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The rise in <keyword id="20532742" type="General" weightage="20" keywordseo="EV-battery-manufacturing" source="keywords">EV battery manufacturing</keyword>, alongside the '<keyword id="20018809" type="General" weightage="20" keywordseo="Make-in-India" source="keywords">Make in India</keyword>' initiative, will lower manufacturing costs and boost <keyword id="19914921" type="General" weightage="20" keywordseo="EV-sales" source="keywords">EV sales</keyword> in the country, according to industry experts. According to Liz Lee, Associate Director at Counterpoint Research, <keyword id="21214947" type="General" weightage="20" keywordseo="Indias-EV-landscape" source="Orion">India's EV landscape</keyword> is on the cusp of significant growth. "Government initiatives such as the <keyword id="8941225" type="General" weightage="20" keywordseo="PLI-scheme" source="Orion">PLI scheme</keyword> for <keyword id="16365365" type="General" weightage="20" keywordseo="Advanced-Chemistry-Cells" source="Orion">Advanced Chemistry Cells</keyword> (ACC) and the recent reduction in import duties on EVs under $35,000 to 15 per cent are game changers," said Lee. All this not only opens doors for <keyword id="107096" type="General" weightage="20" keywordseo="Tesla" source="Orion">Tesla</keyword> but also signals India's readiness to welcome significant investments and foster a new ecosystem for EVs and their component suppliers. "It is a clear sign that India's journey to become a major player in the global <keyword id="186291" type="General" weightage="100" keywordseo="EV" source="Orion">EV</keyword> market is accelerating," Lee noted. The EV ecosystem is in a fairly nascent stage. "While the conventional automobile manufacturing ecosystem is mature, the building blocks for a robust smart car manufacturing ecosystem, from the battery to infotainment to sensors to full ADAS/ADS, beckon," said Research Vice President Neil Shah. "This would span from the likes of Qualcomm and MediaTek designing and offering advanced auto components to BlackBerry providing safety and security software, to Foxconn reducing barriers for new entrants to India with its innovative MIH consortium-based 'localised' design and manufacturing model," Shah explained.

India's EV landscape set to be transformed with key govt initiatives: Industry experts

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><li><keyword id="23313190" type="General" weightage="100" keywordseo="Musashi-Seimitsu" source="keywords">Musashi Seimitsu</keyword> Industry and <keyword id="23313191" type="General" weightage="20" keywordseo="Log9-Materials" source="keywords" meta.keywordsubtype="org" meta.entityname="Log9 Materials" meta.hostid="261" meta.entityid="Log9 Materials">Log9 Materials</keyword> have announced a strategic partnership.</li><li>The two companies will produce powertrain technology and battery solutions for EVs.</li><li>The companies will offer these solutions in India and global markets.</li></ul> Japanese firm Musashi Seimitsu Industry, the parent company of Musashi India has announced a strategic partnership with Indian <keyword id="20172158" type="General" weightage="20" keywordseo="battery-technology" source="keywords">battery technology</keyword> company Log9 Materials, aimed at developing advanced electric vehicle powertrain technology and battery solutions for OEMs in the domestic and global markets. The partnership aims at combining Musashi's <keyword id="23313192" type="General" weightage="20" keywordseo="e-Axle-system" source="keywords">e-Axle system</keyword> and Log9 Materials’ battery technology to create integrated powertrain solutions tailored specifically for electric two and three-wheelers. “This partnership marks a significant milestone in our vision to reshape the electric mobility landscape. By joining forces with Log9, we are committed to delivering a comprehensive, high-performance solution tailored for <keyword id="20345883" type="General" weightage="20" keywordseo="electric-two-wheelers" source="keywords">electric two-wheelers</keyword> and three-wheelers. Our goal is to address critical market gaps and offer an integrated system that enhances energy efficiency, optimizes synergy between battery and drivetrain systems, and sets new industry standards for sustainability and innovation,” said Hiroshi Otsuka, President and Group CEO, Musashi. In June, Musashi Seimitsu’s subsidiary Musashi Auto Parts India announced that it is starting mass production of e-Axles for electric two-wheelers in the domestic market. The company said by seamlessly integrating battery packs with e-Axles, the partnership aims to reduce energy losses common in conventional powertrains, extending vehicle range and improving performance across diverse driving conditions, especially in densely populated urban areas. "By combining Musahi's expertise in manufacturing and energy-efficient motion conversion with Log9's battery technology, we aim to bring the most efficient powertrain solutions to the market. Both companies are committed to the common goal of decarbonizing the world through innovative technology, and this collaboration strengthens our aligned business ethos and future objectives," said Pankaj Sharma, Co-founder of Log9 Materials. A key aspect of this partnership is the centralized service model for the integrated battery and e-Axle systems, which will reduce repair downtime and improve customer satisfaction through quicker service turnaround, it said. Beyond India, the partnership aims to expand into global markets, including Southeast Asia and Africa, supported by a robust after-sales service network in major Indian cities. As per the company, Musashi's entry into the EV sector aligns with its strategic goals of fostering innovation and contributing to global carbon emission reduction efforts. With inputs from PTI. SEE ALSO: <a href="https://www.businessinsider.in/entertainment/news/it-is-cheaper-to-watch-coldplay-perform-in-abu-dhabi-than-to-pay-scalpers-for-mumbai-tickets/articleshow/113665893.cms">It is cheaper to watch Coldplay perform in Abu Dhabi than to pay scalpers for Mumbai tickets</a> <a href="https://www.businessinsider.in/business/auto/news/hyundai-motor-indias-25000-crore-ipo-gets-sebi-approval-indias-biggest-ipo-expected-to-launch-in-october/articleshow/113658837.cms">Hyundai Motor India’s ₹25,000 crore IPO gets SEBI approval – India’s biggest IPO expected to launch in October</a> <a href="https://www.businessinsider.in/business/auto/news/tata-nexon-ev-with-a-bigger-battery-launched-starting-at-13-99-lakh/articleshow/113631992.cms">Tata Nexon EV with a bigger battery launched starting at ₹13.99 lakh</a>

