BluSmart Mobility raises $42 mn to boost its EV operations in India
The latest round included an equity round of $37 million and venture debt of $5 million which saw participation from existing energy investors, with almost 50 per cent of the round being subscribed by the BluSmart founders and leadership team. With an all-electric ride-hailing fleet size of 3,500 EVs currently operating.
Waiting to resolve subsidy deadlock, recover Rs 500 cr: Hero Electric CEO
"In our recent exchanges with the Department, we have been made aware of the efforts by the Department to find a solution that passes muster by due process at the ministry level and are confident that a practical solution is round the corner," Sohinder Gill, CEO, Hero Electric, said in a statement.
PFC okays largest-ever Rs 633 cr EV financing facility to BluSmart Mobility
"E-mobility adoption is going on at a fast pace in the country. Through this funding, PFC has endeavoured to contribute towards India's Nationally Determined Contributions (NDC) goals and this will go a long way for moving towards a healthy and sustainable mode of transport," PFC Chairman and Managing Director Ravinder Singh Dhillon said.
Hyundai to invest $18.2 bn in EV production by 2030
Hyundai Motor, its smaller affiliate Kia and auto parts maker Hyundai Mobis will collectively make the investment to become the world's No. 3 EV maker in terms of sales by 2030, the group said in a statement. The move is in line with global carmakers' plans to fill their lineups with zero-emission vehicles to help slow the pace of global warming.
Delphi TVS Tech to invest Rs 450 crore in expansion, looks at tractor segment
The Rs 1,800 crore turnover company, part of the $8 billion TVS group, is also looking at the tractors and commercial vehicles segment for its common rail systems. "The group is also looking at segments powered by new fuels. Electric is one of the new fuels," Chairman and Managing Director T.K.Balaji told media persons here.
Hero Electric launches 3 new 2-wheeler EVs
"Our core philosophy has been designing bikes that are safe and super-efficient. The extensive feedback from our 6 lac bikes over 15 years has helped us design our new range of power trains that converts almost every drop of battery power into useful km," Sohinder Gill, CEO, Hero Electric, said in a statement.
Over 1.2 cr EVs sold in 2022 globally, may reach 1.7 cr by 2023 end
Tesla's Model Y remained the best-selling model globally followed by China-based BYD's Song model. During Q4 2022, battery EVs (BEV) accounted for almost 72 per cent of all EV sales, while plug-in hybrid EVs (PHEVs) accounted for the rest, according to Counterpoint Research.
India a great use case for 2-wheeler EV market: Dassault Systemes
The automotive, electric 2-wheelers (E2W) market grew by more than 300 per cent (year-on-year) in 2022. By 2025, the share of E2Ws and connected 2-wheelers (C2W) will both cross 50 per cent, according to a report by Cybermedia Research (CMR). "The typical notion when we think of an EV is a car, but in India, it is the two-wheeler," Jain told IANS.
EV charging revenue likely to exceed $300 bn globally by 2027
According to Juniper Research, the total number of plug-in vehicles will surpass 137 million globally by 2027, up from 49 million in 2023. As the adoption grows, "charging vendors must differentiate their services in a highly fragmented market," the report said. "It is important for EV charging vendors to target consumers as early as possible to build brand loyalty.