EV NEWS
NFO Tracker: These 8 new mutual funds are open for subscription now
Around eight new mutual fund NFOs are open for subscription this week, according to the data from ACE MF.
£315,000 Ferrari supercars growl a warning for EVs
Since going public in 2015, the Italian company has expanded both the volume and variety of cars it sells, while preserving exclusivity by raising prices, restricting who can order vehicles and resulting in long waiting lists. Around three-quarters of its cars are purchased by existing clients, while almost half the company’s vehicle sales are hybrids.
Ola working on solid-state batteries, okay with govt tapering off EV subsidies
Ola Electric, led by Bhavish Aggarwal, revolutionizes electric vehicle batteries with cutting-edge technology. Partnering with Beijing Welion New Energy, they achieve a 1000 km range with innovative battery-swapping services. The industry anticipates electric aircraft powered by these advancements, cementing Ola Electric as a pioneering force in the EV sector.
BGauss RUV 350 electric scooter launched: Specs, variants, and prices revealed
The top-spec RUV 350 Max model offers advanced features like hill-hold assist, a fall detection system, and turn-by-turn navigation, making it a comprehensive and innovative choice in the EV market.
Groww Mutual Fund files draft document with Sebi for Nifty EV & New Age Automotive FOF
Groww Mutual Fund has filed a draft document with Sebi for Nifty EV & New Age Automotive FOF. It will be an open-ended fund of fund scheme investing in units of Groww Nifty EV & New Age Automotive ETF or similar ETF tracking the Nifty EV & New Age Automotive Index.
Mirae Asset Nifty EV and New Age Automotive ETF opens for subscription. Key things to know
Mirae Asset Mutual Fund has announced the launch of Mirae Asset Nifty EV and New Age Automotive ETF, an open-ended scheme replicating/tracking Nifty EV and New Age Automotive Total Return Index.
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Explained: What happens next in the EU investigation into Chinese EVs?
China and the European Commission plan talks to address proposed tariffs on Chinese-made electric vehicles entering the EU, potentially easing tensions. The EU intends to impose provisional duties on these vehicles, ranging from 17.4% to 38.1%, with the deadline set for July 4. Negotiations between the EU and China are expected, with stakeholders having until July 18 to provide feedback. The Commission will publish its findings by July 4, and decisions on provisional duties will follow.
China and European Union agree to talks in bid to head off trade war
China and the European Union have decided to initiate talks aimed at resolving an increasingly tense tariff dispute, with billions of dollars in trade hanging in the balance. According to the Chinese Commerce Ministry, discussions will be held between China's commerce minister, Wang Wentao, and the European Union's trade commissioner, Valdis Dombrovskis. The focus will be on addressing the European Union's proposal to impose tariffs on electric cars imported from China, a move that has sparked significant concern.
Elon Musk's Tesla Highlights: Self-driving tech, cybertruck & robotaxi plans
Tesla's annual shareholder meeting on June 13 was marked by shareholder approval of Elon Musk's $56 billion performance-based pay package, despite previous legal challenges. Additionally, shareholders agreed to relocate Tesla from Delaware to Texas. Elon Musk, in his characteristic style, outlined ambitious technological advancements at the meeting: he projected rapid progress in self-driving car technology, including the potential for Tesla owners to connect with a future "Robotaxi" fleet for passive income.
China drives away autonomous Tesla
Elon Musk envisions a future driven by self-driving cars and humanoid robots, potentially transforming Tesla into a trillion-dollar enterprise. However, uncertainties loom over Tesla's ability to deliver on these promises to both consumers and shareholders. Despite Musk's ambitious projections of unlocking ten times Tesla's current value through autonomous vehicles, Chinese competitors are advancing in key technologies like lane-navigation and battery economics.
Groww Mutual Fund files draft documents for Nifty EV & New Age Automotive ETF
Groww Mutual Fund has filed draft documents with Sebi for Nifty EV & New Age Automotive ETF. Groww Nifty EV & New Age Automotive ETF will be an open-ended scheme replicating/tracking Nifty EV and New Age Automotive Index - Total Return Index.
Mirae Asset Mutual Fund launches Mirae Asset Nifty EV and New Age Automotive ETF
Mirae Asset Mutual Fund launches India’s first ETF focusing on Electric Vehicles (EV) and New Age Automotive, offering long-term capital growth by investing in leading companies in the dynamic automotive sector.
Expired Delhi EV Policy yet to get extension
The Delhi Electric Vehicle (EV) Policy, which expired on December 31 last year, has not been extended as planned, leaving customers without government subsidies for new e-vehicle purchases. Initially set to be extended until June this year, the policy's extension was approved by the Delhi cabinet in March but delayed due to the Model Code of Conduct during the Lok Sabha polls. Officials are finalizing the new Electric Vehicle Policy 2.0, aiming to incentivize vehicle retrofitting, which is costly.
Tata Motors to revive Jaguar Land Rover's Freelander as a Made-in-China EV
Jaguar Land Rover is reviving the Freelander as an electric vehicle for the Chinese market through a partnership with Chery Automobile. Produced under their CJLR joint venture, the new Freelander aims to compete in China’s EV market and boost Tata Motors' electric profitability. Global expansion plans are also in place
High tariffs on EVs to protect from Chinese imports, says trade ministry
India's trade department said on Friday that the country's car market is "well-protected" through high tariffs on the import of electric vehicles, at a time when other major economies like the European Union have slapped tariffs on Chinese EVs.
