Last week has been a great start for electric vehicles with the launch of India’s most affordable electric car Tiago EV. Along with Honda’s huge statement on its most anticipated electric scooter Activa electric and various announcements of its upcoming EV launches. The whole week has been a rollercoaster ride for the whole market. Here let’s discuss all the major EV news and understand its consequences on the exponentially growing EV market.
#1. Mahindra $500M funding:
British International Investment (B.I.I.) will be investing $500 million in Mahindra’s upcoming EV lineup. On 15th August M&M showcased their 5 upcoming electric cars with 3 B.E. (Born electric) and 2 eXUVs, conversion of its ICE variants. On top of that Mahindra launched its first performance electric car XUV 400 with the only goal to disrupt the existing monopoly of the Nexon EV and Mahindra is also working on expanding its EV charging eco-system. Combining all these we can conclude that Mahindra is now deadly serious about its electric vehicles and this $500 million funding will help like a charm for growing its EV portfolio.
Not just Mahindra “Tata Passenger Electric Mobility” also raised $1 billion at the valuation of $9.1 billion and now, the success of Tata in EV space is highly visible. Similarly, we can expect Mahindra to rise as a strong Tata electric contender.
#2. Tata Tiago EV launch date:
Tata Motors has built its monopoly on the future of mobility. Now it’s eying at solving the most pressing problems of the EV market, i.e. price. Electric vehicle price has dropped exponentially every successive year but despite countless government subsidies, unfortunately, the price of electric vehicles is still a barrier for many potential EV customers. But worry no more, Tata has come up with the Tiago EV that’s expected to be the most affordable EV in India. The Tiago EV will be launching on 28th September.
#3. Chandīgarh EV policy. Blood bath for ICE vehicles:
Chandigarh EV policy is out and it’s said to be the most strict policy that goes against ICE vehicles. It’s aiming to vanish ICE vehicle registration completely by 2024-25. Here are some key points from the Chandigarh EV policy:
- It’s aiming to achieve 100% electrification till 2030
- Stop fossil-fuel powered vehicles registration till 2025
- 15-30k incentives for the first 10,000 E-2W (after policy implementation).
- 5 lakh incentive for first 2000 electric cars
- Every petrol pump owner must have a charging point within 6 months.
There’re many things along with that you can access the full PDF here.
#4. Hero Motocorp building charging eco-system:
Hero motocorp has partnered with HPCL for making charging stations and now it’ll have a charging point at every petrol pump of HPCL. This will show its significance at the later stages of mass EV adoption of Hero motocorp electric scooters.
#5. Ola experience center:
Ola electric has is now silently shifting towards offline services. Ola electric when entered the EV market, its U.S.P. was their “all online” services but moving forward Ola realized India isn’t ready for online services yet (However, I personally believe Ola failed to execute its online thing properly.) and we can’t pay crazy amount like 1.5 lakh just by seeing its pictures online.
Now Ola is aiming to have their experience center in every city and the aim of these centers is to provide their customers with the feel of their electric scooters. Some cities like Delhi, Pune, Chandigarh, etc. have already got their Ola experience center, and others are yet to have.
#6. Nexon EV recorded the milestone:
Nexon EV has made history by climbing the world’s highest motorable road. “Tata Passenger Electric Mobility” hasn’t just made the best electric car but also kept improving their present version. Starting from the basic modal Tata introduced Ziptron technology, launched Nexon EV max and prime, introduced the jet version, and it just kept increasing its pace, as a result, it has reached untouchable heights.
#7. Hero Vida e-scooter launch date confirmed:
Hero Motocorp is now levering up its EV game. EVs are inevitable and there’re many new-age startups that have already captured a significant amount of the market share. But to shatter all the low-grade EV craps Hero moto corp is entering the market and bringing a new-age electric scooter VIDA. Hero electric and Hero Mototcorp shares a significant rivalry in the past due to the brand name “Hero”.
Now Hero moto corp. is entering the EV game and will straightforwardly compete with its rival Hero electric.
These are all major updates from the previous week stay tuned with us to keep updated with the latest news of EV industry.
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