Week In India: Tresa Motors Unveils India’s First Electric Truck For Global Market; Siemens Expands Presence In Electric Vehicle Market With Mass-Tech Controls Acquisition; And More


Tresa Motors Unveils India’s First Electric Truck for the Global Market

Tresa Motors has unveiled its first electric Truck, the Model V0.1, built on its groundbreaking Axial Flux Motor Platform: FLUX350. Designed for the global market, the unveil showcases Tresa Motors’ revolutionary take on the industrial design, axial flux powertrain and safe battery packs for medium and heavy electric trucks. This development stands as a testament to Tresa’s unwavering commitment to innovation and its vision for a future driven by sustainable transportation solutions. Currently, India has a fleet of 2.8 million trucks, contributing to 60% of emissions, highlighting the urgent needs for zero emissions medium and heavy trucks. With the upcoming vehicle scrappage policy in 2024 and increasing fuel costs, the time is ripe for a shift towards medium and heavy electric trucks. 

Siemens Expands Presence In Electric Vehicle Market With Mass-Tech Controls Acquisition

Siemens Limited has successfully finalized the purchase of Mass-Tech Controls Private Ltd’s electric vehicle (EV) division for INR 38 crore. As a technology company specializing in industry, infrastructure, transportation, and electrical power transmission and generation, Siemens aims to expand its presence in the EV market. The acquisition of Mass-Tech Controls’ EV division was executed in compliance with the definitive agreements between both companies, with a total consideration of INR 380 million, subject to mutually agreed adjustments. This strategic move further strengthens Siemens’ commitment to advancing the development and adoption of electric vehicles.

Enigma Forges Partnership With EZFinance To Revolutionize Electric Scooter Financing

Enigma, a young Make-in-India EV manufacturer from Madhya Pradesh, proudly announces its strategic partnership with EZFinance, a reputable financial institution renowned for its unwavering commitment to excellence. This collaboration strengthens Enigma’s ability to offer end-to-end financing support to its valued dealers and ensures a streamlined purchasing experience for customers nationwide. Dealers associated with Enigma, spanning the entire country, will have the distinct advantage of exclusively accessing the extensive suite of financing solutions provided by EZFinance. EZFinance’s exceptional track record in offering zero per cent down payment loans to eligible customers makes them the ideal collaborator for Enigma. By joining forces with EZFinance, Enigma aims to provide its discerning consumers with the finest financial services available in the market, ensuring that every step of the vehicle loan process is met with efficiency, convenience, and utmost satisfaction.

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BLive’s Strategic Alliance To Introduce Electric Vehicles Across 20 Indian Cities

BLive has formed a strategic alliance to introduce its electric vehicles (EVs) in 20 cities across India, commencing in Hyderabad with an initial fleet. To achieve this objective, the company has introduced an innovative Rent-to-Own model, a first-of-its-kind in the country, enabling delivery riders to become EV owners without any upfront payment. This endeavor tackles the difficulties encountered by these riders, including restricted financial opportunities stemming from low credit scores and substantial upfront payment obligations. In each city, an exclusive deployment of 100 to 200 electric vehicles (EVs) is planned, specifically for Zomato riders. The ambitious scheme aims to deploy 10,000 EVs for Zomato riders throughout India within the next two years.

TCIL Invites Bids For Electric Vehicle Charging Stations In NCR

Telecommunications Consultants India (TCIL) has issued an invitation for bids to select charging point operators for the establishment of electric vehicle (EV) charging stations in various locations across the national capital region or NCR. The bidding process follows a revenue-sharing model, where the chosen operator will be responsible for managing and maintaining the charging stations for a period of one year. The project is divided into two lots, one consisting of 50 charging stations and the other with 100 charging stations. Interested parties have until July 18, 2023, to submit their bids, with the bidding process set to commence the following day. The empanelment fee for lot one is ₹29,500, while for lot two, it is ₹59,000.

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Vegh, an Electric Vehicle Startup, Secures $5 Million in Pre-Series Funding

Vegh, a promising electric vehicle (EV) startup, has announced a successful $5 million strategic pre-series investment round. This milestone achievement comes as part of Vegh’s ongoing pre-series funding campaign, which aims to secure a total of $50 million. The funding, provided by an undisclosed investor, will play a crucial role in supporting Vegh’s working capital requirements, including the development of an extensive sales and distribution network, expansion of manufacturing capabilities for EV components, and increased investment in research and development (R&D) initiatives.

Tube Investments Expands Into Small Commercial EV Segment With Stake Acquisition In Jayem Automotives

Auto component company Tube Investments of India has announced its entry into the small commercial electric vehicle (EV) segment through its subsidiary TI Clean Mobility Private Limited (TICMPL). In a definitive agreement with Jayem Automotives, TICMPL will acquire a 50% stake in the company to enhance its research and development capabilities for the upcoming EV launch. The acquisition will be a combination of primary subscription and secondary share purchase, totalling up to Rs 206 crore. Jayem Automotives specializes in designing, developing, testing, and manufacturing automotive components, systems, and prototypes, with a focus on electric vehicles.

Magenta Mobility Introduces PLENT, An Innovative EV Charging Solution With 12 Outputs

Magenta Mobility has unveiled PLENT, an innovative charging solution designed to cater to the growing demand for safe, intelligent, and cost-effective electric vehicle (EV) charging. PLENT, a unique EV charger in India, features 12 charging outputs, each capable of delivering 3.3 kW of power. This configuration provides a favourable cost per charging point, benefiting fleet operators and residential communities. Maxson Lewis, Founder and Director of Magenta Mobility, expressed excitement about the launch of PLENT, describing it as a groundbreaking multi-charging product designed to enhance the EV charging experience while addressing the specific needs of the Indian market.

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Battery Smart Raises Rs 272 Crore In Funding Round; To Expand Battery Swapping Network

Battery Smart, a battery-swapping network, has successfully raised USD 33 million (approximately Rs 272 crore) in a funding round. The recent funding round, known as Pre-Series B, witnessed the involvement of both current backers, Tiger Global and Blume Ventures, as well as new investors, The Ecosystem Integrity Fund (EIF) and British International Investment (BII). The raised capital will be utilized to expand Battery Smart’s customer base by adding 1 lakh new customers to its network by 2025. Additionally, the company plans to expand its operations to cover a larger geographic footprint.

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