Electrical vehicles companies in India are launching new products. For instance, Ola electric has launched its first two-wheeler in India. Mahindra & Mahindra and Hero Electric have launched new vehicles as well. Tata Motors has introduced its first electric car, the Tigor EV, while the latter has launched an electric variant of its Tiago. These companies are hoping to capitalize on the demand for electric buses from State transport unions. Tata has also focused on setting up charging stations.
The company has launched a promotional video showing CEO Amit Aggarwal riding an electric scooter in Bengaluru. The e-scooter is expected to launch on Aug. 15. The company plans to enter the premium electric two-wheeler segment and has global plans to expand its two-wheeler manufacturing capabilities. The company expects to launch its scooter at a price of under Rs1.5 lakh and expects to receive a subsidy of around Rs50,000 from the government.
The company has invested over $1 billion in building a state-of-the-art e-scooter manufacturing facility in India. The new facility will be spread across 400 cities and have more than 100,000 charging points. The network will be exclusive to Ola vehicles. Ola has also announced plans to create at least 10,000 jobs through the new factory. Ola electric is launching the first electric two-wheeler in the India phase.
The new investment will help Ola Electric launch more electric two-wheelers. The S1 electric scooter was introduced in August. This scooter is expected to launch in India and will be exported for the first time. The company sold 150 million US dollars worth of scooters in two days. The company plans to continue the expansion of its electric scooters in India and beyond. Its sales of the S1 electric scooter in the India phase reached $1 billion in two days.
While the electric vehicle industry in India has been slow to take off, the government is urging the country to shift away from internal combustion engine cars and move toward greener energy. A recent investment from US private equity firm TPG will help boost Tata Motors' efforts in this area. The company has committed to spin off a $9.1 billion electric vehicle unit by the end of its fiscal year and is pursuing more EV dealerships in the country.
In February 2021, Ampere Electric announced a new EV manufacturing plant in Tamil Nadu that is expected to build 100,000 vehicles a year. The company anticipates steady growth in the passenger car segment during the forecast period and is already planning to electrify its existing petrol/diesel products. In August 2021, Tata Motors will launch a new electric vehicle, the Tigor EV. It will feature Tata's Ziptron high-voltage architecture and a permanent magnet synchronous electric motor. It will have a 0-60kph time of 5.7 seconds.
While Tata is the largest electric vehicle manufacturer in India, its competitors in the country include Hyundai, Mercedes-Benz, MG, and TVS Motor. Maruti Suzuki is yet to enter the market for electric vehicles in India. Tesla, the world's largest electric vehicle maker, has already set up a local subsidiary in India, primarily to study the Indian market and refine its technology.
The two biggest three Indian automakers have both made significant investments in the electrification of their vehicles, according to their latest financial reports. Mahindra has set aside over Rs 1,700 crore to expand its EV business in India. To begin with, Mahindra is building a new electric technology plant in Bengaluru and investing in an all-electric vehicle manufacturing facility in Chakan. Besides that, it has also appointed new CEO Vijay Shah to boost the company's global ambitions.
The company plans to launch as many as 16 new electric vehicles in the next decade. The company says this will further cement its leadership position in the electric mobility sector in India. It has set itself an ambitious revenue target of 15 to 20% by 2025 and is open to private investors for further development of its electric vehicles. Similarly, Mahindra Electric has set its sights on becoming one of the world's leading electric vehicle brands.
In 2013, the company launched its first lithium-ion electric vehicle in India. Since then, the company has invested in innovative technology and launched a range of electric vehicles in India. The company is also planning to bring Tesla to India and has been in talks with the government of India to open units in Bengaluru. Mahindra Electric Mobility Limited (MEML) is another Indian automaker with an extensive line of electric vehicles.
With the government's push to reduce carbon emissions, Indian carmakers are taking EVs seriously. Hero Electric is building an infrastructure for charging its electric vehicles. To make this happen, it is partnering with Gogoro, the world's largest battery swapping supplier. The company's EVs use Gogoro's technology, and it plans to use the same technology in its second model. The company plans to launch a two-wheeler EV scooter by March next year.
The company's EV business has been growing since 2007 when it signed deals with multiple technology partners. It also laid the foundation for the Society of Manufacturers of Electric Vehicles (SMEV), the country's first EV corporation. The company has since gone on to launch India's first Li-ion battery e-bike, signed over 100 dealerships in India, and developed a portable battery system. The company has also begun promoting EV policy in India.
With almost $1 billion on its books at the end of March, the company could spend heavily on the EV market. Although the pandemic impacted the company's overall numbers, it has the cash to invest heavily. The company's net profit fell by 20% to 29 billion rupees last fiscal year, while its revenue increased by six percent to 315 billion rupees. Regardless of the impact of the pandemic, the company's ownership structure provides the family with $3.8 billion in net worth.
Having set up two EV R&D centers in India and one in Japan, Okaya is well-positioned to produce the e-2 wheelers of the future. In addition, the Japanese company is planning to expand its reach across India by establishing showrooms, distribution centers, and service centers. The company also plans to build end-to-end solutions, including charging infrastructure and a battery swapping center.
The Okaya EV lineup includes the classic, Faast F4 and Freedom. The Faast F4 is expected to have a range of up to 100 km, and the motor is capable of delivering 80-90 kph. The company is aiming to launch all six new models in the next six months. In addition to these, the company also plans to introduce an electric motorcycle. The company said that the EV lineup would include a new platform, chassis design, and electronics.
The company launched four new models at the EV Expo 2021 in Greater Noida, Delhi, and has since expanded its presence to India. The Okaya Electric Faast is equipped with a 4.4-kW lithium-phosphate battery. The rider's top speed is 60 to 70 kph, and the EV range is approximately 150 to 200 km. Okaya launched four electric scooters in the first six months of the company's existence and has won many awards for the electric scooters.
ELECTROTHERM is among the leading manufacturers of electric vehicles in India. With over 30 percent of its workforce being female, this company has been at the forefront of the electric vehicle revolution in the country. The company has invested heavily in its in-house R&D and QC facilities. As of now, it has an in-house manufacturing facility for the entire power train. It is looking to take the electric vehicle market by storm.
With a growing demand for electric vehicles, several auto companies in the country have launched battery-operated bicycles. These companies are working with the Changhong E-Bike Company in China to increase production. In the next two years, they plan to double their production and sell 2,000 e-bikes per month. The cost of an Ace Motors e-bike ranges from Rs. 26500 to Rs. 23,249, while Electrotherm's YOBikes range from Rs. 13,999 to Rs. 23,249, depending on the model. An e-bike can cover up to 200 km in just six to eight hours.
Electrotherm India is the largest manufacturer of electric battery-operated two-wheelers in the country. Its Yobykes brand is synonymous with electric two-wheelers, making it one of the most popular electric vehicle brands in the country. With over one lakh satisfied customers, Electrotherm is one of the leading electric vehicle manufacturers in the country. They offer a variety of electric vehicle designs and models to meet the needs of consumers.