Investments & Funding

Samvardhana Motherson Pours $15 Million into REE Automotive

Samvardhana Motherson Pours $15 Million into REE Automotive

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Samvardhana Motherson Pours $15 Million into REE Automotive Samvardhana Motherson International Ltd (SAMIL), a leading automotive components manufacturer, is set to invest up to USD 15 million in the innovative auto technology company, REE Automotive. This strategic investment will be made through SAMIL’s wholly owned subsidiary, MSSL Consolidated Inc. Samvardhana Motherson Invests $15 Million in REE Automotive Samvardhana Motherson International Ltd (SAMIL), a leading automotive components manufacturer, is set to invest up to USD 15 million in the innovative auto technology company, REE Automotive. This strategic investment will be made through SAMIL’s wholly owned subsidiary, MSSL Consolidated Inc. “SAMIL can leverage manufacturing capabilities for components and integration for ‘REEcorner’ module, and platform assembly to support full vehicle assembly, including assembly of P7 electric trucks in the USA. Reinforcing tier-0.5 status,” SAMIL’s exchange filings. Upon completion of the transaction, SAMIL will hold a significant stake in REE Automotive, acquiring 11% of diluted shares and 19% of non-diluted shares. This investment marks a significant step forward for SAMIL, as it gains access to REE’s cutting-edge technology and expertise in electric vehicle platforms. By leveraging its manufacturing capabilities, SAMIL can play a crucial role in supporting REE’s production of the ‘REEcorner’ module, a revolutionary electric vehicle platform. This collaboration also opens doors for SAMIL to participate in the assembly of full electric vehicles, including the P7 electric trucks, in the USA. This strategic move reinforces SAMIL’s position as a Tier-0.5 supplier, solidifying its presence in the global automotive landscape. Samvardhana Motherson’s Investment in REE Automotive: Key Details Samvardhana Motherson International Ltd (SAMIL) will finalize its investment in REE Automotive within the next 30 days. The transaction will be executed in cash, solidifying SAMIL’s strategic partnership with the innovative automotive technology company. REE Automotive, a publicly traded company listed on Nasdaq, specializes in designing, developing, and integrating critical vehicle components into a comprehensive modular platform tailored for commercial electric vehicles. These advanced platforms are ideally suited for mid and last-mile delivery operations, addressing the growing demand for sustainable transportation solutions. “SAMIL will also be entering into a supply chain management agreement with REE Automotive to accelerate its industrialisation in a mutually beneficial commercial construct,” SAMIL’s exchange filings. With headquarters in Israel and additional operations in Coventry, UK, and Austin, Texas, USA, REE Automotive maintains a global presence and is well-positioned to drive innovation in the electric vehicle industry. Samvardhana Motherson and REE Automotive Strengthen Partnership Samvardhana Motherson International Ltd (SAMIL) and REE Automotive have entered into a supply chain agreement that will leverage their combined strengths to enhance operational efficiency and accelerate electric vehicle adoption. The strategic partnership will involve sharing of efficiencies based on mutually agreed commercial constructs, capitalizing on SAMIL’s extensive global footprint and operations. This collaboration will streamline supply chain processes, reduce costs, and ensure a reliable and sustainable supply of components for REE’s electric vehicle platforms. REE Automotive has a robust order book of 600 trucks from leading OEMs, which are scheduled for delivery by 2025. This significant pipeline of orders underscores the growing demand for REE’s innovative electric vehicle solutions and positions the company for substantial growth in the coming years. Join All India EV Community Click here for more such EV Updates

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Exide Commits INR 100 Crore to Lithium-Ion Battery Project

