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New Delhi, Global electrification, previously driven by strong electric vehicle sales, is now showing signs of growth moderation despite supply chain normalisation and price reductions by OEMs, as per a report by <keyword id="20309623" type="General" weightage="20" keywordseo="jm-financial-institutional-securities" source="keywords">JM Financial Institutional Securities</keyword>. Global automakers like <keyword id="19911527" type="General" weightage="20" keywordseo="mercedes" source="keywords">Mercedes</keyword>, Ford, GM, VW are scaling back EV investments and turning towards <keyword id="19906936" type="General" weightage="20" keywordseo="hybrids" source="keywords">hybrids</keyword> due to shifting consumer preferences and challenges like inadequacy and slow pace of charging infrastructure expansion. We believe the situation is no different in India, the analysts said. <keyword id="19906967" type="General" weightage="20" keywordseo="tata-motors" source="keywords">Tata Motors</keyword> reduced its EV sales estimate and prices recently to boost adoption, citing similar hurdles. MSIL, with its tech-agnostic approach (Hybrids, EVs, CNG, Flex-fuel, etc.), is well-positioned (&amp; hedged) amidst slowing pace of electrification, the report said. Reports indicate of MSIL's strong Hybrid model launch pipeline going forward (five models in next 2-3 years). Tax rationalisation on hybrids could act as a fillip and shift consumer preference towards this choice of powertrain, it added. Till last year, global electric vehicle sales continued to outpace supplies (partially owing to semiconductor shortages) with OEs' orderbook piling to record levels. However, despite normalisation of supply chain, pace of electrification seems to have moderated. Reduction in EV prices (by <keyword id="19895433" type="General" weightage="20" keywordseo="tesla" source="keywords">Tesla</keyword>, Ford etc.) to drive wider adoption also isn't helping. Global automakers like Mercedes, Ford, GM, VW have deferred EV related investments, reduced their EV sales guidance indicating moderation in EV growth going ahead, the research said. Few of these auto OEMs are turning their focus back to Hybrids amidst shifting consumer preference. Domestic demand scenario for electric PVs is no different. Recently, Tata Motors (market leader with 73% share) reduced its FY24 EV sales estimate by 20% (to 75-80K units) and also cut prices by upto Rs 125K/vehicle to drive wider adoption. Lack of adequate charging infra and hesitant customers (to pay premium over ICE vehicles) are the primary reasons for slower EV adoption, the report said. Currently, MSIL is working on multiple technologies (Hybrids, EVs, Flex-fuel and Bio-gas in addition to ICE/CNG) as the company believes multiple technologies can co-exist in the medium-to-long term. Its current tech-agnostic approach is again a well thought-out approach against committing resources to a single technology, the report said.

