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<ul><li><keyword id="195740" type="General" weightage="100" keywordseo="hero-electric" source="Orion">Hero Electric</keyword>, India’s leading electric two-wheeler maker, has announced a partnership with <keyword id="12511517" type="General" weightage="80" keywordseo="electricpe" source="Orion">ElectricPe</keyword>.</li><li>This partnership will allow Hero Electric’s customers to access ElectricPe’s charging network.</li><li>ElectricPe aims to install 1,00,000 chargers across India by the end of 2022.</li></ul>Hero Electric, the largest electric two-wheeler company in India, has announced a partnership with ElectricPe, an electric vehicle (EV) charging platform, allowing its customers to access ElectricPe’s charging network across India. The announcement is a big win for ElectricPe, too, since it has plans to expand its charging network to over 1,00,000 access points by the end of 2022. On the other hand, Hero Electric customers will be able to access ElectricPe’s charging network across residential complexes, offices, malls, and other establishments, which should help in addressing range anxiety issues. <cmsannotation type="cmsannotation" annotationid="Gearing up for ever-increasing competition" comment="subhead" text="Gearing up for ever-increasing competition">Gearing up for ever-increasing competition</cmsannotation> The partnership is crucial for Hero Electric, which is currently India’s largest electric two-wheeler (2W) company – every third electric 2W sold in India is a Hero Electric product. But with rising competition, the company has seen its market share decline in the past year. <div type="image" title="Electric two wheeler market share chart FY22." msid="90795237" hostid="261" caption="&amp;lt;p&amp;gt;Electric two wheeler market share chart&amp;lt;/p&amp;gt;"></div> The Indian electric 2W market is growing rapidly, with sales surging multi-fold – by over five times – in 2021-22. <div type="image" title="Electric vehicle sales growth FY22." msid="90795252" hostid="261" caption="&amp;lt;p&amp;gt;Electric vehicle sales growth in 2021-22&amp;lt;/p&amp;gt;"></div> However, with the electric vehicles industry still in its early days, there is a lot of scope for growth. “This association will provide a seamless charging and EV riding experience to customers by easing the accessibility through ElectricPe’s charging points that are getting installed on a large scale across the country,” said <keyword id="2436380" type="General" weightage="50" keywordseo="sohinder-gill" source="Orion">Sohinder Gill</keyword>, chief executive officer of Hero Electric. “In line with this, we are thrilled to partner with the biggest players in India – it validates the trust we bring to the market. The association with Hero Electric will further our goal to bring clean and affordable access to charging to a billion Indians, right at their doorstep,” said <keyword id="669240" type="General" weightage="50" keywordseo="avinash-sharma" source="Orion">Avinash Sharma</keyword>, cofounder and chief executive officer of ElectricPe. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/electric-two-wheeler-sales-surge-over-5-times-in-2021-22/articleshow/90775731.cms">Electric two-wheeler sales surge over 5 times – Hero Electric, Okinawa corner half the market, Ather’s market share declines</a> <a href="https://www.businessinsider.in/business/auto/news/bounce-infinity-e1-electric-scooter-price-in-india-features-range-and-delivery-date/articleshow/90721122.cms">Bounce Infinity E1 electric scooter deliveries to begin April 18 – price, range, battery details and everything else you need to know</a> <a href="https://www.businessinsider.in/business/auto/news/a-container-truck-carrying-40-electric-scooters-reportedly-caught-on-fire/articleshow/90780012.cms">In another setback for electric vehicles, a container truck carrying 40 scooters catches fire</a>

Hero Electric’s customers can now charge their vehicles on ElectricPe’s charging network

