INDIA EV POLICY
What does the scrappage policy mean for auto companies? Abhishek Gaoshinde explains
Abhishek Gaoshinde says India's scrappage policy aims to transition from an unorganized to an organized system, providing incentives for replacing older vehicles with new ones to curb pollution and foster a recycled economy. The policy remains voluntary, with its success contingent upon the value perceived by vehicle owners opting for the scheme.
Strong hybrids rev up to fly past EVs in green race as car sales make a pit stop
Strong hybrid vehicle sales grew 62.5% in the June quarter, driven by the Uttar Pradesh govt's incentives. In contrast, electric vehicle sales have stalled due to range anxiety and costs. Manufacturers are now exploring alternative technologies, such as hybrids and flex-fuel, to bridge the gap. The Indian EV infra remains a work in progress.
Auto Inc seeks policy boost for faster transition to green vehicles
India's adoption of electric and hybrid vehicles is significantly lower than China's, with EV penetration at 2.5% compared to China's 49%. Experts recommend incentivising plug-in hybrid electric vehicles (PHEVs) to address economic and infrastructural barriers. Major automakers support this strategy as a vital step towards promoting cleaner mobility solutions.
Lower taxes needed to help grow luxury EV segment: Audi India
Balbir Singh Dhillon, head, Audi India, said while the company is considering introducing more electric car models in the domestic market, and exploring the possibility of assembling them locally, policy continuity is required to make investments viable. He emphasised that subsidies are needed to drive growth in the EV segment, "till the time we reach a decent penetration level".
Audi India bats for reduced GST of 5% on EVs till penetration in luxury vehicles reaches 50%
India currently levies GST of 5%, plus cess, on hybrids. The tax incidence on hybrid vehicles in the country totals 43%, while battery electric vehicles attract a tax of about 5%.
View: Automaker Ola Electric’s IPO is putting Modinomics to the test
Ola Electric, a significant Indian automaker, saw its IPO shares soar by 42% early on. The company's future success is closely tied to government policies and subsidies for electric vehicles. Past reductions in incentives impacted demand, indicating the challenges ahead in relying on state support for sustained growth.
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EV and Hybrid subsidies to continue for now, reiterates Uttar Pradesh
The Uttar Pradesh government will maintain incentives for electric and hybrid cars to mitigate low market penetration. Automakers express concerns about these incentives affecting the transition to full electric vehicles. Officials stressed that the policy is flexible and could change, aiming to encourage a shift away from conventional fuel vehicles.
JSW MG Motor to focus on unified charging platform, EV education
JSW MG Motor India announced new initiatives to support EV adoption, such as a charging platform and a battery reuse project. Collaborations with firms like Adani Total Energies aim to improve infrastructure. The 'eHUB by MG' and EVPEDIA platforms were introduced for EV education. Future MG cars will feature the MG-Jio Interactive Connectivity Platform.
Maruti's boss knows why India's largest carmaker is slow in the EV lane
MSI Chairman RC Bhargava expressed hope that in the third term, Prime Minister Narendra Modi-led government will continue its emphasis on building infrastructure, maintaining fiscal prudence, keeping inflation under control, implementing reforms that make manufacturing more competitive and trusting the private sector.
Hyundai, Tata doesn't want UP to give a major tax advantage to Maruti, Toyota
Hyundai, Kia, Tata, and Mahindra opposed Uttar Pradesh's incentives for hybrid cars, stressing it hinders electric vehicle adoption and investment plans. The state recently made hybrids cheaper by waiving certain taxes, favoring competitors like Toyota. The government is currently reviewing the concerns, with a decision expected post an August 11 industry meeting.
Is India ready to recycle millions of end-of-life EV batteries?
As India embraces electric vehicles to combat pollution and reduce oil dependency, the importance of lithium battery recycling becomes evident. Major industry players are ramping up EV production, but current recycling infrastructure can't handle future demands. Strengthening policies and investing in technological advancements are essential for a sustainable battery recycling ecosystem.
India's new EV policy not suitable for JLR at present: Tata Motors Group CFO
Jaguar Land Rover, Tata Motors' British arm, announced it has no immediate plans to take advantage of India's new EV policy that provides import duty concessions. Though the company finds the policy unsuitable now, it continues to explore CKD manufacturing options. The new policy aims to attract global EV manufacturers to India.
There's no earthly reason for hybrids to get govt incentive: Tata Motors' P. B Balaji
The company is not considering bringing hybrid cars in the near future and will keep the "razor sharp focus on EVs" and double down efforts to drive its penetration, P.B Balaji, chief financial officer, Tata Motors group said in a post earnings media call.
How govt’s solar rooftop scheme is shaping Tata Motors' EV strategy
The market leader in the electric passenger vehicle segment Tata Motors suggests there is a clear value the rooftop solar users are finding in EV adoption. It is also seeing a boost with a central govt scheme aimed in this direction. Industry experts suggest that while there will be an interlinkage in both the sectors they are currently at an early stage. Going forward, awareness is necessary as there could be specific challenges with regards to urban and rural penetration.
