Week In India: Maharashtra Govt Signs MoU with RMI; Delhi Government Ends Electric Car Subsidies; And More

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Maharashtra Govt Signs MoU with RMI to Support EVs

Maharashtra has signed an agreement with RMI to support electric vehicles. A Memorandum of Understanding (MoU) has been signed by the Maharashtra government with RMI in Glasgow, Scotland, to support the incorporation and advancement of EVs in Maharashtra. According to the agreement, RMI will give technical assistance in implementing the state’s newly introduced EV policy. RMI, which performs clean energy transformations around the world, has teamed up with RMI India, which also works on green energy and mobility problems in India. In July, the Maharashtra government proposed the Electric Vehicle Policy 2021 in order to accelerate EV adoption in India and achieve a 10% share of total enrollments by 2025. In Maharashtra, EVs will obtain economic rewards ranging from Rs 10,000 to Rs 20 lakh, and residential societies will receive property tax rebates for installing charging stations.

Delhi Government Ends Electric Car Subsidies

According to Transport Minister Kailash Gahlot, the Delhi government has ended electric cars subsidies and will not extend it further. As per the Delhi EV Policy 2020, for the first 1000 cars, subsidies were available with a cap of Rs. 1,50,000 per vehicle. Around 5,246 were two-wheelers from the 23,000 EVs registered in Delhi and 10,997 were e-rickshaws during the period of August to October. By end of 2022, the government will bring 2,300 electric buses and will also upgrade its bus depots’ electric vehicle charging facilities. The Delhi government is promoting e-buses and e-auto rickshaws to beat the pollution and make Delhi a clean city. From now on, the transport department will only focus on electric buses. With the rising price of fuel, the demand for electric vehicles is also increasing.

Nexzu Mobility Goes Live On Online Platforms, Making Their E-Cycles More Accessible

Nexzu Mobility, India’s leading home-grown e-mobility brand, has commenced the sale of its e-cycles and scooters from their e-commerce portal www.nexzu.in for delivery across India. Electric Vehicle is the future of transportation, and to enhance the adoption of clean mobility, Nexzu Mobility’s e-commerce platform is offering complete online solutions right from purchasing an e-cycle to warranty registration to the service request. Customers can book an e-cycle by visiting Nexzu Mobility’s e-commerce website, selecting from a variety of models like Rompus+, Roadlark & Roadlark Cargo. The e-commerce platform also provides the option of purchasing insurance for Nexzu Mobility e-cycles. The website also comprises DIY videos to assist you with the assembling process.  To purchase e-cycles, scooters smoother and more convenient, an EMI alternative with Zest Money is also available. Apart from that, Nexzu Mobility products are also available on Amazon, E-wheelers, and Blive.

India Has High Demand For Electric Cars

The “India Electric Car Market, By Vehicle (SUV & MPV, Sedan, Hatchback), By Drivetrain (FWD, RWD, AWD), By Battery Capacity (Below 25 KWH, 25KWH-40KWH, Above 40KWH), By Company, By Region, Forecast & Opportunities, FY2028” report has been added to ResearchAndMarkets.com’s offering. India’s electric car market was valued at USD10,107.18 million in FY2021 and it is projected to grow at a CAGR of 41.02% during the forecast period, to be valued at USD78,190.10 million by FY2027. Continuous advancements in technology to upgrade the existing infrastructure and new inventions in the automotive industry are fueling the demand for the electric car market. Government initiatives to push the improvement of electric charging infrastructure coupled with the government’s approval for a production linked incentive (PLI) scheme for manufacturing advanced chemistry cell (ACC) batteries for an estimated budget of Rs.18,100 crore is expected to accelerate the growth of the market.

Switch Mobility To Supply 300 Electric Buses To BMTC

Switch Mobility Ltd will operate and supply 12-metre 300 electric buses to Bengaluru Metropolitan Transport Corporation (BMTC). Switch Mobility, a subsidiary of Ashok Leyland, is a technology-focused bus and light commercial vehicle company with the mission to enrich lives through green mobility. The fleet and charging infrastructure will be supplied, operated, and maintained by Switch for a period of 12 years on a Gross Cost Contract (GCC) Model under the FAME II Scheme. The state-of-the-art, technologically advanced, low-noise buses will make commuting more comfortable for the people of Bengaluru. The buses are expected to reduce fuel consumption by around 5.5 million litres annually, leading to a reduction in carbon emissions by more than 14,500 tonnes per year, alongside cost savings for BMTC.

Hero Electric Sells 50,000 EVs In 7 Months

The country’s largest electric two-wheeler has surpassed the 50,000-unit sales milestone in the seven months of FY2022 even with fuel prices maintaining a straight upward trajectory, along with the electric vehicle momentum on the rise. Owing to a conducive environment for the EV industry, Hero Electric says it has seen its best-ever sales since 2007. The highlight of the milestone is the city speed portfolio with, Optima and NYX leading the sales graph. The company says it has sold 50,331 units till October, which translates to a market share of 36%. The EV maker says it has partnered with multiple EV startups to strengthen the last-mile delivery market and expand its B2B business.

Electric LCVs Are Permitted On 250 Roads During No-Entry Hours In Delhi

Delhi Transport Minister Kailash Gahlot announced that during no-entry hours, electric light commercial vehicles (e-LCVs) will be permitted on 250 roads. This decision was taken due to the rising air pollution in the city. The time-specific related route restrictions and idle parking prohibition which are applicable to all the transportation vehicles will not be applicable to e-LCVs. The government is also planning to enroll manufacturers of electric kits for adding traditional internal combustion engines with the electric ones. Besides subsidies, the EV policy of the government also provides non-financial incentives and benefits to the consumers. When the Electric Vehicles policy was launched, the number of light commercial vehicles (LCVs) was 46 and now this has increased to 1054.

BP In Talks With Indian Firms For Clean Mobility Drive

BP is in talks with Indian companies for investment in electric vehicle charging infrastructure, energy storage, battery swapping, last-mile logistics, and electric scooters. The company can invest around 1/3 of its investments in India for a clean mobility drive. In September, BP invested in BluSmart with $13 million for EV rides. India makes 2% of the company’s $800 million portfolios. In transitioning from fossil fuels, BP is investing in renewable sources. The company has invested in many companies including FreeWire (US mobile EV charging company) and StoreDot (an Israeli fast-charge battery company).

ElectricPe EV Charging Platform Gets $3 Million Seed Investment

ElectricPe, a charging forum for electric vehicles, has raised $3 million in a seed round to further grow its technology system. It intends to utilize the funds to expand its future tech platform in order to provide further easy accessibility to charging stations via the ElectricPe App. The $3 million (Rs 225 crore) funding season was won by Blume Ventures and Micelio Fund. Through them as well, Arjun Ravi Sheth (associate at Anchorage Capital Partners), Jasminder Singh (Now), Ashish Goel (Urban Ladder), Anshuman Bapna (Terra. do), Bhuvan Gupta (OfBusiness), and Anupam Mittal (Shaadi.com), are among the angel investors.

Bengaluru Based EV Technology Provider, Altigreen Partners With SpareIt

Altigreen, a Bengaluru-based electric vehicle technology provider has collaborated with SpareIt to use SpareIt’s garages as electric service hubs. Altigreen is a leader in EV technology and solutions for Last-Mile Transportation and has recently launched new mobility platforms that are built on 100% indigenous technology. SpareIt was established in 2020 and the company enables independent and small garages to source their garages, do business management, and has connected 6000 garages across different cities. The garages were trained for electric vehicle technologies with Altigreen’s standard service operating process.

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