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Tag: mobility

  • Maruti Suzuki Q1 net profit jumps 47pc to Rs 3,650 crore

    New Delhi, July 31: Leading carmaker Maruti Suzuki India Limited on Wednesday reported a 46.9 per cent jump in net profit to Rs 3,649.9 crore for the April-June quarter of the current financial year from Rs 2,485.1 crore in the same quarter of 2023-24.

    “This was broadly on account of cost reduction efforts, favourable commodity prices and foreign exchange gains,” according to a company statement.

    Maruti Suzuki registered net sales of Rs 33,875.3 crore during the quarter as against Rs 30,845.2 in the same period of FY 2023-24.

    The company sold a total of 521,868 vehicles during the first quarter of 2024-25, higher by 4.8 per cent compared to the same period of the previous year.

    The sales in the domestic market during the quarter stood at 451,308 units, up by 3.8 per cent over the corresponding figure in Q1FY24. The export sales were at 70,560 units, a growth of 11.6 per cent over Q1FY24.

    The shares of the company rose 3.67 per cent to Rs 13,346.05 on the NSE, jumping after the results were announced.

    Maruti Suzuki has ambitious plans of setting up a new automobile production plant in Gujarat which a total investment of Rs 35,000 crore.

    The company aims to start operations from the plant in FY2028-29 and gradually scale up capacity to 1 million units.

    The company has also announced the establishment of a fourth production line of Suzuki Motor Gujarat Private by investing Rs 3,200 crore to increase production of electric vehicles in the future.

    The fourth line is expected to start operation from FY2026.

    With the completion of the fourth line, the annual production capacity of Suzuki Motor Gujarat will increase from the current 7,50,000 units to 1 million units.

    Combined with the new plant in Gujarat, the total production capacity in Gujarat will be 2 million units.

  • Ecozen makes a strategic investment in Volektra • EVreporter

    Ecozen, a climate-smart technology company, has announced a strategic investment in Volektra, a German-based electric vehicle technology firm. Investors, including Thinkuvate and Growthfactory, back the partnership. The collaboration will combine Ecozen’s expertise in motors, controls, IoT, and analytics with Volektra’s magnet-free motor technology (SEEM). This technology aims to create efficient and cost-effective electric mobility solutions and provides an alternative to traditional EV motors that use rare earth magnets, with the goal of improving efficiency and sustainability in electric mobility.

    Ecozen’s controllers will be integrated into Volektra’s Vollkits, which convert traditional micro-vehicles into electric models. These conversion units, equipped with Volektra’s VSAC technology, have been successful in Europe, powering over 20,000 three-wheelers and several e-bikes utilizing their first-generation drivetrain, said a release. The collaboration aims to advance electric vehicle technology by integrating Ecozen’s control systems with Volektra’s motor technology.

    “Our magnet-free motor technology (SEEM) eliminates the need to use rare earth minerals,” said Volektra’s Founder and CEO Manish Seth. “This maintains cost-effectiveness and performance and enables better control while contributing to a cleaner environment. We believe Volektra is driving the future of sustainable transportation by providing innovative, affordable, and high-performance EV conversion kits.”

    Devendra Gupta, CEO and Co-founder of Ecozen stated, “Ecozen has always been at the forefront of sustainability with our climate-smart technology, impacting millions globally. Our investment in Volektra is a game-changer, merging our technological prowess to redefine electric mobility. By eliminating the reliance on rare-earth magnets, we’re not just enhancing efficiency—we’re leading the charge toward a more sustainable future in transportation.”

    “Partnering with Volektra is a strategic move that amplifies our shared vision for sustainable mobility. This collaboration brings together our strengths to push the boundaries of innovation. As Volektra opens doors to new markets, Ecozen’s advanced technologies will drive further breakthroughs. Together, we’re setting the stage for a transformative leap in the future of transportation.”, added Prateek Singhal, COO and Co-founder of Ecozen.

    Also read: How IoT and AI solutions can accelerate EV deployments and enhance customer experience

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  • South Korean carmakers shipped $17.8 billion worth passenger cars in Q2

    Seoul, July 31: Exports of passenger cars reached a record high in the second quarter (Q2) of this year on solid demand from the United States and Canada, data showed on Wednesday.