Exide Commits INR 100 Crore to Lithium-Ion Battery Project

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Exide Commits INR 100 Crore to Lithium-Ion Battery Project Exide Industries Limited (EIL), a leading battery manufacturer, has further strengthened its commitment to electric vehicle (EV) technology by investing an additional INR 100 crore in its subsidiary, Exide Energy Solutions Limited (EESL). This strategic move brings EIL’s total investment in EESL to a substantial INR 2,752.24 crore. EESL, a key player in the EV battery space, has successfully allotted 2,77,77,777 equity shares to EIL at a premium of INR 26 per share, aggregating to a total investment of INR 99,99,99,972. This significant capital infusion underscores EIL’s unwavering confidence in EESL’s potential to drive growth and innovation in the burgeoning EV market. Exide Industries Reinforces Commitment to EESL with Strategic Investment Exide Industries Limited (EIL) has further solidified its commitment to Exide Energy Solutions Limited (EESL) through a strategic investment of INR 100 crore. Notably, this investment will not dilute EIL’s existing shareholding in EESL, ensuring its continued control over the subsidiary. The fresh capital infusion will be primarily utilized to fuel the development of EESL’s greenfield lithium-ion battery manufacturing plant in Bengaluru. This facility aims to cater to the growing demand for advanced battery solutions within the Indian electric vehicle market. Additionally, the investment will support EESL’s broader funding requirements, enabling it to accelerate its growth and expansion plans. Incorporated in March 2022, Exide Energy Solutions is dedicated to the manufacturing and selling of lithium-ion battery cells, modules, and packs. These innovative energy storage solutions are designed to power both electric vehicles and stationary applications, underscoring EESL’s commitment to providing comprehensive battery solutions to meet the evolving needs of the Indian market. Join All India EV Community Click here for more such EV Updates

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Epsilon Invests Rs 9,000 Crore in Karnataka Anode Facility

Epsilon Invests Rs 9,000 Crore in Karnataka Anode Facility

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Epsilon Invests Rs 9,000 Crore in Karnataka Anode Facility New Delhi, India – Epsilon Advanced Materials, a leading manufacturer of battery materials, has announced plans to establish a Rs 9,000 crore anode plant in Karnataka. The facility will have an annual production capacity of 90,000 tonnes and will be developed in two phases. The first phase will require an investment of Rs 4,000 crore, followed by an additional Rs 5,000 crore in the second phase, according to Epsilon Group Managing Director Vikram Handa. Epsilon Advanced Materials Targets for Expansion “So, we are looking to build a 30,000-tonne anode plant in India by Q4 2026, which will entail an investment of about Rs 4,000 crore. The plant will be scaled up to 90,000 tonne (capacity) by 2031. The total capex outlay is Rs 9,000 crore for our annual business in the next eight years,” Vikram Handa, Epsilon Group Managing Director As the demand for electric vehicles in India surges, domestic cell manufacturing companies are increasingly establishing battery plants within the country. The company is poised to play a pivotal role in this ecosystem by supplying sustainable and reliable anode and cathode materials. This positions Epsilon as a key player not only in the Indian market but also in the global supply chain for battery materials. The company plans to break ground on the new anode plant within the next six to eight months, with construction expected to take approximately a year and a half. This significant investment will contribute to India’s self-sufficiency in the EV supply chain and boost the country’s economic growth. Epsilon’s Rs 9,000 Crore Investment The company is also building a new project in Odisha and announced an investment of Rs 10,000 crore in phases. The first phase is under construction. “The idea is to have supply in the market by 2026-end or 2027 beginning, … There is a lot of stickiness of the customer with this product. Today, we need a customer, but once acquired they will remain with us for next seven to eight years because the cost to replace the battery material is too high,” Vikram Handa, Epsilon Group Managing Director Epsilon Carbon’s Odisha Venture Takes Shape The parent organization, Epsilon Carbon, specializes in producing specialty carbon and carbon black, key components used in tire manufacturing. Currently, the company employs approximately 1,100 individuals, both directly and indirectly, at its manufacturing facility located in Karnataka. “There is a lot of stickness of the customer with this product. Today, we need a customer, but once acquired they will remain with us for next seven to eight years because the cost to replace the battery material is too high, “ Vikram Handa, Epsilon Group Managing Director Moreover, Epsilon Carbon is actively expanding its operations with a new project underway in Odisha. This ambitious venture involves a significant investment of Rs 10,000 crore, which will be phased in over time. The initial phase of the project is currently under construction. Join All India EV Community Click here for more such EV Updates

