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Ingolstadt, Luxury automaker <keyword id="19911529" type="General" weightage="20" keywordseo="audi" source="keywords">Audi</keyword> India is looking to commence local assembly of electric vehicles, a move which would help it roll out models at an affordable price helping expand its customer base in the country. The automaker currently imports its entire EV range comprising Q8 50 e-tron, Q8 55 e-tron, Q8 <keyword id="21011482" type="General" weightage="20" keywordseo="sportback" source="keywords">Sportback</keyword> 50 e-tron, Q8 Sportback 55 e-tron, e-tron GT, and RS e-tron GT, into the country. It, however, assembles petrol models like Q3, Q3 Sportback, Q5, Q7, A4, and A6 at its Aurangabad (Maharashtra) based manufacturing plant. In an interaction with PTI here, Audi India Head Balbir <keyword id="20078416" type="General" weightage="20" keywordseo="singh-dhillon" source="keywords">Singh Dhillon</keyword> said the local manufacturing of EVs is a work in progress with active discussions going on with its global headquarters. "We are working with Audi AG very positively and hopefully at some point in time we will be able to announce this (local assembly of EV models)," he noted. When asked about the expected timeline of commencing the process, Dhillon did not share any specific date but stated that the India unit is discussing the matter with the global headquarters very "positively". "Hopefully we should have some solution at some point in time. That is the time when you can reach even more (set of customers) because then you will get the best advantage in terms of price point," he said. He further said, "I think the next 2-3 years will be very crucial (2024-2026). These years will see many more new electric cars coming at different price points. Then I think our reach to our existing customers or first-time buyers will go up." The company's current EV model lineup is priced over Rs 1 crore thus serving a very niche set of customers. Currently, cars imported into India as Completely Built Units (CBUs) attract customs duty ranging from 60 per cent to 100 per cent. The country's customs duty system treats electric cars and hydrocarbon-powered vehicles equally, imposing significant tariffs to encourage domestic manufacturing. Audi, globally, is looking to introduce multiple electric models in the next 2-3 years many of which would also come to India thus helping the Indian operations to choose which ones to localise. In order to rev up sales volume, Audi India would look out for models which sit below the current range in price terms. The company currently gets around 2 per cent of its total sales from EVs. It reported 89 per cent growth in retail sales in India at 7,931 units last year as compared with a total of 4,187 units in 2022. Audi on Monday evening globally premiered the Q6 e-tron, a new EV model which would sit below the Q8 e-tron range. To be manufactured at the company's Ingolstadt plant, the model is expected to roll out in various markets globally this year. It is also expected to make its way to Indian shores early next year. Dhillon said the model would help in widening the company's customer base in India. "That's the expectation that our penetration in electric mobility should go up with this model (Q6 e-tron)," he noted. Audi expects 50 per cent of its sales in India to come from electric vehicles by 2030. Globally, Audi has decided to become a fully electric vehicle manufacturer from 2033 onwards. The Q6 e-tron is the first production model on the company's <keyword id="21011483" type="General" weightage="20" keywordseo="premium-platform-electric" source="keywords">Premium Platform Electric</keyword> (<keyword id="19989989" type="General" weightage="20" keywordseo="ppe" source="keywords">PPE</keyword>), marking the next step in the company's transformation into a provider of premium electric mobility. The electric SUV will be available to order from this month with deliveries expected to customers in the third quarter of 2024. The Q6 e-tron comes with a range of up to 625 kms. "The PPE shows how we are pooling expertise within the <keyword id="20139313" type="General" weightage="20" keywordseo="volkswagen-group" source="keywords">Volkswagen Group</keyword> and thus making electric mobility scalable," Audi AG Chairman of the Board of Management Gernot Dollner said. Thanks to the PPE, the company is able to launch high-volume models with high technical standards in different segments, he added.

