Ankit Sharma

Tesla and BYD Take the Lead in Global ZEV Transition, While Tata Motors and Japanese OEMs Struggle: ICCT Report In the latest annual study evaluating the progress of major OEMs toward Zero-Emission Vehicles (ZEVs), USA’s Tesla and China’s BYD have emerged as ‘Leaders.’ Tata Motors, the only OEM from India, has been designated as a ‘Rising Star.’ However, it joins Toyota, Honda, Nissan, Mazda, and Suzuki in the ‘Laggards’ category. Notably, Tata Motors is considered a global OEM in this study due to its ownership of Jaguar Land Rover. The ICCT’s Global Automaker Rating Study analyzed the top 21 light-duty vehicle OEMs by volume, using 10 custom-designed metrics across three categories. Under the “Technology Performance” category, the metrics include ZEV sales share, class coverage, energy consumption, charging speed, driving range, renewable energy battery recycling or repurposing, ZEV target, ZEV investment, and executive compensation. These measures “show the readiness to develop completely ZEV vehicles on a timeframe rapid enough to keep up with the worldwide transformation,” according to the independent research organization. Image source: The ICCT Tesla, BYD, and BMW, the top 3 OEMs on the list, received ratings of 84, 70, and 57, respectively. Tata Motors placed first in its group with 31. In 2022, seven automakers had a gain in their numerical scores, twelve saw a decline, and one saw no change, according to the analysis conducted by ICCT. Twenty OEMs were covered in the 2022 edition. Due to its 18th place ranking in the world LDV sales in 2023, China’s Chery has been added this year. “Our goal with this Report was to provide a data-driven, transparent analysis of automakers’ progress toward decarbonisation in their plans and actions. While most global automakers are making progress in the transition to zero-emission vehicles in different aspects, more work could definitely be done,” says Amit Bhatt, India Managing Director, ICCT. Tata Surpasses Tesla in Efficiency According to the study report, eleven OEMs improved the efficiency of their BEVs by reducing average energy consumption. However, only seven of these saw a score increase compared to their competitors, as Tata Motors set a new benchmark, dethroning Tesla from the top spot. The report highlights that with its ongoing investments in EVs, Tata Motors ‘may be able to jump ahead of today’s Transitioners in future ratings.’ ‘Transitioners’ refers to the group between ‘Leaders’ and ‘Laggards’ in the study. The study also finds that the average energy consumption of BEVs across OEMs fell by almost 4%, from 140 Wh/km in 2022 to 135 Wh/km in 2023, indicating significant technological progress in the industry. Fourteen of the twenty-one OEMs featured in the study improved the average driving range of their BEVs. Notably, SAIC, Great Wall, BMW, Tata Motors, and Toyota increased their driving ranges by over 50 km. On average, the BEV driving range across all manufacturers increased from 395 km in 2022 to 419 km in 2023. Image source: The ICCT Investing for the Transition Thirteen automakers have increased their investments in the ZEV transition compared to the previous year. Tesla led the way, investing USD 3,740 per vehicle. The study found that seven OEMs have ‘either introduced or strengthened linkages between top executives’ compensation packages and ZEVs or vehicle CO2.’ Stellantis, BMW, and GM saw a higher share of executive pay tied to EV deployment in 2023 compared to 2022. Additionally, Ford and Mercedes-Benz linked executive compensation packages to EVs for the first time in 2023, while Geely-owned Volvo Car and Tata Motors’ Jaguar Land Rover added a CO2 emissions component to their compensation models. The report highlights that ‘this trend shows that success in the ZEV transition is increasingly seen as critical to the future financial viability of the automotive industry.’ “To be competitive into the future, OEMs will need to expand their ZEV models on offer to help boost their ZEV sales share while improving ZEV technology performance,” said Zifei Yang, Global Passenger Vehicle Program Lead at the ICCT and author of the study report. According to the report, there was a 10% and 42% increase in the total number of ZEV models in each of the six markets covered. Almost all OEMs had ZEV models in the SUV/MPV class, except for Suzuki, which had no ZEV models in any class and offered only plug-in hybrid SUVs. The study covered China, USA, Europe, India, Japan, and the Republic of Korea, which collectively contributed about 82% of global LDV sales in recent years, according to market intelligence firm MarkLines. Technology Bets The ICCT bets on BEV and FCEV as the best technology options for clean mobility. Its modeling indicates that ‘nearly 100% of new light-duty vehicles sold in leading markets in 2035 must have zero tailpipe emissions to align the transportation sector with the goal of limiting global warming to below 2°C, as defined in the Paris Climate Agreement.’ Stephanie Searle, ICCT’s Chief Program Officer, stated, “Automakers that are slow to invest in the advanced technologies that regulations are designed to promote may soon find themselves outpaced by competitors who more wisely bet on the future.” Image source: The ICCT ZEV Transition Challenge in India The global focus on decarbonization is reflected in the increasing share of EVs in the overall sales of light-duty vehicles (LDVs). According to the ICCT, EVs constitute 33% of LDV sales in China, 21% in Europe, and 9% in the United States. Additionally, 46% of LDV sales in 2023 were from automakers that have set targets to phase out internal combustion engine (ICE) vehicles. However, the transition to ZEVs in India is progressing more slowly due to several key challenges, including inadequate charging infrastructure and customer apprehension, primarily regarding affordability. ICCT’s research identifies five effective policies that have accelerated the EV transition globally: financial incentives, outreach and communication, charging infrastructure development, ZEV sales mandates, and ICE phaseout targets. “We have done comparatively well in the first three, which are mostly demand-side policies, and we need to continue these efforts. However, we also need to focus on the

Wardwizard Secures $1.29 Billion Order from Philippine Company for Public Transport EVs Wardwizard Innovations & Mobility Ltd. (WIML), a leading manufacturer of electric vehicles under the ‘Joy e-bike’ and ‘Joy e-rik’ brands in India, has landed a substantial order worth USD 1.29 billion from Beulah International Development Corporation, a prominent business integration company and EPC firm in the Philippines, supported by RP Connect. WIML will supply its existing range of electric two-wheelers and three-wheelers for both commercial and passenger vehicle segments and will also develop four-wheelers for commercial use in the Philippines market. This order is part of a strategic collaboration, formalized through a Memorandum of Understanding (MoU), aimed at transforming the public transportation system in the Philippines with electric vehicles. The MoU was signed by Mr. Shreyas Kurhekar, Head of Production and Business Development (Exports) at WIML, and Ms. Nadia Arroyo, President of Beulah International Development Corporation, along with other key members from both organizations. This partnership seeks to revolutionize public transport in the Philippines by introducing innovative electric vehicle technology, generating new job opportunities, and supporting the local economy. “We are grateful to Beulah International and RP Connect for their trust in our technology and robust product portfolio. India is emerging as a hub for electric mobility in the global market, and collaborations like this validate our efforts. This opportunity will allow us to introduce our advanced electric two-wheelers, develop various e-Trikes, e-Trike Cargo, Electric Mini Truck, and Golf Carts for the Philippines market.” Yatin Gupte, Chairman & Managing Director of WIML, expressed his excitement about the collaboration. The partnership is consistent with the Public Utility Vehicle Modernization Program (PUVMP) of the Philippine government, an ambitious endeavor headed by the Department of Transportation that aims to replace antiquated gasoline and diesel vehicles with contemporary electric alternatives to provide a safer and more organized daily transportation service. To fundamentally alter the transportation environment, Wardwizard Innovations & Mobility Ltd. and Beulah International will provide cutting-edge electric vehicle technology to the Philippines through this strategic relationship. “Wardwizard’s advanced EV solutions will revolutionize public transportation in the Philippines, and we are eager to witness this transformation. As part of the partnership, we will facilitate the sales and distribution of electric vehicles in the Philippines. This initiative will not only change the face of the transportation system but also create new employment opportunities and bring substantial investment to support the local economy over the next decade.” Ms. Nadia Arroyo, President of Beulah International Development Corporation, emphasized the economic benefits of the collaboration, stating. Wardwizard Innovations & Beulah International reaffirmed their commitment to the Philippines’ transportation industry in a joint statement. They demonstrated their readiness to work with the local government and people to actively participate in the Philippines’ transportation future. (You can now subscribe to our All India EV WhatsApp channel) Join All India EV Community Click here for more such informative insights