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Four Pillars of India's EV Success: Investing in R&D

Four Pillars of India’s EV Success: Investing in R&D

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Four Pillars of India’s EV Success: Investing in R&D The Principal Scientific Adviser to the Government of India released the e-Mobility R&D Roadmap in mid-July, outlining the critical areas requiring research and development (R&D) to drive India’s transition to electric vehicles (EV). The roadmap recommends allocating approximately ₹1,152 crore over five years. This additional funding would be a significant boost for India, which lags behind many advanced economies in terms of R&D spending. Global patent data reveals India’s relatively limited contribution to technological advancements in electrical machinery, apparatus, energy, and semiconductors. Investing heavily in R&D, particularly for electric vehicles, is a strategic move for India to develop innovative technologies, foster domestic manufacturing, reduce emissions, and enhance energy security. 1. Promoting Localization and Job Creation in India’s Electric Vehicle Industry The Indian automobile sector is a major employer, but the transition to electric vehicles (EVs) has raised concerns about job creation. While studies suggest that EV manufacturing may have lower job intensity than internal combustion engine manufacturing, this is largely due to the reliance on foreign-made components, particularly EV batteries. To address this, the government’s Faster Adoption and Manufacturing of Electric Vehicles (FAME) II scheme requires 50% local manufacturing for EVs to qualify for incentives. However, this has been challenging due to the lack of a domestic hardware manufacturing base. Tier 1 suppliers have been making strides in localization, but progress among tier 2 and 3 suppliers has been slower. By investing heavily in research and development (R&D), India can accelerate battery indigenization, which will drive localization and create more jobs in the EV industry. 2. Enhancing India’s Global Competitiveness through R&D Investment India’s EV exports have surged, with neighboring Nepal accounting for 78% of exports in FY 2023-24. However, Indian automakers still lag behind global competitors in R&D spending. While leading EV manufacturers like NIO, BYD, and Tesla allocate significant portions of their revenue to R&D, Indian automakers and component manufacturers generally have lower R&D intensities. This gap can hinder India’s ability to compete in the global EV market. Government-led initiatives, including investments and incentives, can encourage the industry to increase R&D spending, particularly in critical components like semiconductors, boosting India’s global competitiveness. 3. Decarbonizing India’s Hard-to-Electrify Segments To achieve its net-zero target by 2070, India must transition to zero-emission trucks (ZETs) in its transportation sector. However, current EV technologies face limitations in terms of battery weight, charging time, and range, hindering their adoption for heavy-duty road freight. Additionally, non-road segments like tractors and construction vehicles are projected to surpass on-road vehicles in emissions by 2030. Electrifying these segments requires the development of economically competitive e-tractors that can meet the diverse needs of rural India. By investing in R&D, India can accelerate the development of innovative EV technologies tailored to Indian demands, enabling the decarbonization of hard-to-electrify segments like trucks and tractors. 4. Advancing Battery and Charging Technologies for India’s Electric Vehicle Future Batteries constitute a significant portion of an EV’s cost in India. While larger batteries may improve range, they can also increase energy consumption. R&D investments can help address these challenges by developing innovative battery systems and alternative cell chemistries to reduce costs and mitigate range anxiety. Additionally, battery swapping and wireless charging technologies can provide solutions for segments where charging time and battery weight are concerns. Research suggests that R&D investments are more effective than economies of scale in driving down battery costs. Ensuring the safety of EVs is also crucial. India has implemented strict safety standards for battery packs and systems, and there is a need to explore alternative electrolyte systems and thermal management technologies to improve the resilience of EVs in India’s hot climate. While the proposed funding in the PSA’s roadmap is a positive step, it pales in comparison to the massive R&D investments made by China, the European Union, and the United States. These regions have allocated billions of dollars to support EV research and development. India must follow suit by increasing its R&D investments and incentives to maximize the benefits of electric vehicles. This will not only create new manufacturing jobs and provide affordable and safe mobility options but also help mitigate air pollution in Indian cities. Join All India EV Community Click here for more such EV Updates

