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Tag: mobility

  • BMW Leads Imported Car Market As Mercedes-Benz Falters Amid EV Fire

    Seoul, Sep 6: BMW Korea is maintaining a lead in South Korea’s imported vehicle market so far this year, industry data showed on Friday, as main rival Mercedes-Benz Korea is faced with a brand reputation setback after a massive fire that broke out from one of its electric vehicles.

    According to the Korea Automobile Importers and Distributors Association (KAIDA), BMW Korea was the top selling imported car brand in the country from January to August, with cumulative sales totalling 47,390 units. Mercedes-Benz came in second, with 39,666 units, reports Yonhap news agency.

    BMW Korea’s 5 Series line led the company’s sales, accounting for 27.2 percent. The German automaker unveiled the revamped eighth-generation 5 Series line in October of last year.

    During the first half of the year, BMW’s 5 Series was also the top-selling imported model, selling 10,156 units, trailed by Tesla’s Model Y at 10,041 units.

    BMW’s strong performance is attributed to its diverse lineup across different powertrains — internal combustion, EV and plug-in hybrid EV — to provide local consumers with a broader range of options.

    Last year, BMW Korea overtook Mercedes-Benz Korea to become the leading foreign automobile company, accounting for 77,395 units out of the total 271,034 foreign vehicles sold in the country in 2023.

    Previously, Mercedes-Benz led the foreign automobile sales market from 2015-2022.

    Many industry watchers predict BMW will extend its market lead for a second year in 2024, especially after criticism toward Mercedes-Benz from market observers and consumers over the company’s mishandling of the EV fire that ended up damaging over 100 vehicles at an apartment complex parking garage in Incheon last month.

    BMW has also made notable confidence building efforts with the Korean market, having participated in the 2024 Busan International Mobility Show in May as the sole foreign car brand operating in the country.

    Many industry watchers have also shown a positive reaction over BMW becoming the first imported car brand to voluntarily disclose the supplier of battery cells in its EVs last month. Most models were found to be equipped with South Korean-built battery cells produced by Samsung SDI.

    BMW Korea is currently ramping up the expansion of its EV charging infrastructure in the country. As of the end of last year, the company’s charging network consisted of around 1,000 stations, but the company plans to increase this to 2,100 stations by the end of this year.

  • EaseMyTrip launches Easy Green Mobility to enter e-bus manufacturing • EVreporter

    EaseMyTrip, an online travel tech platform in India, has announced its entry into the electric bus manufacturing market through its new subsidiary, Easy Green Mobility. This subsidiary will be responsible for manufacturing electric buses, with Gurgaon-based YoloBus, another subsidiary of EaseMyTrip, serving as its operational arm. YoloBus operates intercity bus services across 250 routes in India, said a company statement. The company is allocating INR 200 crore for research and development, product development, and setting up a manufacturing plant over the next 2-3 years.

    The Indian electric bus market is projected to grow at a compound annual growth rate (CAGR) of 24% from 2024 to 2030. The launch of Easy Green Mobility aligns with EaseMyTrip’s strategy to capture a portion of the expanding market and respond to the increasing demand for electric vehicles (EVs) in India.

    Commenting on the new launch, Mr. Rikant Pittie, Co-Founder, EaseMyTrip, shared, “A decade from now, the yearly demand for electric buses is expected to grow to 125,000 to 150,000 units per annum. The current market dynamics present a significant opportunity to enhance supply and meet the growing demand for electric buses by localizing production and creating a fully ‘Make-In-India’ product. Through the FAME scheme, state-level policies and PLI schemes, the government is encouraging the adoption of electric buses across the country. Our new subsidiary, Easy Green Mobility, is a way to support their exemplary efforts and contribute to India’s vision of becoming a global leader in Green Mobility. Moreover, this move aligns with our growth plans to expand the non-air business and will help us establish a strong foothold in the growing EV and eMobility sector.”

    The company plans to prioritize the production of vehicles equipped with technology and energy-efficient battery systems designed for long-range travel on a single charge. This initiative aims to lay the groundwork for expanding its presence in the urban transportation sector, where there is a demand for electric buses both in India and internationally. Initially, the manufacturing plant will have a capacity of 4,000-5,000 buses, with plans to increase production capacity later.

