New Delhi: Automobile retail sales increased 9 per cent year-on-year in June quarter FY25 with all segments, barring tractors, reporting growth, dealers’ body FADA said on Monday.
Overall retail sales rose to 61,91,225 units in the April-June period from 56,59,060 units in the same quarter of FY24. Passenger vehicle retails increased 2.53 per cent to 9,20,047 units as against 8,97,361 units a year ago. “Despite strong bookings and customer flow, high competition, excess supply and discounting presented challenges for sustained growth in the PV segment,” FADA President Manish Raj Singhania said in a statement. Dealers reported significant impacts from elections, extreme heat and market liquidity issues, he noted. The extreme heat led to 18 per cent drop in showroom walk-ins in May, with inventory levels reaching an all-time high of 62-67 days by the end of June, Singhania said. “Despite improved product availability and substantial discounts aimed at stimulating demand, market sentiment remains subdued due to the extreme heat and delayed monsoons, resulting in 15 per cent fewer walk-ins,” he added. Two-wheeler retails stood at 45,54,255 units in April-June, up 12.56 per cent as compared with 40,46,169 units in the year-ago period.
“The recovery in the two-wheeler segment is promising, largely due to the emerging performance in rural areas, although these are early trends,” Singhania said. The segment also faced significant challenges from extreme heat and the election period, resulting in 13 per cent reduction in walk-ins in the showrooms during May and June, he stated. Three-wheeler sales rose 11.36 per cent to 2,72,691 units in the first quarter from 2,44,878 units in the same period last fiscal. Commercial vehicle retail sales witnessed marginal increase at 2,46,513 units as against 2,44,834 units earlier. “Commercial vehicle segment experienced a slowdown due to the elections and a pause in infrastructure projects.
In April, elections dampened sentiment, causing delays in expansion plans. Additionally, limited financing options and regional challenges, such as water scarcity, further impacted performance,” Singhania said. Tractor retail sales declined 12.44 per cent to 1,97,719 units from 2,25,818 units a year ago. The industry body said it remains committed to advocating for prudent inventory control, improved financing options and strategic planning to ensure the auto retail sector’s resilience and sustained growth. Federation of Automobile Dealers Associations (FADA) represents over 15,000 automobile dealerships with over 30,000 sales outlets across the country.
New Delhi, July 16: In a bid to foster sustainable mobility, EV charging network provider Statiq on Tuesday joined Bharat Petroleum Corporation Ltd (BPCL) to accelerate the adoption of electric vehicles in the country.
The collaboration includes the development of a customised app for BPCL and the integration of BPCL’s existing approximately 2,800 chargers into Statiq’s network.
“This collaboration allows us to leverage BPCL’s vast network, providing seamless and convenient charging solutions to a larger number of EV users,” said Akshit Bansal, Founder and CEO of Statiq.
Statiq currently has a network of over 7,000 chargers across 65 cities and the company plans to expand this network to 20,000 chargers by 2025.
The company’s charging stations can accommodate a wide range of EVs, including Tata Nexon, MG EVZS and Tata Tiago EV.
With an improving adoption rate, electric car sales in India are likely to reach 1.3-1.5 lakh in the current fiscal year (FY25).
The country may roll out the Faster Adoption and Manufacturing of Electric Vehicles (FAME) 3 scheme to encourage the sale of electric vehicles in the upcoming budget, according to the latest report by homegrown financial conglomerate Pantomath Group.
Electric two, three and four-wheelers are expected to be supported under the FAME scheme, which could receive a budgetary allocation of about Rs 10,000 crore, the report mentioned.
BluSmart, an EV ride-hailing service and EV charging infrastructure network in India and South Asia, announced the completion of a Pre-Series B funding round, securing USD 24 million (INR 200 Crores). New investors included responsAbility Investments AG, Sumant Sinha, MS Dhoni Family Office, existing investors, and BluSmart founders. The funding will support BluSmart’s expansion and development of EV charging infrastructure in major Indian cities.