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India Boosts EV Adoption with $1.3 Billion Incentive

India Boosts EV Adoption with $1.3 Billion Incentive

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India Boosts EV Adoption with $1.3 Billion Incentive In a significant step towards reducing pollution and transitioning to a greener future, the Indian government has approved a substantial incentive scheme for electric vehicles (EV). The PM E-DRIVE (Electric Drive Revolution in Innovative Vehicle Enhancement) initiative, unveiled on September 11, will allocate a staggering 109 billion rupees ($1.3 billion) to promote the adoption of EVs across the country. The scheme will offer substantial subsidies for various types of electric vehicles, including two-wheelers, three-wheelers, ambulances, and trucks. E-two wheelers, e-three wheelers, and e-ambulances will receive subsidies of 36.79 billion rupees, while e-trucks will be eligible for 5 billion rupees in incentives. Additionally, the government has allocated 5 billion rupees for the deployment of e-ambulances, a first-of-its-kind initiative. India Offers $65 Million Incentive for Truck Replacement To further accelerate the adoption of EVs, the government has also announced a 5 billion rupee incentive for the replacement of older, polluting trucks with electric models. This move is expected to significantly reduce air pollution in India, where trucks are a major contributor to emissions. While the government has not explicitly mentioned cars in the initial announcement, it is likely that the scheme will eventually extend to this segment as well. To support the growing EV market, the government has also set aside 43.91 billion rupees for public transport agencies to purchase 14,028 electric buses. In line with the government’s push for EVs, Road Transport Minister Nitin Gadkari has urged carmakers to establish vehicle scrapping centers. This initiative aims to remove polluting vehicles from the roads, thereby boosting the demand for new, cleaner models. While electric cars currently account for less than 2% of India’s car sales, the government’s ambitious target is to increase this share to 30% by 2030. The PM E-DRIVE scheme will also focus on enhancing charging infrastructure across the country. By investing in charging stations, the government aims to address one of the key barriers to EV adoption. Furthermore, the scheme will promote research and development of new EV technologies, fostering innovation and driving advancements in the sector. Overall, the Indian government’s $1.3 billion incentive scheme for electric vehicles represents a significant commitment to a cleaner and more sustainable future. By providing substantial subsidies, supporting infrastructure development, and promoting technological innovation, the government is creating a favorable environment for the growth of the EV market in India. Join All India EV Community Click here for more such EV Updates

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Tube Investments to spend INR 3k crore on EV platforms

