Government Launches ₹10,900 Crore PM E-DRIVE Scheme To Accelerate Electric Vehicle Adoption And Infrastructure Development
The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved a new scheme called the “PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) Scheme” to promote electric mobility across India. The scheme, proposed by the Ministry of Heavy Industries (MHI), will have a total outlay of ₹10,900 crore over two years. It is designed to accelerate the adoption of electric vehicles (EVs) and support the development of related infrastructure. One of the key features of the scheme is the provision of subsidies and demand incentives worth ₹3,679 crore. These incentives will be used to promote the purchase of electric two-wheelers (e-2Ws), three-wheelers (e-3Ws), ambulances (e-ambulances), trucks (e-trucks), and other emerging electric vehicles. The scheme aims to support the sale of 24.79 lakh e-2Ws, 3.16 lakh e-3Ws, and 14,028 e-buses, helping to make electric vehicles more accessible and affordable.
Competition Commission Of India Approves NIIF’s Increased Stake In Ather Energy
The Competition Commission of India has given its approval for the National Investment and Infrastructure Fund’s (NIIF) proposal to raise its stake in Ather Energy. The deal was approved under the regulator’s green channel route. According to the order, the India-Japan Fund (IJF), managed by NIIF, will acquire Series G Compulsorily Convertible Preference Shares in Ather. The IJF focuses on investments that promote environmental sustainability, low-carbon emission strategies, and encourage Japanese investments in India. This transaction will support IJF’s mission to create value in the electric two-wheeler market, clean mobility solutions, and technology-driven last-mile transportation. Ather focuses on designing and manufacturing electric scooters, while IJF is a SEBI-registered alternative investment fund aimed at bolstering the economic and strategic relationship between Japan and India.
Mercedes-Maybach EQS 680 SUV Debuts In India: A New Era Of Luxury EVs
Mercedes-Benz has introduced the all-electric Mercedes-Maybach EQS 680 SUV, redefining the luxury SUV market in India. As the brand’s first fully electric Maybach model, the EQS SUV represents the pinnacle of opulence and innovation. With its luxurious design, cutting-edge technology, and a holistic sensory experience, the EQS SUV marks a new era for Maybach in India. The Maybach EQS 680 is designed to provide the utmost comfort and luxury, featuring advanced technologies like MBUX Hyperscreen, customizable ambient lighting, and rear-seat entertainment. The vehicle also emphasizes sustainability, using eco-friendly materials and processes, including vegetable-tanned leather and recycled aluminum. With automatic opening and closing doors, an immersive sound experience, and air purification systems, this SUV offers unmatched luxury in the electric vehicle segment.
Godawari Electric Motors Launches eblu Cety on World EV Day
Godawari Electric Motors has unveiled its latest innovation, the eblu Cety, on World EV Day. This new auto-shaped e-rickshaw is set to revolutionize urban mobility with a price tag of INR 1,99,999/- ex-showroom. The eblu Cety, designed to meet the rising demand for sustainable urban transport, offers seating for a driver and four passengers, making it an ideal solution for city commuting. The eblu Cety features a wheelbase of 2170mm, an overall width of 993mm, an overall length of 2795mm, and an overall height of 1782mm, with a minimum ground clearance of 240mm. The e-rickshaw is capable of reaching speeds of up to 25 km/h and provides a driving range of 95 km per charge. Its design includes high visibility features and an automatic wiper for enhanced convenience.
Raft Cosmic EV Announces New INR 50 Crore Electric Scooter Manufacturing Facility In Howrah
Raft Cosmic EV, a subsidiary of a Kolkata-based company, is set to invest INR 50 crore in building a new electric scooter manufacturing facility in Domjur, located in West Bengal’s Howrah district. The facility will be capable of producing 12,000 two-wheelers annually. The Cosmic Birla Group, which previously specialized in producing components for electric two-wheelers, expanded into the full electric scooter market in 2023 after acquiring Raft Motors in Maharashtra for INR 40 crore. “We are presently selling e-scooters from the Maharashtra plant acquired in 2023, but our new EV facility in Domjur is set to become operational by October,” said Aditya Vikram Birla, Chairman as well as Managing Director of the Cosmic Birla Group. He added, “The new plant will include two production lines with a combined annual capacity of 12,000 e-bikes.”