IIT-Jodhpur Innovates Solar-Powered Adaptor for Charging Electric Vehicles An innovative adaptor that enables electric vehicles to be charged with solar electricity has been unveiled by researchers at IIT-Jodhpur. Prime Minister Narendra Modi outlined his plans in February for a system in which rooftop solar panels would provide electricity for electric vehicles. According to Nishant Kumar, an assistant professor at the IIT Jodhpur department of Electrical Engineering, the adaptor should not cost more than INR 1,000. “This might be especially useful if the solar panel plan succeeds,” Kumar stressed. Kumar also emphasized the rising popularity of electric vehicles (EVs), pointing out that government incentives are in place to promote their purchase. “Our charging adaptor will connect to the company’s charger on one side and the solar panel on the other.” “It has two points that will provide electricity based on the need.” Nishant Kumar said. One major problem, according to Kumar, is getting the most power out of a solar panel without the use of a power converter, which makes a charging adapter necessary. “The company’s charger cannot extract power from a solar panel and operate it,” he pointed out. Kumar said that finding answers to this problem is a global undertaking, with various nations, including India, actively involved. He claimed it would be difficult to set up a widespread infrastructure for charging over the next five years. “Countries such as the US, Canada, China, Russia, India, and Australia are planning to install rooftop solar panels,” Kumar stated.   Kumar described a planned arrangement in which a solar panel with a solar socket attached to a pole is described. These installations would be under the management of EV firms. Prospective purchasers continue to express concerns about the dearth of EV supplies and charging stations. Kumar emphasized how the issue is made worse by battery depletion that occurs during travel, especially in isolated and hilly places. Kumar affirmed, “A prototype has been constructed and tested successfully, and the adaptor will operate with all sorts of vehicles.” He continued by saying that the product would soon be on the market. Content Credit: ET Auto (You can now subscribe to our All India EV WhatsApp channel) Join All India EV Community Click here for more such informative insights

Hero MotoCorp Invests Rs 124 Crore in Ather Energy, Boosting Valuation by 20% to Rs 5,636 Crore Hero MotoCorp, a big player in the two-wheeler industry, has invested Rs 124 crore into Ather Energy, an electric scooter manufacturer. This investment gives Hero MotoCorp an additional 2.2% stake in Ather, making its total shareholding in the company over 40%. Essentially, Hero is strengthening its hold on Ather, which was already its largest shareholder. This new investment values Ather at Rs 5,636 crore, which is higher than the Rs 4,666 crore valuation from December last year when Hero invested Rs 140 crore. Hero didn’t specify which investor they bought the new shares from. For the fiscal year 2024, Hero MotoCorp reported Ather’s turnover at Rs 1,753 crore, slightly down from Rs 1,784 crore in the previous year. However, they didn’t mention Ather’s losses for FY24, while in FY23, Ather had a net loss of Rs 864 crore. This investment comes shortly after Ather raised Rs 286 crore (around $34 million) from its founders and Stride Ventures through a mix of debt and equity funding. Ather is also planning to raise $75-90 million (about Rs 750 crore) from new and existing investors, which might value the company between $850 million and $1 billion. Flipkart cofounder Sachin Bansal, an early investor in Ather, sold a large part of his stake to Zerodha cofounder Nikhil Kamath and is looking to sell the rest. Bansal had invested nearly Rs 400 crore since 2014 and held 10.7% of the company. Another Flipkart cofounder, Binny Bansal, also holds a 1% stake in Ather. Ather’s new round of funding follows a Rs 900 crore raise in September 2023 from Hero MotoCorp and GIC through a rights issue after postponing earlier funding plans due to poor market conditions. Ather competes with Ola Electric, TVS, and Bajaj in the electric scooter market. On April 6, Ather launched a new range of ‘Rizta’ scooters aimed at families. Currently, Ather produces 150,000 scooters per year but plans to expand its production capacity to 450,000 scooters annually once the Rizta is released. (You can now subscribe to our All India EV WhatsApp channel) Join All India EV Community Click here for more such informative insights

Marelli Secures Global Contract to Supply EV Battery Thermal Solutions Marelli has been awarded a significant contract from a major global carmaker to supply the Battery Thermal Plate (BTP) for future Battery Electric Vehicles (BEVs). The solution, a key technology for thermal energy management in electric vehicles, has been developed and will be produced in-house by Marelli. The supply will begin in 2024, reaching approximately 5 million units over the contract period. The agreement involves various vehicle platforms and segments for the Chinese, North American and European markets. “We are proud of this important assignment, which further strengthens our collaboration with global carmakers on technologies that are key to optimizing thermal energy management of vehicles, said Shuji Kobayashi, President of Marelli’s Green Technology Solutions business.