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Tube Investments to spend INR 3k crore on EV platforms Tube Investments of India (TII) is on an accelerated growth path with respect to its electric mobility plans for EV via its subsidiary TICM, or Tube Investments Clean Mobility. The company has committed ₹3,000 crore over the coming period of three to four years to make this happen. “We have very big investment plans,” said Arun Murugappan, executive chairman of TII, during a recent interaction with TOI. “Of the total investment, ₹450 crore is for a small commercial vehicle project that it is being done in partnership with Jayem Auto.“ He added that TII is also increasing its capacity to ensure that ₹3,000 crore is fully realized by 2027-28. It’s also a strong signal of the kind of commitment TII has put in for the electric vehicle space and the kind of pivotal role it wants to play in the reshaping to sustainable mobility for India. TII’s Expanding Electric Mobility Ecosystem This capex will be incurred on four EV product platforms, including a passenger and cargo three-wheeler, and a 55-tonne truck. An SCV is a commercial vehicle; it is a tractor. “We’ve already launched the passenger three wheeler which is being manufactured in our Ambattur plant in Chennai which has a 90,000 units a year capacity,” he said. The company is currently selling about 1000 units a month. It has also launched the e-truck which is being made in its factory in Manesar. “The SCV will be out by the end of Q2 and the e-tractor by the beginning of next year,” he said. But beyond that, the company is “putting up a battery packing plant in Coimbatore which will also supply inhouse and go on stream by the end of this year,” said Murugappan. This is included in the INR 450 crore spend for the SCV project. TII’s Expanding EV Portfolio: A Strategic Capex Plan Tube Investments of India (TII) doesn’t limit itself to the focus on its core electric vehicle (EV) projects alone; it is also exploring opportunities within the broader e-mobility ecosystem. He also pointed out the possibility of CG Power, a TII subsidiary, producing EV motors. According to him, this option looks good for the company. Besides, TII has been working with other partners who have put their money into the charging infrastructure. Murugappan said they are keeping an eye on how these initiatives unfold. Its electric mobility subsidiary, TICM, is looking to diversify its product offering beyond simple EVs. E-cycles and e-rickshaws are the two products that can make strategic additions to their product lineup. In this regard, Murugappan added that TII has already initiated production of e-cycles and has received very promising export enquiries from Europe and the US. He also evinced interest in scaling up sales of e-cycles in the domestic market. Though the current offerings do not include e-rickshaws, Murugappan says that they are certainly in the works. He also stated that e-rickshaws would be the next product following the e-three-wheeler cargo. Join All India EV Community Click here for more such EV Updates

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$25 Million Approved for Kinetic Green’s Electric Vehicle Empower

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$25 Million Approved for Kinetic Green’s Electric Vehicle Empower Kinetic Green has raised a $25-million investment from Greater Pacific Capital. By its industry-first Electric Luna, heralding the start of Series A fundraising by the company. The company has set a target of raising $40 million. Kinetic Green Charts Growth Course with $25 Million Investment The $25 million that Greater Pacific Capital is putting into Kinetic Green represents a serious leg up in its quest to electrify India. Moreover, this is the first external equity fundraise for the firm. It becomes significant as it scales up its operations to ride an Indian electric vehicle market that still has a low penetration rate of just 6%. The new capital will play a critical role in scaling Kinetic Green’s growth. Substantially, funds will flow to marketing and distribution networks to further popularize the Electric Luna and expand accessibility. Simultaneously, the company will build up its manufacturing capacity at the Supa, Maharashtra, facility to meet the expected demand. Besides these, a dedicated investment in research and development will fuel innovation. It aims to drive the evolution of future electric mobility solutions. Due to this, the E-Luna has been widely appreciated across India since January 2024. Kinetic Green has indeed proved its capability for developing products that appeal to consumers. On the strength of this huge investment and a proven product in its basket. The company is now all set and primed to further expedite the charge towards leading India’s electric mobility revolution. Kinetic Green Pedals to Global Dominance with $25 Million Boost The ambitions of the company go much beyond India. The company has kept the US market in its crosshairs for electric two- to three-wheelers. While it is also spreading a global net for expansion, It is, thus, this strategic vision of Kinetic Green that led to a unique collaboration with the Italian family of Lamborghini to develop a premium range of golf carts. Nandan Desai of GPC, who is a strategic investor, will join the board of Kinetic Green and bring in such valuable expertise. On its part, the $25 million investment, involving common equity, convertible preference shares, and debentures, forms solid ground for growth. However, in order for Kinetic Green to realize its full potential, it requires another $15 million of funding by the end of 2024. With a clear roadmap and strong strategic backing, Kinetic Green is all set to be one of the major electric vehicle companies worldwide. Leaders Envision a Greener Future Through Strategic Partnership According to Sulajja Firodia Motwani, the visionary leader at the helm of the company, their partnership with Greater Pacific Capital has been a key factor in furthering their mission to bring about a revolution in sustainable mobility. He observed that both entities fit very strategically into a cleaner and greener future. Join All India EV Community Click here for more such EV Updates

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FreshBus secures a Promising ₹87.5 crore in Triumph Funding.