Industry players on Monday hailed the government's move to enhance the scheme outlay of Faster Adoption and Manufacturing of Electric Vehicles (<keyword id="19912965" type="General" weightage="20" keywordseo="fame" source="keywords">FAME</keyword>) <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> <keyword id="20527557" type="General" weightage="20" keywordseo="phase-ii" source="keywords">Phase II</keyword>, saying it will enhance infrastructure, foster widespread adoption and longevity of electric vehicles across the country. The Ministry of Heavy Industries announced that the scheme outlay of FAME India Phase II has been enhanced from Rs 10,000 crore to Rs 11,500 crore under FAME India scheme Phase II in order to give a further push to clean mobility in the country. The ministry also said that it is a "fund and term limited scheme", which means that the subsidies for demand incentive will be eligible for e-two-wheelers, e-three-wheelers, and e-four-wheelers sold till March 31, 2024 or till the time the funds are available, whichever is earlier. "We applaud the government's decision to enhance the FAME India Scheme Phase II outlay to Rs 11,500 crore. This timely boost in investment is a shot in the arm for the EV industry, accelerating its growth trajectory and paving the way for a cleaner, more sustainable future," VG Anil, CEO of EV battery manufacturer Arenq. The main objective of the scheme is to encourage faster adoption of electric and hybrid vehicles by way of offering upfront incentives on purchase of EV and also by establishing a necessary charging infrastructure for electric vehicles. "This Rs 1,500 crore boost sends a clear message: India is serious about electrifying its mobility landscape. Lower upfront costs for EVs, coupled with enhanced charging infrastructure, will incentivize riders to choose eco-friendly travel, accelerating the transition to a zero-emission future," Mayank Bindal, Founder and CEO, <keyword id="20078292" type="General" weightage="20" keywordseo="snap-e-cabs" source="keywords">Snap E Cabs</keyword>, told IANS. The number of EV charging stations that are operating in the country has gone up to 12,146 (as of February 2 this year), according to the government data. "The extension of FAME II until the end of March with a substantial outlay of 1,500 crore is a positive move," said <keyword id="20300065" type="General" weightage="20" keywordseo="avinash-sharma" source="keywords">Avinash Sharma</keyword>, Co-Founder of ElectricPe. "This not only strengthens consumer-side subsidies but also enhances infrastructure, fostering widespread adoption and longevity of electric vehicles across the country," Sharma added. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/wd-black-sn850x-ssd-review/articleshow/107557627.cms">WD Black SN850X SSD review – a reliable gaming SSD</a> <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-open-review/articleshow/106961567.cms">OnePlus Open review – Feature-packed foldable in a premium design</a> <a href="https://www.businessinsider.in/tech/mobile/news/vivo-x100-review-top-end-camera-centric-smartphone-with-sleek-design/articleshow/106539033.cms">Vivo X100 review – Top-end camera centric smartphone with sleek design</a>