    South Korean carmakers shipped $17.8 billion worth of passenger cars over the April-June period, up 6.8 per cent from a year earlier, according to the Korea Customs Service.

    It marked the highest quarterly figure ever and the ninth consecutive quarterly growth, it added.

    During the first six months of 2024, car exports added 4.9 percent on-year to $33.6 billion, also a record level for any six-month period, reports Yonhap news agency.

    Imports sank 25.3 per cent in the second quarter to $3.4 billion, the fourth consecutive on-year fall.

    The growth in outbound shipments was driven by rising demand for mid- and large-sized petrol cars, while the value of eco-friendly cars exported inched down from a year earlier.

    Of eco-friendly cars, the export value of hybrid cars reached an all-time high of $3.02 billion in the second quarter, the data showed.

    By destination, exports to the U.S. advanced 33.2 per cent in terms of value in the second quarter, with those to Canada and Australia rising 14.6 per cent and 8.8 per cent, respectively.

    But demand from Britain fell 8.1 per cent and that from France tumbled 34.9 per cent.

    The average price of cars shipped in the second quarter rose 1.1 per cent on-year to $23,097.

    That of imports slid 22.7 per cent on-year to $39,595, the agency said.

  • All Eyes on Ola Electric’s Rs 6,000 Crore in Landmark Auto IPO Since Maruti

    All Eyes on Ola Electric’s Rs 6,000 Crore in Landmark Auto IPO Since Maruti

    Ola Electric, a prominent player in the electric vehicle (EV) industry, is making headlines with its ambitious plans to raise Rs 6,000 crore through an initial public offering (IPO). This makes it the first significant auto IPO since Maruti Suzuki’s listing, signalling a pivotal moment in India’s automotive and financial sectors.

    Key Highlights:

    i) IPO Details: Ola Electric aims to raise Rs 6,000 crore, capitalising on the growing investor interest in electric mobility.

    ii) Historical Context: First in the auto sector since Maruti Suzuki’s historic public offering, underscoring its significance.

    iii) Market Impact: Expected to boost India’s EV market and attract significant investments in green technologies.

    iv) Company Growth: Ola Electric’s expansion plans and innovations in EV technology make it a strong contender in the market.

    Ola Electric’s Vision for the Future

    Ola Electric’s IPO comes at a time when the EV market is witnessing unprecedented growth. The funds raised will be pivotal in driving the company’s ambitious expansion plans, including the development of new electric scooters and bikes, and bolstering its research and development capabilities.

    Historical Significance

    This IPO is not just a financial milestone for Ola Electric but also a landmark event for India’s auto industry. The last major auto IPO was by Maruti Suzuki, India’s leading car manufacturer, which set a benchmark in the industry. Ola Electric’s IPO seeks to replicate this success, albeit in the burgeoning EV sector.

    Market and Investor Sentiment

    The EV market in India is rapidly expanding, with increasing government support for green technologies and a growing consumer preference for eco-friendly vehicles. Ola Electric’s IPO is expected to attract substantial interest from institutional and retail investors alike. The company’s innovative approach and strong market presence make it a promising investment opportunity.

    Ola Electric’s Competitive Edge

    Ola Electric has established itself as a leader in the EV market with its cutting-edge technology and commitment to sustainability. The company has introduced several popular electric scooters, which have garnered positive reviews for their performance and affordability. The IPO proceeds will further strengthen Ola Electric’s position, enabling it to scale production and enhance its product offerings.

    Conclusion

    Ola Electric’s Rs 6,000 crore IPO is poised to be a game-changer for the Indian auto industry. As the first major auto IPO since Maruti Suzuki, it marks a new era in the sector, driven by the shift towards electric mobility. Investors and market watchers will be keenly observing this development, which holds the potential to significantly impact India’s EV landscape.

  • Simple Energy secures $20 mn in Series A funding

    New Delhi: Electric vehicle (EV) and clean energy startup Simple Energy on Monday announced it has secured $20 million in its Series A funding to scale up local production.