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FreshBus secures a Promising ₹87.5 crore in Triumph Funding. Bengaluru-based electric bus startup FreshBus is hitting top gear as it announces a serious INR 87.5 crore Series A funding round (USD 10.5 million). Maniv, a global venture capital firm, led the investment round, while Shell Ventures, Alteria Capital, and existing investor Riverwalk Holdings co-invested. Full Speed Ahead: Expansion Plans on the Horizon On the heels of raising funds recently, the company is primed for fast-tracked growth. Moreover, the capital infusion will power the ambitious expansion plans to amplify its network of electric buses across India. Specifically, FreshBus is going to increase the number of routes by 15 and add 150 more electric buses. However, this will help more people access its services and cement the startup’s lead in intercity sustainable transport. Expansion into new cities allows FreshBus to offer more passengers a convenient and eco-friendly way to travel. FreshBus: A Rising Star in India’s Intercity Bus Market The company is making good inroads into the Indian intercity bus market. Indeed, it has already touched an excellent milestone of carrying more than four lakh passengers with an amazing 95% On-Time Performance. Moreover, this consistency in delivering quality service positioned the company as a trusted and reliable choice among travelers. The outlook for the company is to dominate the industry. However, the company looks at the expansion of the network countrywide to offer convenient, sustainable transport solutions to more people. With innovation, customer satisfaction, and environmental responsibility at the core of its operations, FreshBus stands in good stead to achieve its lofty ambitions. This funding marks a significant step forward in our journey to revolutionize intercity travel in India with our all-electric, digital-first bus services. Huge thanks to our investors for believing in our vision Sudhakar Chirra, Founder & Chief Electric Officer, FreshBus. Join All India EV Community Click here for more such EV Updates

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Kazam Electrifies with Outstanding $8M Funding Round Empower

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Kazam Electrifies with Outstanding $8M Funding Round Empower E-mobility startup Kazam raises an additional $8 million to spur growth. The Series A3 round was led by Vertex Ventures Southeast Asia and India. With participation from returning investors Avaana Capital and Alteria Capital, as well as other strategic backers. With this fresh infusion, Kazam will be powered to change the electric vehicle charging landscape. Kazam Expands Electric Charging Empire with New Funding Building on its previously raised $11.4 million with Avaana Capital Advisors and other investors, Kazam will now accelerate its growth. With an additional $8 million in Series A3 funding. The most recent investment shall be utilized toward increasing Kazam’s technological muscle. Further enriching its platform offerings, and building scale in the markets. It will thus be dedicatedly working toward changing the electric vehicle charging ecosystem and creating a niche in the industry. Revolutionizing EV Charging with Smart Solutions Kazam, founded in 2020 by Akshay Shekhar and Vaibhav Tyagi, is at the forefront of the electric vehicle revolution. Its software platform aims to uncomplicate complexities in EV charging infrastructure and provide smart, affordable solutions to charge-point operators, fleet operators, and electricity grids. In fact, its holistic approach spans from grid energy management to powering electric vehicles and fleet operations, essentially covering end-to-end in the e-mobility value chain. Charging Solutions Power Up India’s EV Landscape The company is driving the adoption of EVs in India through its versatile software platform. The Bengaluru-based startup provides a wide charging solution for two-wheelers, commercial EVs, three-wheelers, city buses; today, it supports more than 25,000 charging points across the country. I In fact, its newest offering, LEV-DC—a fast-charging solution for electric two-wheelers and three-wheelers—is a game changer that can charge 80% in only 20 minutes. Kazam is growing its footprint rapidly to make electric mobility more accessible and convenient for Indian consumers. Kazam Builds Strong Partnerships to Accelerate EV Adoption The company is developing strategic partnerships or alliances that will bring extended reach and greater impact on the electric vehicle ecosystem. The company has had key strategic integrations with top giants of the industry such as BigBasket, Zypp, and Mahindra Logistics, among others, in the logistics space. This now translates to over 25,500 EV charging devices across the country, enabling over 1 million transactions in the last one year. The list of its influence in major vehicle OEMs ranges from Bajaj to Ather, TVS, Hero MotoCorp, Mahindra, and Ultraviolette, further consolidating itself as one of the major frontrunners in the electric mobility space. Join All India EV Community Click here for more such EV Updates

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India’s EV uplift needs 1.32 million chargers by 2030.