Local production of EVs a work in progress: Audi India Head

<keyword id="13751053" type="General" weightage="70" keywordseo="Tata-Passenger-Electric-Mobility" source="Orion">Tata Passenger Electric Mobility</keyword> Ltd. and <keyword id="42034" type="General" weightage="40" keywordseo="jaguar" source="Orion">Jaguar</keyword> Land Rover (<keyword id="45218" type="General" weightage="50" keywordseo="jlr" source="Orion">JLR</keyword>), both 100 percent subsidiaries of <keyword id="42747" type="General" weightage="90" keywordseo="tata-motors" source="Orion">Tata Motors</keyword>, have entered into a Memorandum of Understanding (MoU) for the licencing of Jaguar's EMA platform for the development of the 'premium pure electric' vehicle series 'Avinya'. Pure electric mid-sized SUVs for international markets are to be launched from 2025 onwards, according to a release from Tata Motors. The electric cars, based on the Avinya concept, will now be developed on JLR's Electrified Modular Architecture in exchange for a royalty fee, according to the press release issued on Thursday. "Avinya stands for 'Innovation' and represents our vision for a new paradigm in personal mobility. Being built on an architecture that is equipped with the latest advances in new-age technology, software and artificial intelligence, Avinya will spawn a new breed of world-class EVs, with global standards in efficiency and range. We are delighted to collaborate on the EMA platform with JLR for actualizing this vision," Anand Kulkarni, Chief Product Officer and Head HV Programmes, Tata Passenger Electric Mobility. Thomas Mueller, Executive Director, Product Engineering, JLR, said, "We are proud that JLR's world class engineering expertise, demonstrated by our EMA platform, will help accelerate TPEM's electrification journey. This partnership is a further example of great collaboration within the Tata Group, to share value, knowledge and deliver synergies". The access to JLR's platform will help accelerate TPEM's entry into the high-end EV segment while reducing development cycle time and costs. Part of the USD 128 billion Tata group, Tata Motors, a USD 42 billion organization, is a leading global automobile manufacturer of cars. With operations in India, the UK, South Korea, Thailand, South Africa and Indonesia, Tata Motors' vehicles are marketed in Africa, the Middle East, Latin America, Southeast Asia and SAARC countries.

Tata Motors' subsidiary signs MoU with Jaguar to develop premium EVs

<keyword id="13667465" type="General" weightage="50" keywordseo="carmaker-kia-india" source="Orion">Carmaker Kia India</keyword> on Thursday entered <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>'s EV market with 'EV6'. The 'EV6' is the first <keyword id="1604844" type="General" weightage="50" keywordseo="bev" source="Orion">BEV</keyword> (battery electric vehicle) from <keyword id="6372046" type="General" weightage="100" keywordseo="kia" source="Orion">Kia</keyword> and was unveiled globally in March 2021. The vehicle is built on Kia's new dedicated EV platform 'E-GMP' and is pegged to offer premium mobility solutions to its customers. "The brand will only be bringing limited units of the car and bookings of the vehicle will commence on May 26, 2022, followed by its launch soon after," the company said in a statement. "The EV6 will be an exclusive offering from <keyword id="4151067" type="General" weightage="50" keywordseo="kia-india" source="Orion">Kia India</keyword> and only available in limited quantities in 2022. With the vehicle, the company doesn't just want to target the EV customers but intends to reach out to every potential premium car customer." According to the statement, EV6 is the most hi-tech Kia ever made. "The 'EV6' is a true game-changer, designed from the ground up to make electric mobility fun, convenient, and accessible." SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/google-is-killing-call-recording-apps-on-android-phones-from-may-11/articleshow/90974410.cms">Google is killing call recording apps on Android phones from May 11</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/indian-origin-engineers-introduce-ai-powered-smart-glasses-for-visually-challenged-people-details-here/articleshow/90974873.cms">Indian-origin engineers introduce AI-powered smart glasses for visually challenged people — details here</a>