    The funding round saw participation from current investors, such as high-net-worth individuals (HNIs) from Haran family office, Dr A Velumani’s family office, Vasavi family office, and the Desai Family office (the promoter group of Apar Industries), among others.

    “As the adoption of EVs accelerates significantly in India, we are committed to playing a pivotal role in this burgeoning ecosystem,” said Suhas Rajkumar, Founder and CEO of Simple Energy.

    The capital raised will be tactically deployed to bolster “our production capacity and expand our dealership network nationwide,” he added.

    The startup aims to achieve a top-line of Rs 150 crore this fiscal. Founded in 2019, Simple Energy has a motor manufacturing unit within its 200,000 square feet plant located in Shoolagiri, Tamil Nadu.

  • Homegrown EV startup Simple Energy secures $20 mn to scale up production

    New Delhi, July 29: Electric vehicle (EV) and clean energy startup Simple Energy on Monday announced it has secured $20 million in its Series A funding to scale up local production.

    The funding round saw participation from current investors, such as high-net-worth individuals (HNIs) from Haran family office, Dr A Velumani’s family office, Vasavi family office, and the Desai Family office (the promoter group of Apar Industries), among others.

    “As the adoption of EVs accelerates significantly in India, we are committed to playing a pivotal role in this burgeoning ecosystem,” said Suhas Rajkumar, Founder and CEO of Simple Energy.

    The capital raised will be tactically deployed to bolster “our production capacity and expand our dealership network nationwide,” he added.

    The startup aims to achieve a top-line of Rs 150 crore this fiscal.

    Founded in 2019, Simple Energy has a motor manufacturing unit within its 200,000 square feet plant located in Shoolagiri, Tamil Nadu.

    It offers ‘Simple One’ with 212 kms of certified range and ‘Simple Dot One’ electric two-wheelers with 151 kms of certified range.

    Currently in a pilot phase in Bengaluru, the startup has begun deliveries in the city, and is preparing to open dealership stores in other regions.

    “With a clear vision and a strategic roadmap mapped out for the next phase of growth, Simple Energy is primed to redefine the landscape of technologically advanced EV two-wheelers in India and beyond,” said Balamurugan Arumugam, Chief Growth Officer at Klarity, an HNI who participated in the round.

  • Grand Vitara surpasses 2 lakh sales in just 23 months: Maruti Suzuki India

    New Delhi, July 29: Maruti Suzuki India on Monday said that it sold more than two lakh Grand Vitara cars in just 23 months, setting a new benchmark in the mid-SUV space.

    The leading automaker said that it achieved the one lakh unit sales milestone in a year and added the next one lakh customers in a record period.

    Launched in 2022, the model has pioneered a new era of SUVs, as ‘Strong Hybrid’ and ‘S-CNG’ variants witness a high demand, said the company.

    “The Grand Vitara has revolutionised its segment by inspiring customers to make sustainable choices with the Strong Hybrid. The ‘ALLGRIP’ technology has also resonated well with SUV lovers,” said Partho Banerjee, Senior Executive Officer, Marketing and Sales, Maruti Suzuki India.

    “With a market share of 12 per cent in Q1 FY24, the Grand Vitara has not only established our credentials in the hyperactive mid-SUV segment but has also played a crucial role in growing the segment,” he added.

    Meanwhile, India’s automobile exports registered a robust 15.5 per cent growth in the April-June quarter.

    According to the Society of Indian Automobile Manufacturers (SIAM), Market leader Maruti Suzuki India accounted for the highest exports with 69,962 vehicles during the quarter, up from 62,857 units in the same period last year.

    Earlier this month, Maruti Suzuki India said that it is expanding the accelerator programme to include global startups, as it aims to further support the government’s ‘Make in India’ and ‘Startup India’ initiatives.

  • Simple Energy raises USD 20 million in Series A round • EVreporter

    Bangalore-based Simple Energy announced that it has raised USD 20 million in Series A funding round. This round saw participation from existing investors, including high-net-worth individuals (HNIs) from family offices like the Haran family office, Dr. A Velumani’s family office, Vasavi family office, and the Desai family office, the promoter group of Apar Industries, among others.

