EVWorldNews

Category: Companies

  • Electric Car Manufacturer VinFast to come up with an IPO

    An electric car manufacturer from Vietnam called VinFast which is backed by the richest man in Vietnam has filed for an IPO in the United States as it is getting ready for delivering its first SUV to the consumers in California later in the month.

    This is a unit which is founded by the Pham Nhat Vuong and is being advised by the banks which include Citigroup, JPMorgan Chase and Co, Credit Suisse, Morgan Stanley and others. The shares are going to be traded under symbol of VFS on Nasdaq. There aren’t any details about the date when it will be possibly listed.

    Also read : GM to install 40000 EV chargers (evworldnews.com)

    The IPO plans of VinFast have been there in for close to two years. It was reported in the year 2021 that there were plans that a $2 billion US IPO was in the pipeline for the company. The company in had in the month of April filed for the confidentiality for the sale of shares. The company is looking to raise close to $1 billion from the offering in the month of January.

    VinFast is going to sell as well as list shares as per them when the conditions of the market are going to be suitable for them.

    Once it is listed, the company is going to look at further opportunities for raising funds. This is going to help them in their plans for growing all over the world.

    VinFast is going to be one of the biggest companies which are going to see an IPO since Vinhomes JSC which raised $1.4 billion debut share sale in the year 2018. The IPO did not do well since but the electric car manufacturer is going to look to change that trend and make sure that they grow at a steady rate in the coming few years.

  • EV chargers to be installed by General motors in Rural America.

    General Motors is going ahead with its plans which include the installation of 40,000 EV chargers. Most of which is going to take place in the rural parts in America. This is going to come as the plans of GM including selling exclusively for the zero-emission passenger vehicles by the year 2035. This is not going to be the Level 3 fast chargers but the slower ones but they are going to be powerful ones. These will be going in the locations where the EV drivers may be able to leave their vehicles parked for a couple of hours like the sport venues, parks or the downtown shopping districts. These are chargers which are going to have the industry-standard plugs which might be used by most of the electric vehicles and not only the likes of GM and Tesla.

    As of now there are 43,000 such charging stations in America. If all the units get installed, they would be able to double their number of stations.

    For now, 1,000 dealers of GM have come on board for the installation of 10 chargers per its dealership. Many of the GM dealership owners are the independent business owners and own over one dealership. The chargers are not going to be installed at the dealerships though but through the local area where the dealerships are based.

    As of now, most of the electric vehicles in the country are sold on the coastal areas such as California and New York. The EV chargers as of now are concentrated more in the suburban parts and urban parts of the nation around the major highways where they serve people who drive from one town to another.

    The dealers will get to select the location of the chargers in the communities where they are located or their dealership is located.

  • Tata Tiago EV sees great advance booking.

    In the last decade or so, there are a lot of new startups which are in to the energy vehicle and also the traditional OEMs that have followed a ubiquitous formula of beginning with the high range electric vehicle and then going on to develop the ones which are priced at a lower level. Most of the car buyers can’t afford the kind of vehicles. The news which is good is that the affordable electric vehicles which can meet needs of people now are arriving in many markets. Among these vehicles, the foremost is Tata Tiago.

    This is an MG4 which is critically acclaimed and has made itself available in many countries such as United Kingdom and all over Europe.

    These are hatchbacks which are in a class of vehicles which have gained a huge popularity in Europe among other places. These are cheap and also get to be a good fit for many needs of the people. Tata Tiago isn’t the only such hatchback which is made by Tata. The electric version of Tata Tiago is also available in India and it starts form a very small price of $10,000 in the country. This is a price which is at parity with its ICE version.

    This was a vehicle which was launched on the 28th September and it has already seen as many as 20,000 bookings since the orders opened. The waiting list as of now for the vehicle is 4 months. For a vehicle of this magnitude, such a booking is going to offer a lot of optimism for the company and the electric vehicle infrastructure of a country which is need of creating an infrastructure that will help the country handle its issues of air pollution and growth in population which is putting pressure on its resources.

  • Electric Vehicle startups finding it difficult to gain ground

    Government has recently cracked down on the makers of electric vehicles as there have been allegations of flouting norms. This has made the auto-component suppliers become very cautious. Many established makers who had been diversifying into the EV segment are now only placing their bets on the major legacy players as they have emerged to be a lot more reliable than Electric Vehicle startups.

    EV industry has been coming under fire since many months following FAME-2 subsidies suspension by the government to over 5 companies for defying of rules on the localization. Resultant, many startups are either overshooting their new product launch deadline by many months or are struggling to ramp the production up. Some of the others such as Simple energy, Oben Electric and Matter have been seeing their debuts getting delayed by 10 months to a year.

    A proprietor of the company which makes electrical and electric component has said that being a component manufacturer, there are many investment companies which have to be made specifically for a customer. These are customized products. These are not products where one size is going to fit all the needs.