As per the company statement, BluSmart has grown its EV fleet from 70 EVs in January 2019 to 7,500 EVs in Delhi NCR and Bangalore. The company has completed over 500 million electric kilometers and 16 million electric trips, reducing CO2 emissions by approximately 40 million kilograms. BluSmart has over 4 million app downloads with a 4.9/5 rating on iOS and Android. It has created economic opportunities for around 9,800 driver partners. BluSmart Charge operates 50 EV charging hubs across 2 million sq. ft. The ‘BluSmart Charge app’, launched for public access, aims to offer a reliable charging experience. BluSmart’s revenue run rate has recently crossed INR 550 Crores (USD 65 million).
Punit Goyal, Co-Founder, BluSmart, said, “BluSmart is building an integrated energy-infrastructure, mobility and technology company to take the full advantage of the EV revolution. Our latest fundraise of USD 24 million is an important step in our journey to scale the eMobility fleet and EV Charging Infrastructure.”
Sameer Tirkar, Head of Climate Infrastructure Investments APAC at responsAbility Investments AG, said, “We are happy to continue our partnership with BluSmart through our second round of funding. BluSmart has been able to lead the way in building from the grounds up an entire EV ecosystem to disrupt the conventional modes of commute without compromising on reliability and convenience. We believe in their vision and capabilities in creating positive environmental and social impact by reducing carbon emissions in urban transportation.”
Sumant Sinha, founder of India’s leading decarbonisation solutions company, and an iconic global leader in the Renewable Energy sector, commented, “The future of mobility is electric, and eMobility is a crucial step in making the shift to cleaner, emissions-free transportation. India’s growing economy and favourable policies provide ample impetus to this transition. I am excited to partner with BluSmart in their growth journey.”
Expressing excitement about investing in BluSmart, Cricket icon and former Indian Captain, Mahendra Singh Dhoni (MS Dhoni Family Office), said, “Investing in BluSmart’s sustainable business model is not just about supporting a company; it’s about being part of a movement that shapes the future of mobility. In a world where innovation drives sustainable choices, I am excited to back BluSmart’s pioneering efforts in reshaping urban transportation.”
BluSmart aims for a 100% emission-free future, aligning with India’s goals for cleaner transport. It has secured USD 200 million in EV asset financing from Development Financial Institutions (DFIs).
Hyderabad: Audi, the German luxury car manufacturer, has announced the launch of the Audi Q5 Bold Edition for the upcoming festive season. The Audi Q5 Bold edition represents a unique blend of unmatched luxury, impressive performance and bold styling. Priced at Rs 72,30,000, the model has limited units on offer and is available in a choice of five striking exterior colors – Glacier White, Navarra Blue, Mythos Black, District Green and Manhattan Gray.
Balbir Singh Dhillon, Head of Audi India said, “Customers today want exclusivity and with this special, Bold Edition, they get a perfect blend of customisation and features. The Audi Q5 has always been amongst our best-seller models and we are confident that this new Bold Edition will only attract more buyers and brand fans.”
Black styling package further elevates the Audi Q5 aesthetic quotient with a daring yet sophisticated enhancement. This package transforms the vehicle’s appearance by applying a sleek, high-gloss black finish to various elements, including the grille, Audi emblems (front and rear), window surrounds, exterior mirrors, and roof rails. The result is a distinguished and striking look that exudes an even more bold and confident presence.
New Delhi: The trial run of the Delhi government’s mohalla bus service commenced on Monday on two routes and will continue for a week, Transport Minister Kailash Gahlot said.
At a press conference, he said there will be 2,080 buses under the scheme and the government plans to introduce all by 2025. Of these, 1,040 will be operated by the DTC and the rest by DIMTS, the minister said. The fare will be the same as AC buses of the Delhi government and women can avail free rides using Pink passes. “The introduction of the mohalla bus service marks a significant step towards enhancing last-mile connectivity in our city,” Gahlot said.
Giving details of the buses being used for the service, he said these are designed to navigate highly congested areas with limited road width, providing a reliable and efficient transportation option for the locals. “The trial will help us gather essential feedback to ensure the service meets the needs of Delhiites,” he said.