Japan’s Musashi Seimitsu and Log9 Materials partner to offer EV powertrain and battery solutions

<keyword id="21396729" type="General" weightage="20" keywordseo="range-anxiety" source="keywords">Range anxiety</keyword>, the fear that an <keyword id="19906970" type="General" weightage="20" keywordseo="electric-vehicle" source="keywords">electric vehicle</keyword> (<keyword id="19931191" type="General" weightage="100" keywordseo="EV" source="keywords">EV</keyword>) will run out of power before reaching its destination, has been a significant hurdle for EV adoption. But <keyword id="19897758" type="General" weightage="20" keywordseo="Samsung" source="keywords" meta.keywordsubtype="org" meta.entityname="Samsung" meta.hostid="261" meta.entityid="Samsung">Samsung</keyword>’s recent announcement may put those worries to rest. The tech giant is testing a <keyword id="22661253" type="General" weightage="20" keywordseo="solid-state" source="keywords">solid-state</keyword> <keyword id="20173742" type="General" weightage="20" keywordseo="battery" source="keywords">battery</keyword> that promises a driving range of about 1000 kilometres and can charge in just 9 minutes. Unveiled at the SNE Battery Day 2024 expo in Seoul, this breakthrough could transform the EV landscape. <h2>The future is solid (state)</h2>Samsung's new battery technology, based on solid-state principles, boasts impressive credentials. Unlike traditional <keyword id="21033572" type="General" weightage="20" keywordseo="lithium-ion" source="keywords">lithium-ion</keyword> batteries, solid-state batteries replace the liquid electrolyte with a solid material. This change enhances safety, reduces weight, and increases energy density. Samsung's prototype has an energy density of 500 Wh/kg, nearly double that of current mainstream EV batteries which typically hover around 270 Wh/kg. Further, these batteries have a reported lifespan of 20 years. “We built a pilot line last year to mass-produce all-solid-state batteries by 2027,” Samsung SDI told The Elec. The initial batches of these batteries have already been delivered to EV manufacturers for testing, and the feedback has been reportedly overwhelmingly positive. <h2><keyword id="20204471" type="General" weightage="20" keywordseo="charging" source="keywords">Charging</keyword> ahead of the competition</h2>The standout feature of Samsung’s solid-state battery is its rapid charging capability. Charging from 10% to 80% in just 9 minutes is a game-changer. For comparison, many of today's EVs require anywhere from 30 minutes to several hours to reach a similar charge level, depending on the battery and charging station used. Currently, in India, the Tata Nexon EV and MG ZS EV, two popular models, take about 60 minutes to charge from 0% to 80% using a fast charger. <div type="Article" hostid="261" msid="112184747" title="EV-iction notice: Why are electric vehicle owners switching back to petrol and diesel (ICE) cars?" mstype="2" mssubtype="0"></div>However, <keyword id="4393078" type="General" weightage="20" keywordseo="ola-electric" source="Orion">Ola Electric</keyword> is also testing new battery technology which promises improved range and charging times. As per reports, their new indigenous cells carry five times the energy compared to their imported counterparts from South Korea. Chairman Bhavish Aggarwal has noted that they are also experimenting on solid state batteries at the moment. <h2>The high cost of innovation and road ahead</h2>While the technology is promising, it’s not without its challenges. The initial high production costs mean that Samsung’s solid-state batteries will likely debut in the “super premium” EV segment. These luxury vehicles will benefit from the extended range and quick charging, setting a new standard for what consumers can expect from their EVs. <div type="Article" hostid="261" msid="112109869" title="Ola Electric IPO – MapMyIndia accuses company of stealing map data days before IPO opens" mstype="2" mssubtype="0"></div>The quest for better batteries is a global race. Chinese manufacturers like CATL are also pushing the envelope with advanced lithium-ion batteries that offer quick charging and extended lifespans. CATL’s recent announcement of a battery with a 20-year lifespan aligns with Samsung's vision. The competition is fierce, but Samsung’s entry into the solid-state battery market could tip the scales. Samsung’s solid-state battery represents a significant leap forward in battery technology. With a potential range of 1000 kilometres and the ability to charge in 9 minutes, it addresses two of the biggest concerns for EV owners: range anxiety and long charging times. While the initial high costs mean that it will be a while before this technology becomes mainstream, the future of EVs looks incredibly promising!