Kia EV6 will be the company's first electric car in India, bookings begin May 26

<ul><li>Earlier this year, <keyword id="42747" type="COMPANY" weightage="20" keywordseo="Tata-Motors">Tata Motors</keyword> launched its Electric Vehicle, ‘Nexon EV’, pioneering the EV segment in India. As a result, dentsu <keyword id="2520956" type="PERSON" weightage="20" keywordseo="programmatic">Programmatic</keyword>’s unique solution delivered an astounding 3X higher CTR than regular display campaigns. </li><li>It also achieved an 81% higher qualified lead ratio and a dramatic improvement in leads. </li><li>The ability to enrich OTT audiences beyond their native platforms has resulted in a dramatic success for the brand and proposition to the industry.</li></ul>The rising trend of cord cutters and streaming surpassing cables, in many economies, has brought with it a new challenge for the advertising sector – that of reaching the audience behind the great OTT paywall. With the changing audience behavior and a dramatic increment in Over-The-Top (OTT) subscriptions, the segment has emerged as one of the most engaging forms of digital content consumption during the lockdown. OTT is no longer a niche but a mass market. In an effort to plan for activating OTT audiences from premium platforms such as Netflix, <keyword id="9364358" type="UNKNOWN" weightage="20" keywordseo="dentsu-play">dentsu Play</keyword> partnered with WATConsult, a globally awarded hybrid digital agency from the house of dentsu international, on Tata Motors and has pioneered a unique solution to target premium, behind the pay wall OTT audiences on platforms outside of the OTT through industry first integrations using first-party and second-party data partnerships. Earlier this year, in January 2020, Tata Motors launched its Electric Vehicle, ‘Nexon EV’, pioneering the EV segment in India. As a result, dentsu Programmatic’s unique solution delivered an astounding 3X higher CTR than regular display campaigns. It also achieved an 81% higher qualified lead ratio and a dramatic improvement in leads. The ability to enrich OTT audiences beyond their native platforms has resulted in a dramatic success for the brand and proposition to the industry. Commenting on the success, <keyword id="1367642" type="PERSON" weightage="20" keywordseo="Ramesh-Dorairajan">Ramesh Dorairajan</keyword>, Head – Sales, Marketing and Customer Care, Electric Vehicle Business Unit, Tata Motors said, “The Great Reset has highlighted several audience trends that will help us enhance our overall brand reach. The increase in OTT content consumption has transformed the way people consume content. This unique data-driven approach from dentsu Programmatic has opened up additional avenues for us to interact, particularly with the audience behind the paywall, while creating a phenomenal impact on our campaign performance as we pioneer an industry-first approach.” “With our industry first partnerships and integrations enabling insights from platforms such as Netflix, Amazon Prime Video, Zee5 and large players in the sector, coupled with our proprietary technology, dentsu Programmatic is proud to have unearthed a unique way to drive business success for clients wishing to target OTT audiences. Using Machine Learning at its core, coupled with intelligence from platforms such as Facebook and Google, we aspire to deliver many such industry leading solutions to common client challenges,” added <keyword id="1376695" type="PERSON" weightage="20" keywordseo="Gautam-Mehra">Gautam Mehra</keyword>, CEO, dentsu Programmatic and Chief Data Officer (South Asia), dentsu international. Sharing her views on the same, <keyword id="2705388" type="PERSON" weightage="20" keywordseo="Heeru-Dingra">Heeru Dingra</keyword>, CEO, WATConsult commented, “As OTT platforms grow and evolve at an exponential rate, they seem to emerge as one of the key focus areas for brands as well as marketers. Therefore, dentsu Programmatic’s tool to effectively tap those audiences has efficiently helped us in actioning a campaign for our brand <keyword id="7931165" type="COMPANY" weightage="20" keywordseo="tata-nexon-ev">Tata Nexon EV</keyword>. From targeting the right set of audiences to creating awareness about the brand and attaining the right amount of consideration, it delivered some remarkable results for the brand.”

dentsu Play and WATConsult's latest innovation for Tata Nexon helps the brand target premium, behind-the-paywall audience on OTT platforms

A survey on <keyword id="6362363" type="General" weightage="20" keywordseo="health-insurance" source="Orion">health insurance</keyword> facilities in the country has disclosed that nearly 62 per cent health insurance <keyword id="324609" type="General" weightage="20" keywordseo="POLICY-HOLDERS" source="Orion">policy holders</keyword> surveyed saw their premiums increase by 25 per cent or more in 2022. The survey conducted by community platform <keyword id="2795031" type="General" weightage="80" keywordseo="local-circles" source="Orion">Local Circles</keyword> disclosed that of the 62 per cent, 38 per cent of them saw their premiums increase by 50 per cent. The increases came on the back of a significant increase in premiums in 2021. As per the survey, nearly 38 per cent out of the nearly 10,000 respondents to the question on "how much has your annual insurance increased in the last 12 months," said they had paid 50 per cent or more, while 24 per cent citizens had paid 25 per cent - 50 per cent higher <keyword id="47469" type="General" weightage="20" keywordseo="premium" source="Orion">premium</keyword>s and 11 per cent had seen their health insurance premium go up by 10 per cent -25 per cent, another 9 per cent paid 0 per cent - 10 per cent higher premium. Only 18 per cent, either did not have to shell out more or witnessed a dip in insurance premium or were unaware as their employer is taking care of it. From the response to the Local Circles survey this year compared to that done in August 2021 it is very clear that the magnitude of the increase in premium has caught many unaware. Last year while the percentage of respondents who experienced an increase of over 25 per cent in health insurance premiums was 34 per cent, this year that number has jumped to 62 per cent. Overall, an average Indian, after experiencing a 10 per cent increase in 2021 is now experiencing an average increase of 25 per cent. Many senior citizens with independent policies are reporting a much higher increase of over 50 per cent which is putting a squeeze on their retirement finances at a time when costs of most products like fuel, essentials are all rising. Per external estimates as well, post the Covid pandemic, health insurance premiums have increased anywhere between 10-25 per cent for a number of reasons cited by insurance providers including high payouts during the last two years. After thousands of posts and comments were received pertaining to the sizable increase in health insurance premiums by <keyword id="6379818" type="General" weightage="80" keywordseo="localcircles" source="Orion">LocalCircles</keyword>, it decided to conduct a national survey to quantify the pain of citizens and to understand the increase in health insurance premiums at an aggregate level. The study which collected over 20,000 responses in two periods of August 2021 and August 2022 from citizens located in 287 districts of <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> asked people about the increase in health insurance premiums they experienced. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/mercedes-benz-says-25-of-its-sales-in-india-will-be-electric-by-2027/articleshow/93771806.cms">Mercedes-Benz says 25% of its sales in India will be electric by 2027, plans to launch three new electric cars this year</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sports/news/icc-releases-standing-tickets-for-india-pakistan-mens-t20-world-cup-clash/articleshow/93770266.cms">ICC releases standing tickets for India-Pakistan Men's T20 World Cup clash</a>

