1. Servotech to set-up EV chargers at Indian Oil petrol pumps.
Servotech Power Systems has bagged an order of 1400 DC fast EV chargers from Indian Oil (IOCL) valued at Rs 111 crore. This comes after the company bagged similar orders from Hindustan Petroleum (HPCL) & Bharat Petroleum (BPCL). As part of the contract, Servotech will manufacture, supply and install the EV chargers at Indian Oil petrol pumps across the country. The order includes two EV charger variants: 60 kW & 120 kW. When the company shared this announcement in an exchange filing, the shares witnessed a 3.5% jump. The stock came to a close at its lifetime high of Rs 108.70 per share.
Sarika Bhatia, Director, Servotech Power Systems, gave a statement regarding these orders: “We are honoured to contribute to the country's eMobility revolution alongside major oil marketing companies like IOCL, HPCL & BPCL. Leveraging the network of oil marketing companies and installing EV chargers at their petrol pumps, together, we are committed to accelerating the transition to a sustainable future.”
2. Exicom makes a strong share market debut.
Shares of EV charger manufacturer Exicom Tele-Systems, made a strong debut on NSE. The stock jumped around 93% during its first stock market run. After hitting a high of Rs 274, participants preferred to take profits off the table and the stock went down to finish at Rs 226, up Rs 84 (or 59%) over its issue price of Rs 142. Exicom has announced that proceeds from the IPO will be utilized for increasing production lines at the company’s manufacturing facility in Telangana, investment in R&D and product development, and towards working capital requirements.
Exicom competes with Servotech Power Systems in the listed EV charger manufacturer segment.
3. TelioEV expands its reach out of India.
EV charging management startup TelioEV, has expanded its operations into 5 new countries: Sri Lanka, Nepal, Malaysia, Saudi Arabia and Oman. This expansion is significant for Telio EV, as the company achieved this within just 18 months of its founding. In the above mentioned countries, TelioEV is working with EV ecosystem stakeholders such as charge point operators (CPOs), OEMs and fleet owners, to consolidate its presence.
As a Software-as-a-Service (SaaS) EV charging solutions platform, TelioEV offers a custom app in the new countries. In India, the company has around 10,000 EV charging stations listed on its app.
4. BYD Seal launched with prices starting from Rs 41 lakh.
BYD has launched its Seal electric sedan in India. The company had unveiled the EV at last year’s Auto Expo in Greater Noida. The electric sedan will arrive in India via the semi-knocked down (SKD) route and will be assembled at the company's plant in Sriperumbudur (near Chennai). The Seal is BYD India’s 3rd model in the country after the e6 MPV & Atto 3 electric SUV.
The company has started bookings for the Seal for a token amount of Rs 1.25 lakh and those who book before March 31 will get a few additional benefits like free installation of a 7 kW home charger, a 3 kW portable charging box and 6 years roadside assistance. The BYD Seal has been priced at Rs 41 lakh for the entry-level ‘Dynamic’ variant, going up to Rs 53 lakh for the top-spec ‘Performance’ AWD variant.
In India, the Seal will be available in two battery options: 61.44 kWh & 82.56 kWh. Both will feature BYD’s Blade battery tech. The 61.44 kWh offers a range of 510 km. The 82.56 kWh battery variant will be available in both RWD & AWD configurations. The RWD variant will offer a range of 650 km and the AWD variant will offer 580 km. The BYD Seal is compatible with charging at speeds of up to 150 kW, and can be charged up to 80% in 37 minutes.
Features include a coupe-like 'all-glass roof', four LED daytime running lights, full-width LED light bar at the rear, 15.6-inch infotainment screen, 10.25-inch digital instrument cluster for the driver, 10 airbags, ABS with hill hold assist, automatic wipers & a 360-degree camera system. In India, the car will come in 4 colours: Arctic Blue, Aurora White, Atlantis Grey & Cosmos Black. The Seal has received a 5 star crash safety rating from Euro NCAP. The top-spec variant accelerates from 0-100 km/hr in just 3.8 seconds.
On a different note, Sanjay Gopalakrishnan, Sr VP, BYD India stated that 'nearly 25%' of BYD India’s overall sales in the last year came through existing BYD vehicle owners referring friends, family and acquaintances to buy one of the company’s EVs!
5. Ola Electric leads the EV-related patent race in India, followed by TVS.
IPO-bound Ola Electric has emerged as the top patent publisher in India amongst its peers in 2022-23. With 205 patents published in the EV & EV-related tech space, the company tops the table in the intellectual property rights race. TVS with 156 patents is in the 2nd place, followed by Suzuki (78), Honda (77) & BYD (58), data from ‘Intellectual Property India’ showed. Out of the 205 patents published by Ola Electric, 92 are in the battery tech space, 27 in software related to EVs, 19 in vehicle safety & security, 19 in controller area, 12 in motor & transmission and the remaining 36 in car body components & AI.
Ola Electric has applied for patents related to EV technology outside the country as well. The company has 10 registered patents in the US, UK, China & the Netherlands, and 37 patent-pending applications in the US, Japan, UK, Australia & the European Patent Office through the Patent Cooperation Treaty.
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