Finally a solution to EV range anxiety? Samsung is testing a battery that can run for 1000 km and charge in 9 minutes!

<ul class="summary-list"><li>The growth of US tech earnings is vulnerable to ongoing tensions with China. </li><li>As Beijing exerts influence in the region, US tech firms will compete for a smaller market share. </li></ul>US tech giants have mostly wrapped up earnings, and their performance shows a clear message: It's impossible to ignore the impact of China on financial results. <a href="https://markets.businessinsider.com/stocks/tsla-stock">Tesla </a><a href="https://www.businessinsider.com/china-electric-cars-ev-elon-musk-tesla-byd-price-war-2024-4">felt the chill of slowing demand in China</a> as sales tumbled by 4% in the first quarter. Meanwhile, <a href="https://markets.businessinsider.com/stocks/aapl-stock">Apple</a> saw 18% of its sales come from China, underscoring the pivotal role the country plays in its earnings strength. <a href="https://www.spglobal.com/marketintelligence/en/mi/research-analysis/semiconductor-supply-chain-political-physical-challenges-2024.html" target="_blank" rel="noopener">S&amp;P Global data</a> shows that for US chip firms, China is even more important for business than their home turf. Investors have become more alert to China's hand in powering the earnings of some of the biggest US tech companies and, consequently, their stock prices, with experts forecasting that the rivalry between the two superpowers to reshape the US tech landscape going forward. Geopolitical tensionsAbishur Prakash, the founder of advisory firm The Geopolitical Business, told Business Insider that US tech companies ignoring the geopolitical tensions with China are risking serious setbacks to their portfolios. "The train has left the station when it comes to rethinking China," he said. "It is becoming clear that on a long enough timeline, everybody will have to pick sides."Regarding Tesla's earnings, Prakash said Elon Musk's electric vehicle company could've seen better results if it had considered geopolitical realities more. "Tesla thought it could build in China, and then export Chinese-made cars to the world. But now from India to Europe, many do not want Chinese-made EVs," he said."Large tech firms built their base in China at a time when the geopolitical climate was very different. Today, however, being in China or exporting from China puts companies in the 'geopolitical crosshairs,'" he added. The division could be exacerbated by the macro headwinds facing China's economy. Besides a <a href="https://www.businessinsider.com/china-economy-housing-market-risks-debt-deflation-spiral-stocks-investors-2024-2">struggling property sector and low consumer spending</a>, analysts highlight China's depreciating currency as a major economic challenge.Kelvin Wong, senior market analyst at Oanda, told BI the devaluation of the Chinese yuan to boost export growth amid weak domestic demand is likely to depreciate currencies of other key exporters like South Korea, Taiwan, and even Japan."These countries are considered 'friendlier nations' in the US onshoring/decoupling strategic plan which in turn may trigger a negative feedback loop into the share prices of the US mega-cap tech firms," he said. "2 tech stack divide"In the booming artificial intelligence space, experts said the US and China's "tit for tat" restrictions on key technologies would gradually produce ripple effects for US tech firms. "Our view is that we are rapidly approaching what we call a '2 tech stack divide,' where in essence, each country, the US and China, are effectively walling off or ring-fencing their tech stacks from each other," Jay Pelosky, the founder of TPW Advisory, told BI. According to Pelosky, despite the US ramping up sanctions on China in the tech space, Beijing could eventually exert influence in Southeast Asia, where countries like Vietnam, Malaysia, and Indonesia will increasingly come under the influence of China's tech dominance due to Chinese companies' cheaper prices and larger scale compared to their American counterparts."The US tech companies are going to find themselves basically competing for a smaller share of the global growth pie, because Southeast Asia is the fastest growing region in the world," he said.Decoupling in progressPrakash said that unlike the past, US tech companies now have a new strategy: "Keeping the US happy, maintaining business in China, and looking for new markets to offset a 'China loss.'""Just look at how <a href="https://markets.businessinsider.com/stocks/nvda-stock">Nvidia</a> and <a href="https://markets.businessinsider.com/stocks/amd-stock">AMD</a> are building custom chips just for the Chinese market to comply with sanctions," he said. Nvidia has yet to report earnings, but <a href="https://www.businessinsider.com/nvidia-impact-q1-earnings-season-ai-nvda-stock-price-capex-2024-5">expectations are high</a>. Yet, Prakash said the chip maker faces a "complex situation" in China. "On the one hand, the US government is constantly closing door after door to what Nvidia can sell to China. On the other hand, China is using official and unofficial channels to scoop up Nvidia chips," he said.Experts believe that China will gradually contribute less to the revenue of mega-cap US tech firms. "Going forward, it seems that the US-China high-tech war is still ongoing, where friendly onshoring and decoupling of technology-related supply chains have been gaining traction post-COVID," said Wong.