Nearly 62% health insurance policy holders surveyed saw their premiums increase

<ul class="summary-list"><li>When it comes to EVs, bigger is not always better, according to Ford's CEO.</li><li>Jim Farley told investors Ford needs to pivot from giant trucks to smaller, more affordable EVs.</li></ul>Ford is backing away from giant electric trucks and betting on smaller EVs to become a more dominant player in this market and catch up with the likes of <a target="_blank" class="" href="https://www.businessinsider.com/tesla">Tesla</a> and <a target="_blank" class="" href="https://www.businessinsider.com/byd-saic-chinese-ev-makers-plot-world-takeover-2024-6">China's EV players</a>.CEO Jim Farley told investors in an earnings call on Wednesday that when it comes to EVs, bigger is not always better — and said that the company's future would depend on its ability to build smaller, cheaper electric vehicles."We believe smaller, more affordable vehicles are the way to go for EV in volume," said Farley.The auto executive, who has previously said Americans need to shake their addiction to "<a target="_blank" class="" href="https://www.theguardian.com/business/article/2024/jul/02/ford-jim-farley-smaller-cars">monster vehicles</a>," explained that electric vehicles operated under a completely different set of rules from Ford's traditional business selling gas guzzlers."In ICE [Internal Combustion Engine], a business we've been in for 120 years, the bigger the vehicle, the higher the margin," Farley said."But it's exactly the opposite for EVs. The larger the vehicle, the bigger the battery, the more pressure on margin because customers will not pay a premium for those larger batteries," he added.Farley spoke after the Detroit automaker posted disappointing Q2 earnings, with shares falling by <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/f-stock">as much as 12%</a> after market close.The company continues to lose money on its electric vehicle business amid an <a target="_blank" class="" href="https://www.businessinsider.com/electric-vehicle-misconceptions-about-the-ev-transition-market-sales-2024-5">industry-wide slowdown in demand for EVs</a>. This area of the business <a target="_blank" class="" href="https://d18rn0p25nwr6d.cloudfront.net/CIK-0000037996/452dc16f-7c9d-4ef7-b4a6-2fde28998a38.pdf">lost $1.14 billion</a> from April through June.Farley is betting that a new EV platform built on smaller, more affordable vehicles will help change that, and propel the company ahead of Tesla and its Chinese rivals.Ford has quietly created a <a target="_blank" class="" href="https://www.businessinsider.com/ford-joins-tesla-in-touting-affordable-evs-as-demand-stalls-2024-4">secretive "skunkworks" team, reportedly based in California,</a> to build this new platform. The first vehicles are expected to enter production in the next <a target="_blank" class="" href="https://www.cnbc.com/2024/06/28/ford-ceo-30000-ev-coming-in-two-and-a-half-years-at-a-profit.html">two and a half years</a>.Currently, Ford's flagship EV is the <a target="_blank" class="" href="https://www.businessinsider.com/f150-lightning-is-fast-fun-you-probably-dont-need-one-2023-11">F-150 Lightning pickup</a>, a Tesla Cybertruck rival that weighs <a target="_blank" class="" href="https://www.ford.com/trucks/f150/f150-lightning/models/f150-platinum/#:~:text=*Based%20on%20manufacturer%20calculation%20using,Your%20results%20may%20vary.&amp;text=6%2C015%20lbs.">between 6,000 and 6,900 pounds</a>.Farley told investors that larger EVs would remain "part of the picture" for the company, but that Ford would have to be "really careful" about when and how it releases them.Farley has been outspoken that the EV industry needs to move away from hulking pickups if it is going to be successful, however.Speaking at the <a target="_blank" class="" href="https://www.youtube.com/watch?v=gW50nyF9wMQ">Aspen Ideas Festival</a> in June, Farley said that electric versions of these vehicles are too heavy to ever be truly affordable."We have to start to get back in love with smaller vehicles. It's super important for our society and for EV adoption," Farley said."We are just in love with these monster vehicles, and I love them, too, but it's a major issue with weight," he added.Ford declined to comment further when contacted by Business Insider. Do you own an EV or have a tip? Get in touch with this reporter via email at <a target="_blank" href="mailto:tcarter@businessinsider.com">tcarter@businessinsider.com</a>.

