EVWorldNews

Tag: Electric Vehicles Market

  • Avon Cycles Ltd denies any misappropriation in funds.

    Avon Cycles Ltd from India has denied that it has been involved in any wrongdoing in a scheme of granting subsidies for vehicle manufacturing for boosting the electric vehicle sales after the government said that this company was one of the companies that was being investigated for misappropriation. The government of India has been reimbursing the electric vehicles and hybrid vehicle manufacturers for reduction of the purchase price of their vehicles under what is called the FAME program.

    There were complaints made against 12 manufacturers of electric vehicles and parts. One of them was Avon Cycles for violating the guidelines under the Rs 100 billion program.

    There were other companies which were named by the concerned ministry but the others have not made any comment yet.

    The minister also said that 2 of the 12 companies have already been suspended from the claiming of incentives after the investigation. Avon Cycles in an email has said that it does not have a two-wheeler model which is covered under any of the schemes and the three wheeler models which qualify already meet the eligibility criteria completely.

    The company in a statement said that the presence that they have is in the low speed category for the two wheelers which also implies that they don’t have any model which gets covered under the schemes and therefore no subsidies have been claimed by the two wheeler in this segment.

    The maker has said that they have two number three wheelers which qualify under the scheme and completely meet the criteria which has been set by the authorities. The sales volumes have been significant for them. India is still an electric market which is in its nascent stages and it is growing currently and has an aim of reaching a high level of sales in the coming five years.  

  • EV charging sees 228% rise in investment in 2022

    There is a new report about the zero emission vehicles which states that the there is an estimate about the cumulative investment in the charging of electric vehicles and its hardware. The estimate of cumulative investment states that the EV charging hardware and installation is going to reach $62 billion by the year end with the investment of $28.6 billion in 2022 and that is an increase of 228% from the previous year of the total investment. There is a major expense here which includes 600,000 chargers being built by the Chinese. The total investment all over the world is going to pass the market of $100 billion in the year 2023 if the pace that China has maintained is kept up. This is a milestone which is going to transition into the new phase of the EV charging lifestyle.

    Many signs are there of a transition being underway and the facts suggest that the factories are now scaling up and the increase in purchase commitments. There has been an influx of the investors on infrastructure and coordination all over the charging ecosystem with the automotive, utility and charging sectors all working together.

    The growth has happened through various stages. It began when the Nissan Leaf launched in the year 2010.

    The new scale of this industry was hit during the year 2019 when the public charging infrastructure. Tesla more or less has been a lone performer up to the point with the 12,000 superchargers all over the world and 120 kw max charging speeds.

    The peak adoption has become a great boost for the electric vehicle charging which is going to grow further in the years to come with the infrastructure development in the developing countries where the pollution levels are higher such as India where the adoption will grow the market considerably.  

  • Electric Vehicles have existed for more than a century.

    Electric vehicles are widely perceived to be a phenomenon which has recently grown but it is a story which starts many years before the onset of the superpower of electric vehicles which is Tesla. William Morrison who is believed to be the eccentric chemist had been working on an electric carriage long before the 1900s and he did it in his secret basement which he called Cave. The vehicle may not be a competitor to the kind of technological advancement we currently have but it was certainly an inspiration for many a scientist who has been researching on bringing the carbon footprint of the country down. Electric cars history suggests in 1900s were a golden period for the EVs as over one third of the vehicles which were built were electric ones. The problem then however was the slow speed of the vehicle and the heavy batteries and the mass-produced Model T of Ford which had been dealing serious haymakers to the industry of electric vehicles.

    Also read : EV World News – Get into the world of Electric Vehicles

    Ford was the pioneer of creating petrol powered vehicles and making them affordable for the buyers. The US had a better infrastructure than most other economies and the growth of Texas Crude oil gave rise to some of the biggest innovations of the country in terms of vehicles. Rural Americans found it easy to get to petrol and found it really cheap as well.

    The growth has been based on the electric vehicle need due to the carbon neutral need as the climate change has taken place with environment taking a battering due to the petrol based carbon emissions. Electric vehicles are offering a hope to grow the countries towards a carbon neutral future which could be more sustainable than the one that we are currently looking at. The growth is expected to further take place with investment by the governments.

  • Canada Electric vehicle to be slower in the coming years

    The transformation of Canada Electric Vehicle is picking speed up rapidly with the automakers committing an estimate of $1.2 Trillion to the electrification through the year 2030 for building tens of the millions for the electric vehicles, more than the double of amount from only a year ago. As more of the electric vehicles come to the market, the countries around the world have been rapidly building the charging infrastructure and supporting the citizens in transition to the electric.

    While others race ahead for an electrified future, the country is on a low battery of Canada.

    As per the electric vehicle readiness index which is developed by the global accounting firm Ernst Young, Canada has now fallen from the eighth place in the year 2021 to the 13th in the year 2022 of the top 14 vehicle markets of the world. The main reasons are the lack of ambition on the charging infrastructure and the consumer incentives.

