched:

    • eHUB by MG: It is an EV charging platform that simplifies locating, reserving, and paying for charging stations. It partners with providers like Adani Total Energies Limited (ATEL), BPCL, Chargezone, Glida, HPCL, Jio-BP, Shell, Statiq, and Zeon, covering a wide charging network in India. Available in 11 languages with trip-planning features, the app aims to streamline the EV charging process.
    • Project REVIVE: Project REVIVE, in partnership with TERI, Lohum and BatX, repurposes used EV batteries to create energy solutions for schools and community centers. By extending battery lifespans, the project aims to reduce waste and provide power to underserved communities. A pilot at a Mukteshwar school demonstrates its practical impact.
    • EVPEDIA: It is a platform providing information on electric cars, including cost calculators, government policies, and research publications. It features interactive displays, educational videos, and an AI-powered chatbot, eVir, to assist users with EV-related queries and facilitate the adoption process.
    • MG-Jio Innovative Connectivity Platform (MG-Jio ICP): It is a collaboration between MG Motor India and Jio. It features the MG Store for in-car gaming, entertainment, and learning, voice commands in six Indian languages, and Home-to-Car functionality.

    Gaurav Gupta, Chief Growth Officer at JSW MG Motor India, highlighted, “DriEV.Bharat reflects our unwavering commitment to advancing EV technology and enhancing the user experience to accelerate EV adoption. With initiatives such as our unified charging platform, battery second-life project, EV education, and the MG-Jio ICP, we are empowering the industry as well as our customers with smarter, more sustainable choices.”

    As per the company statement, JSW MG Motor has launched India’s first internet electric SUV, the MG ZS EV, and the urban mobility solution, the MG Comet EV. The company provides 6-way charging solutions and plans to install 1,000 community chargers. It collaborates with industry players and works with over 1,500 startups and 50 colleges to promote EV education and skill development.

    Also read: SAIC Motor (MG Motor) and JSW Group finalise automotive JV

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  • PV sales rise 10% in July on new launches: FADA

    New Delhi: Passenger vehicle retail sales in India witnessed a 10 per cent on-year jump in July driven by new model launches and enhanced discounts, industry body FADA said on Monday.

    Total passenger vehicle retail sales rose to 3,20,129 units in July, as compared to 2,90,564 units in July 2023. “Dealers reported benefits from good product availability, attractive schemes, and a wider range of products,” the Federation of Automobile Dealers Associations (FADA) Vice President C S Vigneshwar said in a statement. Heavy rains, low consumer sentiment, and intense competition posed challenges but dealers managed to sustain sales through strong promotions and incremental discounts, he added. Vigneshwar, however, noted that the growth is accompanied by high inventory levels which has surged to a historic high of 67-72 days, equating to Rs 73,000 crores worth of stock. “This poses a substantial risk for dealer sustainability, necessitating extreme caution.

    FADA urges PV original equipment manufacturers (OEMs) to be vigilant about potential dealer failures due to these high inventory levels,” he stated. It is also crucial for the Reserve Bank of India to mandate financial institutions to implement stringent checks before releasing inventory funding, preferably requiring dealer consent or collaterals to prevent the escalation of NPAs, he added. Two-wheeler retail sales last month stood at 14,43,463 units, an increase of 17 per cent over 12,31,930 units in July 2023. The segment experienced notable growth due to a thriving rural economy, positive monsoon effects, and the government’s support programs enhancing rural incomes, Vigneshwar oted. “The introduction of new products and better stock availability also contributed significantly, despite market slowdowns in certain regions, excessive rains, and increased competition,” he added. Commercial vehicle retail sales grew 7 per cent year-on-year to 80,057 units last month.

  • EuroGroup enters Indian market | Acquires 40% stake in Kumar Precision Stampings • EVreporter

    On August 1, 2024, EuroGroup Laminations S.p.A. (EuroGroup) announced an agreement to acquire a 40% stake in Kumar Precision Stampings Private Limited (Kumar) for a total investment of Euro 19.9 million. Kumar, based in New Delhi, produces and distributes stators and rotors for electric motors and magnetic laminations for transformers, serving sectors including HVAC, railway, home appliances, pumps, and generators.

    The acquisition aims to expand EuroGroup’s global presence with a focus on the Indian market and transformer sector. It will utilize Kumar’s manufacturing base to boost competitiveness and explore new market segments. The investment is expected to enhance Kumar’s export capabilities and accelerate growth through EuroGroup’s sales network, R&D resources, and best practices. Additional benefits include cost synergies raw material purchasing, working capital optimization, and improved efficiency in capital expenditure and R&D spending. The move supports EuroGroup’s goals of market enhancement and stakeholder value.

    EuroGroup will acquire a 40% stake in Kumar by investing a total of Euro 19.9 million. This includes Euro 13.9 million for purchasing existing shares and Euro 6.0 million for a capital increase. The transaction values Kumar at a pre-money equity of Euro 43.8 million and an enterprise value of approximately Euro 58.3 million. The valuation considers a projected revenue CAGR of about 21% for the period 2022A-25E and estimates product revenues of Euro 54 million for the year ending March 2025, with an expected EBITDA margin of 9.5%-10.5%.

    For the fiscal year ending March 31, 2024, Kumar reported product revenues of approximately Euro 40 million and an EBITDA of about Euro 3.6 million. Kumar operates from four production facilities, one of which is nearing completion, and has over 40 years of experience in the industry.

    A shareholders’ agreement will be signed to establish Kumar’s governance post-transaction, allowing EuroGroup to appoint a majority of the Board of Directors. The transaction is anticipated to close by the end of the financial year 2024, funded through EuroGroup’s available cash. The deal will be discussed during the conference call for 1H2024 financial results on Friday, August 2, 2024, at 11:00 am CEST.

    Marco Arduini, CEO of EGLA, commented: “This acquisition represents a very significant and strategic step in the development path of EGLA. Our entry into the Indian market, which is currently among the countries with the highest long-term growth expectations, will allow us to broaden our international footprint and further strengthen our competitive edge in our reference sector, while seizing growth opportunities and operational synergies in a fast-expanding market. We believe that the partnership with Kumar will be yet another major lever in the acceleration of EGLA’s growth path, and that it will benefit all stakeholders.”

    Anil Kumar Gupta, Co-Founder & MD of Kumar, commented: “This strategic partnership unites our deep-rooted Indian market presence and cost efficiency with EGLA’s world-class manufacturing prowess, technical know-how and global footprint. By combining our complementary strengths and shared values, we will further strengthen our competitive edge and growth in India, while accelerating our joint expansion abroad. We are thrilled to embark on this exciting new journey together.”

    EGLA’s advisors included Mediobanca as financial advisor, Freshfields Bruckhaus Deringer for legal matters, and Shardul Amarchand Mangaldas & Co. for Indian law.

    Also read: Types of motors used in electric vehicles and future trends

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