Ford thinks bigger is not always better

<ul class="summary-list"><li>Acura has revealed its very first electric vehicle, the ZDX SUV. </li><li>It touts up to 500 horsepower and 325 miles of range for a starting price of $60,000.</li></ul>Acura has waltzed in fashionably late to the electric-vehicle party, but its first EV effort looks like a winner — on paper at least.Honda's luxury brand has bided its time while rivals like <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.businessinsider.com/luxury-electric-car-suv-rolls-royce-bmw-mercedes-lucid-interior-2023-8">Audi, BMW, and Mercedes rolled out multiple new EV models</a>, all aiming to snag a piece of the pie that Elon Musk's Tesla baked. On Thursday, Acura revealed its very first EV to the world: the <a target="_blank" rel="noopener noreferrer nofollow" href="https://acuranews.com/en-US/releases/all-electric-2024-acura-zdx-and-zdx-type-s-make-dramatic-global-debut-arriving-early-next-year?utm_medium=email&amp;utm_campaign=All-Electric%202024%20Acura%20ZDX%20and%20ZDX%20Type%20S%20Make%20Dramatic%20Global%20Debut%20Arriving%20Early%20Next%20Year&amp;utm_content=All-Electric%202024%20Acura%20ZDX%20and%20ZDX%20Type%20S%20Make%20Dramatic%20Global%20Debut%20Arriving%20Early%20Next%20Year+CID_d374338da2cc8673e010cca64235f00f&amp;utm_source=Honda%20Campaign%20Monitor&amp;utm_term=View%20Full%20Release">2024 ZDX</a>.<div type="image" title="A blue Acura ZDX electric SUV on a white pavement. " height="1465" width="2500" msid="102812701" hostid="261" sizebytes="152958"></div>The SUV hits the scene with sharp styling and the kind of performance that should make it a true competitor to today's best EVs.Range is estimated at a respectable 325 miles for a more efficient, rear-wheel-drive version, and 315 miles for an all-wheel-drive variant. Acura says a high-performance Type S model will crank out up to 500 horsepower, which is sure to result in the dizzying quickness EV drivers love to show off to friends.<div type="image" title="The front end of the Acura ZDX electric SUV, with lights illuminated. " height="1122" width="2500" msid="102812703" hostid="261" sizebytes="42896"></div>A maximum charging rate of 190 kilowatts will allow ZDX owners to recoup 81 miles of range in 10 minutes, Acura says. Not too shabby.The ZDX shares its underlying technology and therefore lots of its key specs with the <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.businessinsider.com/cadillac-just-unveiled-its-lyriq-electric-car-2020-8">Cadillac Lyriq</a>. General Motors and Honda are working together on EV tech, and the ZDX will be built on a GM platform at a GM factory.<div type="image" title="The interior of the Acura ZDX electric SUV. " height="1407" width="2500" msid="102812705" hostid="261" sizebytes="109990"></div>Acura went the safe route with a premium interior design that looks basically like a regular gas car's. No minimalism or TV-sized screens in here. The cockpit isn't exactly forward-thinking, but some buyers will surely appreciate the familiarity.The SUV will come equipped with tech like built-in Google Maps and a hands-free driving feature that will work (under supervision) on 400,000 miles of approved roads.Acura says the ZDX will start at around $60,000, with the Type S commanding more like $70,000. That's a pretty penny, but practically all <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.businessinsider.com/ev-charging-cost-versus-gas-car-truck-suv-2023-7">EVs cost a lot more than their gas counterparts</a> in these early days.<div type="image" title="The gray interior of the Acura ZDX electric SUV. " height="1406" width="2500" msid="102812707" hostid="261" sizebytes="209992"></div>Not all new entrants are nearly as compelling. Lexus's <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.businessinsider.com/evs-electric-luxury-cars-lexus-genesis-mercedes-cadillac-polestar-lucid-2023-1">recently-launched first EV, the RZ450e</a>, costs nearly $60,000 but offers a paltry 220 miles of range and slower charging speeds.Just a few short years ago, Tesla was the main game in town. Now deep-pocketed buyers have their pick of appealing electric sedans and SUVs from many of their favorite premium brands. Acura is just the latest to enter the fray.<div type="image" title="A yellow Acura ZDX electric SUV against a futuristic yellow background. " height="1406" width="2500" msid="102812709" hostid="261" sizebytes="129930"></div>All that means unprecedented competition for Tesla, which has <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.businessinsider.com/tesla-ev-price-war-creating-headache-entire-auto-industry-2023-4">dropped prices several times this year</a> — most recently on Tuesday — in an apparent attempt to boost demand.The ZDX is set to go on sale in early 2024.