    According to EVreporter research, the company sold 524 units during 6 months from Jan 2024 to Jun 2024, all in Karnataka.

    The funds will be used to increase the production of Simple Energy’s key products, Simple One and Simple Dot One. The investment will also support the company’s expansion into new markets across India and the development of new products. Simple Energy aims to achieve a top line of INR 150 crore this fiscal year.

    Mr. Suhas Rajkumar, Founder & CEO of Simple Energy, said, “As the adoption of electric vehicles (EVs) accelerates significantly in India, we are committed to playing a pivotal role in this burgeoning ecosystem. The enthusiastic reception from our initial customer base in Bangalore has been truly remarkable, and we extend our heartfelt appreciation to all our investors for their trust in our brand. The capital raised will be tactically deployed to bolster our production capacity and expand our dealership network nationwide.”

    Mr. Balamurugan Arumugam, Chief Growth Officer at Klarity, an HNI who participated in the round, said, “In the realm of sustainable transportation, Simple Energy shines as a beacon of innovation and progress. With a clear vision and a strategic roadmap mapped out for the next phase of growth, Simple Energy is primed to redefine the landscape of technologically advanced EV two-wheelers in India and beyond. As the brand gains momentum, it is poised to not only capture the local market but also emerge as a globally recognized leader in sustainable mobility, resonating with individuals worldwide who value innovation and environmental consciousness.”

    Simple Energy said it manufactures 95% of its scooter components in-house and also operates a motor manufacturing line at its 200,000 sq ft plant in Shoolagiri, Tamil Nadu. The company offers the Simple One with a certified range of 212 km and the Simple Dot One with a certified range of 151 km. Currently, Simple Energy is in a pilot phase in Bangalore and has started deliveries in the city. The company plans to open dealership stores in Bangalore, Mysore, Chennai, Vijayawada, Goa, Vizag, Kochi, Mumbai, Pune, Ahmedabad, Surat, Delhi, and Hyderabad in the coming weeks.

    Also read: Simple Energy re-launches Simple One e-scooter at INR 1,45,000

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  • GLIDA Launches Hyderabad’s Largest EV Charging Hub

    GLIDA, previously Fortum Charge & Drive India, has launched a new EV charging hub in Shamshabad near Hyderabad airport.

    The hub supports simultaneous charging for 102 vehicles and includes six 200KW ultrafast chargers, twenty-eight 60KW CCS2 dual-gun DC chargers, eight 30KW CCS2 dual-gun DC chargers, twenty Type-2 7.4KW AC chargers, and two DC001 dual-gun chargers.

    Inaugurated by Industries and IT Secretary Jayesh Ranjan, this facility is the largest of its kind in Hyderabad and aims to boost electric vehicle adoption.

    Ranjan noted that the hub will build user confidence and promote the shift to electric vehicles.

    GLIDA executive director Awadhesh K. Jha added that Hyderabad was the site of the company’s first fast public EV charging station, launched with Indian Oil Corporation in July 2018.

  • Electric Mobility Promotion Scheme 2024 Extended

    The Ministry of Heavy Industries has extended and increased the budget for the Electric Mobility Promotion Scheme 2024 (EMPS 2024). Initially planned from April 1 to July 31, 2024, the scheme will now run until September 30, 2024, with the budget rising from Rs. 500 crore to Rs. 778 crore.

    The scheme aims to boost the use of electric vehicles (EVs) in India and support the local EV manufacturing industry.

    It includes electric two-wheelers (e-2Ws) and three-wheelers (e-3Ws), such as e-rickshaws and e-carts, for both commercial and private use.

    The increased budget will fund subsidies and incentives, with Rs. 769.65 crore allocated for this and Rs. 8.35 crore for administrative costs and related activities.

    The updated goals are to support up to 560,789 EVs, including 500,080 electric two-wheelers and 60,709 electric three-wheelers.

    This total includes 13,590 e-rickshaws and e-carts, as well as 47,119 L5 category vehicles. Incentives will be given only to EVs with advanced batteries.

    This scheme supports the Aatmanirbhar Bharat vision by encouraging local manufacturing and improving the EV supply chain, which will help create jobs and strengthen India’s green mobility efforts.