The US-China rivalry will reshape the landscape for Big Tech earnings

<ul><li>EV penetration is set to reach 6-8% by FY27 compared to a mere 1.3% in FY23 as per a CRISIL report.</li><li>The total cost of acquisition (<keyword id="21010615" type="General" weightage="20" keywordseo="tca" source="keywords">TCA</keyword>) is lower for EVs but the total cost of ownership (<keyword id="19896738" type="General" weightage="20" keywordseo="tco" source="keywords">TCO</keyword>) is higher as compared to other variants, says the report.</li><li>For e-cabs, the TCA is higher than that of TCO but charging infra and other factors play a crucial role in adoption.</li></ul> <keyword id="19895203" type="General" weightage="20" keywordseo="electric-vehicles" source="keywords">Electric Vehicles</keyword> (EVs) are here to take over the auto market. In the US, this growing trend is close to reaching double digits in terms of penetration among personal vehicles. Even in India, the penetration is growing as domestic manufacturers increasingly gravitate towards the EV segment. In addition to Tata Motors’ EV versions of Nexon, Tigor and <keyword id="20075324" type="General" weightage="20" keywordseo="tiago-ev" source="keywords">Tiago EV</keyword> and MG’s ZS — many other automakers are entering the EV lane too. Foremost among them is <keyword id="19909974" type="General" weightage="20" keywordseo="maruti-suzuki" source="keywords">Maruti Suzuki</keyword>, which is planning to launch its first EV by 2025, and Renault’s electric Kwid, Zoe and KZE are also expected to come to India soon. MG Motor India already has a couple of fairly successful EV models and plans to introduce many more soon. For foreign brands like Tesla, policy roadblocks on imports, proved to be a limiting factor so far. However, the <a href="https://www.businessinsider.in/business/auto/news/new-ev-policy-elon-musks-tesla-may-soon-enter-india-as-import-taxes-slashed-for-electric-vehicles/articleshow/108527306.cms">recent changes in the Indian policy landscape</a> lower the import taxes if the companies commit to manufacturing in India in the subsequent years. Such policy incentives are likely to attract even more global EV brands to India. But what do these new models of new-age tech cars mean to car buyers sitting on the fence? As per a recent analysis by CRISIL, the total cost of ownership (TCO) or total cost of ownership of passenger vehicles could work in favour of EVs in the next three years for Indian buyers. So, how does the math work for prospective owners? TCA is lower but the TCO may remain higher TCO includes the purchase price of a particular asset, plus operating costs over the asset’s life span. As of FY22, the TCO of EVs was 20-30% higher than that of all three variants which is petrol, diesel and CNG. “In FY27, we expect the economics to again remain the same. However, despite not-so-favourable cost economics, higher adoption has been witnessed initially by environment-conscious buyers,” said CRISIL. The latest analysis agrees with the <a href="https://journals.sagepub.com/doi/10.1177/0361198120947089">earlier research</a> from <keyword id="20691574" type="General" weightage="20" keywordseo="world-resources-institute-india" source="keywords">World Resources Institute India</keyword> (<keyword id="20336071" type="General" weightage="20" keywordseo="wri-india" source="keywords">WRI India</keyword>) on TCO in India. The study highlighted that the TCO for EVs for personal use remains higher and may require additional financial incentives to be economically viable. The total cost of acquisition (TCA) on the other hand is lower for EVs as compared to other variants. TCA of an EV is 24% lower than that of a diesel variant, and 4% lower for a petrol variant. The TCA for an EV and a CNG variant is the same. This is due to lower registration charges for EVs amid high loan-to-value (LTV) ratios. Overall, the report expects EV penetration in the passenger vehicle segment to reach 6-8% by FY27 from a mere 1.3% in FY23. Meter down: How do EVs fare as cabs? Unlike in the PV segment, the cost dynamics are reversed for cab aggregators who want to drive in the EV lane – where even though the TCA is higher, TCO remains lower. In FY22, the TCO of EVs for cab aggregators was lower than that of petrol and diesel vehicles by around 29% and around 19%, respectively. However, the TCO of EVs is still higher than that of a CNG variant by around 13% even for commercial use. This is due to the higher running of a commercial passenger vehicle and high fossil fuel prices. The FAME-II subsidy provided by the Government of India incentivises the adoption of EVs for commercial use, including 2-wheelers, 3-wheelers, and buses for public transport. However, the TCA of an EV for a cab aggregator is still around 17% higher than that of a diesel vehicle, 26% higher than a petrol vehicle, and around 16% higher than a CNG variant. “In FY27, we expect the TCA of EVs to be lower than that of diesel and petrol variants, but higher than that of a CNG variant,” says CRISIL. The report expects the cab aggregator segment to lead the drive towards EVs, resulting in a 4% EV penetration by FY26. The taxi segment accounts for 10-15% of sales within passenger cars. However, a few challenges continue to linger, limiting the wider adoption of e-cabs on the road. A limited number of charging stations range anxiety and lack of large original equipment manufacturer (OEM) presence are hindering EV adoption. EVs used for personal use, however, are mostly charged at home, and charging infrastructure does not play a very high role there. “The lower battery cost (due to expected localisation led by the phased manufacturing programme or PMP) is expected to offset the lack of FAME subsidy and will help maintain the competitiveness of EVs against diesel and CNG variants for cab aggregators in the long run,” says CRISIL.