    As over half of the Electric Vehicles are made outside of the factor of the vehicle maker, the component makers carry all the responsibility of supplying the parts which help in putting a product on the production line. The component suppliers have to invest in the production of the products which match the requirements of the vehicle maker precisely.

    Read Also : Elon Musk makes a cheeky comment on Biden’s tweet – EV World News

    Another Electric Vehicle startup owner said that it is difficult for them to secure supply chain and that is now leading to delays. Most startups are not able to be in line with the competition but are also not meeting their own projections either due to this. That is a major problem for the electric vehicle industry.

  • Zooz power to enter into a joint venture with Blink Charging in US electric vehicle market.

    An Israel-based developer, Zooz Power which has developed an ultra-fast power booster to be used by Electric Vehicles has secured the distribution agreement for helping in establishing its footprint in the United States Market.

    Also Read : BasiGo and Metro Africa lead Africa’s electric vehicle charge – EV World News

    On this Sunday, Zooz announced that it has signed an agreement for five years with the company Blink Charging. As per this deal, the operator in United States is going to be serving as the distributor for sales and deployment of the systems of fast charging which it says has the ability to fully recharge a battery within 15 minutes. Tel-Aviv listed shares of Zooz saw a jump of 20% in the afternoon trade.

    The CEO of Zooz, Boaz Weizer described this agreement as a major milestone in the penetration of the company into the market of United States. The market is seeing great development and is going to offer great business potential in the years to come.

    KPB which is based on a patented flywheel technology of Zooz is now converting electrical energy into the kinetic energy and has been designed for the areas where the EV infrastructure is still behind or where the grid is not sufficient enough to give the company a quick boost. The boosters are modular and can take up only half the parking space. These are installed in many parking lots, hotels and airports.

    Blink Charging said that as the demand for convenient and accessible long-range EV charging is going to grow, it is important that the company provides the EV drivers with a dependable and sustainable solution.

    Read Also : https://twitter.com/evworldnews/status/1599634338559062017

    Zooz will be working on Blink Charging on what will be a joint R & D pilot program which is going to be funded by the BIRD foundation for testing the capability of the system to ensure extremely fast charging of the electric vehicles and the capability of the system to ensure the ultra fast charging.

  • Tata Motors takes jibe at Mahindra in a social media post.

    Tata Motors is one of the homegrown electric vehicle companies in India and the company has a history of being savage towards its rival automakers by making a mockery of them for many reasons. While Tata has been targeting its rivals such as Hyundai and Maruti Suzuki in the past for its safety ratings, the company has now directed its savagery towards Mahindra XUV 400 over its electric vehicle sales or the lack thereof. In a social media post, the company compared the sales of Nexon EV which is a Tata product to that of XUV by an image which reads 35000>0.

    Tata Nexon EV is among the first-ever high voltage Electric SUV which is made in India and with its capable nature and the absence of any rival directly, the Nexon EV is among the best electric vehicle cars in India. This has made Tata Nexon way too ahead of their rivals and an electric car which has achieved this milestone and prompted Tata Motors to promote this achievement on social media.

    However, when it has done so, the Nexon has mocked its rival which is yet to be launched. Mahindra has positioned this car to be a direct rival and is going to see a 2023 launch in January. This will offer a driving range of 400+ kilometer.

    Tweet here : https://twitter.com/Tatamotorsev/status/1599018208513921029

    The jibe has not gone too well with some of the social media users. The reason for this is the fact that the car is yet to be launched. The comparison has been done with humor in mind but there were many who have pointed at the intention of mocking zero sales when it is going to hit the market eventually. Nexon has two models currently running in the market and both are getting good sales without any competition so far.

  • Elon Musk makes a cheeky comment on Biden’s tweet

    Elon Musk who is the founder of Tesla and is a new owner of the micro blogging website Twitter has been in the news in the recent past for different reasons.  Recently, Musk made a comment on the tweet of the President of United States, Joe Biden and asked him to buy an electric car from his company Tesla. United State’s President had recently reveled the plans of building 5 lakh electric vehicle charging stations all across the United States and announced a release of the funding for a nationwide charging network for the Electric Networks. This is going to help in financing the construction of charging stations across 35 different states and will significantly improve the charging infrastructure of the country.

    Following the post on social media site, Twitter, Musk and Biden then had a conversation on Twitter. The tongue in cheek comments were followed by people all over the world and created quite the buzz all over.

    Earlier in the Year, Biden did not Tesla when he was making his speech for the state of Union. Musk commented on that and said that no one was watching the President when he was making that address.

    Read the Tweet here : Elon Musk on Twitter: “@POTUS Or you can just buy a Tesla” / Twitter

    Biden said that an investment of a total of $18 billion was made by GM and Ford for building electric vehicles while Tesla had not been mentioned in the address that Biden made to the nation. Musk was quick to address that Tesla had been contributing to as many as 50,000 jobs in United States for building electric vehicles and is investing over double of what the other two companies that Biden mentioned are investing.