Industry hails extension of FAME II scheme to bolster EV infra

<ul><li><keyword id="47265" type="General" weightage="80" keywordseo="motherson-sumi" source="Orion">Motherson Sumi</keyword> is the largest auto components maker in India, with market capitalisation of over $8 billion. </li><li><keyword id="3672341" type="General" weightage="80" keywordseo="marelli" source="Orion">Marelli</keyword>, the Italian auto components maker, is a slightly larger company, which posted a revenue of $11 billion in 2021-22. </li><li>In the past, it has manufactured automotive light systems and other components in partnership with Marelli. </li></ul><keyword id="45177" type="General" weightage="50" keywordseo="motherson-group" source="Orion">Motherson Group</keyword>, the parent company of <keyword id="135627" type="General" weightage="100" keywordseo="motherson" source="Orion">Motherson</keyword> Sumi, India’s largest automobile components maker by revenue, is reportedly close to acquiring Italian auto components maker, Marelli. According to a report by The <a href="https://economictimes.indiatimes.com/industry/auto/auto-components/motherson-closes-in-on-acquisition-of-auto-parts-company-marelli/articleshow/90786685.cms">Economic Times</a>, if the deal goes through, the acquisition of Marelli will propel Motherson Sumi amongst the top-ten auto component makers in the world. <div type="image" title="Motherson Sumi 01_01_22 to 13_04_22." msid="90799536" hostid="261" caption="&amp;lt;p&amp;gt;Motherson Sumi share price in 2022&amp;lt;/p&amp;gt;"></div> Motherson Sumi already has past experience with Marelli – it had entered into a joint venture with the Italian company to manufacture suspension, heating, ventilation, air conditioning and automotive lighting systems. In 2021-22, Marelli posted $11 billion in revenue, but had to undergo debt restructuring with liabilities of over $8 billion. In comparison, Motherson Sumi’s market capitalisation stands at a little over $8 billion – essentially, Marelli is a bigger company than Motherson Sumi. However, Marelli’s financial struggles make it an interesting candidate for the Indian auto components maker – something which it has done several times in the past. <cmsannotation type="cmsannotation" annotationid="Who are Motherson Sumi’s competitors?" comment="subhead" text="Who are Motherson Sumi’s competitors?">Who are Motherson Sumi’s competitors?</cmsannotation> Minda Industries and <keyword id="8042633" type="General" weightage="50" keywordseo="sona-comstar" source="Orion">Sona Comstar</keyword> are some of the Indian peers of Motherson Sumi, but their market capitalisation is lesser than the others. Here’s how the three companies measure up: <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Motherson Sumi </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Sona Comstar </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Minda Industries </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Revenue </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹16,241 crore </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹499 crore </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹2,194 crore </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Net profit </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹245 crore </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹86 crore </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹101 crore </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Market capitalisation </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹62,900 crore </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹36,900 crore </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹26,900 crore </td></tr></tbody></table> Source: December 2021 quarter, as per company reports, market capitalisation as on April 12, 2022. <cmsannotation type="cmsannotation" annotationid="What are the analysts saying?" comment="subhead" text="What are the analysts saying?">What are the analysts saying?</cmsannotation> According to the report, Marelli has six other acquisitions in its pipeline. Analysts are also positive about Motherson’s reorganisation, “The company’s scheme of reorganisation continued as expected, and this lays the foundation for Motherson 2.0,” stated a report by Geojit. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Brokerage </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Recommendation </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Target price </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Upside </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Chola Securities </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Out performer </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹186 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">33% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Geojit </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Hold </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹187 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">34% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">ICICI Direct </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Hold </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹185 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">32% </td></tr></tbody></table> Note: Upside as compared to the current market price of ₹138, as of April 12, 2022 Although Motherson’s shares are down by nearly half in 2022 so far, analysts suggest that improving industry conditions and increasing orders are the key growth drivers for the company. But material shortages and surge in raw material prices remain key issues, and analysts recommend remaining cautious on the company’s stock. “We maintain hold rating on the stock amid slower-than-anticipated recovery in passenger vehicle auto volumes globally amid persisting chip shortage,” said a report by ICICI Direct. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/hero-electrics-customers-can-now-charge-their-vehicles-on-electricpes-charging-network/articleshow/90795215.cms">Hero Electric’s customers can now charge their vehicles on ElectricPe’s charging network</a> <a href="https://www.businessinsider.in/business/auto/news/electric-two-wheeler-sales-surge-over-5-times-in-2021-22/articleshow/90775731.cms">Electric two-wheeler sales surge over 5 times – Hero Electric, Okinawa corner half the market, Ather’s market share declines</a> <a href="https://www.businessinsider.in/business/auto/news/uber-announces-a-price-hike-of-12-for-cab-rides-in-delhi/articleshow/90793725.cms">Uber announces a 12% price hike for cab rides in Delhi as petrol, diesel prices skyrocket</a>

Motherson Group to reportedly acquire Italian auto components maker Marelli – here’s what it means

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Hero Electric’s customers can now charge their vehicles on ElectricPe’s charging network

Rounak Jain

Industry hails extension of FAME II scheme to bolster EV infra

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Motherson Group to reportedly acquire Italian auto components maker Marelli – here’s what it means

Rounak Jain

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