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<ul><li><keyword id="6360806" type="General" weightage="80" keywordseo="customs" source="Orion">Customs</keyword> duty on equipment and machinery will remain the same to make EV batteries. </li><li>There was no mention of initiatives for charging infrastructure in the <keyword id="6358021" type="General" weightage="100" keywordseo="budget" source="Orion">budget</keyword> speech. </li></ul>There may be more pain than gain for EV makers and buyers from the Union Budget 2023-24. While the <keyword id="25455" type="General" weightage="50" keywordseo="finance" source="Orion">Finance</keyword> Minister did extend the customs duty exemption for capital goods and machinery for lithium-ion manufacturing for EVs, she did make importing auto parts costlier for all automobiles. The net net effect may be that EVs might become costlier going ahead. "To further provide impetus to green mobility, customs duty exemption is being extended to import of capital goods and machinery required for manufacture of lithium-ion cells for batteries used in electric vehicles," said finance minister <keyword id="129243" type="General" weightage="50" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> in her budget address. The customs duty exemption is not a new initiative but an extension of the lower custom rates. This will help the local EV manufacturers keep the cost of products in check and also empower new players to manufacture battery cells and EVs. Customs duty on electrically operated vehicles in completely built units (CBUs) form, other than with cost, insurance and freight (CIF) value of more than $40,000 (approx. ₹32.76 lakh), has been raised to 70% from 60%. This could result in a slight increase in the prices of conventional and electric vehicles if imported in a partially disassembled state. To reduce dependency and boost local manufacturing, the basic custom duty (BCD) on vehicles (including electric vehicles) in Semi-Knocked Down (SKD) form also increased from 30% to 35%. However the corresponding social welfare surcharge (SWS) on these imports has been exempted. <cmsannotation type="cmsannotation" annotationid="Experts and EV players welcome the announcements" comment="subhead" text="Experts and EV players welcome the announcements">Experts and EV players welcome the announcements</cmsannotation> However, experts also say that it could boost domestic manufacturing – which the government has been promoting. It also encourages Indian EV to manufacture lithium-ion batteries within the country. “One of the biggest components of EVs is the battery and the Budget provides for customs duty exemption on capital goods import required for manufacturing <keyword id="1616903" type="General" weightage="80" keywordseo="lithium-ion" source="Orion">Lithium Ion</keyword> battery cells. This is one of the most capital-intensive areas in the entire value chain and should go a long way in improving the viability of batteries and the electric mobility sector," said Somesh Kumar, Partner &amp; Leader- Power, EY India. Industry players also welcome the announcements, calling it a positive step for the fledgling Indian EV industry. “The announcement in the Union Budget of extending concessional duty for lithium-ion cells will give an impetus to Indian manufacturers. With respect to the removal of customs duty on capital goods imported for manufacturing lithium-ion cells, this is a positive step, likely to benefit the Indian EV ecosystem in the long run,” said Narayan Subramaniam, co-founder and CEO, <keyword id="6792726" type="General" weightage="50" keywordseo="ultraviolette-automotive" source="Orion">Ultraviolette Automotive</keyword>. “The indirect tax proposal and the proposal to continue the concessional duty on lithium-ion cells for batteries augur well for the sunrise industry, as it will help promote green energy and mobility, boost domestic manufacturing, encourage exports, and push greater adoption of electric vehicles,” said Mohal Lalbhai, founder and Group CEO, Matter. <cmsannotation type="cmsannotation" annotationid="Budget silent on incentives to set up charging infrastructure" comment="subhead" text="Budget silent on incentives to set up charging infrastructure">Budget silent on incentives to set up charging infrastructure</cmsannotation> However, the Budget has remained silent on incentives to set up charging infrastructure in the country. Currently, the FAME II scheme covers only electric two-wheelers, three-wheelers, and four-wheeled passenger vehicles for commercial usage and goods-carrying vehicles. Last month, the Union Minister of Road Transport and Highways <a href="https://timesofindia.indiatimes.com/auto/news/modi-government-to-add-137-ev-charging-stations-on-national-highways-nitin-gadkari/articleshow/96253707.cms">provisioned</a> 137 charging stations on national highways, and many state governments are taking initiatives to provide charging infrastructure.

EVs that import parts to get costlier as Budget gives a boost to in-house manufacturing