Acura is late to the EV party — but its first electric SUV looks like a winner

Electric vehicles (EV) financing digital platform <keyword id="12028811" type="General" weightage="50" keywordseo="revfin-services" source="Orion">RevFin Services</keyword> is targeting to finance 20 lakh vehicles in the next five years, with an aim to grow three to four times every year, according to its CEO &amp; Founder <keyword id="1116564" type="General" weightage="50" keywordseo="sameer-aggarwal" source="Orion">Sameer Aggarwal</keyword>. With the Indian electric vehicle industry poised for an accelerated growth, he said the company is confident of meeting its target and would continue to raise funds through debt and equity going forward for the purpose. "From a long-term perspective we have taken a very strong position on EVs, and we have committed to financing two million electric vehicles in the next five years," <keyword id="11517" type="General" weightage="80" keywordseo="aggarwal" source="Orion">Aggarwal</keyword> told PTI. Asked if the target is not too steep, considering <keyword id="6952105" type="General" weightage="100" keywordseo="revfin" source="Orion">RevFin</keyword> has financed 17,118 EVs in the last 51 months, he said,"The monthly loan disbursement is growing month-on-month by about 15 per cent. So overall, it has grown almost four times in the last one year. If we continue the kind of growth that we are currently on we will actually achieve these numbers." In 2023-24, the company is looking at financing around 50,000 EVs. "The following year we would do three to four times of that. Obviously, a lot of those numbers will be achieved after the year-two or year-three, but there is a 3-4x growth that we are experiencing," Aggarwal asserted. RevFin has also expanded its portfolio from primarily financing electric rickshaws earlier, adding electric two-wheelers, high speed electric three-wheelers and four-wheelers as well, he added. Apart from offering financing to products of a slew of EV makers, RevFin also has strategic partnerships with manufacturers, including Kinetic Green, Yatri, Saarthi, Mayuri, Lectrix, <keyword id="195740" type="General" weightage="50" keywordseo="hero-electric" source="Orion">Hero Electric</keyword>, and <keyword id="272382" type="General" weightage="50" keywordseo="piaggio" source="Orion">Piaggio</keyword> among others. When asked about the funding requirements, he said,"Capital is the raw material for us. We are always raising capital in equity and debt." While the company raises debt capital almost every month, Aggarwal said,"Equity we raise 12 to 18 months, which will continue. Every 12 to 18 months we'll be raising equity and then we'll be raising debt to leverage that equity." In October last year, the company had raised USD 10 million (over Rs 80 crore) in a Series A round of funding. As part of its growth strategy, the company plans to expand its presence to around 25 states from the current 16 and take its footprint to about 300 cities, up from around 200 cities at present. Most of these will be focussed for electric two and three-wheelers while for electric four-wheelers it will be in the bigger cities, he added. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/ashneer-grovers-new-startup-crickpe-is-a-fantasy-sports-app-that-will-also-reward-cricketers/articleshow/98964195.cms">Ashneer Grover's new startup CrickPe is a fantasy sports app that will also reward cricketers</a> <a href="https://www.businessinsider.in/tech/news/you-will-soon-lose-your-legacy-blue-tick-on-twitter-heres-everything-you-need-to-know/articleshow/98960333.cms">You will soon lose your legacy blue tick on Twitter – here’s everything you need to know</a> <a href="https://www.businessinsider.in/tech/mobile/news/three-out-of-four-premium-smartphones-sold-in-2022-were-an-iphone/articleshow/98855033.cms">Three out of four premium smartphones sold in 2022 were an iPhone</a>