    Read Also : Electric Vehicle Market banks on India (evworldnews.com)

    He even went on to say that Biden is treating the public of America like Fools. Biden had in February though, had acknowledged the contribution of Tesla for countering the Chinese EV infrastructure.

  • Tata Motors To Bring Electric SUV Next Month

    Tata Power commits to building 1000 electric vehicle charging stations in Odisha.

    Tata Motors is expected to introduce their maiden electric SUV which is based on Nexon on the 16th of December 2019. The EV is going to see a launch in the Indian markets between January and the month of March in 2020 as had been announced earlier.

    The electric SUV is going to feature the EV technology called Ziptron by the brand which had recently been unveiled. The SUV is likely to have a range of close to 300km and is going to be priced somewhere in the range of Rs.15-17 lakhs.

    It had been revealed earlier by the company that the Nexon’s Ziptron powertrain is prepared keeping the driving in India and the conditions of the climate in mind and is going to provide appropriate performance and range for the buyers in India. The battery pack of the Nexon EV is going to comprise of lithium-ion cells and is going to feature liquid cooling for maintaining operating temperature which is idea.

    The company has also gone on to say that the battery pack of the SUV is coming encased in a steel casing that has high strength and also boasts of a rating of IP67 which is one of the highest standards for dust protection and waterproofing. In addition, Tata Motors is going to offer a warranty of 8 years on the motor and the battery pack.

    As a part of their marketing initiatives, the company has driven the car from Manali to Leh through a few of the tough terrain for proving its durability and performance in spite of the limited infrastructure of charging under the weather conditions which are extreme in the portions of the country where the drive took place.       

  • Tata Power to install 1000 charging points for electric vehicles in India

    Electric vehicles in India will get a huge boost as Tata power is going to install 1000 electric vehicle charging points and around a lakh solar pumps across the Indian state of Odisha in the coming five years.

    Already, it has set up 50 points for electric vehicle charging while 97 points are additionally under many stages of installation or commissioning as per a release from the company.

    The announcement of setting up solar pumps was made during the Make in Odisha conclave in Bhubaneshwar. Tata power said that this was a part of its efforts in solarization of the agriculture sector in this state.

    Tata power has already installed more than 700 solar pumps in further addition to the 1200 dual pumps for the applications of community drinking all over the state. Considering the huge potential that the state has in harnessing renewable energy, Tata power has said that it is going to participate in the growth of clean energy and renewable growth in this state.

    In Rooftop solar space, this company is also considering the installation of close to 1000 MW of the rooftop solar panels in this state. It has already installed more than 25 MW all over the state. This helps in reducing enough emissions comparable to the planting of as many as 11.31 lakh trees.

    Also Read : https://twitter.com/evworldnews/status/1598856508057468929

    The rooftop solar offering has been availed by many industries which include the cashew processing units, steel production, oil mills, handlooms as well as manufacturing units.

    Read : Toyota electric vehicle strategy gets big boost with Innova Crysta testing – EV World News

    Further, the floating capacity is going to be close to 5,000 MW all over the different water reservoirs of the state and Tata Power is going to look to utilize the expertise that they have in setting such plants up.

    This is going to help in meeting the peak demands of people in the state and also help the electric vehicle development in the state.

  • Toyota electric vehicle strategy gets big boost with Innova Crysta testing

    Toyota Innova Crysta is among India’s biggest and well-established MPVs. This car has been there for a longer time and is getting different regular updates from the automaker from Japan. In recent times, the manufacturer unveiled their latest Toyota Innova Hycross which is a version that is hybrid engine-powered of a car. Apart from the hybrid engine version, Toyota Innova Crysta electric was in discussion for a long time now and had been presented as the concept car earlier. Though, getting concept to function, the MPV has been spotted as a test vehicle on the public roads now. So Toyota Electric Vehicles may get a big shot in the arm with this move.

    Also read : https://twitter.com/evworldnews/status/1598678236673687553

    This testing indicates that the automaker may be testing a new chassis for the ladder-on-frame vehicles. If this is successful, this may well be a big breakthrough for the car manufacturer for electrifying the lineup of its models further.

    The practice to convert ICE models into electric is established already in the American auto manufacturers such as GM, Ford and others.  

    If it gets launched, the Toyota Innova Crysta electric might be the advancement of the company towards a future which will be dominated by electric and be sustainable towards the environment and will be a great addition to the electric vehicle companies in india.

    The exteriors of the Toyota Innova Crysta EV are based completely on its ICE version only with some changes. The biggest change in design is visible upfront as there is going to be an absence of the grille as in the ICE version. Further, the car has a blue highlight all over the body.

    Also Read : Mercedes Benz Electric Vehicle to launch EQB in India – EV World News

    The launch is still a while away but the electric vehicles forecast could be that the fans would not have to wait too long for an electric version here.