Global automakers scale back electric vehicles, turn towards hybrids

<ul class="summary-list"><li>Tesla has reportedly been considering building a new factory in India, the world's third-largest car market.</li><li>MG Motor India executive Rajeev Chaba told CNBC the move could boost India's EV market. </li></ul><a target="_blank" href="https://www.businessinsider.com/tesla">Tesla</a> has been eyeing an expansion into India — and one local auto executive thinks it'll be good for business.MG Motor India's CEO Emeritus Rajeev Chaba <a target="_blank" href="https://www.cnbc.com/2024/04/24/elon-musk-teslas-entry-into-india-ev-market-is-good-news-mg-motor-india-.html">told CNBC</a> that Tesla's potential entry into the Indian market could help boost the country's low rate of EV adoption."Tesla is really welcome. It'll be good for the industry, good news for the country, and for serious players like us," Chaba told CNBC.MG Motor currently sells two types of EVs in India; it recently <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-03-20/china-s-mg-motor-venture-bringing-electric-sports-car-to-india">announced</a> a joint venture with JSW Group to roll out more EVs in and capture a larger slice of the market there."I wish more and more players come, with more and more choices. Because that will give the consumer a chance to look at the various options and go for it," he added.The auto exec told CNBC that a lack of competition was hampering India's EV industry.The Indian government has set a target of <a target="_blank" href="https://www.reuters.com/business/autos-transportation/electric-vehicle-plans-indian-automakers-2024-03-15/">30% of all vehicle sales</a> to be electric by 2030. Between October 2022 and September 2023, EVs accounted for around 5% of total vehicle sales, according to data from <a target="_blank" href="https://www.bain.com/insights/india-electric-vehicle-report-2023/">Bain and Company</a>."Competition is limited at this point of time. Numbers are still constrained because consumers don't have compelling choices," Chaba said.Tesla has been eyeing India as a potential area for expansion as it grapples with a <a target="_blank" href="https://www.businessinsider.com/elon-musk-tesla-avoid-ev-sales-slowdown-china-byd-2024-1">slowdown in EV demand</a> and <a target="_blank" href="https://www.businessinsider.com/elon-musk-china-is-tesla-main-rival-in-ev-war-2023-11">growing competition in markets such as China</a>.Foreign EV companies have previously been deterred from entering the world's <a target="_blank" href="https://asia.nikkei.com/Business/Automobiles/India-tops-Japan-again-as-world-s-No.-3-auto-market#:~:text=GANDHINAGAR%2C%20India%20%2D%2D%20New%20car,released%20the%20data%20on%20Friday.">third-largest vehicle market</a> because of high import taxes on electric cars.However, a new policy that provides an exception for automakers who invest at least $500 million to produce their cars in the country and who set up manufacturing facilities within the next three years — suggests that may be about to change.Reuters reported earlier this month that Tesla is planning to build a new factory in the country as part of <a target="_blank" href="https://www.reuters.com/business/autos-transportation/teslas-musk-likely-unveil-2-3-bln-india-investment-during-visit-sources-say-2024-04-17/#:~:text=NEW%20DELHI%2C%20April%2017%20(Reuters,familiar%20with%20the%20discussions%20said.">a $2 to $3 billion investment</a>, and CEO Elon Musk was due to meet Indian Prime Minister Narendra Modi this week to announce the move.Those plans may have to wait. Musk postponed his trip to India due to <a target="_blank" href="https://www.businessinsider.com/elon-musk-cancels-trip-to-india-tesla-layoffs-struggles-2024-4">"very heavy Tesla obligations,"</a> with the automaker recently <a target="_blank" href="https://www.businessinsider.com/elon-musk-sent-tesla-employees-email-announcing-layoffs-read-memo-2024-4">announcing a 10% cut to its staff</a> and a high-profile <a target="_blank" href="https://www.businessinsider.com/tesla-cybertruck-accelerator-pedal-recall-fix-includes-drilling-hole-2024-04">Cybertruck recall</a>.Tesla did not immediately respond to a request for comment made outside normal working hours.

Tesla is eyeing India &mdash; but a rival says that's 'good for the industry' 