“Through our solid experience and comprehensive portfolio, we support OEMs in achieving the most efficient solutions for electric, hybrid and internal combustion engine vehicles, adapting to their specific needs to co-create with our customers their vehicles of tomorrow.” Effective thermal management of the battery is essential to ensure performance and efficiency in fully electric vehicles, where the battery is the only energy source available. Thermal management impacts battery life, vehicle driving range, propulsion system performance and fast charging capability, and is key to maintaining a comfortable cabin environment. To reach maximum efficiency, the battery must always remain within a specific optimal temperature range under all external temperature conditions (hot/cold), while meeting the needs of the cabin and propulsion systems. To achieve this, Marelli’s Battery Thermal Plate uses the ‘Dot Dimples’ design, which guarantees an optimized heat exchange. Thanks to specific paths of the thermal flows, this solution stabilizes the temperature of the battery cells and provides excellent temperature uniformity. It also allows for an extremely flat product that requires limited space, ensuring an easy integration and assembly within the vehicle. The production technologies and materials used for this solution guarantee high durability and quality. Furthermore, Marelli’s in-house testing laboratories and simulation capabilities allow to quickly adapt the dimple design technology to the needs of each customer, for different types of batteries and geometries. The solution is therefore highly customizable, going from small to extra-large size.   This project is the result of global development, thanks to Marelli’s worldwide R&D centers, and the production will be located in China, Mexico and Romania. In addition to the Battery Thermal Plate, Marelli offers a complete range of solutions for the control, management and optimization of the heat balance of all vehicle systems, thanks to its proven expertise in key heat exchange technologies for different types of propulsion systems. About Marelli Marelli is a leading mobility technology supplier to the automotive sector. With a strong and established track record in innovation and manufacturing excellence, our mission is to transform the future of mobility through working with customers and partners to create a safer, greener, and better-connected world. With around 50,000 employees worldwide, the Marelli footprint includes 170 facilities and R&D centers across Asia, the Americas, Europe, and Africa. (You can now subscribe to our All India EV WhatsApp channel) Join All India EV Community Click here for more such informative insights

India’s Turno Secures $6M in Series-A Extension Funding Round Co-Led by British and Quona Capital Turno, an India-based electric vehicle (EV) distribution and financing company, has secured an additional $6 million in its Series-A funding round. This latest investment was co-led by British International Investment (BII), the UK’s development finance institution and impact investor, along with Quona Capital, Stellaris Venture Partners, and B Capital, as announced by Turno on Thursday. This funding is set to advance Turno’s mission to reshape the electric vehicle landscape by expanding its current operations and launching new initiatives to enhance access to commercial EVs and related infrastructure. Since its inception, Turno has amassed a total of $22.9 million in funding, which supports its expansion and the development of pioneering solutions in EV finance. Established in April 2022 by former Zoomcar executives Hemanth Aluru and Sudhindra Reddy, the Bengaluru-based startup provides financing solutions to small and medium-sized enterprises (SMEs) and individuals looking to purchase commercial three-wheeler EVs. “We are committed to democratizing EV technology through innovative business models that reduce ownership costs,” said Hemanth Aluru, Chief Executive Officer of Turno. “This approach is vital for the success of India’s EV mission. With this funding, we aim to accelerate the adoption of EVs for a broader audience.” A core element of Turno’s offerings is its proprietary battery technology platform, which guarantees a buyback value for used EV batteries. Turno’s comprehensive solutions are transforming the market by offering the lowest total cost of ownership and a guaranteed buyback within three years, positioning it as a leading choice for those considering commercial EVs. “Supporting local entrepreneurs to address development challenges, including climate change, is a key priority for BII in India,” said Abhinav Sinha, Managing Director and Head of Technology and Telecoms at BII. “Turno’s innovative business model, cost-effective offerings, and efforts in repurposing EV batteries will attract more businesses and individuals to adopt commercial EVs, aligning with our goal to invest in climate-related innovations that facilitate EV adoption and help achieve India’s de-carbonization goals.” Varun Malhotra, Partner at Quona Capital, praised Turno’s commitment to revolutionizing EV accessibility through financial reliability, aligning with Quona Capital’s mission to support ventures that drive inclusive growth. “With