    YoloBus plans to support the transition to net-zero carbon mobility in buses, targeting the operation of over 2,000 electric buses nationwide by 2027-28. EaseMyTrip, listed on NSE and BSE, is an Indian online travel platform providing services such as air tickets, hotels, holiday packages, and bus and rail tickets.

    Also read: 10,000 e-buses to be deployed in 169 cities under PM-eBus-Sewa

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  • The Future of Auto Industry

    In an era defined by constant change, the automotive industry has experienced significant disruptions. If we look back to 2023, it is clear that electric vehicles (EVs) took center stage, with more and more consumers opting for eco-friendly options on the road. In fact, currently, the industry is regarded as the most important economic sector in terms of revenue, with India ranking third globally, as per Invest India.

    But now the question arises: what does the future hold for the automotive industry?

    So, to find the answer, let’s look at some expert insights and predictions for the future of electric vehicles and the automotive industry as a whole.

    Expert opinions about the future of the automotive industry in India

    Sameer Aggrawal, Founder and CEO, Revfin, said, “The Indian automotive sector is set for a transformative shift, with projections indicating that it will reach $300 billion by 2026. The electric vehicle (EV) market, currently at a 5% share of total vehicle sales, is poised for explosive growth, potentially surpassing 40% by 2030. This rapid expansion is driven by the increasing demand for sustainable mobility, fleet mobility as a primary driver of EV adoption, and the need for significant infrastructure development, including the establishment of 444,000 public charging stations. The shift towards EVs will not only redefine the transportation landscape but also contribute significantly to reducing carbon emissions and advancing energy efficiency.”

    “As a key player in this evolution, Revfin is committed to facilitating the financial accessibility required for this transition. Our innovative solutions are designed to support the growth of the EV sector, ensuring that infrastructure and adoption challenges—especially in fleet mobility—are effectively addressed. By aligning with the government’s ambitious targets and driving advancements in EV financing, we are contributing to a future where sustainable transportation is not just a goal but a reality,” added the CEO.

    “The future of the automotive industry is rapidly evolving with digitalization at its core, said Saket Newaskar, Director & Head of Transformation, Expleo. In fact, software-defined cars, where user experience and seamless ecosystem integration will be prioritized and become well-established. Further, the push towards autonomous driving, electric vehicles, and connected mobility solutions highlights a significant move towards sustainable and innovative transportation. As automakers adapt to these changes, they embrace digital tools to streamline operations, reduce costs, and improve overall performance. This digital revolution is about upgrading technology and redefining the entire automotive ecosystem to meet future demands and challenges.”

    Prashant Sinha, Co-Founder & Chief Executive Officer, BiUP Technologies, remarked, “With the change in buying behavior and patterns of new-age buyers, it is crucial for brands to adopt and implement cutting-edge technologies like AI, ML, and XR tech to enhance customer experience and product experience, ultimately leading to business impact. Nowadays, buyers are well-informed, researched, and smart before they reach out to brands. Thus, brands need to create an omnichannel approach backed by data and intelligence.

    “AI plays an important part in the customer purchasing journey and post-purchase experience. Consequently, training LLM models on customer buying behavior and evolving trends is essential for OEMs to enhance business performance, planning, and engagement. Throughout the buying journey, XR tech is vital for product visualization and customization, supported by a data analytics engine. The entire customer journey—from pre-sales to sales and post-sales—needs to be immersive, intuitive, and intelligent,” he added.

    Sameer Parab, Senior Manager, Growth Advisory, Aranca, commented, “India’s automotive sector is set for substantial growth, driven by government initiatives and advancements in alternative fuel vehicles by leading OEMs. With policies and incentives promoting the adoption of electric and hybrid vehicles, companies like Tata, MG, and Mahindra are at the forefront of this transformation. However, to sustain this momentum, the development of robust charging infrastructure and battery production facilities is essential as EV penetration continues to rise.”

    Pavan Puri, Founder and Managing Director, Greencore Electronics, said, “The future of the automotive industry is characterized by rapid innovation and the widespread adoption of digital technologies. As vehicles evolve to become more connected, autonomous, and environmentally sustainable, the demand for advanced electronic solutions will grow exponentially.”

