ELECTRIC VEHICLES

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• Statiq CFO seeks equity funding to drive growth

  The EV charging solutions company has a strong pipeline of opportunities in the next 18 months, says Aditya Mishra.

  

• Looking beyond electric vehicles: Auto makers race ahead with green-fuel launches

  The industry saw 24 CNG PV launches this fiscal as compared to 14 in FY 20. In the case of electric, there were 31 PV launches as compared to 7 models in FY20. Strong hybrids have also seen increased traction, with sales outpacing electric for the first time in last 2 months. Petrol model launches at 111 were lower by 21% and diesel at 54 down by 61%, according to Jato Dynamics.

  

• EV company Exponent eyes $25 million at $100-120 million valuation

  Exponent Energy had last raised $13 million in August 2022 in a Series A led by Lightspeed that valued the Bengaluru-based startup at around $45 million.

  

• Toyota lobbies India to cut hybrid-car taxes as much as 21%

  Toyota Motor is urging the Indian government to reduce taxes on hybrid vehicles by up to 20% as they are less polluting than petrol cars but do not receive the same policy treatment. The company is planning to increase production capacity to meet the growing demand for hybrids in India. However, the government has been focused on promoting electric vehicles (EVs) and has offered incentives to companies to produce EVs and batteries.

  

• Gulf Oil CFO sees EVs as a complementary opportunity, says open to investments in the space

  Manish Gangwal aims for over 10% FY24 revenue growth and 14% margins in the next 2 years.

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• EV companies to return FAME II SOPs or face legal action after Centre cracks the whip

  The Indian government will take legal action against electric vehicle (EV) companies that wrongfully claimed incentives under the FAME II scheme and will ban them from participating in the updated programme. The government is also holding back funds after anonymous emails accused several firms of claiming incentives without adhering to local production requirements. Revolt Intellicorp and Amo Mobility, owned by Rattan Enterprises, have agreed to refund incorrectly claimed amounts.

  

• Ambani-backed EV maker is said to weigh raising USD 85 million

  The company, which counts billionaire Mukesh Ambani among its backers, is seeking a valuation of around USD 350 million in the new round, said one of the people, who asked not to be identified as the information is private.

  

• From green hydrogen to circular economy, govt goes for sustainable growth

  "The movement aims to live a life which is in favour of the environment and does not harm the ecosystem and living beings. Faster Adoption and manufacturing of Hybrid & Electric vehicles in India scheme has been launched in the year 2015 to promote use of electric vehicles in order to decrease the consumption of coal, which is already implemented by fourteen states of our country," said the official.

  

• HMSI plans 5 product launches for FY24

  Honda Motorcycle & Scooter India will launch three internal combustion engine (ICE) models and two electric vehicles (EVs) during 2023-24. The 2 EVs under project Vidyut will include a mid-range fixed battery scooter and a swappable type vehicle. The company has started building up the infrastructure for an EV-only dedicated assembly line, called the Factory-E at its Narsapura plant in Karnataka.

  

• Luxury car companies line up for big Indian electric vehicle race

  Mercedes, BMW, Audi and Volvo are bullish on EVs even as they are priced higher than petrol and diesel vehicles, said the executives, adding that among other benefits buyers are enthused by a lower 5% goods and services tax (GST) on EVs and waiver of road registration tax in several states.

  

• Tata Motors back on funding street, seeks around $600m for electric vehiles business

  The move is part of an ambitious strategy by the leader in the electric passenger vehicle market to raise significant funds, both via external and internal sources, to support its growth plans through product innovations, especially of EV platform, top executives close to the development said.