1. Statiq announces free EV charging in South Indian states.
Statiq has announced free EV charging across 4 states: Karnataka, Tamil Nadu, Telangana & Andhra Pradesh. EV users in these states will be able to utilize Statiq’s public charging infrastructure to charge their vehicles for free. The company kicked off this free charging campaign in Karnataka initially and the good response there prompted it to expand to other South Indian states. EV owners need to download the Statiq app to avail free charging. The company has clarified there are no hidden charges and users can charge their EVs multiple times at no cost.The free charging offer is available for personal vehicles only, and excludes cabs.
Free charging is available on all chargers listed on the Statiq app, including GLIDA, SunFuel Electric & E-Fill Electric charging stations.
2. Lithium-based chemical manufacturer Neogen Chemicals in news.
Stock market research firm Kotak Institutional Equities recently gave lithium-based chemical manufacturer ‘Neogen Chemicals’ a ‘Buy’ rating and stated: ‘Neogen Chemicals is gearing up for a multifold scale-up in the coming months by virtue of being the first mover in India’s promising EV battery chemicals space.’ Shares of Neogen Chemicals jumped 12% post this, marking the company’s biggest single-day gain in a year. A few months back, the company had signed a momentous agreement with a Japanese company regarding lithium-based manufacturing technology. More on it below:
Neogen Chemicals, a leading manufacturer of Bromine-based & Lithium-based specialty chemicals, recently signed an agreement with MU Ionic Solutions (MUIS), Japan. As per the agreement, Neogen will obtain a license from MUIS for its proprietary manufacturing technology to make electrolyte solutions at its manufacturing unit in India. These electrolytes will be targeted towards meeting the growing demand of lithium-ion cell manufacturers in the country. It will also help Neogen to reduce approval times with EV lithium-ion battery makers.
3. A vital update on the upcoming Hyundai Creta EV.
The testing phase of the upcoming Hyundai Creta EV is going strong, with multiple sightings in the past few months. It is expected that the Creta EV will make its debut in India before the Maruti Suzuki eVX, potentially gaining crucial market advantage. Hyundai India has announced its plans to begin mass production of the Creta EV at its Chennai manufacturing unit by the end of 2024, with a global debut planned for 2025.
The test mules of the electric SUV shows the charging port situated on the nose of the vehicle, similar to the Kona Electric. The EV is expected to carry most of its design features from the recently updated Creta SUV. Expected price is in the range of Rs 22-26 lakh. The Creta EV will take on the upcoming Maruti Suzuki eVX, Tata Curvv EV & MG ZS EV.
Hyundai India has recently forged a partnership with Exide to localize lithium-ion cell & battery production, aiming to achieve competitive pricing for its electric cars in the country.
The company is expected to add the electric variant of its subcompact SUV Venue after the Creta EV. India’s electric ‘subcompact SUV’ segment is rapidly heating up with cars from Tata Motors & Mahindra dominating the market.
4. Two important updates regarding EV financing.
Axis Bank & Everest Fleet: Axis Bank has announced a loan of Rs 1 billion ($12.1 million) to Everest Fleet for 4 years, with GuarantCo, part of the Private Infrastructure Development Group (PIDG) as its guarantor. As part of the agreement, GuarantCo has given its guarantee for two-thirds of the loan credited from Axis Bank to Everest Fleet.
Everest Fleet aims to have 10,000 electric cabs by 2026. At present, the company operates a fleet of 16,500 cabs (15,000 CNG cabs & 1500 electric cabs).
Revamp Moto & NACOF Oorja: Modular electric two-wheeler company Revamp Moto, has signed an agreement with NACOF Oorja to support rural & agricultural mobility by providing easy access to tailored & affordable financial products. The tie-up between Revamp Moto and NACOF Oorja will involve Revamp Moto leveraging NACOF’s 8 crore farmer network to market & distribute its portfolio of modular utility electric two-wheelers. NACOF Centers will distribute ‘Made in India’ EVs that come with detachable accessories including front box, goods carrier box, cage rack, side rack, flat rack & carrier.
This partnership between the two parties will provide easy access to tailored & affordable financial products, including subsidies, loans & leasing options for farmers & rural businesses.
5. India overtakes China in electric three-wheeler sales.
According to a new report by the International Energy Agency (IEA), electric three-wheeler sales in India surpassed sales in China! Around 5,80,000 e3w units were sold in India in 2023 (an increase of 65% from 2022), whereas around 3,20,000 units were sold in China.
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