    “We at Greencore are reinforcing our commitment to pushing the boundaries of what is possible in automotive technology. Key areas that we are focusing on include the development of entertainment and navigation systems, driver assistance technologies, and telematic control units. These innovations are essential for Original Equipment Manufacturers (OEMs) to stay competitive in a market that is being reshaped by consumer expectations and technological advancements. As the industry continues to evolve, the focus remains on reliable and sustainable solutions, which are critical factors in the ongoing transformation of mobility.”

    Nitin Kapoor, Managing Director of SAERA Electric Auto Limited, stated, “With the technological advancement and rise of electric vehicles, the automotive industry is certainly witnessing the change and being shaped for a better tomorrow. The advancement represents a commitment to create a sustainable environment where connectivity, autonomy, and green practices are treated as basic norms.”

    “As we shift from traditional car ownership to innovative mobility services such as Mobility as a Service (MaaS), it showcases the way we are transforming transportation systems across the globe. The rise of electric vehicles is crucial considering today’s climatic conditions; however, it is only one aspect of a broader movement that also involves integrating vehicles into smart city ecosystems, reducing carbon footprints, and adopting circular economies. Certainly, the future of the automotive industry is dynamic with the blend of innovation, environmental responsibility, and cutting-edge technology, driving us towards a cleaner, smarter, and more connected future.”

    Transformation Never Stops, Neither Do We!

    Undeniably, the automotive industry is shifting gears. So, whether it’s the rise of electric vehicles, the development of self-driving cars, or the exploration of new materials and designs, there’s no doubt that the automotive industry is set to undergo major changes in the years ahead. Thus, with new technologies and trends on the horizon, the future of the auto industry appears to be both exciting and optimistic.”

  • India ICE vs EV sales

    In August 2024, EV penetration in India’s 2W sales declined to 6.6% from 7.4% in July 2024. In the e-3W L5 passenger category, EV penetration decreased to 21.3% from 22.6% in July 2024. In the e-3W L5 goods category, EV penetration declined to 20.7% in August 2024 from 25.7% in July 2024.

    Also Read: Overall EV sales in August 2024

    OEM wise Leading 2W Sales for ICE and EV, Aug 2024

    In August 2024, the two-wheeler market in India saw significant contributions from both traditional and electric vehicle (EV) makers. Hero MotoCorp led the market with total sales of 3,58,616 units, including 4,742 EVs, making up 1.3% of their sales. Honda Motorcycle followed closely but with no EVs sold. TVS Motor Company and Bajaj Auto stood out for their substantial EV sales, contributing 7.4% and 11.2% of their total sales, respectively. Purely electric players like Ola Electric Technologies, Ather Energy, and Ampere/Greaves Electric demonstrated a strong EV presence, with 100% of their sales being electric, reflecting the ongoing shift towards electrification in the two-wheeler segment.

    In August 2024, overall EV penetration in the two-wheeler segment dropped to 6.6%, down from 7.41% in July 2024.

    OEM wise Leading 3W L5 Pax Sales for ICE and EV, Aug 2024

    Source: Vahan Dashboard. Data as per 1365 out of 1429 RTOs across 35 out of 36 state/UTs

    In the three-wheeler segment for August 2024, Bajaj Auto led the market with total sales of 33,892 units, of which 11% were electric vehicles (EVs). Piaggio Vehicles followed with 5,346 units, having a 26.7% share of EVs in their sales. Mahindra Last Mile Mobility stood out with a high EV share, where 93.2% of their 4,006 units sold were electric. TVS Motors had a smaller EV presence with 3% of their sales being electric. TI Clean Mobility and Omega Seiki were notable for their 100% EV sales, indicating a strong focus on electrification within their portfolios. MLR Auto and Baxy Ltd also contributed to the EV segment, with 9% and 19% of their sales being electric, respectively.

    Overall EV penetration in pax 3W auto (L5) segment in Aug 2024 was 21.3%, down from 22.56% in July 2024.

    OEM wise Leading 3W L5 Goods Sales for ICE and EV, Aug 2024

    In August 2024, the three-wheeler goods vehicle segment exhibited varied levels of electric vehicle (EV) adoption across manufacturers. Bajaj Auto led the market with 3,868 total units sold, of which 369 were EVs, making up 9.5% of their sales. Piaggio Vehicles followed with 2,032 units sold, with EVs constituting 6.5% of their sales. Mahindra Last Mile Mobility stood out with a substantial 59.8% of their sales being EVs. Omega Seiki and Euler Motors were entirely dedicated to EVs, with 100% of their sales being electric. In contrast, companies like MLR Auto and Baxy Ltd had only a small percentage of EV sales, reflecting different levels of commitment to electrification within the segment.