Electrifying auto market: Planning to buy an EV, compare their price with petrol, diesel and CNG variants

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>India is predominantly a two-wheeler market with its overall EV penetration, including two wheelers, as of CY2022, at 3.2%. </li><li>Challenges faced by two-wheeler users in India are range anxiety, poor infrastructure, slow battery recharge, unavailability of prompt support network and poor build. </li><li>The report reiterates the importance of the government as the fundamental enabler for early EV adoption with <keyword id="21028" type="General" weightage="20" keywordseo="FAME" source="Orion">FAME</keyword> India and <keyword id="53367" type="General" weightage="20" keywordseo="PLI" source="Orion">PLI</keyword> schemes. </li></ul>The electric two-wheeler sales volume in India is expected to reach 22 million by 2030, according to the latest report on electric two-wheeler (E2W) landscape in India by global consultancy firm <keyword id="3359665" type="General" weightage="20" keywordseo="redseer" source="Orion">Redseer</keyword> Strategy Consultants. India is predominantly a two-wheeler market with its overall electric vehicle (EV) penetration, including two wheelers, as of CY2022, at 3.2%. Whereas, in other developed countries the EV market is dominated by four-wheelers with four-wheeler penetration as high as 63% and 56% in USA and China respectively, Charging the future for a greener plant, Electric 2W – Adoption from 0 to 100 report revealed. One of the critical drivers of growth is the rise of numerous brands in the E2W space, such as Ather, <keyword id="6354720" type="General" weightage="20" keywordseo="Ola" source="Orion">Ola</keyword>, <keyword id="195740" type="General" weightage="20" keywordseo="hero-electric" source="Orion">Hero Electric</keyword>, Bajaj, TVS, Okinawa, PURE EV, and Revolt. More options are pushing better adoption across price points. As a result, electric two-wheeler sales across India are on the rise, including in Tier 3 and Tier 4+ cities, Redseer revealed. “As per our research, while the E2W total cost of ownership for a sporadic user is only a little bit lesser, the daily commuter and heavy users save substantially over the life of the vehicle, making E2Ws the right choice for players such as food aggregators and last-mile delivery partners for whom the total cost of ownership can be lower by over 50% compared to an ICE vehicle,” said Aditya Agrawal, partner at Redseer Strategy Consultants. Limited range, poor charging infrastructure and more plague India’s 2W market Despite strong market tailwinds, challenges remain for faster adoption of E2W: from both demand and supply-side. The primary challenges faced by electric two-wheeler users in India were poor battery charging infrastructure, limited top speed, unavailability of prompt support network, less range and poor build quality, as per the report. “Although the benefits of switching to E2Ws are clear, there are many challenges to overcome, with range anxiety being the most prevalent barrier among consumers. The range offered by most E2W on the market is much higher than the average distance travelled, which is about 25 km, with 90% of the users travelling less than 50 km/day. However, a long ride is still a challenge in E2W owners’ minds,” added Agrawal. Recent internal combustion engine 2W buyers also indicated they would buy electric two wheelers next time if more charging stations and fast charging are readily available across the country, revealed the report. What will lead to EV growth in India? The primary actions required to achieve more than 80% of 2W electrification were making <keyword id="312660" type="General" weightage="20" keywordseo="EVs" source="Orion">EVs</keyword> affordable through emerging cell technology and localised cell manufacturing. Furthermore, for E2W, omni channels and better offline stores will also accelerate growth. “OEMs (original equipment manufacturers) must come together to ensure no unsafe vehicle is rolled out on the road. Recent vehicle fires have made the customer wary, impacting sales volume,” Redseer said. Increased awareness of benefits of owning an electric vehicle were also highlighted. The report further elaborates that the E2W ecosystem must work on 4 As-Adaptability, Awareness, Availability, and Affordability. The report reiterates the importance of the government as the fundamental enabler for early EV adoption with Faster Adoption and Manufacturing of Hybrid and Electric Vehicles in India (FAME India) and Production-Linked Incentive (PLI) schemes. These schemes should continue for the next few years until E2W becomes mainstream, as there have been reduced E2W sales in geographies where state subsidies were rolled back, Redseer observed. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/calicut-bound-air-india-express-flight-lands-in-abu-dhabi-after-flames-detected-mid-air/articleshow/97569180.cms">Calicut-bound Air India Express flight lands in Abu Dhabi after flames detected mid-air</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/budget-2023-24-continued-focus-on-infra-to-enable-growth-create-jobs-enhance-quality-of-life/articleshow/97556061.cms">Budget 2023-24: Continued focus on infra to enable growth, create jobs &amp; enhance quality of life</a>

