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EV SALES IN INDIA

 

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INCENTIVES

The Indian Government’s EV incentives are administered under a program launched in April 2015 called Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME). Fame provides incentives for two-wheelers, mild-hybrid vehicles (not plug-in) and electric vehicles. An incentive of between Rs 1,800 to Rs 1.3 lakh is granted by FAME depending on the category vehicle.

  • Two Wheelers – Rs 1,800 to Rs 22,000
  • Cars – Rs 11,000 to Rs 1.38 lakh to cars
  • Mild Hybrids Rs 11,000

The Indian Government is working on a new plan to promote EVs and achieve its goal of 100% EV by 2030.

SALES

 EV Sales in India for the year-end 31 March 2016 was up 37.5% at 22,000 but of that only 2,000 units were cars.

INDIA EV SALES IN THE NEWS

Week 8 2018 - India EV Market readying for 2030

India is yet to set an EV policy to create a conducive environment for its target of converting to 100% electric public transport and 40% private electric cars by 2030. Currently, the Government provides tax incentives through its FAME program, but no clear EV policy exists. The Indian government this month called for inputs on its draft National Auto Policy which seeks clean and safe mobility to comply with global emissions benchmarks by 2028. The plan further aims to propel the Indian auto sector to be one of the top 3 in the world while being a major contributor to the country’s GDP. Hopefully, the Policy will include an EV policy. In the meantime, the Indian governmental entity overseeing the EV program, Energy Efficiency Services Ltd, is expected to bring a global tender for a further 10,000 EVs by the latest April 2018, giving foreign companies a chance to start operations in India.

The EV sector in India is surely hotting up in anticipation of the boom equal to that underway in China. In August 2017 we reported on the ambitions of Indian energy company, JSW Energy to get involved in the production of EVs. JSW Energy this week signed an agreement with the state if Maharashtra to construct EV and energy storage manufacturing facilities. JSW Energy plans to invest $550 million in the development of an EV by 2020.

Mahindra and Mahindra announced in October 2017 that it would provide $600 million towards developing its EV capabilities. This week the company earmarked $139 million of the budget towards upgrading its plants in the states of Maharashtra and Karnataka to manufacture EVs and components such as batteries.

Week 7 2018 - BYD to produce buses and batteries in India

Further afield BYD is set to construct an electric bus assembly plant in India at the cost of Rs2 billion. The 100-acre plant which is situated in Bidar, Karnataka will have an initial capacity of 1,000 units per annum and also build batteries for the local market. BYD and its local partner Goldstone Infratech will bid on tenders by 10 Indian cities to supply 390 electric buses in the coming months.

Week 2 2018 - Nissan exploring production of low cost EV in India

According to the Times of India Nissan is engaging with the Indian Government to support the company in bringing a mass-produced and affordable EV to market which could also be exported to other countries in the region. Nissan’s Global Director for EVs, Nicholas Thomas, told the Times that the car should be in the region of Rs 7 lakh ($10,000), making it cheaper than the Indian produced Mahindra e20, previously also sold in the UK. Mr. Thomas gave no timeline on such a project and commented that it would depend on the development of the Indian EV market and the affordability of batteries in the country. Although the Indian Government aspires to be 100% in electric by 2030, it is yet to present a clear plan on how this will be achieved. Nissan’s EV strategy is to develop 12 EV models by 2022 for the international market.

Week 46 2017 - Suzuki and Toyota signs MOU for Indian market

Bloomberg reported that the Chinese Government is considering the extension of its EV production permitting program which was created to protect the market against an oversupply of EVs. The program allowed for only 15 EV production permits of which JAC was the last to receive in May 2017. The extension of the permitting program is rumored to commence in 2018 and based on recent comments is expected to allow wholly owned subsidiaries of foreign companies to partake.

2017 Week 45 - India to follow the world’s biggest EV tender with an even bigger tender in 2018

 

In September the Indian Government’s Energy Efficiency Services Limited (EESL) awarded the world’s biggest EV tender of 10,000 EVs to Tata Motors. India’s other big carmaker, Mahindra & Mahindra, got a concession allocation to deliver 3,000 of the total 10,000 units. The tender to replace the Indian Government’s fleet of petrol and diesel vehicles over the next four years is to kickstart the Indian EV sector to reach its ambitious goal to get the country off fossil fuels and 100% EV based by 2030. Tata will supply its Tigo EV, and Mahindra is expected to include its KUV100 Crossover EV which is expected in 2018. According to the Financial Express sources, this week said that the EESL is preparing a second even bigger tender of 20,000 vehicles early in 2018. Speculation is that international EV manufacturers could get a slice of the pie to further develop the Indian EV sector through this new tender. The value of the tender is expected to be in the region of Rs2,300 crore (~$350 million), which equate to $17,500 per vehicle.

2017 Week 40 - Mahindra to invest $600 million inEVs

After losing a tender to supply the Indian government with electric vehicles to Tata, Mahindra and Mahindra amped up its investment in the sector by earmarking $600 million (Rs 4,000 crore) over the next three to five years. The investment will be in four parts, namely:

  • R&D in EV tech including battery technology, power electronics, and motors;
  • Capacity expansion;
  • Electrifying its current portfolio;
  • Developing a dedicated EV platform with Pininfarina.