<ul><li><keyword id="10131833" type="General" weightage="20" keywordseo="ultraviolette" source="Orion">Ultraviolette</keyword> has raised ₹112.5 crore (approximately $15 million) from TVS and Zoho Corporation, as per regulatory filings.</li><li>The company will use the latest Series C fund to launch its F77 high-performance electric motorcycle.</li><li>TVS had first invested in Ultraviolette back in 2017 and has been increasing its shareholding in the company since then.</li></ul>Indian multinational automotive company TVS and software-as-a-services (SaaS) giant Zoho Corp have announced their investment in electric two wheeler company <keyword id="6792726" type="General" weightage="20" keywordseo="ultraviolette-automotive" source="Orion">Ultraviolette Automotive</keyword>. According to Ministry of Corporate Affairs filings, Ultraviolette has raised ₹112.5 crore (approximately $15 million) from TVS and Zoho Corporation. Its valuation is estimated to be $200 million as per Inc42. The company has not officially confirmed the financial details of this transaction. The company will use the latest Series C fund to launch its F77 high-performance electric motorcycle, which is currently in the final stages of testing. It expects to launch the electric vehicle (EV) in the first half of 2022. The Bengaluru-based startup had first showcased the electric motorcycle in November 2019 and it has received over 50,000 booking requests so far. ‘’What impressed me most about Ultraviolette is their approach towards building the EV experience in the country -- one that is focused on high performance, disruptive design and technology, and superior user experience, all built and developed right here in India. There is no doubt that the future of mobility is electric, and innovation has to be at the forefront of product disruption,” Zoho Corporation’s founder and chief executive (CEO) Sridhar Vembu said. Ultraviolette Automotive was founded in 2016 by Narayan Subramaniam and Niraj Rajmohan. It develops sustainable mobility and energy infrastructure. The company has raised over $20 million to date from marquee investors like Speciale Invests, GoFrugal’s Kumar Vembu. TVS had first invested in Ultraviolette back in 2017 and has been increasing its shareholding in the company since then. Sudarshan Venu, Joint Managing Director at TVS Motor Company, said, “EVs are a huge focus area for us and we have invested in this area for over a decade. TVS is committed to developing exciting and aspirational products and we have always believed that EV development has to be ground-up for us to make that quantum leap into the global EV revolution.” SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/after-giving-up-on-90-minute-delivery-five-years-ago-due-to-lack-of-profitability-grofers-is-now-chasing-10-minute-delivery/articleshow/88253221.cms" data-type="tilCustomLink">After giving up on 90-minute delivery five years ago due to lack of profitability, Grofers is now chasing 10-minute delivery</a> <a href="https://www.businessinsider.in/business/telecom/news/ussd-mobile-banking-charges-trai-vs-airtel-vodafone-idea/articleshow/88249773.cms">TRAI’s push to make mobile banking services via USSD free faces stiff opposition from Airtel, Vodafone Idea</a> <a href="https://www.businessinsider.in/stock-market/news/shares-of-tega-industries-list-at-753-while-the-shares-were-allotted-at-453-per-share/articleshow/88249181.cms">Tega Industries meets its GMP of ₹300 and lists at 66% premium</a>

TVS Motor, Zoho invest in Ultraviolette ahead of its F77 electric motorcycle launch

<ul><li>A report by CNBC-TV18 said that <keyword id="46156" type="General" weightage="20" keywordseo="tvs-motor" source="Orion">TVS Motor</keyword> along with German automaker <keyword id="6355119" type="General" weightage="20" keywordseo="bmw" source="Orion">BMW</keyword> to manufacture electric vehicles for India and global markets.</li><li>Shares of TVS Motor surged as much as 7% today.</li><li>At present, TVS and BMW are already in partnership to develop and manufacture 500 CC bikes for domestic and global markets.</li></ul>Shares of TVS Motor Company gained as much as 7% on Wednesday on a report by CNBC-TV18 that said TVS Motor along with German auto giant BMW may announce a joint strategy to manufacture electric vehicles (EVs) for India and global markets. This comes after the automaker created a subsidiary named TVS Electric Mobility, which will focus on the electric mobility business. <div type="image" title="tvs motor share" height="900" width="1200" msid="88298078" hostid="261"></div> Adding to it, the two-wheeler firm along with software-as-a-services (SaaS) giant Zoho Corp together invested in electric two wheeler Bengaluru-based startup <a href="https://www.businessinsider.in/business/auto/news/tvs-motor-zoho-invest-in-ultraviolette-ahead-of-its-f77-electric-motorcycle-launch/articleshow/88254530.cms">Ultraviolette Automotive</a>. Ultraviolette Automotive will use the latest Series C fund to launch its F77 high-performance electric motorcycle, which is currently in the final stages of testing. It expects to launch the <keyword id="381751" type="General" weightage="20" keywordseo="electric-vehicle" source="Orion">electric vehicle</keyword> (EV) in the first half of 2022. At present, TVS and BMW are already in partnership to develop and manufacture 500 cc bikes for domestic and global markets. TVS produces G310R and BMW manufactures 310GS at the company's plant in Hosur. In November, TVS Motor was <a href="https://www.businessinsider.in/business/auto/news/after-tata-motors-tvs-motor-may-raise-money-to-run-ev-business/articleshow/87602948.cms">in talks to raise funds </a>from a clutch of global private equity investors to raise $300-500 million (₹2,220-3,700 crore) for its electric vehicle subsidiary. The credit for the excitement about any development in the EV space goes to the government who has enhanced subsidies on two-wheeler EV and extended the faster adoption and manufacturing of hybrid and electric vehicles (FAME - 2) policy by two years to 2024. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/state-bank-of-india-to-sell-stake-in-sbi-mutual-fund-ipo/articleshow/88292698.cms">SBI Mutual Fund to come up with an IPO; SBI to sell 6% out of 63% stake via the public issue</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/reliance-jio-1rs-data-plan-recharge-benefits-cheapest-4g-data-plan/articleshow/88292543.cms">At ₹1, Reliance Jio’s latest data pack is the cheapest in the world – costs less than a packet of water</a>

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EVs that import parts to get costlier as Budget gives a boost to in-house manufacturing

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TVS Motor, Zoho invest in Ultraviolette ahead of its F77 electric motorcycle launch

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TVS Motor gains on report of tie-up with BMW to manufacture EVs

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