their extensive expertise in EV solutions and regulatory landscape, Turno is poised for remarkable success, and we’re eager to join them on this transformative journey,” he added. Turno’s innovative EV distribution and financing platform offers a seamless transition to electric vehicles, providing access to top OEM brands and EV models along with best-in-market financing solutions. Its unique sales platform, which includes both online and physical stores, ensures accessibility and convenience for customers. Through its dedication to affordability and accessibility, Turno has facilitated the adoption of commercial electric vehicles among SMEs, distributors, logistics firms, and e-commerce operators across India. Join All India EV Community Click here for more such informative insights

DevvStream Partners with E-Fill to Generate Carbon Credits from India’s EV Charging Network DevvStream Holdings Inc. (NEO: DESG) (OTCQB: DSTRF) (FSE: CQ0), a prominent carbon credit project co-development and generation firm, has announced a definitive agreement with E-Fill Electric LLC, a technology-driven electric vehicle (EV) solutions provider. This partnership aims to leverage E-Fill’s EV charging station network in India for generating carbon credits, thereby establishing a new revenue stream for E-Fill and supporting the expansion of its EV charging infrastructure. Key Elements of the Agreement E-Fill as a Launch Partner for EVCCOP E-Fill will be the launch partner for DevvStream’s Electric Vehicle Charging Carbon Offset Program (EVCCOP) in India. This program is designed to accelerate electric mobility by generating revenue for EV charging network owners and operators through the production and sale of voluntary carbon credits. These credits are generated when EV owners charge their vehicles. Program Details EVCCOP targets ChargePoint Operators and Mobility Service Providers operating Level 1, Level 2, or DC Fast Charging stations, whether public or private. For instance, a Level 2 EV charger generates approximately 40 credits per year with medium use, while a Level 3 EV charger can generate around 500 credits annually. These credits are sold, providing significant revenue to support the expansion of EV charging networks. Impact on Greenhouse Gas Emissions By encouraging increased EV charging, the program helps displace internal combustion vehicles, significantly reducing greenhouse gas emissions. E-Fill’s operations in India are expected to generate high volumes of carbon credits, funding further network expansion. Participants in the EVCCOP receive the majority of net revenues from the sale of these carbon credits. DevvStream retains a portion for services related to the development and monetization of these credits. Market Context and Growth India’s Rapid EV Adoption India represents a crucial market for EV charging infrastructure expansion. EV sales in India nearly doubled in 2023 and are projected to grow by 66% in 2024, accounting for 4% of total passenger vehicle sales. The Indian government is actively promoting EV manufacturing and supporting the expansion of EV charging infrastructure, which currently consisting of over 12,000 public charging installations. Statements from Leadership Sunny Trinh, CEO of DevvStream, emphasized the importance of carbon markets as a funding source for technology providers like E-Fill. He noted that the EVCCOP would create a lucrative revenue stream for E-Fill, financing further network expansion. Mayank Jain, CEO of E-Fill Electric, highlighted the company’s commitment to scaling up EV charging infrastructure in India and leveraging revenues from DevvStream’s program to generate high-value carbon credits. Progress and Future Plans Growth of DevvStream’s EVCCOP This agreement marks a significant milestone for DevvStream’s EVCCOP, following similar agreements with Go-Station and Stay-N-Charge. The program is free to join, and involves submitting the latest EV charger inventory and charging session data annually. Business Combination Progress DevvStream is also progressing towards a business combination with Focus Impact Acquisition Corp., expected to close in Q3 2024. This move aims to list DevvStream as the first publicly traded carbon streaming company on a major U.S. stock exchange, with the combined company expected to trade under the ticker symbol “DEVS” on NASDAQ. Join All India EV Community Click here for more such informative insights