Electric two wheeler sales volume in India expected to reach 22 million by 2030, says Redseer report

<ul><li>Overall <keyword id="46211" type="General" weightage="90" keywordseo="auto-sales" source="Orion">auto sales</keyword> decline 12.6% year-on-year in October, but sales surpass highs of 2017 <keyword id="48284" type="General" weightage="50" keywordseo="navratri" source="Orion">Navratri</keyword> by 18% in 2023, shows <keyword id="354719" type="General" weightage="80" keywordseo="fada" source="Orion">FADA</keyword> data.</li><li>The <keyword id="163191" type="General" weightage="60" keywordseo="two-wheeler-sales" source="Orion">two-wheeler sales</keyword> are up 15% in the same period. Strong rural demand and higher liquidity during elections to support demand in coming months.</li><li>The commercial vehicle segment experienced robust bookings and a positive uptake in retail sales, buoyed by festive cheer and strategic price support.</li></ul>Retail auto sales in October grew by a healthy 13% month-on-month but declined 12.6% year-on-year, according to data released by the Federation of Automobile Dealers Associations. Even though a like to like comparison is not correct as the first half of the month of October fell during the inauspicious Sharddh period. However, auto sales during the Navratri of 2023 have surpassed the peak sales seen during 2017 by 18%. While bookings portray a healthy trend, FADA has expressed concerns about the build up of inventory in the passenger vehicle segment, which now stands between 63-66 days. Commenting on October retail sales data, FADA President, Manish Raj Singhania, said: "The month commenced under the shadow of the inauspicious Shraddh period, persisting until the 14th. Consequently, a YoY comparison may not accurately reflect the actual trajectory of growth in the Indian Auto Retail sector. When compared month-on-month, auto retail sales flourished, achieving a 13% increase, with contributions from all categories. Two-wheelers, three-wheelers, passenger vehicles, tractors, and commercial vehicles expanded by 15%, 2%, 7%, 15%, and 10%, respectively, underscoring the sector's robust growth momentum.” The road ahead may be a tad slippery for passenger vehicles. A survey done by the industry association shows that the passenger vehicle segment is going through a tricky phase. While there may be a spike of bookings during the festive days, the shadow of year-end discounts looms over immediate sales. High inventory levels in PVs, at a critical 63-66 days range, demand urgent attention from OEMs. <div type="image" title="FADA Oct" msid="105005299" hostid="261" sizebytes="68292" caption="&amp;lt;p&amp;gt;&amp;lt;em&amp;gt;Data from F&amp;lt;/em&amp;gt;ADA October report&amp;lt;/p&amp;gt;"></div> The association has said that without substantial interventions and if Diwali sales don't rise to the occasion, the weight of unsold stock could lead to significant dealer distress, echoing FADA's concerns for potential industry-wide repercussions. Immediate and decisive action is imperative to counter the risk of a financial squeeze as the year closes. Despite the concerns expressed by dealers across India, the month of October has shown some positive signs. The two-wheeler category during the Navratri period holds promise as sales were buoyed by festive cheer and stronger rural demand. Enhanced availability of models, especially those in high demand from the previous year, along with better financial schemes, contributed to a solid market momentum. States going into elections also injected optimism into the market, leading to an increase in government spending and improved liquidity. Despite a shift in festival dates, with Diwali moving to November, the anticipation of the festive season stimulated purchase intent and dealers reported good stock preparation and robust ground efforts that led to an uptick in sales figures, showcasing a resilient and adaptive market. The 3W segment continued the uptick in demand during Navratri, largely driven by competitive finance options and a significant rise in e-Rickshaw interest, signalling a healthy move towards electrification. October continued this positive trend with robust market sentiments and festive celebrations contributing to increased customer bookings. The commercial vehicle segment experienced robust bookings and a positive uptake in retail sales, buoyed by festive cheer and strategic price support from manufacturers. The demand for light and small commercial vehicles surged, driven by infrastructure development activities and the need for vehicle replacement. Healthy demand was witnessed especially in segments like cement, iron ore and coal transport. The festive seasons, including Navratri, catalysed market activity, with customers taking advantage of favourable finance schemes. The PV segment navigated a complex landscape, marked by both enthusiasm and caution. During Navratri, despite regional variability, the industry witnessed a surge in bookings, buoyed by the introduction of compelling new models, particularly SUVs and the availability of attractive consumer offers. However, the impact of local elections and market saturation meant that the festive spirit didn't translate uniformly into sales across all regions. Throughout the month, the anticipation for Diwali in November and the launch of new models generated a steady demand. The period overall saw a resilient PV market, supported by a stronger product line-up unlike last year, when stock availability was a major issue."