RevFin targets financing 20 lakh electric vehicles in next 5 years

Mumbai, Jan 26 () Force Motors, the market leader in inter-city commuter vans, has lined up Rs 600 crore in fresh investment to develop two new models over the next two years.
 The proposed new models in the shared mobility space will come out from its soon-to-be-launched premium platform, code-named T1N, an export-focused premium van developed with an investment of Rs 1,000 crore and is getting ready for commercial production by the end of the year.
 "We have lined up Rs 600 crore in fresh capital investment to develop two new models for the next two years. These new vehicles will come out from our next generation monocoque platform coming up at our Pithampur, Indore, works for T1N," Prasan Firodia, managing director, Force Motors, told .
 Last week, the company, the largest van maker in the country with a market share of over 68 per cent, unveiled the van 'T1N', which will be mostly exported.
 The BSVI-compliant vehicle will also be available in electric and CNG versions and has been developed over the past four years at an investment of Rs 1,000 crore.
 The company is building an entirely new bodyshop with robotic and laser-welding facilities with an installed capacity of 35,000 units for T1N, which will be an 18-seater van that boasts of 25 industry-first features.
 The new premium van will be export-focused and the Firodias, who were the pioneers of autorickshaws in the 1950s, will begin shipping the van to the Gulf markets first followed by North Africa, South Africa, the Asean, South America and the Saarc regions, Firodia said.
 On the rationale for launching a premium commuter van, Firodia said they want to use this van to be the springboard to become a global automotive company.
 The Pune-based company, which sells two commuter vans Trax and Traveller, nets almost 50 per cent of its income from its engine supply business with Mercedes and BMW now. It is also entering into an agreement with Rolls Royce to supply engines.
 In the quarter to September, Force had reported an 84 per cent plunge in net income to Rs 4.2 crore on a revenue of Rs 818 crore, which was down 5.6 per cent.
 Its association with Mercedes dates back to 1997, when Daimler AG decided to manufacture Mercs in the country. To date, it has supplied over 1,15,000 engines to Mercedes Benz India from its state-of-the-art dedicated facility at Chakan near Pune.
 Similarly, in 2015, BMW assigned Force to produce and test the engines for all cars and SUVs to be made in the country. Accordingly, it has built a dedicated factory closer to the BMW plant in Chennai and has supplied over 45,000 engines to the German luxury car maker.
 In March 2018, Force Motors entered into a joint venture (JV) with Rolls-Royce Power Systems AG to manufacture and supply worldwide, the 10- and 12-cylinder, series 1,600 engines for power generation and under-floor rail applications. The JV is slated to take off from April. BEN HRS