Texas [US], April 6 (ANI): <keyword id="2785876" type="General" weightage="20" keywordseo="tesla-ceo-elon-musk" source="Orion">Tesla CEO Elon Musk</keyword> has announced that <keyword id="19895433" type="General" weightage="20" keywordseo="Tesla" source="keywords" meta.keywordsubtype="org" meta.entityname="Tesla" meta.hostid="261" meta.entityid="Tesla">Tesla</keyword> will unveil a '<keyword id="21214780" type="General" weightage="100" keywordseo="robotaxi" source="keywords">robotaxi</keyword>' on August 8. He made the announcement in a post on social media platform X, which stated: "<keyword id="21214781" type="General" weightage="20" keywordseo="tesla-robotaxi" source="keywords">Tesla Robotaxi</keyword> unveil on 8/8." In the past, Musk has expressed liking for self-driving vehicles, stressing that Tesla will make a car that did not have human controls and they will be one of Tesla's most important products. He had also said that Tesla cars, which will have full self-driving capability through software, gradually become better and better at driving, CNN reported. Musk added that the cars, at some point, will have the capability of operating as fully autonomous taxis and could earn money for their owners by giving taxi rides on their own. So far, Tesla has passed several of Musk's predictions for when actual self-driving would be possible. In April 2019, Tesla said it expected to start operating robotaxis by 2020. The company predicted that the autonomous car would last 11 years and drive 1 million miles, which would make the company and the car operators earn a profit of USD 30,000 each year. However, <keyword id="19903807" type="General" weightage="20" keywordseo="Elon-Musk" source="keywords">Elon Musk</keyword> has admitted that his track for predictions can be off sometimes by a mile. In an event in April 2019, he said, "The only criticism and it's a fair one, sometimes I'm not on time. But I get it done and the Tesla team gets it done," according to CNN report. Presently, people can buy full self-driving capability with a new Tesla Model 3 for an additional USD 12,000 added to the car's roughly USD 40,000 purchase price. The full self-driving capability can be bought on a subscription basis for up to USD 199 a month, based on how the car was originally equipped. In small gray type, Tesla's on-line description reads, "The currently enabled features require active driver supervision and do not make the vehicle autonomous," implying that it is not, in fact, capable of fully self-driving today. According to Musk, the system will one day make Tesla cars incredibly valuable. In the company's call for the third quarter in 2023, he noted, "You can think of every car we sell or produce that has full autonomy capability as something that in the future may be worth five times what it is today." Experts who have tested the system have said that, as of now, it is still far from being able to drive on its own without human control, CNN reported. Kelly Funkhouser, associate director of vehicle technology for Consumer Reports, recently tested the system. Funkhouser said she is less worried about its safety than she is about ordinary Tesla Autopilot, which is made to give more limited driving assistance, particularly on highways. She said, "You're not likely to tune out and become complacent or over-reliant on it." Funkhouser added, "In fact, I would say you're potentially more alert, CNN reported. A number of companies, including Google's parent company Alphabet's subsidiary and GM subsidiary Cruise, are working on autonomous ride-sharing services. Cruise has halted testing work after one of its self-driving cars hit and dragged a pedestrian. An internal review found that representatives of Cruise did not fully open up with regulators regarding the incident. The US Department of Justice is conducting an investigation into the matter. Meanwhile, Waymo, recently, recalled its own cars after two of its cars hit the same tow truck within minutes of one another. Meanwhile, a report in the Financial Times had on April 3 said that Tesla Motors will send a team to scout locations in India this month for a proposed USD 2-3 billion electric car plant. This development comes after India lowered tariffs on higher-priced imported EVs last month for companies that commit to making them in the country within three years.

Tesla to unveil Robotaxi on August 8, Elon Musk announces

Electric vehicles must be considered for priority lending by the government to accelerate their adoption, while sufficient funds must also be allocated for R&amp;D in a public-private partnership mode for development of batteries, industry body <keyword id="2746593" type="General" weightage="100" keywordseo="smev" source="Orion">SMEV</keyword> said on Thursday. In its Budget wish list, the <keyword id="481834" type="General" weightage="20" keywordseo="society-of-manufacturers-of-electric-vehicles" source="Orion">Society Of Manufacturers Of Electric Vehicles</keyword> (SMEV) also said there is a need to amend the PLI scheme for automobile and auto components, as in its current form there is an "unfair price disadvantage" for small and medium-size EV players in the industry. "To create a robust ecosystem for electric vehicles and give a boost to the EV market, the government could look at putting EVs in the priority lending sector. It will help citizens afford EVs at lower interest rates," SMEV said in a statement. Finance Minister <keyword id="129243" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> is scheduled to present the Union Budget for FY 2022-2023 on February 1. Stressing on the need for R&amp;D in battery manufacturing, the body of EV makers said, "unless we work seriously and diligently on EV batteries, we will end up in a situation similar to, if not worse than, our dependence on crude oil." The current level of research is abysmally low, diluted, and scattered, it said adding, "the government could allocate sufficient funds for R&amp;D in a public-private partnership mode with a time-bound objective to create EV batteries that are less dependent on offshore minerals and best suited to the Indian condition." The PLI scheme for Advanced Chemistry Cell (ACC) can be suitably amended to incentivise the R&amp;D efforts, it added. SMEV said while the scheme will certainly have incentives for the large players, it is also creating an unfair price disadvantage for small and medium-size EV players who are not qualifying for the incentives under the scheme due to their size, turnover, and backgrounds. "Hence, we request the government to create a level playing field through amendments in the scheme so that MSME EV players, all the pre-existing and new players can also participate," it said. Under the current PLI scheme for automobile and auto components, among other criteria, an automobile company or group firm with existing presence in India or globally needs to have a minimum of Rs 10,000 crore revenue, while for auto components, the minimum revenue requirement is Rs 500 crore. On the other hand, for new non-automotive investor companies or group companies, which are currently not in automobile or auto component manufacturing business, such entities should have a global net worth of Rs 1,000 crore based on audited financial statements for year ending March 31, 2021. The industry body also sought export concessions for EVs in order to make manufacturers in India cash in on the growing demand for such vehicles across the globe. "Some incentives can be extended in the form of subsidies to be enjoyed by domestic consumers for exporting such vehicles to get a global stamp on electric vehicles. This is a large space that Indian industries can capture before international players invade the market with cheaper contraptions," SMEV asserted. Besides, in order to promote EVs, SMEV also mooted a citizen reward programme for EV users which can be used at various establishments and occasions to access fast track services or acquire points for the rewards and inclusion of clean air campaign in Swachh Bharat mission. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/tesla-india-prospects-get-a-boost-as-states-compete-with-each-other-to-invite-elon-musk-to-their-backyard/articleshow/88890951.cms">Tesla India prospects get a boost as states compete with each other to invite Elon Musk to their backyard</a> <a href="https://www.businessinsider.in/business/auto/news/tesla-is-facing-a-lot-of-challenges-in-entering-the-indian-market/articleshow/88868786.cms">Tesla is facing a lot of challenges in entering the Indian market, says Elon Musk</a> <a href="https://www.businessinsider.in/business/auto/news/jaguar-land-rover-sales-are-still-down-but-analysts-say-tata-motors-is-healing/articleshow/88867893.cms">JLR sales are still down but analysts say Tata Motors is healing</a>