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India’s EV uplift needs 1.32 million chargers by 2030. A roaring electric vehicle revolution could be standing at India’s doorstep, with forecasts suggesting that almost a third of all passenger vehicles running on the road may be electric by 2030. This transformation can bring both clean air and freedom from dependence on fossil fuels. The realization of this laudable aspiration rests on a very critical component: strong infrastructure for chargers. For India to alleviate range anxiety and quicken EV adoption, it will need to dramatically grow the public charging network. Demand for easily accessible, convenient charging points will surge along with the number of cars running into millions. This is matched by an equivalent improvement in the charging ecosystem. It could retard the growth of the EV market and, hence, the transition to sustainable mobility in the country. India’s EV Charge: A Rapidly Expanding Network India’s electric vehicle landscape is moving through a sea of change, where the market will surge to an astounding $48.6 billion by 2030 alone, says a report by Forvis Mazars. The charting of this growth trajectory is inextricably related to the rapid proliferation of public battery-electric vehicle (BEV) charging stations. From a mere 1,800 public charging stations in February 2022 to almost nine times that number—16,347—in March 2024, the growth comes out to be strategically steep. It therefore indicates that India is at the forefront of supporting the fast-growing EV ecosystem. This strategic expansion marks the commitment of a country toward meeting surging demand for electric vehicles and ensuring a sustainable transport future. Partner and Transport and Logistics Sector Leader at Forvis Mazars in India, Rohit Chaturvedi, made it urgent to scale up infrastructure. He said, “India needs to scale up public charging infrastructure to meet the growing demand and reduce range anxiety. By 2030, electric vehicles are projected to make up almost one-third of India’s passenger vehicle market, highlighting the significant requirements.“ India’s Electric Future: Charging Towards a Million India hovers on the brink of exponential growth in EVs, with 50 million EVs on the road by 2030 with a market valuation of $48.6 billion. To support such charging of vehicles, there would need to be over 400,000 charging stations created each year until it is fully developed. Which would reach a total of 1.32 million charging points by 2030. The Ministry of Heavy Industries has also taken a keen interest in sanctioning 2,877 EV chargers. Across different states and another 1,576 along the main highways and expressways. Electric vehicle markets are booming around the world. Electric vehicle global sales rose 27% from 2022 to 2023 to a record 13.06 million. The sharp growth in electric vehicles requires, as a matter of urgency, a scaling-up of the charging infrastructure supporting this huge ecosystem. Factually, there are 40 million electric vehicles globally as of 2024, whereas this makes the charging setup even more inevitable in this journey of migration towards electric mobility. India’s Electric Revolution: A Three-Wheeled Surge India’s EV landscape is rapidly changing. EV sales more than tripled in the past fiscal year, driven primarily by enhanced demand for electric two-wheelers and three-wheelers. This rapid acceleration is a testament to the growing preference for eco-friendly and cost-effective transportation solutions. The four-wheeler segment will see tremendous growth, with a pipeline of new models lined up for launch. The EV revolution is here, and it is driven by several factors. Lower operational costs, easy user experiences, and commitments to sustainability are fast becoming the drivers of consumer choice. This is supplemented by not only a fast-growing supplier ecosystem but also opportunities in vehicle customization for EV owners. Initiatives of state governments, coupled with the FAME-II subsidy scheme, have also played a major role in accelerating EV adoption. Join All India EV Community Click here for more such EV Updates

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