    Overall EV penetration in the 3W goods (L5) segment in Aug 2024 was 20.7%, down from 25.7% in July 2024.

    For deeper insights into India EV sales trends—city-wise, state-wise, segment-wise, RTO-wise and OEM-wise—check out the EVreporter Data Portal here.

    Also read: India ICE vs EV sales | For top 2W and 3W OEMs in July 2024

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  • Rapido Raises $200 Million in Series E Funding Led by WestBridge Capital

    Hyderabad: Rapido, a popular ride-sharing platform, has received commitments to the tune of $200 million in its Series E funding, marking a significant milestone in its mission to transform shared mobility across the country.

    The Series E funding round was led by WestBridge Capital, a prominent investment firm focused on investments in India. The round also saw participation from existing investor Nexus, along with new investors Think Investments and Invus Opportunities. This latest investment elevates Rapido’s post-money valuation to $1.1 billion, reinforcing its strong position in the urban mobility sector.

    Speaking on the funding Aravind Sanka, Co-founder of Rapido said, “With this new infusion of capital, we are eager to explore and expand our offerings, ensuring we meet the evolving needs of our customers. Over the past year, we’ve experienced significant growth, with our daily rides surging to 2.5 million. This investment will empower us to continue innovating and improving our services, allowing us to better serve our customers and make significant strides in enhancing urban mobility for everyone.”

    Sumir Chadha, co-founder and Managing Partner at WestBridge Capital, said “In the five years since the initial investment made in Rapido, we’ve seen Aravind, Pavan, Rishikesh and the team transform it into India’s leading low-cost mobility platform. From dominating bike taxis to making significant strides into 3W autos and cabs, their growth is a testament to their operational rigor and relentless focus on customer and captain satisfaction. We congratulate the team on their capital efficient scaleup, which now positions Rapido amongst India’s most used consumer internet apps. This latest funding round underscores our ongoing commitment to their journey”

    The newly raised funds will be strategically allocated to expanding Rapido’s operations across India and scaling its technology platform to enhance service delivery. Rapido plans to grow its operations across all categories, including bike-taxis, three-wheelers, and taxi-cabs.

    Since its inception 9 years ago, by driving more than 150 per cent year-on-year growth, Rapido has revitalised the consumer internet space in India, solidifying its position as a leader in the shared mobility sector. Initially focused on bike-taxis, the company has since diversified into auto and cab services, expanding its value proposition and strengthening its operations. Rapido has also extended its reach beyond metro cities, establishing a presence in over 100 cities, including tier 2 and 3 cities across the country.

  • MHI to roll out FAME-3 scheme in two months to boost EV sector • EVreporter

    The Government of India will introduce the third iteration of the Faster Adoption & Manufacturing of Electric Vehicles (FAME) scheme within two months, according to Shri H. D. Kumaraswamy, Union Minister for Heavy Industries. Speaking at the National Conference on Electric Mobility organized by ASSOCHAM on 4th Sept 2024, the Minister emphasized the government’s focus on developing India’s EV ecosystem, including enhancing local manufacturing and promoting sustainable growth. He called on stakeholders to collaborate in making India a global leader in electric mobility.

    The Minister highlighted the recent growth in the domestic market, with three-wheeler sales reaching 59,073 units in July 2024, reflecting a 5.1% year-on-year increase, and two-wheeler sales totaling 14,41,694 units, marking a 12.5% year-on-year growth. He also discussed the need for a skilled workforce to support the transition to electric mobility and mentioned ongoing efforts with industry bodies to address this skill gap. The government’s focus is on accelerating EV adoption across various segments, including heavy-duty trucks, strengthening the EV value chain, enhancing infrastructure, and encouraging innovation and investment in electric mobility.