Bring EV financing under priority sector lending, urges SMEV

While <keyword id="6355315" type="General" weightage="50" keywordseo="elon-musk" source="Orion">Elon Musk</keyword> has announced not to bring <keyword id="107096" type="General" weightage="100" keywordseo="tesla" source="Orion">Tesla</keyword> cars to <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> unless his demands are met, the rich and the famous are not deterred from importing a Tesla vehicle to the country. A privately imported long-range model of Tesla Model Y on the street of Bengaluru has now surfaced online. In the posts shared on social media by carcrazy.india, the car is shown at a wash shop, where the tailgate and the left side door of the car are shown open. Model Y is a crossover version of Model 3 and is slightly more expensive than that of Model 3, which is the entry-level Tesla vehicle and was supposed to enter India last year. The dual motor long-range Model Y starts at a base price of $62,990 and can reach $83,990 with all the available features. According to Tesla, long-range Model Y is able to carry 7 passengers and their cargo. Each second row seat folds flat independently, creating flexible storage for skis, furniture, luggage and more. The liftgate opens to a low trunk floor that makes loading and unloading easy and quick. The long-range variant offers a driving range of 524 kms and has a top speed of 217 kmph. It can do a 0-100 kmph sprint in just 4.8 seconds. <keyword id="364027" type="General" weightage="80" keywordseo="musk" source="Orion">Musk</keyword> last month said that Tesla will not manufacture cars in India unless it is allowed to sell and provide service to its electric vehicles. "Tesla will not put a manufacturing plant in any location where we are not allowed first to sell &amp; service cars," Musk tweeted. The team Musk hired in India last year has now been diverted to focus on the Middle-East and the larger Asia-Pacific markets. Currently, India levies 100 per cent tax on the imported cars of price more than $40,000 (Rs 30 lakhs), inclusive of insurance and shipping expenses, and cars less than $40,000 are subject to 60 per cent import tax. Musk has said that he wants to launch cars in India but the country's import duties on EVs are "highest in the world by far". SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/elon-musks-rants-could-signal-a-bigger-problem/articleshow/92163387.cms">Elon Musk's rants could signal a bigger problem</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/apples-buy-now-pay-later-rival-to-afterpay-a-lawyer-who-helps-victims-of-predatory-lending-says-apple-could-use-the-data-it-has-on-you-to-push-reckless-spending-/articleshow/92150694.cms">Apple's buy-now-pay-later rival to AfterPay. A lawyer who helps victims of predatory lending says Apple could use the data it has on you to push reckless spending.</a>