Ather Energy raises INR 286 crore from founders and Stride Ventures Ather Energy, a manufacturer of electric scooters, has raised a total of INR 286 crore (about USD 34 million) in debt and equity financing from its founders and Stride Ventures. According to paperwork that Ather submitted with the Registrar of Companies, debt fund Stride Ventures invested INR 200 crore through series C3 debentures, while cofounders Tarun Mehta and Swapnil Jain contributed INR 86 crore through series F compulsorily convertible preference shares in the company. Ather is finalizing plans to collect USD 75–90 million (about INR 750 crore) in initial capital from new and existing investors, according to a report published by ET on April 23. An existing investor is expected to lead the funding round, which may value the company between USD 850 million and USD 1 billion. Simultaneously, Flipkart cofounder Sachin Bansal, who was among the initial investors in the company, sold a substantial portion of his shares to Nikhil Kamath, the cofounder of Zerodha, and expressed interest in liquidating the remaining portion of his ownership in the business. According to Tracxn data, Bansal owned 10.7% of the company after investing close to INR 400 crore since 2014. Binny Bansal, a co-founder of Flipkart, owns a 1% share in the business as an investor. Ather Energy is seeking new capital after delaying its funding plans due to unfavourable market conditions last year. Rather, it used a rights offering to raise INR 900 crore from Hero MotoCorp and GIC in September 2023. Hero MotoCorp invested another INR 140 crore in December, bringing its holding to 39.7%. When Ather Energy raised money in December, it did not say who sold shares. Tiger Global and the National Investment and Infrastructure Fund are among its other investors. In the electric scooter market, Ather faces competition from companies like Ola Electric, TVS, and Bajaj. In FY23, Ather’s operating revenue increased by more than four times to INR 1,784 crore, but its net loss also increased by more than two times to INR 864.5 crore. A new line of “Rizta” scooters from Ather Energy was introduced on April 6 with an emphasis on the family market. After the Rizta goes on sale, the company, which can produce 450,000 scooters annually, said it will increase production from the 150,000 cars it now produces annually. Content Credit: ET Auto Join All India EV Community Click here for more such informative insights

Switch Mobility suspends Spanish manufacturing project, plans exports from India this year Switch Mobility, the electric bus and light commercial vehicle maker owned by Ashok Leyland, initially began setting up a bus and van plant in Valladolid, Spain, over two years ago. However, the project has been stalled as the company finds it more viable to produce the planned vehicles elsewhere. “Right now, we are not going ahead with the Spanish bus factory,” said Mahesh Babu, CEO of Switch Mobility, in an interview. The planned €100 million investment in the Spanish factory is on hold, but the company’s plans for the Spanish electric bus market continue. Switch Mobility’s first bus, the e1, is expected to launch in Spain within the next 3-4 months. “The e1 bus is going to be ready for the market by August, and we are delivering the first two buses to Benidorm (in Spain) by September,” Babu added. Following the initial deliveries, Switch Mobility plans to bid for electric bus tenders in Spain, where the market is estimated to demand around 400 buses. Until demand reaches a critical mass, the company will fulfil orders from its plants in the UK and India. Ashok Leyland’s plant in Ras Al Khaimah, UAE, may also be used for manufacturing. The land in Spain designated for the bus plant remains with Switch Mobility, and the company plans to build the factory once it sees an annual demand of approximately 150 buses in Europe. This isn’t the only project Switch Mobility has paused. The company had planned an investment of up to INR 1000 crore for a new plant in India but has decided to maximize the use of existing Ashok Leyland facilities in Tamil Nadu’s Ennore and Hosur before setting up a new one. “Investment should not drive the market; the market should drive investment. We have to create shareholder value and value at every place we are in,” emphasized Babu. This strategy will also help conserve cash, with Ashok Leyland injecting INR 1200 crore into Switch Mobility last November after talks with potential investors didn’t pan out. Export Strategy Switch Mobility also sees significant potential in markets outside Europe, including South East Asia, the Gulf Cooperation Council (GCC), and Africa. Nepal is set to be its first export market, where the IeV4 electric small commercial vehicle (eSCV) is being sent for trials. The company is banking on small electric trucks to increase volumes rapidly and support Ashok Leyland’s ambition to rank among the top 10 global commercial vehicle OEMs. “We have a huge export potential because many countries don’t have the emission restrictions applicable to ICE vehicles. We believe we will play a vital role in these markets, both where Ashok Leyland is present and where it is not,” Babu explained. Switch Mobility is also considering left-hand drive (LHD) markets, given the eSCV’s adaptable architecture. With electrification gaining traction in the commercial vehicle industry, Babu anticipates new market segments to explore for sustainable growth. In India, Switch Mobility expects the eSCV market to reach between 4,000 and 6,000 units this year, having recently secured an order for 500 IeV4s from EV fleet operator Magenta Mobility, to be delivered within a year. Content Credit: ET AUTO Join All India EV Community Click here for more such informative insights