    The recent assessment of the needs of charging suggests that for every 24 electric vehicles on road by 2030, Canada is going to need just one public charger. Comparing this to California, a jurisdiction the federal government regularly co-operates with on the climate policy where the estimate of the California Energy commission estimates that every 12 electric vehicles on road is going to require one public charger by the year 2030.

    The charging infrastructure build-out of Canada is very concerning too. As of the year September 2022, only 2500 chargers had been operational of planned 84,500 government funded charging.

    Also Read : Rwanda electric Vehicles not going as planned by the government. – EV World News

    At the pace of construction, the chargers which are government funded won’t be operational until after 2050 which is decades after the target of EV sales which the government has set. Canada has an antiquated approach to the electricity which is becoming difficult for the country.

  • Lyft wants to have more drivers into electric vehicles

    Lyft which is an app-based ride-booking service which is rolling out the new set of perks geared towards having more drivers into the electric vehicles.

    This is a move which could come as the federal government has been offering a more generous tax credit for the purchase of electric vehicle which meets certain requirements. Many states as well as localities also have the incentive programs and are planning for the significant expansion of the electric vehicle charging infrastructure.

    Also Read : Krishan Pal Gurjar reveals steps about adoption of electric mobility (evworldnews.com)

    In California, Uber and also Lyft are also facing state regulation that call for the emission cuts from the ride-booking services in years ahead.

    Lyft has said on Monday that it is going to award the drivers in California in the $150 bonus if they compete close 50 trips in the week using the personal electric vehicle. That incentive is going to run through the December of 2024 and the drivers can keep receiving bonus until they hit $8,100. The drivers can only have one bonus payment every week.

    Additionally, it has also been said by Lyft it had entered with charging company EVgo to get the US drivers discount of close to 45% on the standard charging rates, with savings could vary on the basis of factors such as location and time. And it announced the discounts and the pre-negotiated rates for home charging equipment and the installations with couple of different companies, Coil and Wallbox.

    Lyft pledged a couple of years for having all the vehicles on the platform to go electric by the year 2030.

    The company has dumped upward of the $45 million into campaigns for the failed measure on November Ballot of California that would have raised the taxes on the people earning more than $2 million every year for helping in paying for electric vehicle subsidies.

  • Electric Vehicle tyres may give better battery range by close to 10%

    Electric Vehicle drivers may boost their battery range by close to 10% while using the Electric Vehicle Tyres as per Michelin.

    However, the research which is conducted by the manufacturers of tyres showed that most of the drivers are unaware that the tyres which are specific to the Electric vehicles are available with the three-quarters of the drivers in dark.

    John Howe, the managing director at Michelin for Ireland and United Kingdom says that the tyres which are Electric Vehicles can enhance the battery range allowing the drivers to travel further at every charge but can also last longer on the electric car than the standard tyre.

    There is research which has also revealed that the increase for battery range has been viewed by the respondents as a huge benefit of the tyres that are Electric Vehicle specific with the second most important benefit proving to be tyres that are Electric Vehicle specific last a lot longer than the standard tyres.

    Howe has also said that a huge deal of innovation and research goes into the production of a tyre which can increase the range of the electric cars.

    Also Read : University of Houston students compete in Electric vehicle design (evworldnews.com)

    It requires incorporation of many new tyre technologies for lowering rolling resistance, increasing efficiency and optimization of the handling characteristics of the electric cars.

    However, to get the most of an Electric Vehicle, drivers should ensure that they are going to make use of every opportunity available to them.

    The electric cars have been notoriously faster off line than the diesel or petrol equivalents, but it has been wise to limit the full throttle accelerations to not only stay safer on the winter roads but also for extending the range of the Electric Vehicles. Wherever possible, keep the speed under the 60 mph, as speed increases, drage and rolling resistance increases too.

  • Australian electric vehicle industry on the verge of launching

    Over 500 individuals, businesses and groups have responded to the consultation on the first Australian electric vehicle strategy and it has made it clear that the Australians want to now enter the bandwagon.

    In the month of September, the federal government had launched the consultation for this strategy which according to the government has been designed for improving the supply, affordability and uptake of the electric vehicles.

    The for the submissions closed on the 31st of October as the departments received over 500 entries which covered more than 1200 organizations along with 1500 individuals.

    Also Read : Ramakrishna Forging grows in electric vehicle market (evworldnews.com)

    As per the authorities, there were positive responses in the favor of making a transition to the electric vehicles with the authorities saying that they are happy by the strong advocacy which they have seen to transform Australia into an electric vehicle powerhouse.

    Government is going to be working through submissions in an intuitive way in the coming weeks as per the authorities.

    Though, the complete list of the entries has not been made available, it has been reported that the authorities are not in favor of a complete ICE ban for the country to the amount it is there in the regions like California and Europe

    Fundamentally, as per reports the AADA is opposed to the ban on ICE vehicles due to the potential of adverse consequences for the Australian consumers and the industry along with the people it employs.