The minister said the routes are being finalised with help from various organisations, including IIT-Delhi. The trial run will continue for seven days on two routes — Pradhan Enclave Pushta to Majlis Park Metro Station and Akshardham Metro Station to Mayur Vihar Phase-III Paper Market. The buses, painted green for easy identification by passengers, are equipped with six battery packs with a total capacity of 196KW, providing a range of over 200 km with an opportunity charging of 45 minutes.
These nine-meter buses have 23 passenger seats and a standing capacity of 13. Six seats are coloured pink, marking these reserved for women passengers, according to a statement. The Delhi government is currently operating 100 buses acquired from the Delhi Metro Rail Corporation (DMRC) to enhance last-mile connectivity. The maximum route length of these mohalla buses is 10 km. Gahlot said these buses will help in boosting first and last-mile connectivity, particularly in areas where standard 12-metre buses face operational challenges due to their size and turning radius. The Delhi government has built 16 depots across the city for parking and maintenance of mohalla buses.
Perpetuity Capital, a fintech platform specializing in clean-tech mobility, has raised INR 7 crores through Non-Convertible Debentures (NCDs). This funding round was backed by N+1 Capital and RevX Capital, two debt funds supporting SMEs and financial institutions. Perpetuity Capital plans to use these funds to enhance its lending capabilities and expand its loan book, focusing on East India.
This capital infusion will enable Perpetuity Capital to advance its mission of supporting clean-tech mobility solutions by enhancing access to finance and credit. The aim is to promote the adoption of electric vehicles and reduce the carbon footprint in these regions.
N+1 Capital and RevX Capital are investing in Perpetuity Capital to support sustainable innovations. N+1 Capital provides non-dilutive capital to startups and growth-stage companies, aligning with Perpetuity Capital’s mission. RevX Capital offers both funding and strategic guidance to help Perpetuity Capital achieve new milestones.
Statements from Key Stakeholders
Karamveer Dhillon, CEO of Perpetuity Capital:“We are excited to have the support of N+1 Capital and RevX Capital as we continue to expand our lending operations in East India. This funding will significantly bolster our ability to provide financial solutions that facilitate the adoption of clean mobility, ultimately contributing to a greener and more sustainable and inclusive future.”
Akshay Saini (Vice President of N+1 Capital) said:“Perpetuity Capital’s focus on clean-tech mobility aligns perfectly with our investment philosophy of supporting ventures that drive positive environmental impact. We are proud to partner with them and support their growth in key regions of India.”
Sushant Bhatia (Director, Investments of RevX Capital) said:“Investing in Perpetuity Capital represents an investment in sustainable and inclusive development. We believe in their vision and capacity to transform the mobility sector in Bihar and Jharkhand. Our collaboration aims to accelerate the adoption of clean technologies in these areas.”
Hyderabad: JSW MG Motor India today introduced its latest range of accessories for the ongoing monsoon season. These high-quality accessories are introduced for its entire portfolio to ensure that the customers and their vehicles are protected throughout the monsoon season, a media release says here.
With the introduction of the monsoon accessories range, the brand is offering its customers to embrace the monsoon season with added comfort and convenience. These essential monsoon accessories are now available at the company’s dealerships and ensure a protected, and hassle-free driving experience during the rainy season.
The Monsoon range includes:
1. Umbrella – This is a sleek umbrella with MG branding which will be perfect for sudden showers. Equipped with an automatic open mechanism, it can be activated with a single press of button. Combining functionality with style, it provides UV protection and big enough to accommodate 2-3 people. The company-branded umbrella ensures the customers are well-protected when they step out of the vehicle, regardless of the weather.
2. Car cover – This waterproof, breathable car cover offers superior protection against heavy rains and high humidity. It not only prevents water from seeping in, but also allows moisture to escape, thereby avoiding mold and mildew. This cover ensures that the vehicle remains clean and dry and, preserving its shine and appearance even in the harshest weather conditions.
3. Chrome cleaning kit – The anti-corrosion chrome cleaning kit is a must for monsoon season, which includes cleaning solution that resists corrosion and tarnish. This kit ensures that chrome accents maintain their shine and durability throughout the monsoon season. This high-quality product will enable the vehicle to withstand the rigors of the wettest months, adding both protection and flair.