Ather Energy plans to build third plant in Maharashtra's Aurangabad: Report
Ather Energy reportedly planning to invest about Rs 1,000 crore in the plant. Spanning across 100 acres in phases, the plant will be situated in Bidkin town within Aurangabad. Ather's existing assembly and battery plants are currently located in Hosur, Tamil Nadu.
Chinese EVs to be hit with multi-billion-euro tariffs at European Union toll gates
The European Union plans to increase tariffs on Chinese electric vehicles to 25%, despite German warnings of a trade war. France and Spain support the move to protect European manufacturers and generate revenue. Currently, the EU imposes a 10% duty on Chinese EVs, while China taxes European imports at 15%. This decision follows the U.S. raising duties on Chinese EVs to 100% and will see BYD, Geely, and Tesla, which export from China to Europe, hurt in the process.
Ola Electric IPO: All about the first EV startup IPO in India
Ola Electric, a Bengaluru-based EV startup, receives Sebi approval for IPO, marking a milestone in Indian EV industry. Founder Bhavish Aggarwal informed employees about the regulatory green light.
Uno Minda all lit up with more content per car and focus on electric vehicles
Uno Minda, a major auto parts supplier, has shown remarkable revenue growth, outpacing industry averages by almost two and a half times over five years. Its robust performance in FY24, marked by a 25.2% revenue increase and expanding operating margins, has propelled its stock by 37% in recent months. With significant growth in its lighting and light metal technology divisions, driven by premium offerings and expanding into the electric vehicle (EV) segment, Uno Minda is capitalizing on the trend of premiumization across vehicle segments.
Mirae Asset Mutual Fund files draft document with Sebi for Nifty EV & New Age Automotive ETF
Mirae Asset Mutual Fund has filed a draft document with SEBI for India's first ETF focused on Electric Vehicles (EV) and New Age Automotive. The fund will track Nifty EV & New Age Automotive Index.
Series AA 127- The EV transformation-Part 1: How a multibagger got fresh tailwinds & gave 22,334% return in the last 20 years
Excerpts from its annual report for 2017-18. ELECTRIC VEHICLES – THE NEW MARKET DISRUPTOR “We are anticipating the next market disruption through electric vehicles. We are closely reviewing and watching the situations and doing our ground level work. We are also mapping all of our existing products vis-à-vis EV to capitalise on the opportunities EV will throw at the component manufacturers, whether it is motors, batteries or any other system which will come into the electric vehicles, totally different from the conventional IC engine” Cut to August 2023, five years down the line, the company commissions two plants for making on-board charger, off-board charger, motor control Units, DCDC converters, battery management systems, and more products catering to EV 2-wheelers and 3-wheelers. Now this is a reflection of the speed at which an auto ancillary company needs to function and also the product range it needs to have if it has to stay relevant in the changing world of the auto Industry. Foresight, planning and timely execution is the key.
Slowing EV sales are upending banker climate strategies
The global electric vehicle market faces challenges as China leads in EV development, impacting sales in Europe and US. Policy interventions are expected due to China's dominance and US tariff increases on Chinese imports.
Will China become the cat among India's EV pigeons?
Chinese electric vehicles are causing concern in the US and Europe due to their affordability and efficiency. The US has responded by imposing tariffs on Chinese EVs and lithium-ion batteries. India may now become a target for Chinese EVs. Stellantis is considering manufacturing Leapmotor's electric vehicles in India to avoid tariffs.
Bad news for hybrid car buyers, good for EV sector: GST Council may not give tax relief for hybrid cars in next meeting
The govt may not discuss tax concessions for hybrid cars in the next GST Council meeting, affecting companies like Maruti Suzuki and benefiting electric car makers like Mahindra and Mahindra. Transport minister Nitin Gadkari had requested a GST reduction on hybrid cars to 12%.
Kia unveils revamped EV6 electric vehicle with bigger battery
Kia, South Korea's second-largest automaker, on Tuesday announced the release of a redesigned and upgraded version of its EV6 electric vehicle, which was first introduced in 2021.
Tesla ramps up job cuts in China as sales slowdown bites
Tesla Inc. is escalating job cuts in China to regain market share, with layoffs extending to various departments at its Shanghai plant. The company faces challenges amid a global EV demand slowdown, intense competition, and shrinking market share. Despite layoffs, Tesla secured approval for its driver-assistance system in China.
Tesla retreats from next-generation 'gigacasting' manufacturing process
Tesla, amid falling sales and increasing competition, has abandoned plans for an innovative one-piece gigacasting manufacturing process. Initially aiming to revolutionize manufacturing and reduce costs, Tesla has opted for its more traditional three-piece method for vehicle underbodies. The decision underscores Tesla's strategic pivot towards self-driving technology over massive EV sales growth, reflecting recent layoffs and executive departures. This shift also comes after the cancellation of the Model 2 and signals a more conservative approach to production innovation.
BMW i5 M60 EV bookings started, offers 516 km range, 0-100 kmph in 3.8s and more
BMW opens bookings for the i5 M60 EV in India, the sixth electric model available. The CBU model offers 601 hp, 820 Nm peak torque, 516 km range, 3.8s acceleration, 110V/220V cable, Apple Carplay, Android Auto, 14.9-inch display, deliveries starting in May.
Bad news for India? Indonesia and Thailand up their EV strategy to attract electric vehicle makers
Indonesia and Thailand are offering tax incentives, lower import taxes, and value-added tax breaks to attract electric vehicle manufacturers. Indonesia aims to produce 600,000 EVs by 2030, leveraging its nickel reserves. India is implementing schemes to attract EV companies, while VinFast Auto and BYD plan to enter the Indian market.
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