Retail auto sales up 13% MoM in October, but high inventory levels in PV a concern

<ul><li><keyword id="9349591" type="General" weightage="100" keywordseo="blusmart" source="Orion">BluSmart</keyword> is poised to double its fleet by the end of the year and aims to have over 1,00,000 EVs on its platform by 2025.</li><li>Back in 20221, <keyword id="15125737" type="General" weightage="20" keywordseo="Jio-BP-and-BluSmart" source="Orion">Jio-BP and BluSmart</keyword> joined hands to set up EV charging stations in India.</li><li>BluSmart has the largest fleet of electric cabs and the largest network of EV fast charging stations across Delhi NCR, according to the company.</li></ul>As India rides on the EV bandwagon with the government promoting several use cases, BluSmart is poised to double its fleet by the end of the year and aims to have over 1,00,000 EVs on its platform by 2025. Rishabh Sood, CTO, BluSmart, told IANS that from a charging infrastructure perspective, both state and central government responses have been great and have floated many projects on a PPP basis. With the ever-growing customer base, Sood added, it is imperative to have BluSmart's services up and running with zero downtime and for this, the startup relies on various AWS services to build a strong foundation. Here are the excerpts from an interview: Q: What is BluSmart's USP? How do you differentiate yourself from other players in the <keyword id="6744459" type="General" weightage="20" keywordseo="EV-fleet" source="Orion">EV fleet</keyword> landscape? A: BluSmart is the only ride hailing service in the country that ensures zero emission, zero surge and zero ride denials to its customers and zero financial investment from its driver partners. We believe the source of our sustainable competitive advantage is that we have built multiple small MOATs around various parts of the business, which are collectively keeping us ahead of the curve. On the customer end, by solving for the core issue of hassles of ride booking, cancellations, surge and unclean cars we have been able to build a very loyal customer base. This hassle free experience of zero surge, zero cancellation and clean cars with courteous drivers being achieved every day repeatedly is starting to become a habit. On the driver end, by solving for the core issue of driver partners' inability to buy, own and maintain assets, we have been able to build loyalties on the drier partner side, which is immensely important since they are the brand custodians on the roads and are the ones who uphold the brand promise every time. On the technology side, by solving for the core issue of "fuel being a constraint" with EVs as against ICE powered vehicles where the ride-hails tech historically has not been required to worry about the fuel inside the car. Building a technology backend which is born electric and takes a full stack approach towards solving for ride matching at scale where no human is required to take decisions and the technology optimally guides the drivers right from picking up customers to reaching the nearest EV charging stations when running out of charge. On the partner ecosystem side, by solving for the core issue of having partners who have a purpose and a vision that feeds into each other's ambitions. Having partners like BP Ventures who come with the right global experience around energy and team building. Having partners like JioBP, which is a JV between Reliance and BP in India and having the backing of the largest enterprise in India in building more EV charging infra. Having partners like Tata Motors, who have decades of experience in automobiles and have taken the right stand when it comes to EVs and is able to support the growth ambitions of BluSmart. Q: For India to achieve its vision of reducing emission intensity by 45 per cent by 2030 and reach the net-zero target by 2070, EV would have to go mainstream. What are some of the biggest roadblocks you see today in India, be it in the manufacturing, EV financing, regulatory and policy landscape? A: The country has faced supply and delivery challenges in the past in getting EVs from leading OEMs around the country due to the semiconductor chip crisis in the past 3 years. Since, the supply chain and semiconductor issues have now started to relax, we are seeing an accelerated movement towards vehicle production and delivery. We believe that the manufacturing of EVs needs to be scaled up massively to support the increased adoption of EVs which in turn will lead to economies of scale. Also entry of established players into the EV industry will provide a variety of options to the common man. From a charging infrastructure perspective, both state and central government response have been great and have floated many projects on a PPP basis. We have also partnered up with giants such as Jio BP to help our expansion plans and create more charging infrastructure. Ramping up of charging infrastructure will play a key role in achieving net zero emission. Q: Tell us about the scale of your operations/size of EV fleet in India and your projected growth trajectory over the next 5 years? A: BluSmart currently operates an electric fleet of 2,200+ EVs on its platform. BluSmart Mobility is the most preferred mode of public transportation across Delhi NCR having completed 2.5 million+ all electric trips, covering over 86 million+ clean kms with over 900,000+ app downloads with an app rating of 4.9 out of 5.0 in the last year. It has the largest fleet of electric cabs and the largest network of EV fast charging stations across Delhi NCR. On September 26, 2022, BluSmart expanded geographically and started its operations in Bengaluru as its second city. BluSmart is poised to double its fleet by the end of the year and aims to have over 1,00,000 EVs on our platform by 2025. Q: What has AWS and cloud technology enabled you to do better? A: AWS is our trusted cloud partner for its feature rich and highly performant ecosystem of diversified services. With the ever growing customer base, it is imperative to have BluSmart's services up and running with zero downtime and this is where Amazon CloudWatch helps to preemptively learn metrics breach and remediate the same automatically. BluSmart uses Amazon Aurora, which is designed for exceptionally high performance and availability at a global scale with full MySQL and PostgreSQL compatibility. We adopted Aurora because it gives us the ability to manage our data at a large scale without having to deal with maintenance and optimizations at our end. At BluSmart every decision we make is driven by data hence we wanted a petabyte-scale data warehouse service that makes it simple and cost-effective to efficiently analyze data using existing business intelligence tools therefore we decided to go with Amazon Redshift as it provides constant monitoring of operations, logs, auditing, and traceability. We discovered key improvements in cost and performance for improving speed to market and operational efficiency. During our peak demand periods, we rely on AWS Autoscaling to handle high surge in requests by scaling containers and Database read replicas to provide seamless and elated customer experience. We at BluSmart are focused on the security of our data, infrastructure and resources and we rely on various AWS security services to build a strong foundation. We will continue to explore further on AWS in the future, adding new features and capabilities along the way. Q. In terms of business outcomes, what benefits have you experienced because of running on AWS? Please provide metrics where applicable: A: We have been able to bring efficiency in handling the demand and process performance by reducing the effort of self managing and monitoring the infrastructure. Without having to spend time on infrastructure engineering, developers are able to focus on the core product development which helps us reach the market faster. Usage of autoscaling to handle the load of peak and non peak demands efficiently by dynamic scaling up and scaling down of cloud infra on an intraday basis provided a significant cost advantage over maintaining a dedicated infra for peak loads. Further, periodic snapshots, data replication and disaster recovery strategy helps us mitigate data and infrastructure risks. 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BluSmart to set up EV charging infra projects across India in PPP mode