4. Invinsible Super Car Cleaner Spray – This powerful, practical cleaner is gentle on surfaces, tackling the toughest stains in seconds. For maintaining a spotless interior, this specially formulated spray keeps monsoon dirt and grime at bay. It keeps the car interior clean and fresh even in muddy conditions and is safe on all surfaces and leaves no odours or chemical residue.
5. Car mounting wireless charger and holder – This waterproof, shock-resistant wireless charger and phone holder ensures that mobile stays charged and firmly secure while driving in rainy conditions. Designed to handle bumps and moisture during monsoon driving, it offers seamless convenience and safety. The durable adhesive ensures secure mounting, while the touch sensor allows for easy operation. It is compatible with iOS, Android, and other phones, offering 360° rotation for flexible positioning.
6. Dash cam: The high-resolution dash cameras with rear add-on options helps in capturing every moment of the journey, seamlessly. They provide crystal-clear video recording, enhancing safer travels and providing evidence in case of incidents. Designed for high performance and reliability; these dash cameras offer advanced features helps in comprehensive coverage and peace of mind during claim process.
The EV ecosystem of tomorrow is paved with data. The standardization of data ownership, robust security protocols, and clear data privacy regulations will be the cornerstones of this future.
Ravikiran Annaswamy, CEO and co-founder of Numocity, writes about initiating dialogue and action to ensure data privacy and protection as the ecosystem evolves.
Imagine hitting the road in your shiny new electric vehicle (EV). The battery purrs silently, and the GPS guides you effortlessly. But behind the scenes, a hidden world of data whirs to life. There is a continuous flow of data, from your vehicle’s battery health to vehicle performance, to the visited charging stations, payment details & some Personally Identifiable Information (PII), all moving into data centres or cloud systems for storage and processing.
Most companies believe data is the key to monetization. The amount of data collected is staggering. Experts predict a nearly sevenfold increase by 2030 up to 5 Exa Bytes (5000 million GB). This data will provide valuable insights but also present numerous challenges. This stored data paints a detailed picture: battery performance monitored by vehicle manufacturers (OEMs), charging grid details and usage managed by charger manufacturers, and even the location, payment and user information stored by charging stations.
The question remains: who owns this data, and how safe is it?
Currently, the data landscape is an open field. Vehicle companies traditionally lay claim to the data their vehicles generate. However, fleet operators with large numbers of EVs are increasingly challenging them as the data generated by the fleets as their own which will help them to operate the business much more efficiently.
This challenge over data ownership remains unresolved due to the lack of clear policies, guidance, and regulations. A lack of clear global policies adds another layer of complexity. Many countries, including India, are pushing for data localization, wanting EV data to be stored securely within their borders.
Upcoming regulations for data privacy
Privacy is paramount. Imagine someone knowing about your every move on the road, combined with your payment details and other personal information. This is why regions like the EU have strict data protection regulations like GDPR (General Data Protection Regulation).
India is on the cusp of introducing its own data protection legislation, the Data Protection and Data Privacy (DPDP) bill, which is expected to be enacted in the coming years. This bill will include key provisions to safeguard individual privacy, enforce data localization, and impose penalties for data breaches. This will mandate data minimization, requiring EV operators to collect only necessary data with masked information and not monetise stored data. It emphasizes explicit user consent for data collection, enhancing transparency and trust. The Act also grants users rights to access, correct, and erase their data, obliging EV service providers to facilitate effective data management.
Cybersecurity measures are essential
Data security is just as crucial as information; as data zips through the air, robust cybersecurity measures are essential. Think of them as digital guardrails protecting the data flow.
In the EV Charging ecosystem, newer standards like OCPP 2.0.1 act like a vigilant patrol car, constantly checking IDs and encrypting messages to ensure only authorized parties access your data. ISO 15118 offers secure, automatic EV identification and authorization through its Plug & Charge feature. It ensures secure communication with digital certificates and protects data integrity and confidentiality with robust encryption and signing mechanisms. Both OCPP and ISO 15118 use strong encryption, scrambling the data into an unreadable code. This makes it impossible for anyone snooping to steal your information, just like a locked safe keeps your valuables secure at home. These standards also enhance the user experience and provide advanced management functionalities, including user-friendly interfaces, intelligent charging features like load management and remote diagnostics, and comprehensive monitoring tools for CPOs. Additionally, securing the On-Board Diagnostics (OBD) port in your vehicles acts as a digital lock, preventing unauthorized access.