    There are many variables which could potentially cause a problem when it comes to the banning the ICE vehicles. There is a lot of uncertainty around the ability of the industry to meet the demand of the electric vehicles which means there are similar concerns around when there is price parity for the electric vehicles. There are consumers who might not be able to afford the electric vehicles.

  • Foxconn maybe manufacturing electric vehicles soon.

    There is a major chance about the next car of a person being the electric car. There is a major chance that the company which makes that electric car is going to be a Foxconn one.

    Foxconn is a Taiwanese giant in terms of electronics which assembles all kinds of the popular devices which includes iPad, iPhone, Nintendo Switch and Kindle which is diving directly into the electric vehicles world. However, instead of just selling the electric vehicles under their own brand, it will be designing and manufacturing the cars for the automakers which are established and the startups which are coming up.

    Foxconn is currently making its products for Apple and it is hoping to do for the car manufacturer Tesla. In the month of October, chairman of Foxconn said that that the company is aiming to make 40 to 45% of the electric vehicles of the world, matching the success which it has achieved in the electronics.

    Foxconn has unveiled their first prototypes of Electric Vehicles in the previous year and has wasted very little time in lining a roster up of automotive clients. Earlier in the year, the maker of iPhone has brought a former General Motors in the Lordstown, Ohio from the struggling automotive startup called Lordstown Motors. Lordstown Motors has been recently starting the shipping out of the Foxconn-made electric pickup trucks for customers.

    Also Read : Toyota Electric Vehicles to tie up with Oncore electric delivery (evworldnews.com)

    Fisker which is another Electric Vehicle upstart has been tapping into Foxconn for manufacturing their second vehicle, the Pear will start in 2024 in Ohio.

    Foxconn is also building prototypes for another startup in Indi EV. And it has inked a partnership with Yulon Motor with Taiwan.

    Volkswagen has been considering the hiring of Foxconn for building its new electric SUV and pickup truck destined for the United State buyers later on.

  • Ramakrishna Forging and Tsuyo Manufacturing to join hands in electric vehicle market

    Ramakrishna Forging which is among the leading suppliers of forged, rolled and machined products has announced the intention it has for acquiring 51% rights of voting for the Delhi-Based Tsuyo Manufacturing which is a startup that is working on the powertrain solutions for the electric vehicles. This will grow the electric vehicle market

    This is a proposed investment which is going to help Tsuyo for using their technical expertise and skills of manufacturing of both the organizations for enhancing their portfolio and expanding their facilities for the manufacturing of the controllers, differentials and e-axles.

    Also Read : Rwanda electric Vehicles not going as planned by the government. – EV World News

    Ramakrishna Forging has an aim to invest close to Rs 100 crores in the coming five years that is going to generate a turnover of close to Rs 500 crore by the time the fifth year ends.

    Ramkrishna Forging said that they believe that the strategic investment is going to enable them to further the commitment for supporting the electric vehicle growth in India and in the world. They said that they are excited for the journey and to partner with TSUYO and the acquisition is going to significantly improve the capabilities and expand the share of the market in the evolution of Electric vehicle segment. The transaction also brings many synergies that solidify the position as one of the biggest providers of the forging solutions.

    The headquarters of the company are in Kolkata wher ethe company has been since 1989 and has manufacturing facilities in Jamshedpur, US and other countries.  

    In the years, it has been working, it has increased the forging and die making capacities and also added machining and facilities of heat treatment including the isothermal annealing which has enabled it for undertaking the manufacturing of components for the OEMs and the Tier 1 companies.

    The union is going to be good for both the companies and is going to grow the overall electric vehicle market.

  • Mahindra and Mahindra looking at an investment of 10,000 crore

    Mahindra and Mahindra which is an automaker from India has said today that it is going to invest Rs. 10,000 crore for setting up a manufacturing plant for electric vehicles in Pune as a part of its push for the EV space in the country. The investment plant has been approved under the Maharashtra Government and its industrial promotion scheme for the electric vehicles.

    Mahindra is known for the sports utility vehicles it makes along with jeeps has now said that it is going to now manufacture its Born Electric Vehicles range which includes the Electric Vehicle variant of the popular XUV 700 in its new plant.

    Through its subsidiary, Mahindra is going to make investments of close to Rs 10,000 crore in the period of 7-8 years for setting the manufacturing facility up, development and production of the BEVs of Mahindra and a few others which had been showcased in UK in the month of August in the year.

    Rajesh Jejurikar who is the executive director of the company said that they are delighted with the approval which has come from the Maharashtra Government for setting the EV manufacturing plant up in Pune and investing in what they call their home state for over 7 decades.

    Also read : Lack of awareness about Electric Vehicle battery hurting market – (evworldnews.com)

    As of now, India does not have a huge sale of electric vehicles with Electric vehicles only making about 1% of the total sales of cars of close to 3 million however government wants to help in the growth of this by 30% by the year 2030.

    Currently Pune is home to a few of the top manufacturers of the country which includes Hero MotoCorp , Bajaj Auto Ltd and the Indian Mercedes- Benz and Volkswagen unit.

    The company is currently in talks with many investors who they think will invest in the companies going forward.