What numbers tell: Elon Musk might need India now
Tesla CEO Elon Musk earlier this year canceled a planned visit to India citing heavy obligations. Despite initial plans, Tesla hasn't re-engaged with India, reportedly due to capital issues. India's EV policy might shift focus to reward other investors.
Uncertainty on policy front makes predicting EV profitability tough: Rajiv Bajaj to shareholders
A government official later clarified that union minister for heavy industries HD Kumaraswamy “was quoted out of context” on the EV subsidy scheme. In a post on X, Kumaraswamy said the government remained "fully committed to supporting the Indian Auto Industry".
Amid demand slowdown, EVs plug into PE recharging infrastructure
Private equity firms are increasing investments in India's electric two- and three-wheeler industry amidst a slowdown in electric passenger vehicle sales. Total funding in the first half of 2024 reached $754 million. Electric two-wheeler sales are on the rise, but electric passenger vehicle sales have declined. Challenges such as range anxiety and inadequate charging infrastructure persist.
UP's sops for hybrid vehicles irk EV companies, add to industry's June sob story
Sales of electric cars in June plunged 13.5% from the year earlier, having suffered a marginal drop in May, triggering fears that the Indian market may be following global trends. After last year's euphoria, domestic sales slumped to 20% growth in the January-June period to 46,845 units. That's down from a 135% surge in the same period last year, prompting Tata Motors and others to recalibrate expectations.
Policy support crucial signal of govt's commitment to 100 pc electrification: Ather Energy CEO
CEOs of Ather Energy and Ola Electric emphasize the importance of policy support for the electric two-wheeler industry in India. They believe in the potential of 100% electrification to reduce fossil fuel dependence and emissions. Localisation and demand incentives key to industry growth.
Xiaomi's SU7 bedazzles at India showcasing, rolls out tech bonanza with star-Redmi 13 5G
Chinese tech giant Xiaomi showcased its electric vehicle SU7 in Bengaluru, alongside new electronic products like the Star-Redmi 13 5G. Although not for sale in India, the SU7, resembling a Porsche Taycan but cheaper, marks Xiaomi’s EV ambitions. Heavy rains in Muradabad have damaged tomato crops, driving prices up in North India.
Mercedes ready to invest $500 mn in Indian EV biz but it has a condition
Mercedes-Benz supports India's EV policy with condition of consistent 5% GST for 10 years. Plans $500 million investment. Expanding electric range to 6 models. Calls for collaboration in building charging infrastructure. Emphasizes government support for carbon neutrality.
Changes likely in India's new EV policy, may benefit legacy car companies
The move comes as US electric carmaker Tesla Inc is still to make any firm commitment on building a factory in India. The policy, which aims to accelerate the local manufacturing of high-end electric cars, currently supports only fresh investments. Consultations are also on with stakeholders on another key issue troubling carmakers.
India's EV plans to get a policy boost as govt may fast-track 3 big-ticket schemes
The Indian government plans to fast-track three major electric vehicle schemes in its first hundred days, including incentives for local battery production and electric bus procurement under FAME 3. Aimed at boosting clean mobility, these initiatives aim to propel India towards net-zero goals amid rising global demand for EVs.
EV companies seek stability in incentives ahead of FAME-III rollout
The comparison between FAME-II and EMPS subsidies is crucial, as highlighted by a report from the Federation of Automobile Dealers Associations, emphasizing the importance of stable subsidy regimes for the EV industry's growth.
Want continuity of policy supporting EVs for next 8-10 yrs: Mercedes-Benz India MD & CEO
Mercedes-Benz India's CEO Santosh Iyer emphasized the need for long-term policy continuity supporting electric mobility for 8-10 years to plan better for zero-emission vehicles. He highlighted the company's increased EV penetration and upcoming launches, urging clarity on GST benefits and infrastructure investments in the Union Budget for sustained growth and commitment to emissions-free mobility.
EV policy in limbo, Delhi electric car buyers not getting subsidies for last six months: Report
Amid non-renewale of Delhi's EV Policy, subsidies are not reaching car buyers. While the govt blamed bureaucratic procedures for the delay, some officials blamed the banks for delaying subsidy disbursal.
Tesla coming to India? Elon Musk drops major hint
Elon Musk congratulates Narendra Modi on his re-election. BJP and allies win 240 seats in the 2024 Lok Sabha elections. Oath ceremony on June 09, 2024 at Rashtrapati Bhavan.
Govt to hold 2nd meet with stakeholders to issue draft guidelines for new EV policy
The Ministry of Heavy Industries is drafting guidelines for the new electric vehicle policy to attract global automakers like Tesla. Automakers, including Vietnam's Vinfast, must invest as per the new norms to avail incentives under the Scheme to Promote Manufacturing of Electric Passenger Cars in India (SPMEPCI) approved on March 15, 2024.
Amitabh Kant on Tesla: 'India won't make any further changes in its EV policy to suit a specific company'
India can'on being asked why Tesla didn't come to India after the CEO announced an India visit in April but cancelled at the last moment.
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