Looking ahead
The future of data security in the EV ecosystem hinges on the development and implementation of comprehensive data privacy and security frameworks. Imagine all the involved stakeholders – vehicle and charger manufacturers, governments and others – working together. Standardization of data ownership, robust security protocols, and clear data privacy regulations will be the cornerstones of this future.
Governments worldwide are beginning to recognize the importance of data security, and they are expected to introduce new policies aimed at protecting the vast amounts of data generated by the EV ecosystem. These policies will likely focus on data localization, cybersecurity, and privacy, ensuring that data remains secure and is used responsibly. As we navigate the challenges and opportunities of the EV revolution, securing the vast and diverse data within the ecosystem will be crucial. By prioritizing data privacy and security and fostering collaboration between all stakeholders, we can build a resilient and trustworthy EV ecosystem for the future.
The EV ecosystem of tomorrow is paved with data. By prioritizing privacy, implementing robust security, and establishing clear ownership, we can ensure a smooth and secure journey for everyone.
We urge the Finance Ministry to introduce the benefits of claiming depreciation on vehicles for individuals paying income tax – Manish Raj Singhania, president, FADA
Tax Net
Current corporate tax at 25% on turnover upto Rs400 cr
FADA wants this benefit to all LLPs, proprietary partnership firs
New Delhi: Automotive dealers body FADA on Friday urged the government to introduce vehicle depreciation benefits for individual taxpayers, saying it will not only expand the taxpayer base, but also ignite automobile demand.
In its pre-budget wishlist, the Federation of Automobile Dealers’ Associations (FADA) also asked the finance ministry to reduce corporate tax for LLPs, proprietary, and partnership firms. “We urge the Finance Ministry to introduce the benefits of claiming depreciation on vehicles for individuals paying income tax,” FADA President Manish Raj Singhania said in a statement.
Allowing individuals to account for depreciation will not only increase the number of income tax filers, but also ignite automobile demand, he reasoned. Singhania also recommended reduction of corporate tax for LLPs, proprietary, and partnership firms.
“While the government has already reduced corporate tax to 25 per cent for private limited companies with a turnover of up to Rs400 crore, extending this benefit to all LLPs, proprietary and partnership firms is crucial, as most traders within the auto dealership community fall into these categories,” he noted.
FADA strongly appeals to the government to consider these two key measures in the upcoming budget to stimulate the automotive industry and broader economy, Singhania said. Finance Minister Nirmala Sitharaman is slated to present the Union Budget for 2024-25 on July 23.
Seoul, July 13: Hyundai Motor’s labour and management have concluded their wage negotiations without a strike for the sixth year in a row, agreeing on the highest wage increase in the company’s history.
The union said on Saturday its members have voted to accept a tentative wage deal reached earlier in the week.
Under the agreement, Hyundai will increase workers’ basic monthly pay by 4.65 percent, or 111,200 won ($81), and give a one-off performance-based bonus equivalent to 500 percent of the basic monthly salary, plus 18 million won, to each worker.
In addition, each employee will receive 25 shares in the company, reports Yonhap news agency.
The company also agreed to extend the maximum period for retired skilled workers to be reemployed as contract-based workers from the current one year to two years.
The agreed-upon wage increase is the highest in the company’s history.
With the unionised workers voting in favour of the deal, the carmaker has concluded wage bargaining without a strike since 2019.
The deal was reached just two days ahead of the union’s planned strike. It reportedly withdrew the strike plan after management agreed on the highest-ever wage raise and the two-year reemployment programme for skilled retired workers.
“The union and the management will faithfully carry out their social roles as members of the global community and prepare together for a better future,” the automaker said in a statement.
Both sides will hold a signing ceremony for this year’s wage deal on Monday.