Greaves Electric Mobility’s Two-Wheeler Models Approved for EV Demand Incentive Scheme
Greaves Electric Mobility Private Limited (GEMPL), the electric mobility division of Greaves Cotton Limited, has announced that the Ministry of Heavy Industries (MHI) has approved the registration of its two-wheeler models—Nexus, Primus, Magnus, and Zeal—under the Electric Mobility Promotion Scheme (EMPS). This approval makes the company eligible for the Government of India’s EV demand incentive scheme, aimed at promoting the adoption of electric vehicles. GEMPL’s three-wheeler segment, operated through its subsidiary, has already been benefiting from demand incentives under the EMPS Scheme. With the recent inclusion of its two-wheeler models, the company is well-positioned to enhance its contribution to accessible and sustainable mobility solutions across India.
Ather Energy Seeks ₹3,100 Crore Via IPO, Plans Major Investment In Maharashtra Plant
Ather Energy, a domestic electric two-wheeler manufacturer, has submitted its draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (Sebi) for an upcoming initial public offering (IPO). The IPO will include a fresh share issuance valued at ₹3,100 crore, according to the official document. Additionally, the offering includes an offer for sale of up to 22 million shares by the company’s investors and promoters. Ather Energy plans to allocate around ₹927.2 crore of the net proceeds towards the establishment of an electric two-wheeler manufacturing plant in Maharashtra and funding research and development initiatives.
BYD India Unveils ‘BYD eMAX 7’: A New Era for Electric MPVs
BYD India, the subsidiary of global New Energy Vehicle (NEV) leader BYD, has announced the launch of its upcoming electric MPV, the ‘BYD eMAX 7’. This new model, designed for eco-conscious Indian families, will succeed the BYD e6, integrating advanced technology, luxury, and sustainability. The ‘BYD eMAX 7’ name reflects BYD’s commitment to innovation in the electric vehicle sector. The ‘e’ denotes the vehicle’s electric drive, while ‘MAX’ highlights its superior performance, range, and features compared to the BYD e6. The ‘7’ signifies the model’s evolution from its predecessor, representing the next generation of BYD’s electric MPVs.
Revfin Boosts EV Market Presence with 15,000-Vehicle Acquisition from SUN Mobility
Revfin, a leading electric vehicle (EV) financing company in India, has taken a significant leap in its sustainable mobility strategy by acquiring a portfolio of over 15,000 vehicles valued at ₹100 Crore, which are operating on the SUN Mobility platform. This move underscores Revfin’s commitment to accelerating electric vehicle adoption and transforming fleet operations across the country. The acquisition, announced jointly by Mr. Sameer Aggarwal, Founder & CEO of Revfin, and Anant Badjatya, CEO of SUN Mobility, highlights the collaborative efforts between the two companies to advance electric mobility in India. The integration of this substantial fleet is expected to enhance Revfin’s operational footprint and market influence.
Terra Charge Partners with Airports Authority of India to Launch EV Charging Hubs
Terra Charge has announced a strategic partnership with the Airports Authority of India (AAI) to set up electric vehicle (EV) charging hubs at major airports across the country, starting with Raja Bhoj International Airport in Bhopal. This initiative marks Terra Charge’s first collaboration with AAI and represents a significant investment in expanding India’s public EV charging infrastructure. The new Japanese technology-enabled park and charge facility at Bhopal Airport will cover an area of 75 square meters, providing space for four EVs to charge simultaneously. The hub will initially feature one slow charger and one 30 kW fast charger, catering to electric two-wheelers (E2W), three-wheelers (E3W), and four-wheelers (E4W). Both public and commercial fleet owners will have access to the charging hub around the clock.
EaseMyTrip Enters EV Market With INR 200 Crore Investment In Electric Buses
Travel booking platform EaseMyTrip announced that it is entering the electric bus manufacturing sector through its new subsidiary, Easy Green Mobility. The company plans to invest INR 200 crore over the next 2-3 years to develop electric buses and establish a manufacturing facility. The operations of these electric buses will be managed by YoloBus, a subsidiary of EaseMyTrip. With the Indian electric bus market projected to grow at a 24% CAGR from 2024 to 2030, EaseMyTrip aims to capitalize on this increasing demand and secure a significant market share.
