Week In India: Volvo Car Launches All-Electric C40 Recharge In India; Hero Motocorp To Infuse INR 550 Crore Investment Into Ather Energy; And More


Volvo Car Launches All-Electric C40 Recharge In India

Volvo Car India has introduced the C40 Recharge, an all-electric vehicle, with an initial ex-showroom price of Rs 61.25 lakh, plus applicable taxes. This marks the second electric model from Volvo in India, and it will be manufactured at the company’s Bengaluru plant in Karnataka. The vehicle comes equipped with an 11 kW charger. The Volvo C40 Recharge offers a choice of eight different colors, including Black Stone, Fusion Red, Thunder Grey, Fjord Blue, Silver Down, Crystal White, Sage Green, and Onyx Black. In terms of dimensions, this electric vehicle measures 4,440 mm in length, 1,910 mm in width, and 1,591 mm in height.

Hero Motocorp To Infuse INR 550 Crore Investment Into Ather Energy

In a significant development, the Board of Directors of Hero MotoCorp granted approval for an investment of up to ₹550 crore (Rupees five hundred fifty crore) in the Rights issue of Ather Energy Private Limited. This investment is contingent upon the execution of definitive documents and the fulfilment of customary conditions inherent to transactions of this nature. It’s crucial to note that this transaction falls under the category of a subscription in the Rights issue of the Associate Company, making it a related party transaction. However, it is imperative to clarify that this is not an acquisition. Hero MotoCorp Ltd. is subscribing to shares in Ather Energy’s Rights issue. Importantly, Hero MotoCorp is already an existing shareholder in Ather.

BGAUSS Unveils C12i EX Electric Scooter In India

BGAUSS has introduced the BGAUSS C12i EX electric scooter at an initial price of Rs 99,999 ex-showroom, expanding its C12 series, which already included the C12i MAX, attracting 6,000 customers in three months. The BGAUSS C12i EX offers a quick 3-hour charging time for its battery pack and boasts an ARAI-certified range of 85km. Equipped with CAN-enabled technology, the scooter ensures connectivity and control. Like its predecessor, the BG C12i EX features a fully waterproof, IP67-rated electric motor and battery that provide protection against extreme heat and dust.

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Lucknow Development Authority Invites Bids To Set Up EV Charging Stations Across Lucknow

The Lucknow Development Authority has issued an invitation for bids to select operators responsible for establishing and maintaining public electric vehicle (EV) charging stations at Janeshwar Mishra Park, Lohiya Park, and Jyotiba Phule Park in Lucknow. The deadline for submitting bids online is September 18, 2023, with the bids scheduled to be opened on the same day. Interested bidders are required to provide an earnest money deposit equal to 1% of the estimated project cost, which amounts to Rs 575,000. The total estimated cost of the project is Rs 57.5 million. The project is expected to be completed within six months from the date of contract award, and the contract will be valid for ten years with a three-year lock-in period following the notice of award.

SIDBI and Okaya EV Join Forces to Accelerate Electric Vehicle Adoption in India

Okaya EV, a prominent player in the electric vehicle sector, is excited to unveil its strategic collaboration with the Small Industries Development Bank of India (SIDBI) as part of the groundbreaking “Mission 50K-EV4ECO” initiative. This alliance represents a major milestone in advancing the uptake of electric vehicles (EVs) in India, with a special focus on empowering micro, small, and medium enterprises (MSMEs). Established in 1990, the Small Industries Development Bank of India (SIDBI) has emerged as a cornerstone of financial support for India’s dynamic small industries sector. Through its unwavering commitment to nurturing growth and development among micro, small, and medium enterprises (MSMEs), SIDBI has earned a well-deserved reputation as a trusted financial partner over the years.

Delhi Adds 400 New Electric Buses; Surpasses 800 Mark

On Tuesday, Delhi’s Lieutenant Governor VK Saxena and Chief Minister Arvind Kejriwal inaugurated 400 electric buses, increasing the total count of electric buses in the national capital to 800. The launch ceremony took place at the IP Depot. Delhi Transport Minister Kailash Gahlot, speaking at the event, congratulated the people of Delhi on the expansion of the electric bus fleet, stating, “The number of electric buses has now gone up to 800 in Delhi.” In a subsequent post on a platform called “X,” Chief Minister Kejriwal provided a breakdown of the budget allocation for these buses, saying, “Together with the Honorable Lieutenant Governor, we flagged off 400 new electric buses and dedicated them to the people of the national capital, Delhi. These buses are part of the 921 buses covered by the subsidy scheme, with a subsidy of Rs 417 crore contributed by the Centre, while the Delhi government will allocate Rs 3,674 crore.”

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PMI Electro Mobility Expands Green Fleet With 25 New Electric Buses In Rajkot

PMI Electro Mobility has initiated the deployment of the first batch of 25 electric buses on the Rajkot Rajpath route. These buses were ceremonially launched by Gujarat’s Chief Minister, Bhupendra Patel. This development elevates PMI’s electric bus fleet to a total of 75 operational vehicles in Rajkot, marking a significant stride in promoting eco-friendly transportation and contributing to India’s goal of achieving carbon neutrality by 2070. Across the country, PMI now boasts a fleet of over 1200 electric buses.

MY EV Store Unveils ‘IME Rapid’ Electric Scooter In India

In a groundbreaking move, MY EV Store, a renowned name in India’s multi-brand e-mobility retail sector, has launched its flagship electric two-wheeler, the IME Rapid. This premier electric scooter stands out with an incredible single-charge range of 300 kilometers and a top speed of 80 km/hr, addressing the widespread concern of range anxiety in electric vehicles (EVs). The IME Rapid achieves this remarkable feat thanks to MY EV Store’s proprietary Smart Range Technology (SRT). SRT leverages real-time data, including battery status, weather conditions, traffic, and driving patterns, to provide highly accurate range predictions. By eliminating range anxiety, this technological advancement aims to encourage EV adoption and contribute to a cleaner environment.

BluSmart Achieves Rs 400 Crore Annual Revenue Run Rate; Plans Rapid Expansion In Electric Mobility Segment

BluSmart, a provider of electric vehicle (EV) ride-hailing and charging services, announced that it has surpassed an annual revenue run rate of Rs 400 crore. Operating in Delhi-NCR and Bengaluru, BluSmart has achieved a significant milestone by deploying 5,000 electric vehicles (EVs) and establishing more than 3,900 EV charging points at 32 charging hubs strategically located in these two cities. Recently, BluSmart secured $42 million in funding, consisting of a $37 million equity round and $5 million in venture debt. Notably, nearly half of this funding was contributed by the company’s founders and leadership team, with participation from existing energy investors. BluSmart also reported that its mobile app has been downloaded by over 2.4 million users.

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Maharashtra’s MSRTC Achieves 70% Electrification Milestone On Mumbai-Pune Bus Fleet

The Maharashtra State Road Transport Corporation (MSRTC) has successfully electrified 70% of its Shivneri AC bus fleet, a popular route carrying passengers from Mumbai to Pune. Out of the planned 100 electric buses for this route, only 30 diesel buses are left to be replaced. MSRTC aims to completely phase out diesel buses on this route in the coming months, offering passengers a comfortable and quiet electric ride via the Pune Expressway. MSRTC Managing Director Shekhar Channe mentioned that the introduction of electric buses has already proven profitable for the corporation. The electric buses have generated income surpassing the lease rent paid to the private operator, resulting in initial profits. There are plans to electrify the entire fleet of 100 buses before Diwali, a significant Indian festival.

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