The automotive industry hailed Maharashtra’s electric vehicle policy calling it ‘the policy with a clear vision to promote electric mobility within the state’. Maharashtra’s revised and detailed EV policy is the second after neighbouring state Gujarat announcing its own scheme. Auto companies are also stepping up their play in tandem with these developments. More on this later in the copy, here is a complete look at what has made headlines in the automotive space this week.
Ola Electric has raised $100mn
Ola Electric said on July 12 that it has raised $100 million in long term debt from Bank of Baroda to close the first phase of development of its factory, where it plans to make electric two-wheelers.
The Bhavish Aggarwal-led firm, spun off from ride-hailing firm Ola, is setting up a 500-acre factory in Tamil Nadu’s Krishnagiri, aiming to make 10 million vehicles a year at full capacity — making it the world’s largest two-wheeler factory, the company claimed.
Maharashtra launches EV policy
The Maharashtra government on Tuesday announced its new electric vehicle (EV) policy with an aim of making such vehicles achieve 10 per cent share of total registrations by 2025.
The new policy, which has updated the one announced in 2018, was released by Additional Chief Secretary (Transport) Ashish Singh and state environment minister Aaditya Thackeray and others here.
JLR launches new Discovery
Jaguar Land Rover (JLR) on Wednesday said it has launched updated version of Land Rover Discovery in the country with price starting at Rs 88.06 lakh (ex-showroom).
The model comes with the latest generation of petrol and diesel engines, advanced infotainment system and superior comfort and practicality with seven seat configurations.
Maruti Suzuki to invest Rs 18,000 crore
The country’s largest carmaker Maruti Suzuki India (MSI) is planning to invest around Rs 18,000 crore on a new manufacturing facility in Haryana, as per a top company official.
The new plant would replace the company’s Gurugram-based facility and is expected to have an installed production capacity of 7.5-10 lakh units per annum.
June auto sales jump 16%
A low base of last year and pent-up demand resulted in an increase of nearly 16 percent in automotive sales during June, the Society of Indian Automobile Manufacturers, the apex auto body, has said.
Total sales of passenger vehicles (PV), two and three-wheelers and quadricycle rose to 1.32 million units during the month against 1.14 million units sold in the same month last year in the domestic market.
Tata Nexon EV demand jumps
The unabated rise in fuel prices coupled with incentives rolled out by state governments has led to a steep increase in demand for the Tata Nexon EV, a top official of Tata Motors said.
There has been a two-fold rise in the demand for the Nexon EV, which is also India’s largest selling electric vehicle, said Shailesh Chandra, president of passenger vehicle business unit, Tata Motors.
Lamborghini launches Huracán STO
Italian super sports luxury carmaker Lamborghini on Thursday launched the Huracán STO model, which is inspired by its racing cars, in India priced at Rs 4.99 crore (ex-showroom) with expectations of selling more than ten units this year.
The Huracán STO – Super Trofeo Omologata is a road-homologated super sports car inspired by the racing heritage of Lamborghini Squadra Corse”s Huracán Super Trofeo EVO race series.
Tata Motors launches commercial brand for PVs
For the first time Tata Motors launched a passenger vehicle brand dedicated to commercial buyers. The brand Xpres, will cater specially to buyers who wish to put the vehicle for cab services.
The first vehicle from this range will be the Xpres-T, a rebadged Tata Tigor electric. Targeted at mobility services, corporate and government fleet customers, the Xpres-T EV will come with an optimal battery size and captive fast charging solution, Tata Motors said.
Xpres-T EV will come with two range options – 213km and 165km. The car packs a high energy density battery of 21.5 kWh and 16.5 kWh and can be charged from 0- 80 percent in 90 mins and 110 mins, respectively, using fast charging or can also be normally charged from any 15 A plug point.
Tata Motors is already the market leader in the EV space with the Nexon EV being India’s highest-selling electric car. The company has promised to launch 1-2 new EV products every year.
The announcement comes at a time when state governments have become very active in promoting electric mobility. Gujarat and Maharashtra have rolled out demand-incentive schemes for EVs which will into effect before the end of this month.