Electric Cars
Metal Mayhem: EV, steel industry to take hit over soaring nickel prices
Production of batteries for electric vehicles as well as stainless steel, paint and alloy-based industries are expected to take a hit, as prices of a key raw material -- nickel -- have zoomed over 100 per cent in the past few days. The Russia-Ukraine crisis has triggered the shortage which in turn led to a massive spike in prices. On Tuesday, nickel prices surged as much as 111 per cent to trade briefly above $100,000 a tonne.
Strong demand outlook for domestic solar OEMs aided by policy measures: ICRA
As per the ratings agency, the trend has led many domestic OEMs to announce sizeable capital expenditure to augment the cell and module capacity, including the capex for integrated facilities under PLI scheme by the winning bidders. However, timely commissioning and ramp-up of ongoing capex in the module manufacturing value chain remains critical in the near to medium term.
Global EV sales up 109% in 2021, Tesla leads with 14% share
The total global car market grew just 4 per cent in 2021 as it continued to struggle with Covid-19 restrictions and chip shortages, while EV sales represented 9 per cent of all passenger car sales last year, according to market research firm Canalys.
Biden allocates $5bn for EV charging network amid China threat
The US Congress has approved $7.5 billion for EV charging infrastructure as part of the bipartisan infrastructure law, $5 billion of which will be available to states to create a "network of EV charging stations along designated Alternative Fuel Corridors, particularly along the Interstate Highway System", the administration said late on Thursday.
No manufacturing in India, no tax relief, says Govt on Tesla
"We can't grant subsidies or relaxation in taxes to the said company as they don't want to set-up their manufacturing and other operation bases here. Why should we favour a company which creates jobs in China and mints profit from our markets? Our Prime Minister has a vision for all such foreign companies, if you want to sell your product in our country, then manufacture them here only," Minister of State for Heavy Industries Krishna Pal Gujjar told the Lok Sabha.
Rising economic activity to boost NBFC-MFIs' AUM in FY2023
According to ICRA Ratings, the long-term outlook for NBFC-MFIs remains robust, driven by the fact that the growth in disbursements is expected to have continued in Q3FY22, post revival in Q2FY22. "Disbursements picked up again in Q2 FY2022, pushing up the growth in the assets under management (AUM) of NBFC-MFIs to around 5 percent (annualized) in H1 FY2022," ICRA said.
6 mn electric cars likely to be shipped in 2022: Gartner
The number of global public EV chargers will rise to 2.1 million units in 2022, up from 1.6 million units in 2021. The market research firm forecasts that electric cars will represent 95 per cent of total EV shipments in 2022 and the remainder will be split between buses, vans, and heavy trucks.
Economic recovery broadened in Q3FY22, but durability elusive: ICRA
The quarterly data suggested a modest broad-basing of the recovery in Q3 FY2022, relative to Q2 FY2022 when compared to respective pre-Covid volumes.
ICRA suggests long-term finance at low rates for power, renewables in Budget
The Union Budget for FY23 will be tabled in the Parliament on February 1. The rating agency said that incentives and relevant policy measures are needed to promote investments in the energy storage segment, considering the increasing share of renewables in the electricity generation mix. "This apart, policy measures are required to revive the stranded gas-based projects, which would enable availability of balancing power sources," it said.
Small finance banks' AuM seen rising 20% in FY22: ICRA
Small Finance Banks' main objective is to take basic banking activities to unserved and underserved sections including small business units, small and marginal farmers, micro and small industries, among others. Like other commercial banks, these banks can also lend and take deposits. As per the rating agency's report, even as the growth in portfolio is expected to drive an improvement in revenue, the expected elevated credit costs are likely to keep the profitability subdued in FY22.
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