    Tarun Kapoor, Advisor to the Prime Minister, noted that the transport sector contributes 13% of total CO2 emissions, with road transport accounting for 90% of this share. He emphasized the importance of a holistic approach to addressing environmental challenges. He also pointed out that global EV sales in 2023 reached 1.38 crore units, or 18% of total vehicle sales, while India sold 9 lakh two-wheelers, 5.8 lakh three-wheelers, and 85,000 four-wheeler EVs, highlighting the potential for growth in this sector. The government remains open to suggestions from stakeholders and will continue to support the sector.

    Nishant Arya, Chairman of the National Council on Green Mobility at ASSOCHAM and Vice Chairman & MD of JBM Group, provided an industry perspective, noting that the EV sector in India is evolving into an ecosystem with the involvement of traditional OEMs, start-ups, and EV aggregate manufacturers. He mentioned that the sector has the potential to create 50 million jobs over the next decade and stressed the importance of policies like the PLI scheme in manufacturing and granting infrastructure status to the sector. Arya also emphasized the high skill requirements in electric mobility and the significance of budget allocations for employment and skilling are expected to enhance capabilities in areas such as electronics, diagnostics, metallurgy, new technologies, software, hardware, and firmware.

    Also read: MHI notifies the scheme to promote electric passenger car manufacturing in India

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  • Hyundai Motor’s cumulative sales likely to exceed 100 mn units this month

    Seoul, Sep 5: Cumulative sales volume of South Korean automotive giant Hyundai Motor is likely to exceed the 100 million-unit mark this month, industry projections showed on Thursday.

    According to the company data, Hyundai Motor’s cumulative car sales from 1968 to the end of July totalled 99.66 million units. This includes 24.36 million units sold domestically and 75.3 million units sold overseas.

    For August, the company has released tentative data showing that it sold 332,963 units last month. If the August figure is officially confirmed, cumulative sales as of the end of August stand at roughly 99.99 million units, reports Yonhap news agency.

    The company is poised to surpass the 100 million-unit mark with an additional 340,000 units.

    As official sales figures for each month are typically finalised a month later, if Hyundai surpasses 100 million units in September, the official statistics are expected to be announced in October.

    Achieving 100 million units in cumulative sales would mark a major milestone for the South Korean automaker, accomplished 56 years after the company first began selling the Cortina compact sedan, which was first produced at Hyundai’s Ulsan plant in 1968.

    Eight years later, in 1976, Hyundai exported its first domestically developed model, the Pony, overseas. Hyundai’s sales grew from 1 million units in 1986 to 10 million units in 1996 and surpassed the 50 million-unit mark in 2013.

    When combining sales of Kia, Hyundai Motor Group as a whole achieved the 100 million-unit mark in 2016 and later reached 150 million units cumulatively in May of last year.

    Meanwhile, Kia set a new record in terms of monthly electric vehicle (EV) sales per brand in August, thanks to the successful market debut of the company’s new EV3 model, data showed on Thursday.

    According to auto industry tracker ‘CarIsYou’, the number of newly registered EVs produced by Kia last month totalled 6,398 units. The figure represents a 250 percent surge from last year and a 58.7 percent jump from the previous month.

    The tally marks the highest monthly record across all domestic and imported brands in the country since the introduction of mass-produced EV models in South Korea in 2011.

    —IANS

    na/

  • Ola Electric shares continue to tumble, lose over 30% from all-time high

    New Delhi: Ola Electric shares continued to slide on Wednesday — its sixth consecutive session of decline – as its stock lost more than 30 per cent from its recent all-time peak of Rs 157.40 apiece. The Bhavish Aggarwal-run company’s stock dropped 3 per cent to Rs 110 per share. It was, however, still up 45 per cent from its initial public offering (IPO) price of Rs 76 apiece.

    Market experts said that the company’s stock is not looking good and can even slip further from the current Rs 110 level over the near term. There are concerns as current valuation of the EV firm appears to be quite speculative.

    Moreover, its rivals like TVS Motor and Bajaj Auto have extended their market share by launching more affordable electric two-wheelers. Hero MotoCorp also plans to launch its Vida EV motorcycle at a more affordable price point in rising competition in the electric 2W space.

    According to market watchers, for new investors, it may be wise to wait for a more stable entry point or consider the stock as a long-term play with a high risk-reward ratio. Ola Electric registered its lowest monthly sales this year, dropping 34 per cent sequentially to 27,506 units in August, as its market share nosedived further to 31 per cent.