2017 Week 38 - Ford and Mahinra to partner on EV development in India

With an eye on India’s ambitions to be rid of combustion vehicles by 2030, Ford and Mahindra entered into a strategic partnership for the development and sourcing of electric vehicles, e-mobility solutions, and self-driving technology. The partnership will be for three years with the option of extending it. Executives from the two companies were quoted in a company press release as follows:

“Our two companies have a long history of cooperation and mutual respect. The memorandum of understanding we have signed today with Mahindra will allow us to work together to take advantage of the changes coming in the auto industry. The enormous growth potential in the utility market and the growing importance of mobility and affordable battery electric vehicles are all aligned with our strategic priorities.”

Dr. Pawan Goenka, managing director, Mahindra and Mahindra Ltd elaborated: “The changes facing the automotive industry globally are triggered by the accelerated rise of new technologies, sustainability policies and new models of urban shared mobility. Given these changes we see the need to anticipate new market trends, explore alternatives and look for ways to collaborate even as we compete and build powerful synergies that will allow rapid exploitation of the exciting new opportunities. Today’s announcement builds on the foundation laid through our past partnership with Ford and will open opportunities for both of us.”

2017 Week 34 - Indian Government calls for 10,000 EVs

The Indian SOE (State Owned Enterprise), Energy Efficiency Services (EESL) called for international auto companies to bid to supply 10,000 EV sedans, starting with 1,000 that would be used by government departments. The winning bid should be able to provide an EV with a 150km (94 miles) range. EESL also called for bids to 4,000 charging points. India is trying to fast track the use of EVs through its National Electric Mobility Mission Plan. The plan which has a first target of 400,000 EVs by 2020 battles to gain momentum. Local manufacturers Tata and Mahindra Mahindra has been slow to supply EV models due to economic viability and low subsidy support from the Indian Government. An incentive scheme was introduced in April 2017 as part of the Faster Adoption and Manufacturing of Electric Vehicles (FAME) program.

2017 Week 33 - India dirty power giant to venture into EV manufacturing

The Indian power producer, JSW Energy, a thermal power producer with nearly 5,000 MW of capacity is set to shift its business to align itself with more sustainable energy offering. Although this strategy is adopted by most power producers JSW Energy’s shift is more radical, as it includes investing around $550 million in new businesses including the manufacturing of an electric vehicle by 2020. In an interview with the Hindu BusinessLine, JSW Energy’s CEO admitted that the company is venturing into a new competitive space but that it bets on the growth in the vehicle sector in India due to the expected disruption by EVs. The company is set to work with technical partners and have a 60% local content goal.

2017 Week 22 - INDIA targets 6 million plug-in vehicles by 2020

The Indian Government’s Department of Energy posted a blog in which it reiterates its ambition to only sell EVs by 2030 through its National Electric Mobility Mission Plan on which we reported on in Week 17. The Government’s plan set a target of between 6 and 7 million units by 2020 already, which seems overly ambitious as EV sales have yet to pick-up in the country. One if its largest automakers Mahindra and Mahindra last week announced that it only now plans to increase its battery production capacity from 500 units to 5,000 a month, a far cry from what should be needed if it wants to produce its fair share of 6 million units. The blog sees that EVs will reach parity with ICE vehicles by 2022. Bloomberg New Energy Finance in a report last week saw this only happening in 2025. Automakers such as Mahindra is reluctant to overly invest in EV manufacturing infrastructure while the prices of ICE cars remain cheaper than EVs in a country where the consumer is very price sensitive. The Indian Government is yet to definitively announce what financial contribution it will make towards achieving the goals, other than saying it acknowledges that it will need to carry the industry for the first three years.

2017 Week 21 - Mahindra gears for EV race

Indian based Mahindra and Mahindra this week shed some more clarity on how it aims to compete in the electric vehicle sector. The company announced that it would construct a battery plant in Chakan, Pune City in Maharashtra State which will increase the company’s battery output ten fold. Currently, the company produces only around 500 battery packs a month for its e2O, and eVerito models from imported cells at its Bengaluru plant, the Chakan plant has a target of 5,000 units a month. The Indian company is also developing a high powered electric vehicle platform available by 2019 that is capable of speeds up to 200km/h / 125mph and a range of 350 – 400km (250 miles). The Indian government has set a lofty goal of 100% electrification of the countries vehicle fleet by 2030, but to date, the technology has failed to get any traction that can compare with its peer, China.

2017 Week 12 - Mahindra committed to electric vehicles

Mahindra and Mahindra Ltd is eyeing both luxury electric vehicles comparable to Tesla under the Pininfarina brand and mass market vehicles. Mahindra’s MD, Mr. Pawan Goenka made the comments in an interview with the Indian publication Live Mint. According to Mr. Goenka, he does not think that India will go the subsidy route. Therefore EV prices should come down between Rs40,000-50,000 (around $750) for it to make financial sense. He admitted that the company is currently losing money on EV’s but that Mahindra is in it for the long haul and will remain committed to the sector. Mahindra is targeting the Asean (Association of Southeast Asian Nations) markets for its EV business.

2017 Week 3 - Indian Tycoon to invest in India's Electric Vehicle sector

Bloomberg reported that the JSW Group’s owner and Chairman, Sajjan Jindal, announced in Davos, Switzerland his intention to enter the Indian Electric Vehicle market by 2020. The metals tycoon expects the Indian government, like many other governments, will promote EVs once it’s more affordable. Although India has some large automakers such as Tata and Mahindra, which is a contender in the Formula E Series, the country is significantly lagging its neighbor China, the world’s largest EV market. India had only around 6,000 electric vehicles registered at the end of 2015.

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