Imported long-range Tesla Model Y spotted in India

SoftBank Group-backed <keyword id="4393078" type="General" weightage="80" keywordseo="ola-electric" source="Orion">Ola Electric</keyword> is in talks with multiple global suppliers to build a <keyword id="10272150" type="General" weightage="20" keywordseo="battery-cell-manufacturing" source="Orion">battery cell manufacturing</keyword> plant in India with a capacity of up to 50-gigawatt hours, sources said. As part of its broader electrification push, the firm plans to invest in companies with advanced cell and battery technology, alongside the 50 Gwh battery plant. <keyword id="6354720" type="General" weightage="100" keywordseo="ola" source="Orion">Ola</keyword> Electric needs 40 Gwh of battery capacity to power 10 million electric scooters annually. The remainder will be for its electric cars, which the company plans to manufacture in the future. Sources said the cell battery plant may cost around USD 1 billion (over Rs 7,700 crore) and may be built with an initial capacity of 1 Gwh, which will be expanded in the future. Over 40 global suppliers are already in Bengaluru to meet with Ola founder and CEO <keyword id="1543567" type="General" weightage="50" keywordseo="bhavish-aggarwal" source="Orion">Bhavish Aggarwal</keyword> at the company's headquarters and are also visiting the Ola Futurefactory in Krishnagiri, Tamil Nadu this week, sources aware of the matter said. Ola Electric, they said, has initiated talks with global suppliers from Germany, Korea, Japan and other hubs to fuel its battery manufacturing ambitions. It currently imports its battery cells from South Korea. Companies like Drr and Siemens also seem to be on the list of suppliers. The battery cell manufacturing sector is dominated by the likes of CATL, LG, Energy Solutions, and Panasonic, which supply to automakers such as Tesla and Volkswagen. Industry experts believe that one of the world's youngest EV companies is keen to begin cell manufacturing by next year. Aggarwal has already stated that India can soon replace China and emerge as the global hub for electric vehicles (EVs). Towards this end, Ola plans to develop the entire ecosystem -- cell and battery tech, global supply chains, interconnected as well as autonomous vehicle technologies. Ola Electric is the only Indian auto and EV company that has been selected by the government under its ambitious Rs 80,000 crore cell PLI scheme to set up an advanced cell manufacturing factory in 2 years. Its cell Production Linked Incentive (PLI) bid was for the maximum allowed bid capacity of 20 GWh. According to sources, Ola is also looking to set up an even larger 50 GWh gigafactory and a battery innovation centre to support its two-wheeler and four-wheeler roadmap for India and the world. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/top-selling-cars-in-india-in-may-2022-maruti-tata-and-hyundai-cars-in-top-10/slidelist/91956448.cms">6 out of 10 top selling cars in India in May 2022 are from Maruti Suzuki</a> <a href="https://www.businessinsider.in/business/auto/news/ola-okinawa-and-hero-electric-sales-down-in-may-after-a-spate-of-fire-and-other-incidents/articleshow/91934461.cms">Ola, Okinawa and Hero Electric sales crater in May after a spate of fire and other incidents</a> <a href="https://www.businessinsider.in/business/auto/news/auto-sales-may-2022-tata-motors-mahindra-continue-their-growth-maruti-suzuki-bounces-back/articleshow/91940740.cms">Auto sales data May 2022: Tata Motors, Mahindra continue their growth, Maruti Suzuki bounces back</a>

You Searched For "Tesla Motors India" and got 6 results

Global automakers scale back electric vehicles, turn towards hybrids

IANS

Tesla is eyeing India but a rival says that's 'good for the industry'

Tom Carter

Tesla to unveil Robotaxi on August 8, Elon Musk announces

ANI

Bring EV financing under priority sector lending, urges SMEV

PTI

Imported long-range Tesla Model Y spotted in India

IANS

Ola Electric is reportedly in talks with global suppliers to build a battery cell manufacturing unit in India

PTI

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