Force Motors plans Rs 600-cr capex to develop 2 new models

Before Elon Musk-led Tesla finally makes its India entry, ride-hailing platform Ola on Monday announced world's largest two-wheeler manufacturing facility called Ola FutureFactory that will have annual production capacity of one crore vehicles and will be operational by 2022. The factory will generate 10,000 direct employment, along with additional jobs being created by Ola vendors and suppliers. According to <keyword id="1543567" type="PERSON" weightage="20" keywordseo="Bhavish-Aggarwal">Bhavish Aggarwal</keyword>, Chairman and Group CEO, the Phase 1 will be ready with initial annual capacity of two million around June this year. Built over 500 acres in Krishnagiri district in Tamil Nadu, the facility will roll out one scooter every two seconds at full capacity, Aggarwal told mediapersons. "It will have 10 production lines running at full capacity. It will be the most advanced two-wheeler factory with 3,000 AI-powered robots built on Industry 4.0 principles," he said. It will be an integrated manufacturing facility, addressing all needs from battery to finished goods. <keyword id="4393078" type="COMPANY" weightage="20" keywordseo="Ola-Electric">Ola Electric</keyword> has also released first teaser visuals of the much-anticipated <keyword id="433124" type="PERSON" weightage="20" keywordseo="electric-scooter">electric scooter</keyword>. The announcement came as Tesla made its official to enter the country and chose Karnataka over Tamil Nadu to firm up its roll-out plans. Ola Electric last year acquired the Netherlands-based Etergo BV, an innovative electric scooter company known for its award-winning AppScooter for an undisclosed sum, and announced its foray into the premium electric two-wheeler market, both globally and nationally. "With electric, digitally connected capabilities, two-wheelers will further emerge as the most preferred urban mobility paradigm around the world and empower every consumer. We look forward to building the best global capabilities in engineering, design, and manufacturing for these products to be made here in India," Aggarwal had said. With European design, strong engineering collaboration and Indian manufacturing and supply chain, Ola Electric said it aims to transform the over 100 million-strong global two-wheeler market, including more than 20-million Indian two-wheeler market, into a clean energy, digital future. The company has plans to set up extensive charging and swapping networks around the country. Ola Electric is also working with India's leading power distribution companies towards developing a conducive EV ecosystem through the establishment of battery swapping and charging stations in New Delhi. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/oyo-vs-zo-zostel-claims-victory-while-the-ritesh-agarwal-led-firm-says-theres-still-room-to-win/articleshow/81386851.cms">OYO vs Zo – Zostel claims victory while the Ritesh Agarwal-led firm says there’s still room to win</a> <a href="https://www.businessinsider.in/stock-market/news/the-510-crore-ipo-of-easemytrip-is-now-open-for-public-subscription-/articleshow/81387576.cms">Here is why analysts maintain a bullish mood for the ₹510 crore IPO of bootstrapped online travel aggregator EaseMyTrip</a> <a href="https://www.businessinsider.in/india/news/google-ceo-sundar-pichai-announces-a-series-of-initiatives-on-womens-day/articleshow/81388483.cms">Google announces a series of initiatives on Women’s day – a $25 million fund, support for one million female entrepreneurs in India and a new feature on Google Maps</a>

Bhavish Aggarwal-led Ola showcases its first electric scooter — aims to operate 1 crore bikes by 2022

<keyword id="22362521" type="General" weightage="20" keywordseo="tourists-travellers" source="keywords">Tourists Travellers</keyword> from India have taken to <keyword id="20166206" type="General" weightage="20" keywordseo="international-travel" source="keywords">international travel</keyword> with newfound enthusiasm over the past two years, a new report by ride-hailing platform <keyword id="19895382" type="General" weightage="20" keywordseo="Uber" source="keywords" meta.keywordsubtype="org" meta.entityname="Uber" meta.hostid="261" meta.entityid="Uber">Uber</keyword> revealed on Wednesday. Indians travelled close to 1,000 cities across 68 countries significantly broadening their horizons, the report revealed. Their top destinations, however, remained consistent in the United States, the United Kingdom, and Canada. As per the report the <keyword id="22362520" type="General" weightage="20" keywordseo="summer-holiday-period" source="keywords">summer holiday period</keyword> when schools and colleges break, emerged as the prime time for these adventures for Indians. Interestingly, it said May 2023 outpaced June 2022 as the most popular month for <keyword id="21753645" type="General" weightage="20" keywordseo="overseas-travel" source="keywords">overseas travel</keyword>, indicating a shift in vacation timing. While abroad, Indians traveled longer distances, averaging 25 per cent more distance than their trips back home. Their Uber journeys spanned 21 different products, from premium electric vehicles like Comfort Electric to multimodal transit options that integrate trains and other mass transit modes, along with the ubiquitous UberX. The report underscores a significant uptick in the number of Indians using Uber internationally, with 2023 seeing Indian travellers ranking second only to Americans in terms of app usage abroad. During the ongoing summer travel season, Indians are expected to cross records set in the previous years, the report predicted. Moreover, many countries frequented by Indians support peer-to-peer ridesharing, allowing individuals to use their personal vehicles for Uber rides. This not only highlights the global appeal of the <keyword id="19913761" type="General" weightage="20" keywordseo="gig-economy" source="keywords">gig economy</keyword> but also showcases the country's adaptability and enthusiasm for diverse transportation options, the report noted. Commenting on the trend, Prabhjeet Singh, President, Uber India and <keyword id="19897710" type="General" weightage="20" keywordseo="south-asia" source="keywords">South Asia</keyword>, said, "Indians have been breaking all travel records over the past couple of years, and it's heartwarming to see how Uber continues to be their trusted last-mile partner in these travels. Be it the familiarity when landing at an airport in a new city or the safety when riding late at night, it's a huge mark of trust for us to see Indians book an Uber for their overseas travels."

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