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Electric vehicles (EVs) are all the rage these days. With their promise of lower emissions and smooth, quiet rides, it’s no wonder that the global demand for EVs has been soaring. However, if you live near the coast — or anywhere prone to flooding — there’s a less-talked-about risk that could make you rethink that shiny new electric car parked in your driveway: saltwater-induced fires from flooded EV batteries. <h2>Saltwater and EV batteries</h2>When it comes to EVs, the heart of the vehicle’s power lies in its battery, usually a lithium-ion (Li-ion) pack. These batteries are highly efficient, but they’re also sensitive to water, especially the salty kind. In September and October 2024, the Southeast U.S. was hit by hurricanes Helene and Milton, which caused catastrophic flooding. Thousands of homes were damaged, and in a particularly frightening twist, 11 electric cars and 48 lithium-ion batteries caught fire after being exposed to salty floodwaters. Saltwater is a conductor of electricity, which means it can get into the EV battery packs, triggering a dangerous reaction. When water seeps into the battery, it can cause a short-circuit between the battery's terminals, which may lead to overheating, violent fires, and even explosions. In many cases, the fire doesn’t start right away — it can take hours or even days after the exposure before a thermal runaway event occurs, causing a dangerous blaze. Once the fire starts, it’s nearly impossible to put out with regular fire-fighting methods. Firefighters often have no choice but to let the battery burn itself out. <div type="Article" hostid="261" msid="113906136" title="Planning to purchase an EV? Here&amp;#39;s how to ensure it never catches on fire" mstype="2" mssubtype="0"></div>In 2022, during Hurricane Ian in Florida, 36 EVs that had been flooded reportedly caught fire, even some that were being towed on flatbed trucks. The problem lies in how lithium-ion batteries react to saltwater. The metal terminals in these batteries, when exposed to salty water, can corrode and build short-circuiting paths that lead to fires days later. The fire hazard remains even in fully discharged batteries, meaning even seemingly "safe" vehicles after flooding could still pose a serious threat. <h2>The risk to coastal cities</h2>This issue is especially concerning for coastal cities where rising sea levels and hurricanes are becoming more frequent. According to a 2023 report by the International Energy Agency (IEA), <keyword id="381751" type="General" weightage="20" keywordseo="electric-vehicle" source="Orion">electric vehicle</keyword> adoption is growing rapidly in many parts of the world, including India, where EV sales increased by around 50% in the first quarter of 2024 alone. Cities like Mumbai, Chennai, and Kochi are embracing EVs due to their environmental benefits and growing infrastructure support. However, these coastal cities are also at higher risk for flooding, making the combination of increased EV adoption and rising sea levels a perfect storm for potential disaster. In fact, areas prone to heavy rains and floods, like India’s coastal cities, are facing unique challenges. The combination of frequent monsoon floods and rising sea levels presents a scenario where more and more EVs could end up submerged in salty floodwaters, increasing the risk of battery fires in the region. <h2>What does this mean for you?</h2>While electric cars are generally safe under normal conditions, the growing risk of battery fires due to flooding is an important factor to consider if you live in flood-prone areas, especially near the sea. The key takeaway here is that EV owners should take extra precautions when natural disasters loom, particularly hurricanes and floods. Here's what you can do to protect your EV: <ul><li>Move your EV to higher ground: If you're in a flood zone, take your EV to higher ground or evacuate it if possible. This will help prevent it from being submerged in salty water.</li><li>Evacuate early: Be proactive and evacuate before the floodwaters hit. Don't wait for the last minute to move your vehicle to safety.</li><li>After the flood, treat submerged EVs with caution: If your EV has been submerged in water, especially saltwater, it’s essential to avoid using it, charging it, or even moving it until it’s been inspected by professionals. Contact the manufacturer for a thorough inspection of the battery.</li><li>Do not attempt DIY fixes: If your vehicle has been exposed to saltwater, do not try to start it, charge it, or fix the battery yourself. The risks of fire are too high, and professionals are trained to handle such situations safely.</li></ul>

Buying an EV may be a somewhat dangerous move if you live near the sea

<ul class="summary-list"><li>The CEO of <keyword id="20763638" type="General" weightage="20" keywordseo="Tesla-rival" source="keywords">Tesla rival</keyword> Lucid had a scathing assessment of the EV market in the US.</li><li><keyword id="23975725" type="General" weightage="20" keywordseo="Peter-Rawlinson" source="keywords">Peter Rawlinson</keyword> said most electric cars in the US "frankly suck" and were underwhelming.</li></ul>The boss of one of <a target="_blank" class="" href="https://www.businessinsider.com/tesla">Tesla's</a> biggest rivals thinks he knows why the US public isn't being won over by EVs. Peter Rawlinson, the <a target="_blank" class="" href="https://www.businessinsider.com/lucid-ceo-comments-tesla-losing-its-way-elon-musk-distracted-2024-5">CEO of Lucid Motors and a former VP of engineering at Tesla</a>, spoke on the Cars and Culture podcast last week that most of the <keyword id="19895203" type="General" weightage="100" keywordseo="Electric-Vehicles" source="keywords">electric vehicles</keyword> on offer "frankly suck." Asked whether EVs in the US have a perception problem, Rawlinson said the problem was "not perception, but reality." "I think many people have driven EVs that frankly suck. I know because I drive all the competition," he said. "I think that the American public has been ill-served by underwhelming EVs," Rawlinson added. Rawlinson, who previously worked for Elon Musk and helped build Lucid, became CEO of Lucid in 2019. The EV startup is gearing up to launch its new electric SUV, the <a href="https://www.businessinsider.com/luvid-gravity-suv-details-photos-tesla-topping-range-interior-cargo-2023-11" target="_blank">$94,900 Gravit</a>y, with production expected to start by the end of this year. Lucid has <a target="_blank" class="" href="https://www.businessinsider.com/tesla-vs-lucid-which-is-better">touted its industry-leading technology</a> but continues to be stuck in the so-called EV "valley of death." The company reported revenues of $200 million in the most recent quarter and a net loss of $992 million. In August, it secured another $1.5 billion in investment from Saudi Arabia's Public Investment Fund, its majority shareholder. Meanwhile, EV sales growth in the US has slowed this year amid a dearth of affordable electric options. According to Kelley Blue Book, the average price of a new electric vehicle in the US in September was $56,000, compared to $48,397 for combustion-engine vehicles. <h2>China races ahead</h2>US automakers are grappling with the challenge posed by Chinese EV companies like BYD and Xiaomi, who have rolled out affordable electric vehicles packed with advanced technology. While these companies are unable to sell their cars in America due to <a target="_blank" class="" href="https://www.businessinsider.com/tesla-criticizes-biden-plan-to-ban-chinese-tech-in-cars-2024-11">cripplingly high tariffs</a>, they are putting Western companies under pressure in China and attracting plaudits in the US, with Ford CEO <a target="_blank" class="" href="https://www.businessinsider.com/ford-ceo-driving-xiaomi-su7-electric-vehicles-ev-2024-10">Jim Farley praising Xiaomi's SU7 EV</a>. Rawlinson previously described China's automakers <a target="_blank" class="" href="https://www.businessinsider.com/lucid-chinese-automakers-years-behind-tesla-electric-vehicles-elon-musk-2024-5">as "years behind" the likes of Tesla</a> in terms of core EV technology. Speaking on the Cars and Culture podcast, he said Chinese companies like BYD were ahead of US rivals in battery chemistry and assisted driving technology — but said they benefit from an "uneven playing field" due to government subsidies. "I think the Chinese do have a fundamental advantage because when the government says go, they all go in the same direction instead of arguing with each other," Rawlinson said. A study from the Centre for Strategic and International Studies think tank, released earlier this year, found that China has <a target="_blank" class="" href="https://www.businessinsider.com/china-electric-vehicles-government-subsidies-win-ev-race-byd-tesla-2024-6">provided at least $230 billion in support</a> to electric vehicle makers such as BYD since 2009. "I'd say they're still behind in terms of the core EV powertrain technology, but don't underestimate them," Rawlinson added. Lucid did not respond to a request for comment, sent outside normal working hours. This story has been amended to state that the production of Lucid's Gravity SUV is scheduled to start at the end of 2024.