New Delhi, M&amp;A deal value in <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> fell 27 per cent in 2023 to USD 136 billion but the deals market is expected to remain steady in the current year, Deloitte India said in a report on Monday. "Amidst significant global challenges posed by high-interest rates, macroeconomic uncertainty, regulatory scrutiny, and geopolitical risks, India's M&amp;A landscape stood resilient in 2023," 'India M&amp;A Trends 2024' report said. "Despite global economic and geopolitical challenges, India's deals market is expected to remain steady, reflecting strong confidence from businesses and investors amidst a global economic slowdown," it added. In 2024, M&amp;A (Merger and Acquisition) momentum is expected to remain steady with the manufacturing sector, driven by automotive, with deal growth expected in auto-components and <keyword id="19895203" type="General" weightage="20" keywordseo="electric-vehicles" source="keywords">Electric Vehicles</keyword> (EVs). Also, the government's proactive initiatives to promote clean energy are expected to catalyse a significant rise in M&amp;A within the energy sector. M&amp;A in the financial services sector is anticipated to be driven by large-scale consolidations and responses to regulatory shifts. Private Equity (PE) is projected to remain consistent in 2024, while deal momentum is expected to revive post-2024, supported by flattening interest rates and recovering economic growth. <keyword id="20733110" type="General" weightage="20" keywordseo="sumeet-salwan" source="keywords">Sumeet Salwan</keyword>, <keyword id="19964686" type="General" weightage="20" keywordseo="partner" source="keywords">Partner</keyword>, Consulting, Deloitte India, said, "The global challenges posed by high interest rates, macroeconomic uncertainty, and geopolitical risks, that characterised 2023 are expected to continue into 2024 as well. While the global M&amp;A market remains soft, Indian companies continue to be steered by a strong domestic economy. They may increasingly see M&amp;A as a crucial strategy to help them expand, integrate supply chains, and reinforce market positions." According to the report, M&amp;A deal value in India reduced to USD 136 billion in 2023 from USD 186 billion in 2022. Financial services, technology, media, and telecom (<keyword id="20147197" type="General" weightage="20" keywordseo="tmt" source="keywords">TMT</keyword>) continue to be the top sectors driving M&amp;A. Financial services sector witnessed a 45 per cent decline in deal value and a 23 per cent increase in deal volume from 2022. TMT sector encountered a 33 per cent YoY (Year on Year) reduction in deal value, while deal volume fell 34 per cent. Overall cross-border deal value declined 11 per cent in 2023. However, inbound deals saw significant growth, with their share increasing to 41 per cent from 27 per cent in 2022, it said, adding that outbound M&amp;A deal value experienced a notable 49 per cent decline compared to 2022. The energy sector saw a sharp 63 per cent increase in deal value in 2023 as compared to 2022, driven by renewable energy and rising interest in clean energy from foreign investors. The construction and transport sector witnessed a 44 per cent decline in deal value compared to 2022. The sector also had the highest share in outbound deal value, contributing 29 per cent to the same. The medical and pharma sector witnessed a 17 per cent fall in deal value from 2022, driven largely by strategic buyers seeking to expand scale. The industrial and manufacturing sector witnessed a significant 33 per cent and 22 per cent rise in deal value and volume, respectively, in 2023 compared to 2022. "The rise in the manufacturing sector was driven by the automotive segment," the report said.

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