1. Torrent Power enters the EV charging sector.
Torrent Power has entered the EV charging market with 4 EV charging stations in Ahmedabad. The company will launch 2 more charging stations in Surat very soon. Torrent Power has tied-up with Siemens for setting-up its EV charging infra. With the newly launched charging stations, Torrent is offering fast-charging services at Rs 12 per unit which is amongst the cheapest in Ahmedabad. The company has installed 3 EV charging stations (60 kW DC fast-chargers) at Prahlad Nagar, Naranpura & Drive-in Road in the city. Apart from these, a 22 kW AC charger has been installed at Raipur Locality in Ahmedabad. Each charger can charge 2 EVs simultaneously.
2. Mobec to raise funds.
Noida-based Mobec Innovations, which provides mobile EV charging solutions, is looking to raise $2-3 million in seed funding by the end of FY24.
The company provides doorstep fast charging services, either on-call or via a subscription model. With the company’s fast-charge tech, the mobile charging vans can charge EVs up to 80% in quick time. Customers can schedule/book the nearest mobile EV charger through the Mobec app.
The company will use the franchise business model to expand its operations. It plans to have 100 franchise partners by the end of 2023. In the initial phase, Mobec will focus on tier-1 cities like Delhi NCR, Mumbai, Chennai, Kolkata, Bengaluru, Hyderabad, Ahmedabad & Pune. The startup claims that the backbone of its franchise network will be its modular portable powerbank called 'Mobec 3'. Its 'stackable' design will allow operators to customize the output capacity as per their needs. Mobec will provide franchise owners with software, app, branding & backend support. The company’s advanced tech facilitates real-time monitoring. Through this business model, Mobec aims to create an interconnected hub of mobile EV charging units.
3. Servotech shares give handsome returns.
New Delhi-based Servotech Power Systems is an NSE-listed company involved in solar products & energy-efficient lighting solutions. The company has recently ventured into the EV sector with advanced EV charging products. Servotech is a smallcap stock with a market cap of Rs 1825 crores. And it is a multibagger which is consistently giving brilliant returns. Every year since 2020, the stock has delivered multibagger returns. In 2020, 21 & 22, the stock gave returns of 194%, 247%, & 110% respectively. So far in 2023, the stock is up by 440%!
Servotech’s shares were trading at just Rs 3.50 per share 2 years ago and have seen an unprecedented rise of 4804% to the present market price of Rs 171.65. On June 21, 2023, the company’s share price hit an all-time high of Rs 200 per share.
4. New Mini Cooper Electric being planned.
British automobile brand Mini, owned by BMW, is planning a new electric Mini Cooper. Unlike the current Mini Cooper EV, which is manufactured in Britain, the new one will be manufactured in China. This new electric car will be built using a new front wheel drive platform engineered by Spotlight Automotive, a new joint venture between BMW and China’s Great Wall Motors (GWM).
As per reports, the new electric Mini Cooper will feature a 40 kWh battery pack which will offer a range of 386 km.
This new electric car is likely to go on sale in Europe by mid-2024. BMW Mini is expected to bring the car to India by the end of 2024.
5. MG India files patent for a mini electric SUV.
MG India has filed a design patent for the Baojun Yep micro electric SUV in the country. Baojun is based in China and is a joint venture between MG & General Motors. The Baojun Yep went on sale in China recently and is likely to arrive in India next year.
The Baojun Yep is quite similar to the recently launched MG Comet EV. It features an advanced dashboard with two 10.25 inch touchscreens similar to the Comet. It also has a similar 2 door layout with room for 4 passengers. The Yep comes with a larger battery pack and DC fast-charging support which is absent in the Comet. It sports a 28.1 kWh battery pack which offers a range of 303 km. Using a fast-charger, the micro SUV can be charged up to 80% in 35 minutes. MG India will rebrand the Yep before launching. It will take on the Citroen eC3 upon launch.
For complete EV charging solutions, explore the Kazam website.