Drivers are being 'ill-served by underwhelming EVs,' says boss of Tesla rival Lucid 

What started as a Sunday afternoon tweet by comedian <keyword id="20947562" type="General" weightage="20" keywordseo="Kunal-Kamra" source="keywords">Kunal Kamra</keyword> criticising <keyword id="19897349" type="General" weightage="20" keywordseo="Ola-Electric" source="keywords" meta.keywordsubtype="org" meta.entityname="Ola Electric" meta.hostid="261" meta.entityid="Ola Electric">Ola Electric</keyword>’s S1 series scooters quickly escalated into a fiery exchange with <keyword id="19914967" type="General" weightage="20" keywordseo="Bhavish-Aggarwal" source="keywords">Bhavish Aggarwal</keyword>, CEO of <keyword id="19945904" type="General" weightage="100" keywordseo="Ola" source="keywords" meta.keywordsubtype="org" meta.entityname="Ola" meta.hostid="261" meta.entityid="Ola">Ola</keyword>. It all began when <keyword id="23458070" type="General" weightage="20" keywordseo="kamra" source="keywords">Kamra</keyword> had posted a picture showing several Ola scooters gathering dust at a dealership, highlighting concerns over poor service. However, the situation intensified when Aggarwal responded, accusing Kamra of posting a “paid tweet” and launching personal digs at the comedian’s career. The feud between the two public figures has sparked a wave of reactions on social media, dividing Twitter users. While some users echoed Kamra’s frustrations about Ola’s <keyword id="21440362" type="General" weightage="20" keywordseo="service-quality" source="keywords">service quality</keyword>, others defended Aggarwal’s sharp retorts. The argument has moved beyond the two individuals, turning into a broader debate about the state of customer service in India’s <keyword id="19906970" type="General" weightage="20" keywordseo="electric-vehicle" source="keywords">electric vehicle</keyword> sector. <h2>Internet complains about Ola’s Service Quality </h2> Several users shared their experiences with Ola’s service issues, siding with Kamra’s criticisms. One Twitter user wrote, “It’s all fun and all, Bhavish sir, but with all the complaints, the ‘Bhavishya’ of OLA Scooters is not looking good. Rather than hitting out at Kunal, tell people the plan to solve the 80k and growing complaints.” Many shared similar sentiments, recounting personal stories of service delays and unresolved issues. For instance, one customer revealed, “It’s been only 4 months since my brother bought the Ola S1 Pro, and he’s gone to the service centre at least 6-7 times, sometimes due to software issues, sometimes due to quality issues. Every day, a new problem arises.” Another wrote, “A friend of mine bought an ola scooter, after eight months it started giving trouble, he followed up to the service centre for 6 months but they didn't resolve his issue, In the end he paid 24000/- to get the issue resolved.” Yet another user expressed their dissatisfaction bluntly, saying, “Pay your staff properly first! Instead of calling out Kamra, put that money to better use—expand your service infrastructure, fix quality checks, then show off your wealth on social media!” Meanwhile, another X user said that they can only imagine “how badly customer service behaves with individuals, if this is how top management reacts to criticism.” <h2>Support for OLA CEO </h2> On the other hand, some users supported Aggarwal, praising his leadership and dismissing Kamra’s criticisms as an attempt to stay relevant. “Kunal, you missed the comedy gig and now think you're leading the charge? What bhavish and ola are doing is clearly out of your sight, that is solving "real problems". Feel free to visit one—maybe learn some skills beyond just creating nuisance,” a user wrote. Another user commented, “Kunal Kamra has a rare disease of poking everywhere to revive his sinking career! Ignore these stunts, Bhavish, you’ve built an amazing company.” Another echoed this sentiment, adding, “Founder mode on.” Some, on the other hand, took a more balanced stance. A user wrote, “Reply might sound arrogant here, but sometimes you have to show people their place. Bhavish did the right thing,” one person tweeted. However, he also acknowledged there are real issues with Ola’s service. “Let’s agree there’s an issue with service,” he added. Here are some reactions: <div type="image" title="google (5)" msid="114007569" hostid="261" sizebytes="643332"></div> As the feud unfolds, it has highlighted deeper concerns around accountability in the electric vehicle market. The war of words may have begun with Kamra’s tweet, but the chorus of complaints from Ola customers underscores the broader dissatisfaction with after-sales service. This exchange, while entertaining for many, has become a focal point for customers demanding better support from companies as India pushes towards a greener transportation future.

'Pay your staff properly, solve the 80,000 complaints first': Internet reacts on Ola CEO Bhavish Aggarwal and Kunal Kamra feud