    The company’s retail sales of 27,506 units are lowest in the calendar year to date, down by 34 per cent compared to 41,711 units it sold in July. Its stock made a muted market debut on August 9 but saw a strong buying after the listing. At present, the scrip has been under selling pressure after scaling lifetime high.

    According to analysts, the stock value is inflated and will further correct itself and investors with high-risk appetite should only go for it. They cautioned investors, especially given the company’s ongoing losses and the high volatility in its stock price.

  • Reliance Industries awarded 10 GWh capacity under PLI ACC scheme • EVreporter

    The Ministry of Heavy Industries (MHI), Government of India, has announced the selection of a successful bidder under the Production Linked Incentive (PLI) Scheme for Advanced Chemistry Cell (ACC) Battery Storage. Reliance Industries Limited has been awarded a 10 GWh ACC capacity under the PLI scheme, following the Quality & Cost Based Selection (QCBS) mechanism. This decision aims to enhance domestic manufacturing capacity, reduce import dependence, and support India’s positioning in the ACC battery manufacturing sector.

    The MHI received seven bids under a global tender for the re-bidding of the PLI scheme for 10 GWh ACC manufacturing, with a budgetary outlay of INR 3,620 crores, as announced on January 24, 2024. The bidders included ACME Cleantech Solutions Private Limited, Amara Raja Advanced Cell Technologies Private Limited, Anvi Power Industries Private Limited, JSW Neo Energy Limited, Lucas TVS Limited, Reliance Industries Limited, and Waaree Energies Limited, with a cumulative bid capacity of 70 GWh.

    Following the evaluation of all bids, six companies were shortlisted for financial evaluation, according to the RFP requirements. The financial bids were opened on August 2, 2024, after the technical evaluation was completed through the Government of India’s CPP portal. The final evaluation of the shortlisted bidders was conducted according to the QCBS mechanism, ranking them based on combined technical and financial scores.

    Reliance Industries Limited, with the highest overall score, was awarded the 10 GWh PLI ACC capacity. The remaining five shortlisted bidders were placed on a waiting list in the following order: ACME Cleantech Solutions Private Limited (Waitlist 1), Amara Raja Advanced Cell Technologies Private Limited (Waitlist 2), Waaree Energies Limited (Waitlist 3), JSW Neo Energy Limited (Waitlist 4), and Lucas TVS Limited (Waitlist 5).

    The PLI ACC scheme, approved by the Cabinet in May 2021 with an outlay of INR 18,100 crore, aims to achieve a manufacturing capacity of 50 GWh of ACC. The first round of ACC PLI bidding concluded in March 2022, with three beneficiary firms allocated a total capacity of 30 GWh. The program agreements with the selected firms were signed in July 2022. The PLI ACC scheme has seen significant participation from the industry, reflecting the increasing interest in ACC manufacturing in India.

    Also read: Reliance to enter Lithium-ion battery manufacturing with LFP chemistry

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  • Intelligent CUV MG Windsor to be launched on September 11

    Hyderabad: JSW MG Motor India has unveiled the ‘Aero Glide’ design, India’s first Intelligent Crossover Utility Vehicle (CUV), on Wednesday, through a video release.

    It draws inspiration from the seamless elegance of business class travel, and the Aero aspect of the design ensures that the vehicle glides effortlessly through the hustle and bustle. This focus on aerodynamics not only contributes to enhancing the Intelligent CUV’s performance but also provides a refined commute for all occupants. Built on a dedicated EV platform, the MG Windsor will underpin a long wheelbase, which is not only segment leading, but also comparable to vehicles one segment above, ensuring ample cabin space for a relaxed drive experience.

    The brand-new Windsor draws inspiration from the iconic Windsor Castle in the UK, an architectural masterpiece and a symbol of royal heritage. The MG Windsor demonstrates meticulous craftsmanship and commitment to excellence, much like the legendary castle does too.

    CUVs are progressively relevant to India with the evolving road network and infrastructure. Being the first Intelligent CUV, the Windsor promises to offer a perfect blend of aerodynamic design and spacious interiors, making it ideal for everyday use. It is versatile, ensuring that families can travel in ample comfort, whether it’s for daily commutes or weekend getaways. The vehicle’s higher ground clearance allows for better navigation over potholes, speed bumps, and uneven surfaces, all translating into a smoother and more comfortable drive.