India’s electric vehicle (EV) sector, often seen as a key player in the country’s clean energy transition, has been called “irrelevant” without government <keyword id="20231384" type="General" weightage="20" keywordseo="incentives" source="keywords">incentives</keyword> by a recent Bernstein research report. The report highlights the serious challenges automakers face in achieving profitability and scaling operations in the EV segment, which remains heavily reliant on financial support from the government. <h2>Struggling to achieve profitability</h2>The Bernstein report reveals that generating profitable margins in the Indian EV sector is proving to be an uphill battle for automakers. “It is tough to generate sufficient margins and get scale in EVs. Even with hefty incentives, incumbent OEMs are still unprofitable,” the report stated. This underscores the fact that even with <keyword id="20022183" type="General" weightage="20" keywordseo="government-subsidies" source="keywords">government subsidies</keyword> aimed at promoting <keyword id="20138204" type="General" weightage="20" keywordseo="electric-mobility" source="keywords">electric mobility</keyword>, automakers are struggling to make EVs financially viable. High production costs, limited infrastructure, and relatively low consumer demand all contribute to this issue. Traditional automakers, particularly in India’s two-wheeler market, are facing significant financial losses. According to Bernstein, while some niche startups may survive, their long-term market share will likely remain limited, and competition will primarily be between established original equipment manufacturers (OEMs). The key challenge for these OEMs is achieving the scale and cost reductions required to compete with the well-entrenched internal combustion engine (ICE) sector. <h2>Reliance on incentives</h2>One of the most striking conclusions from Bernstein’s analysis is the deep reliance of the EV sector on government subsidies. Without these incentives, the <keyword id="19952060" type="General" weightage="100" keywordseo="EV-Industry" source="keywords">EV industry</keyword> would be unable to compete with traditional ICE vehicles. “The EV Industry is not relevant without incentives currently, and to break the ICE sector, it needs intense focus, scale, and continued cost downs,” the report emphasised. This indicates that while government schemes like GST benefits have helped reduce the cost difference between EVs and ICE vehicles, they are not enough to ensure the long-term sustainability of the EV sector. Bernstein estimates that the overall EV two-wheeler industry in India generates around USD 1.3 billion in annual revenues, but without government support, the sector incurs an EBIT loss of approximately USD 300-400 million. The high cost structure of EVs, combined with the relatively low sales volumes, makes it difficult for companies to operate without subsidies. <h2>Established players face mixed fortunes</h2>Among India’s leading two-wheeler manufacturers, Bernstein noted that <keyword id="19897354" type="General" weightage="20" keywordseo="Bajaj-Auto" source="keywords" meta.keywordsubtype="org" meta.entityname="Bajaj Auto" meta.hostid="265" meta.entityid="Bajaj Auto">Bajaj Auto</keyword> and <keyword id="20326963" type="General" weightage="20" keywordseo="TVS-Motors" source="keywords" meta.keywordsubtype="org" meta.entityname="TVS Motors" meta.hostid="265" meta.entityid="TVS Motors">TVS Motors</keyword> are on a similar footing in terms of their performance in the EV space. Bajaj Auto received an "Outperform" rating from Bernstein due to its lower valuations, while TVS Motors was rated "Market Perform" after it was found to be losing approximately 7.5% in EBITDA, or Rs 11,000 per vehicle, despite generating a gross profit margin of 7% without subsidies. <div type="Article" hostid="261" msid="113631992" title="Tata Nexon EV with a bigger battery launched starting at ₹13.99 lakh" mstype="2" mssubtype="0"></div>Hero MotoCorp, a major player in India’s automotive market, lags behind both Bajaj and TVS in terms of its EV offerings. Bernstein also pointed out that Eicher Motors, which is expected to launch its own <keyword id="19895203" type="General" weightage="20" keywordseo="electric-vehicles" source="keywords">electric vehicles</keyword> soon, is likely to remain “sub-scale and less relevant” in the competitive EV landscape. Interestingly, <keyword id="19897349" type="General" weightage="20" keywordseo="Ola-Electric" source="keywords" meta.keywordsubtype="org" meta.entityname="Ola Electric" meta.hostid="265" meta.entityid="Ola Electric">Ola Electric</keyword> (Ola-E) stands out as a startup that has been able to generate positive operating earnings (EBITDA) from its premium models like the S1 Pro and S1 Air, even as it incurs losses on its mass-market model, the S1X. “Our analysis indicates that Ola-E is generating positive operating EBITDA from its premium models, such as the S1 Pro and S1 Air while incurring a loss on its mass-market model, the S1X,” the report said. While Ola has shown some promise, it too remains heavily dependent on subsidies to maintain its financial health. <h2>Long-term outlook</h2>Bernstein’s report paints a challenging picture for the future of India’s EV sector, suggesting that while dominant startups may survive, the majority of the competition will come from traditional automakers. However, without significant scale and continued cost reductions, the EV industry will struggle to become self-sustaining. <div type="Article" hostid="261" msid="113315022" title="Waiting for the festive season to buy an EV? Cabinet approves PM E-Drive subsidising most EVs, sans electric cars" mstype="2" mssubtype="0"></div>Bernstein emphasised that to truly compete with ICE vehicles, the EV sector needs to focus on scaling up operations, reducing costs, and maintaining long-term commitment. Until these conditions are met, India’s EV industry will remain highly dependent on government support and may continue to face an uphill battle for relevance. In conclusion, while India’s EV sector is seen as a vital part of the country’s clean energy future, Bernstein’s analysis highlights that it is far from being self-reliant. The industry’s heavy dependence on government incentives raises questions about its long-term sustainability and relevance, particularly in the face of ongoing challenges with profitability and scale. (With inputs from ANI)

Why has Bernstein called India’s EV sector 'irrelevant'?

<ul class="summary-list"><li><keyword id="19895433" type="General" weightage="100" keywordseo="Tesla" source="keywords" meta.keywordsubtype="org" meta.entityname="Tesla" meta.hostid="261" meta.entityid="Tesla">Tesla</keyword>'s falling California sales point to bigger problems for the car company.</li><li>Changes to the EV market are finally catching up to Tesla.</li></ul>Tesla is losing some ground in its former home state of California, signaling more trouble ahead for the world's largest electric car company. As <keyword id="20360560" type="General" weightage="20" keywordseo="electric-car-sales" source="keywords">electric car sales</keyword> rose 2% in California, Tesla's sales in the state fell 3.5%, according to third-quarter <a target="_blank" class="" href="https://www.cncda.org/news/california-new-car-dealers-association-releases-q3-2024-auto-outlook-report/">figures</a> from the California New Car Dealers Association. That's not an anomaly. It's the third straight quarter of Tesla sales declines in the largest EV market in the US. The losses don't upset Tesla's market dominance: the Elon Musk-led company still accounted for more than half of all EV sales in California for the quarter. Through September 30, Tesla's EV market share in California declined from 64% to 55% year-over-year— still nearly five times that of Hyundai (5.6%) and BMW (5%) combined. The trend in California underscores Tesla's challenges as the <a target="_blank" class="" href="https://www.businessinsider.com/electric-vehicle-misconceptions-about-the-ev-transition-market-sales-2024-5">EV market matures</a> and new competition makes it harder for the company's aging lineup to entice new buyers. In addition to these economic challenges, <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-political-beliefs-public-stances-timeline-republican-desantis-2022-6">Musk's political views</a> have shifted further right, with the CEO endorsing and campaigning for Republican presidential candidate Donald Trump in the 2024 election. That can impact sales in a solidly blue state like California. Actor Jason Bateman recently said he isn't driving a Tesla anymore because of Musk's connection to Trump. "I got rid of my Tesla," Bateman told vice presidential candidate Tim Walz on an episode of his podcast <a target="_blank" href="https://www.smartless.com/episodes/episode/288fe449/governor-tim-walz">Smartless</a>, which he hosts with Sean Hayes and Will Arnett. "I feel like I'm driving around a Trump sticker with that car, so it's gone." <h2>The EV market is maturing</h2>EV demand in the US has been slowing for about a year. It took longer for that slowdown to hit <a target="_blank" class="" href="https://www.businessinsider.com/tesla">Tesla</a> than other competitors, but it's clear now that Musk is feeling the pinch as its once-reliable buyer base of wealthy early adopters is replaced by a more practical and frugal green-car shopper. Previous tactics like slashing prices and offering dealership-like incentives to buy Teslas over other EVs aren't working as well as they used to. Following <a target="_blank" class="" href="https://www.businessinsider.com/tesla-production-deliveries-second-quarter-decline-2024-7">two quarters of slipping sales</a>, Tesla's share of the US electric car market dipped below 50% for the first time at the end of the second quarter, according to data from Cox Automotive. The automotive retail firm attributed much of <a target="_blank" class="" href="https://www.businessinsider.com/tesla-loses-market-share-but-elon-musk-still-wins-2024-7">Tesla's waning dominance</a> to an influx of new competition, which offered EV shoppers more choices. This increase in choices is especially threatening for Tesla, which does not regularly update the looks of its electric cars — a strategy industry experts have been warned for years could come back to bite the company. An increase in demand for hybrid-electric vehicles has also been "detrimental" to Tesla and overall EV adoption, <a target="_blank" class="" href="https://www.businessinsider.com/tesla-blames-hybrids-for-lower-sales-2024-4">according to Musk</a>. Many industry experts disagree, arguing that hybrids are a necessary bridge technology for EV adoption among later adopters. <h2>Elon's politics turn off some customers</h2>Musk is no stranger to controversy. The bombastic billionaire's rise over the past decade has been in part due to his willingness to thumb his nose at some social codes and government agencies. But as Musk becomes a more permanent fixture in the US's far-right movement, some owners and potential customers have been having <a target="_blank" class="" href="https://www.businessinsider.com/tesla-owners-consider-selling-cars-shares-cybertruck-elon-musk-post-2023-11">second thoughts about supporting Tesla</a>. As Tesla owners take to social media to express their displeasure with Musk's political involvement, automotive industry experts say there could be real consequences for the CEO's "Dark MAGA" era. <a target="_blank" class="" href="https://www.businessinsider.com/ev-demand-still-strong-despite-slowdown-hybrids-survey-2024-1">Today's electric car shopper</a>, who is often considering an EV for environmental reasons, is less willing to look past Musk's support for Trump and other conservative leaders, experts say. Musk, for his part, has denied that his involvement in politics is impacting sales. "Tesla's sales are actually doing great," he said during a recent X space. "We're hitting all-time highs." Correction — October 31, 2024: An earlier version of this post incorrectly said California was Tesla's home state. The company's headquarters is now in Texas.

Why Tesla's sales are slipping in California, and what it means for Elon Musk's car company

With heavy, torrential rains currently lashing south India, particularly Bangalore and Chennai, life in these metros has reached a complete standstill. While there is little you can do to control nature's ongoing fury, you can safeguard your precious two- and four-wheelers, which have little respite or protection from the ongoing vagaries of rains and floods. During heavy rains, the first in line of damage is your vehicle's engine, which could cost you a bomb! If the water enters the engine's cylinder, it can cause it to seize and leave it beyond repair. Another common damage your vehicles can face during such times is <keyword id="23605837" type="General" weightage="20" keywordseo="electrical-failure" source="keywords">electrical failure</keyword> since water seepage can cause shorting of the electrical components, including the battery, alternator, and wiring systems. Then there's moisture seepage, which can affect your vehicle's braking and fuel systems. <h2><keyword id="20224622" type="General" weightage="20" keywordseo="motor-insurance" source="keywords">Motor Insurance</keyword> to the Rescue</h2> While a comprehensive motor insurance policy might protect you against accidents, thefts, and other third-party liabilities, they might fall short when it comes to safeguarding your vehicles from damages caused by natural calamities like heavy rain. As such, you can opt for a few add-ons over and above your regular motor policy to ensure you don't end up spending a hefty amount from your pockets if your vehicles need repair. "In Chennai and Bangalore, the recent heavy rains have led to several challenges, causing multiple vehicles and home damage. Urban flooding is a phenomenon now being witnessed in most metropolitan cities. Cases of vehicles being swept away in floods have also been seen, leading to total loss" Vivek Chaturvedi, CMO and Head of Direct Sales, Go Digit General Insurance "While comprehensive motor insurance policies protect your vehicle against damage from natural disasters such as floods, cyclones, and heavy rains, you should consider add-on covers like engine protection, zero depreciation, <keyword id="22024865" type="General" weightage="20" keywordseo="roadside-assistance" source="keywords">roadside assistance</keyword>, return to invoice, and consumables. These options help cover the costs of repairing or replacing vehicle parts and any injuries or damage from accidents," he continues. Here's a ready reckoner of all add-ons you can consider: 1. <keyword id="23605835" type="General" weightage="20" keywordseo="engine-protection-cover" source="keywords">Engine Protection Cover</keyword>: This cover protects your wallet from costly repairs in case your vehicle's engine is severely damaged. 2. Zero Depreciation Cover/Bumper-to-Bumper Cover: While servicing your claims, insurers generally deduct depreciation or regular wear and tear on your vehicle. This add-on guarantees you a claim without any deduction for wears and tears. 3. Roadside Assistance Cover: You never know when your vehicle might be stalled. This cover offers repair at the site, towing, and alternative travel if one’s car is stuck on waterlogged roads. It can also include services like fuel delivery, battery replacement, or flat tire repair. 4. Tire Protection Cover: It offers repair or replacement of tires damaged due to cuts, bursts, or bulges during wet, hazardous conditions. Says Kalpesh Chavan, Senior Vice President &amp; Product Head of Elephant (Corporate Insurance Wing of Alliance Insurance Brokers), "EV owners should additionally also opt for battery protection cover and electric surge secure add-on. This add-on protects the electronic pieces and circuits of electric vehicles from any short circuits, electrical arcing, or leakage, especially through water entry." <h2>Don't crank up the engine. </h2>Got a vehicle that's flooded with water? Don't try to start it forcefully. If you do so, the insurance company can decline your claim for all the damage caused by attempting to start such a flooded engine. Your best bet in such cases is to wait till the water subsides and then try revving up the engine. Chavan adds that most car owners need to take into account how disaster-prone their area is and end up estimating the wrong coverage amount for their cars. Inadequate study of the terms and conditions of the policy may lead to claim rejections when most needed. But most importantly, if your vehicle's insurance is up for renewal, do not delay or procrastinate to do the same. Or else your car could become uninsured during the most critical periods. Maintaining up-to-date records and documentation is of the essence; missing documents may trigger unwarranted delays in the processing of claims.

Facing vehicle damage during heavy rains? Here's how motor insurance can come to your rescue

As festival season rolls around, many people are excited about purchasing an <keyword id="19906970" type="General" weightage="20" keywordseo="electric-vehicle" source="keywords">electric vehicle</keyword> (EV) not just for the eco-friendly benefits but also for the attractive discounts. With the growing popularity of EVs — a third of car-aspirants plan to buy an EV this year, reveals a Way2News survey — one lingering concern that might cross your mind is the risk of the car catching fire. While EV fires are rare, they can still happen under certain conditions, so it's essential to understand the risks and know how to prevent them. <h2>Why do they burn?</h2>First and foremost, EV fires are most commonly linked to the lithium-ion batteries that power these vehicles. When an EV is involved in a crash, or if its battery is physically damaged in any way, there is a risk of what is known as "<keyword id="19981370" type="General" weightage="20" keywordseo="thermal-runaway" source="keywords">thermal runaway</keyword>." This happens when heat inside the battery cannot dissipate quickly enough, causing the cells to overheat and, in rare cases, ignite. Thankfully, EV manufacturers extensively test vehicles to minimise this risk, and incidents are exceedingly rare. In fact, statistics show that electric car fires are significantly less frequent than fires in internal combustion engine (ICE) vehicles. A study from Sweden's Civil Contingencies Agency found that only 0.004% of EVs caught fire in 2022, compared to 0.08% for ICE cars. <div type="Article" hostid="261" msid="113816837" title="PM E-DRIVE scheme with ₹10,900 crore outlay announced for electric vehicles" mstype="2" mssubtype="0"></div>As such, the ambient temperature can also play a significant role in the safety and performance of EV batteries. Extreme heat can be particularly dangerous, as it increases the likelihood of the battery cells overheating and entering thermal runaway, which may lead to a fire. High temperatures can accelerate the chemical reactions within lithium-ion batteries, making them more prone to malfunctions. Therefore, it is important to avoid exposing your EV to prolonged high heat, such as parking it under direct sunlight for extended periods, especially in regions where temperatures soar during the summer. Regular maintenance of the battery's cooling system is also critical, as it ensures the battery stays within a safe operating range, preventing overheating and extending the battery's lifespan <h2>Charging and flooding</h2>Another key risk comes from improper charging practices. Overcharging the battery, or using poorly regulated, non-certified charging stations, can cause the battery to overheat. It's crucial that EV owners use certified, high-quality charging stations and follow manufacturer recommendations to avoid overloading the system. Many modern EVs come with software that automatically stops charging once the battery is full, but it’s always a good idea to avoid prolonged charging beyond the battery's capacity. Water exposure can also be hazardous for EVs, particularly in flood-prone areas. While most EVs are designed to handle a fair amount of moisture, saltwater exposure, such as during coastal floods, can create serious problems. Saltwater can corrode the battery and create short circuits, which might lead to fires long after the vehicle has been submerged. <div type="Article" hostid="261" msid="113857238" title="Ron DeSantis said EVs could catch fire if caught up in Hurricane Helene. Experts say he&amp;#39;s right — and that you should take these steps to protect yourself." mstype="2" mssubtype="0"></div>In the aftermath of Hurricane Ian, for example, there were reports of submerged EVs catching fire even days after the floodwaters receded. If you live in an area prone to flooding, take extra precautions by parking your EV in a sheltered area, and if your car has been exposed to water, have it inspected immediately. <h2>Those annoying software updates are important!</h2>It’s also important to stay updated on any recalls or software updates. EVs, like any other technology, may occasionally be subject to recalls due to manufacturing defects or safety concerns. Being proactive in checking for recalls can prevent potential issues from becoming dangerous. For instance, some EV models have had recall campaigns specifically to address battery-related risks, ensuring that any faulty cells are replaced before they pose a threat. <div type="Article" hostid="261" msid="113315022" title="Waiting for the festive season to buy an EV? Cabinet approves PM E-Drive subsidising most EVs, sans electric cars" mstype="2" mssubtype="0"></div>Finally, while EV fires may capture attention when they happen, it’s essential to keep them in perspective. Despite the fear surrounding them, EV fires are much less common than fires in gasoline-powered cars. The data shows that EVs are about 80 times less likely to catch fire than their gasoline counterparts. When considering an EV purchase, focus on the safety features and proactive measures in place to keep you and your vehicle safe. With proper charging, regular inspections, and staying informed, you can confidently enjoy the benefits of your new EV this festive season!

Planning to purchase an EV? Here's how to ensure it never catches on fire

<ul><li><keyword id="19895203" type="General" weightage="20" keywordseo="electric-vehicles" source="keywords">Electric vehicles</keyword> (EVs) are gaining popularity worldwide</li><li>However, concerns remain about their environmental impact</li><li> <keyword id="21881868" type="General" weightage="20" keywordseo="alternative-fuel" source="keywords">Alternative fuel</keyword> vehicles like hydrogen fuel cells and biofuels are some more alternatives we can tap into</li></ul> Electric vehicles or EVs are in their prime right now, with the demand crossing an all-time high. A trend noticeable around the world, EVs are not only becoming increasingly popular but also fairly affordable. Slowly but surely EVs are overcoming the challenges that crossed them — design, features, safety, and most importantly range. A major credit to this trend can be given to consumer acceptance, policy backing, and improving infrastructure. However, there is a downside to EVs as well. Having featured multiple EVs with our series<a href="https://www.youtube.com/watch?v=TCR3PaYxcmk&amp;t=1s" data-type="tilCustomLink" target="_blank"> Short Spin, </a>I developed a strong reference point. This made me wonder why are we so heavily reliant on them. Over its life cycle, EVs cannot be termed as particularly environmentally friendly, which has been their main selling point over the past few decades. <h2>The ‘Red’ side of EVs</h2> There is a bit of red within the go-green agenda that EV manufacturers push. EVs as a whole do come with benefits like low maintenance, improved efficiency and ultimately lower fuel emissions. However, <keyword id="21357488" type="General" weightage="100" keywordseo="EV-production" source="keywords">EV production</keyword> and disposal can have detrimental effects on the natural environment. Here are some socio-ecological concerns over EVs: 1. High carbon footprint in battery production: EV battery production is energy-intensive and often relies on electricity from fossil fuels, leading to a high initial carbon footprint. This is elaborated in a story recently published by Earth Org. 2. Resource constraints and ethical concerns: Particularly with the extensive mining of cobalt and other minerals for EVs, there has been a global outcry. Limited availability of critical minerals like lithium, cobalt, and nickel, shady mining practices long work hours, unsafe work environments, and use of child labour in underdeveloped parts of the world have raised several ethical issues around the sustainability of EVs. This issue can be explored further in this essay by Al Jazeera. 3. Recycling and end-of-life challenges: EV battery recycling is currently inefficient, costly, and poses significant environmental risks, with a huge amount of batteries ending up in landfills. 4. Manufacturing costs and economic barriers: High production costs, especially for batteries, make EVs more expensive than conventional vehicles and require significant investments in new manufacturing facilities and supply chains. 5. Supply chain and geopolitical risks: Critical mineral resources necessary for EV production are concentrated in a few countries. This leads to vulnerabilities in the complex supply chain and often risks disruptions due to geopolitical tensions, trade conflicts, or natural disasters. China as of today controls 83% of EV battery production in the world, with a major stronghold on the supply chain. While I am in no way suggesting to drop out of EVs, I believe sticking to just one alternative risks replicating the same mistake we did for ICE vehicles. So, what are the alternatives? <h2>The alternates fuel vehicles (<keyword id="23193800" type="General" weightage="20" keywordseo="AFVs" source="keywords">AFVs</keyword>)</h2> AFVs are a growing segment of the automotive industry that utilize fuels other than traditional gasoline or diesel. These vehicles offer similar potential benefits such as reduced greenhouse gas emissions, improved air quality, and reduced dependence on fossil fuels. While EVs are also a form of AFVs, here we will list out other major alternatives like hydrogen fuel and biofuel options. Hydrogen fuel cells: Convert hydrogen gas into electricity, emitting only water vapour. Currently, <keyword id="19906788" type="General" weightage="20" keywordseo="Toyota" source="keywords" meta.keywordsubtype="org" meta.entityname="Toyota" meta.hostid="261" meta.entityid="Toyota">Toyota</keyword> and Hyundai are the only hydrogen-based cars in the Indian market. Hydrogen internal combustion engines: These vehicles use hydrogen as a fuel in modified combustion engines. While road-legal vehicles for this fuel type aren’t out, BMW with hydrogen 7 is working on a prototype. Ethanol: This is a renewable fuel made from plant materials, commonly mixed with gasoline. In America, Ford F-150 Flex-Fuel and Chevrolet Silverado Flex-Fuel are utilizing this technology. Biodiesel and renewable diesel: Derived from vegetable oils, animal fats, or recycled grease, these fuel types can be used in diesel engines. Compressed Natural Gas (CNG): Perhaps the most famous alternative for cabbies in Delhi, CNG is in popular demand. Technically it is used in specially modified internal combustion engines, primarily for lower emissions. Propane (Liquefied Petroleum Gas, LPG): A byproduct of natural gas processing and crude oil refining, used in internal combustion engines. As technology continues to advance, these AFVs are becoming more accessible and affordable, making them a promising option for sustainable transportation. If you are an eco-conscious buyer in today’s auto market, bear in mind that there are options beyond EVs as well. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/mercedes-expands-bev-range-rolls-out-second-locally-produced-model-in-india/articleshow/113388002.cms" data-type="tilCustomLink" target="_blank">Mercedes expands BEV range; rolls out second locally produced model in India</a> <a href="https://www.businessinsider.in/business/auto/news/electric-two-wheeler-adoption-in-india-rising-13-share-expected-by-2026-27-jefferies/articleshow/113361787.cms" data-type="tilCustomLink" target="_blank">Electric two-wheeler adoption in India rising, 13% share expected by 2026-27: Jefferies</a>

EVs are not the only options for alternative fuel — make way for hydrogen and bio-fuel

<keyword id="20021345" type="General" weightage="20" keywordseo="TVS-Motor-Company" source="keywords" meta.keywordsubtype="org" meta.entityname="TVS Motor Company" meta.hostid="153" meta.entityid="TVS Motor Company">TVS Motor Company</keyword> expects to grow faster than the competition across domestic and <keyword id="20108266" type="General" weightage="20" keywordseo="international-markets" source="keywords">international markets</keyword> this fiscal, riding on the back of new <keyword id="22697277" type="General" weightage="20" keywordseo="product-launches" source="keywords">product launches</keyword> and strengthening of operations across key regions, according to CEO KN Radhakrishnan. He noted that in the <keyword id="20046426" type="General" weightage="20" keywordseo="domestic-market" source="keywords">domestic market</keyword>, the company expects growth momentum to continue with normal monsoons likely to add strength to the <keyword id="19929089" type="General" weightage="20" keywordseo="rural-markets" source="keywords">rural markets</keyword>. In international markets, Radhakrishnan exuded hope to perform better in key markets like Africa this year while expanding operations in other regions like the Middle East and Latin America. "Our strong product portfolio; our unwavering focus on the consumers, quality, new products and attractive quality and technology, we are confident that we will outperform the industry both in the domestic and international markets," Radhakrishnan said in an analyst call. He noted that the growth momentum is likely to be maintained with the budget focusing on employment generation, continued higher commitment to infrastructure and rural economy. "We are expecting rural markets to recover. With the expected normal monsoon, we could witness robust growth in Q2," Radhakrishnan stated. He noted that for the first time the company is witnessing that the rural areas were doing slightly better than the urban markets. The improving road infrastructure and economic environment will drive the demand for two-wheeler mobility, he added. The <keyword id="21048623" type="General" weightage="20" keywordseo="two-wheeler-segment" source="keywords">two-wheeler segment</keyword> has got a huge opportunity in the medium and the long term given the challenges in mobility as well as also investments from the government on the infrastructure and road development, he said. The company, which has earmarked over Rs 1,000 crore capex this year, is gearing up to introduce one product each in the electric and internal combustion engine segments in the ongoing quarter. A significant proportion of the earmarked capital is expected to go towards the design and development of new products, Radhakrishnan stated. "I want to highlight that the company will be launching one product in ICE and one product in EV in this quarter and that will further strengthen our range of product portfolio," he said. Commenting on international business, Radhakrishnan said that the Red Sea issue has led to challenges in terms of enhanced transit periods for overseas dispatches. He noted that <keyword id="62356" type="General" weightage="100" keywordseo="TVS" source="Orion">TVS</keyword> has taken enough countermeasures to mitigate these challenges and the situation is likely to improve in the ongoing quarter. Certain select African markets are facing challenges due to currency devaluation and persistent inflation, he said. "However, considering the base effect in our assessment, the possibility of further decline in Africa is low. We feel that we will be doing better in Africa this year," he added. He further said: "Besides, Latin America gives us a huge opportunity. We have started exporting to LATAM. In Asia, we are seeing some challenges in Bangladesh, but we are hopeful that things will settle down soon." The Middle East is also a huge opportunity for TVS and the company is strengthening its operations in the region, he stated. For the April-June quarter this fiscal, <keyword id="46156" type="General" weightage="20" keywordseo="TVS-Motor" source="Orion">TVS Motor</keyword> Company reported a 6 per cent year-on-year increase in consolidated net profit at Rs 461 crore. Total income rose to Rs 10,448 crore for the period under review as compared to Rs 9,142 crore in the year-ago period.

TVS confident of outperforming industry in domestic, global markets following new product launches, ops strengthening

<ul class="summary-list"><li>EV charging has improved, but there is still a long way to go to convince the average driver.</li><li>Demand for electric vehicles in the US fell 14% in 2023, according to EY's study.</li></ul>We're getting closer to a cure for range anxiety, so why don't more people <a target="_blank" class="" href="https://www.businessinsider.com/automakers-back-to-the-drawing-board-ev-plans-2024-2">want an EV</a>?Only 34% of US shoppers planning to buy a vehicle in the next two years say they're likely to buy an EV, down significantly from the prior year, despite diminishing concerns about things like range anxiety and charging.The diverging trends were illustrated in EY's annual <a target="_blank" class="" href="https://www.ey.com/en_us/newsroom/2024/09/us-consumers-less-likely-to-purchase-an-ev-than-last-year">Mobility Consumer Index</a>, which surveyed 20,000 respondents in 28 countries who said they were considering buying a new car in the next 24 months. Among US respondents, the firm found that only 24% of potential buyers cited range limitations as a top concern (down from 30% in the prior year), and only 23% are concerned about finding a place to plug in (down from 34%).This dip in demand is reflected in a <a target="_blank" class="" href="https://www.businessinsider.com/electric-vehicle-misconceptions-about-the-ev-transition-market-sales-2024-5">stagnation in EV sales growth</a> over the past year as companies adjust to a new crop of more practical green-car shoppers. Simply put, these shoppers are also much more difficult to please than the enthusiastic early adopters of years past. EY found that only 24% of US car buyers named range limitations a top concern, down from 30% a year ago. Meanwhile, only 23% of US buyers said they were concerned about <a target="_blank" class="" href="https://www.businessinsider.com/electric-vehicle-range-ev-charging-station-infrastructure-issues-2024-5">finding a place to plug in</a>, down from 34% of respondents in 2023.That should be a huge deal, but <a target="_blank" class="" href="https://www.businessinsider.com/ev-electric-car-sales-plateau-early-adopters-competition-2023-8">today's electric-car shoppers</a> are less willing to endure the steep learning curve associated with switching to a fully electric car — even if they're getting cheaper and the tech is getting better."To keep momentum and make EV ownership appealing, it's imperative to educate and create a seamless customer experience from the dealership to the charge point," EY's Americas Power &amp; Utilities eMobility Leader Marc Coltelli said in the study.Battery-powered cars accounted for a record 7.6% of all car sales in 2023, according to Kelley Blue Book, up from 5.9% in 2022. But that sales growth has hit a plateau after years of exponential growth. Industry executives and analysts this year are estimating a more modest increase by the end of 2024, with EVs expected to account for between 8% and 10% of sales this year.<h2 id="5e995481-cafc-4a05-bbdd-943490394d6e">EV charging has improved, but there is still a long way to go</h2>Both the automotive industry and the US government have rallied around this issue, and at the start of this year the number of public charging stations in the US had doubled from 2020, according to Pew Research and the Department of Energy.In addition to this improvement in infrastructure, several EVs have been engineered to drive about as far as a gas car on a single charge, and batteries today are built to charge faster.But it's still not enough. The network of 61,000 public charging stations in the US pales in comparison to the roughly 120,000 gas stations nationwide. And just because a charger exists doesn't mean it's in the right place or compatible with the EV you're driving.<a target="_blank" class="" href="https://www.jdpower.com/business/press-releases/2024-us-electric-vehicle-experience-evx-public-charging-study">JD Power</a>'s annual study of EV public charging experiences released in August found that 19% of respondents visited a charger but were not actually able to charge their vehicle. A majority of these failed charging visits were due to lack of availability or the charger being broken, JD Power found.Affordability is also a key issue for today's electric car shoppers, an issue the industry has tried to address with lower sticker prices. The average price paid for an EV has fallen steadily for the past year, and some of the best <a target="_blank" class="" href="https://www.businessinsider.com/ev-pile-up-dealer-lots-deals-discounts-leasing-2024-8">leasing deals</a> are reserved for electric cars right now.But EV shoppers have found a new cost to angst over.EY also found improvements in <a target="_blank" class="" href="https://www.businessinsider.com/meet-dozens-of-startups-leading-the-electric-car-charging-market-2022-2">charging and range attitudes</a> were dampened by an increase in worry about battery life and maintenance fees, with 27% of US respondents reporting concerns about expensive batteries.<h2 id="4c339c1e-7bfe-4082-9692-fca09b6cc911">EVs are still a tough sell for the average buyer</h2>US consumers are still quite skeptical about making the jump to a fully electric car, with 21% of respondents in EY's study saying they prefer a gradual transition from gas-powered cars to battery-powered cars.That's stoking demand for <a target="_blank" class="" href="https://www.businessinsider.com/car-buyer-interest-hybrids-as-electric-vehicle-adoption-slowing-2023-10">hybrid vehicles</a>, which come in plug-in varieties or with gas-electric engines that don't need to recharge at all, due to the higher mileage per gallon and less of a lifestyle switch."With many still hesitant to go all in with EVs, hybrids offer an 'easier-to-swallow' solution," EY Americas Aerospace, Defense and Mobility Leader Raman Ram said in the report. "For those who are looking to transition due to the environment, hybrids allow owners to lessen their reliance on fuel and creates options for batteries and parts. For many, it's a win-win."It's not quite that simple, though. Hybrids are hard to find right now as automakers rush back to the once-withering segment. The current mismatch between supply and demand for these vehicles makes shopping for them stressful and <a target="_blank" class="" href="https://www.businessinsider.com/plug-in-hybrid-prices-soaring-demand-electric-cars-2024-9">prices hard to swallow</a>.

Drivers are feeling better about EV range and charging infrastructure, but still aren't ready to go electric

It can be gruelling to choose between a gourmet meal and your mom’s homemade biryani — more often than not, the familiar wins out. Despite the buzz around electric vehicles, a growing number of drivers in India and the world are hitting the brakes on their electric vehicle (EV) journey and revving up their old petrol and diesel cars. But why are we witnessing this unexpected switch, and what does it spell for the future of driving? <h2>Waning EV enthusiasm</h2>A recent Park+ survey reported that 51% of Indian EV car owners expressed a desire to return to internal combustion engine (ICE) vehicles. This statistic — despite the study’s limited sample size of just 500 EV owners — is certainly surprising, given the evident success of India's push toward electrification with the attractive FAME and EMPS schemes. This isn’t even a special case; a similar survey revealed that 29% of EV-owners shared the same sentiment internationally — perhaps not that large of a number, but certainly not an unnoticeable one either. The number is even higher when you look at just the United States. According to McKinsey &amp; Co., 46% of US <keyword id="22369438" type="General" weightage="100" keywordseo="electric-vehicle-owners" source="keywords">electric vehicle owners</keyword> are “very” likely to purchase a gas-powered vehicle the next time. <h2><keyword id="21396729" type="General" weightage="20" keywordseo="range-anxiety" source="keywords">Range anxiety</keyword> remains a major roadblock</h2>While the world has seen massive leaps in EV tech over the past few years, many still complain that the primary concerns still prevail. For instance, several cite the persisting inadequacy of <keyword id="20111395" type="General" weightage="20" keywordseo="charging-infrastructure" source="keywords">charging infrastructure</keyword> as a primary reason for the shift back to ICE vehicles. While urban areas in developed countries may boast a fair number of charging stations, the time taken to charge and faulty stations remain significant problems for a daily EV long-distance commuter. For instance, one user sparked up a conversation on Reddit after explaining that they had begun to consider moving back to a hybrid of regular gas vehicles since they wanted to explore the countryside. This is a sentiment that reflects broader consumer concerns that influence purchasing decisions. “Once I was in Big Bear there was only two DC chargers in town, one of which was out of order. There was a line to use them. It was overall an unpleasant experience and took up a lot of time we could have spent actually enjoying Big Bear,” another responded, noting that this was just one of many unpleasant experiences they’ve experienced with the charging infrastructure. “Most of the time at least one or two chargers are out of order and it's just a pain to charge. I love EV's but the infrastructure isn't adequate and reliable enough for me to ditch an ICE car completely.” <div type="Article" hostid="261" msid="111341259" title="EV charging is so bleak that some owners are considering going back to gas-powered cars, survey finds" mstype="2" mssubtype="0"></div>Further, you have to reconcile with the fact that these are still concerns for the urban rich, and that rural and less developed regions are still lagging significantly behind in this matter. Take India, for instance, where the charging infrastructure is still in its nascent stages, despite years-long government efforts. Long queues at charging stations, inconsistent availability, and longer charging times compared to refuelling <keyword id="21283001" type="General" weightage="20" keywordseo="ICE-cars" source="keywords">ICE cars</keyword> are major deterrents for the average Indian EV consumer. Further, range anxiety continues to be a significant barrier, especially in countries like India that value long-distance trips. Despite advancements in <keyword id="20172158" type="General" weightage="20" keywordseo="battery-technology" source="keywords">battery technology</keyword>, two-wheeler EVs boast a maximum range of only 200-300 kilometres, while cars have a 300-400 kilometre range. <h2>Cost and practicality concerns</h2>The initial cost of EVs also remains higher than that of their ICE counterparts, despite decreasing battery prices. For many consumers, especially in price-sensitive markets like India, this cost difference is substantial. Additionally, the practical concerns of battery life and replacement costs add to the apprehension. “While consumers still have plenty of concerns surrounding an EV’s battery range, price remains the higher priority when purchasing an EV,” reported Julia Martinez, a US energy and auto expert. <div type="Article" hostid="261" msid="112062360" title="Government extends EV subsidy scheme till September 30, increases outlay" mstype="2" mssubtype="0"></div>While EVs are often touted for their lower maintenance costs, the reality can be different. Many lament that specialised service centres, the availability of parts, and skilled technicians are not as widespread for EVs as they are for ICE vehicles. This disparity in service infrastructure makes EV ownership less appealing to some consumers, both in India where mechanics are still grappling with learning about the new tech, and globally. <h2>Car-makers are rethinking their approach</h2>This “rejection”, along with the fact the global and US <keyword id="20623482" type="General" weightage="20" keywordseo="EV-market" source="keywords">EV market</keyword> has been stagnating for a while now, has already begun to bleed into real-life corporate decision-making as automakers reevaluate their EV strategies. For instance, Ford and General Motors have recently announced a downscaling of their EV production plans due to slower-than-expected market uptake. Even <keyword id="107096" type="General" weightage="20" keywordseo="tesla" source="Orion">Tesla</keyword> — the very company that arguably made EVs “cool” in the first place — has found itself in an awkward position having to fan some flames away. Not only is the Musk-led company struggling to entice more people into buying their cars, studies have also shown that car buyers are connecting better with EVs built by more traditional automakers than Tesla owners. These developments suggest a broader hesitancy and a rebalancing towards consumer choice, including the retention of ICE options. <div type="Article" hostid="261" msid="112145967" title="Tesla is having trouble wooing new EV shoppers" mstype="2" mssubtype="0"></div>The transition from ICE to EVs is not as straightforward as initially anticipated. While EVs offer significant benefits, various factors such as infrastructure, cost, range anxiety, and consumer sentiment are causing some to reconsider their choices. In India, the journey toward widespread <keyword id="20421629" type="General" weightage="20" keywordseo="EV-adoption" source="keywords">EV adoption</keyword> is marked by impressive sales growth but also significant challenges that need to be addressed. The automotive industry's future may lie in striking a balance between advancing <keyword id="19945562" type="General" weightage="20" keywordseo="EV-technology" source="keywords">EV technology</keyword> and maintaining the reliability of ICE vehicles to meet diverse consumer demands.

EV-iction notice: Why are electric vehicle owners switching back to petrol and diesel (ICE) cars?

In response to higher-than-expected tax revenue and a record surplus transfer from the Reserve Bank of India (RBI), the Indian government is considering an 8-10% increase in <keyword id="20018917" type="General" weightage="20" keywordseo="capital-expenditure" source="keywords">capital expenditure</keyword> (capex) for the fiscal year 2025, according to Pantomath Group's quarterly report, "Market Kaleidoscope: Quarterly Market Insights." This adjustment could raise the capex from the previously allocated Rs 11.11 lakh crore, aiming to bolster infrastructure and economic growth. This fiscal boost comes as India reaches a historic financial milestone. The total market capitalization of all stocks listed on the Bombay Stock Exchange (<keyword id="19895774" type="General" weightage="20" keywordseo="BSE" source="keywords">BSE</keyword>) briefly surpassed $5 trillion for the first time, placing India among global giants such as the US, China, Japan, and Hong Kong. India's primary market is set for a dynamic period, with 55 companies planning to raise over Rs 68,000 crore through Initial Public Offerings (IPOs). The first half of FY2025 has already seen 35 mainboard IPOs, collectively raising around Rs 32,000 crore with an average subscription rate of 61 times. The Indian market maintained a positive outlook in the first quarter of FY2025, driven by strong Q4FY24 earnings, favorable economic data, and positive global cues. Despite early June volatility following the 2024 <keyword id="19895394" type="General" weightage="20" keywordseo="lok-sabha" source="keywords">Lok Sabha</keyword> election results, market sentiment improved with the BJP securing 272 seats and a total of 292 seats for the NDA with allied support. This political stability under Prime Minister Narendra Modi's leadership is expected to promote long-term economic growth, with a focus on infrastructure, electric mobility, startup support, power distribution, digital privacy, and healthcare initiatives. Corporate India's performance in the March quarter of FY2024 met expectations, showing double-digit growth in net profit and single-digit revenue increases. Non-lending companies experienced moderate operating margin expansion due to favorable commodity prices and cost controls. The peaking interest rates and continuity of <keyword id="19978691" type="General" weightage="20" keywordseo="government-policies" source="keywords">government policies</keyword> are anticipated to support healthy corporate growth in FY2025. <h2>Growth to continue</h2>The government's push for increased <keyword id="20068449" type="General" weightage="20" keywordseo="ethanol-production" source="keywords">ethanol production</keyword> targets a 20% blending by 2026, benefiting ethanol-heavy sugar companies and promoting biofuel goals. The real estate market is projected to grow significantly, requiring Rs 14 lakh crore in debt financing from 2024 to 2026. This growth will positively impact the banking and financial sectors. Major telecom operators have raised tariffs post-election, potentially improving sector financials and paving the way for sector re-rating. Major cement players are expanding through acquisitions, with an expected 6-7% compounded growth and market dominance by the top five players by March 2025. FMCG Companies expect recovery in rural business due to factors like a normal monsoon, robust crop yields, and government measures, maintaining robust rural demand. The potential roll-out of the FAME 3 Scheme to support <keyword id="19963112" type="General" weightage="20" keywordseo="electric-vehicle-sales" source="keywords">electric vehicle sales</keyword> is anticipated, with a budgetary allocation of around Rs 10,000 crore. Sectors such as auto, cement, defence, railways, consumer durables, energy, and banking are expected to outperform. Lagging sectors like IT and specialty chemicals offer value-buying opportunities at lower levels. The structural bull market for Indian equity is supported by strong domestic fundamentals and government reforms, with a positive medium- to long-term market outlook. Globally, the US market showed resilience, except for the Dow Jones. The Federal Reserve maintained interest rates at 5.25-5.50%, awaiting inflation to move towards the 2% target before considering rate cuts. The US GDP grew at 1.4% annually in Q1 2024, with mixed economic indicators highlighting both strengths and challenges. The Indian <keyword id="19926041" type="General" weightage="20" keywordseo="IPO-market" source="keywords">IPO market</keyword> has seen significant growth, with a surge in companies seeking to list shares and a rise in capital raised. The first half of 2025 saw strong retail investor participation, reflecting confidence in India's growth prospects. Mahavir Lunawat, Managing Director, Pantomath Capital Advisors Private Limited, said, "Favourable market conditions, high liquidity, a conducive growth environment with stable interest rates, and benign inflation have facilitated a boom in the IPO market. The IPO market will experience a stronger pull post-budget. India is set to become the new equity funding frontier for global corporations." He further added. "We are on the brink of sustained, long-term momentum in the IPO market, with this year potentially becoming the best for IPOs. India's solid macroeconomic environment and promising growth prospects create an ideal backdrop for this vibrant IPO market. Additionally, there is robust participation from both domestic institutional investors and retail investors." With the Indian government's potential capex increase and the robust primary market activity, the <keyword id="19948184" type="General" weightage="100" keywordseo="Indian-economy" source="keywords">Indian economy</keyword> is poised for sustained growth. The upcoming period is expected to see heightened market activity, further IPOs, and economic stability, creating a conducive environment for investment and development.

You Searched For "Electricity dues" and got 12 results

Buying an EV may be a somewhat dangerous move if you live near the sea

BI India Bureau

Drivers are being 'ill-served by underwhelming EVs,' says boss of Tesla rival Lucid

Tom Carter

'Pay your staff properly, solve the 80,000 complaints first': Internet reacts on Ola CEO Bhavish Aggarwal and Kunal Kamra feud

Divyanshi Sharma

Why has Bernstein called India’s EV sector 'irrelevant'?

BI India Bureau

Why Tesla's sales are slipping in California, and what it means for Elon Musk's car company

Nora Naughton

Facing vehicle damage during heavy rains? Here's how motor insurance can come to your rescue

Ira Alok Puranik

Planning to purchase an EV? Here's how to ensure it never catches on fire

Ankush Banerjee

EVs are not the only options for alternative fuel — make way for hydrogen and bio-fuel

Dhruv Mohan

TVS confident of outperforming industry in domestic, global markets following new product launches, ops strengthening

PTI

Drivers are feeling better about EV range and charging infrastructure, but still aren't ready to go electric

Nora Naughton

EV-iction notice: Why are electric vehicle owners switching back to petrol and diesel (ICE) cars?

Ankush Banerjee

India may boost FY25 capex by 8-10% amid surging revenues and record RBI surplus, says Market Kaleidoscope report

ANI

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