1. Punjab EV roadmap.

Punjab state government will provide incentives worth Rs 300 crore in the next 3 years to accelerate the adoption of electric vehicles in the state. These incentives will be available on electric two-wheelers, e-cycles, e-rickshaws, e-autos and electric light commercial vehicles (eLCVs). In a meeting of the state’s EV committee, the finance department was directed to set-up a dedicated EV fund for the same. This committee has been set up for the implementation of Punjab’s EV Policy. Punjab State Power Corporation and Punjab Energy Development Agency were also instructed to identify suitable sites to set-up EV charging stations. The Housing and Urban Development Department was directed to formulate a policy for making provision of EV charging infrastructure in upcoming malls and apartments. The State Transport Dept was instructed to expedite the process of scrapping state government buses older than 15 years and to replace them with electric buses.

2. Euler Motors opens 4 showrooms in Delhi NCR.

EV manufacturer Euler Motors opened 4 new showrooms in the Delhi-NCR region. With this expansion, the company aims to cater to the growing demand for commercial EVs in & around the capital city. Euler inaugurated the new retail centres at Azadpur (Delhi), Okhla (Delhi), Khoda (Noida) and Ghoda Chowk (Gurugram). Apart from sales, the new showrooms will also offer comprehensive after-sales services, including vehicle servicing & maintenance and EV charging.

Euler’s commercial electric-three wheeler, the HiLoad EV, comes with a 13 kWh battery pack which gives a range of 170 km, an industry-leading payload of 688 kg and can be fast-charged.

Euler Motors boasts of its seamless on-road services which include 500+ charging options, along with fast-charging. All this is supported by a servicing & maintenance set-up and financing options.

Euler Motors was founded in 2018 and is a manufacturer of commercial EVs.

3. Statiq installs fast charging station at Nexus Mall in Mangaluru.

Statiq has set-up a public EV fast-charging station at Mangaluru’s popular Fiza by Nexus Mall (Pandeshwar). The charging station is equipped with two DC fast-chargers of 60 kW each, which can charge an electric car by up to 80% in 40 minutes. Two electric cars can be charged simultaneously at the station.

Last week, Statiq had launched a similar EV charging station in Lucknow. The company is offering a Franchise Business Model for setting-up & operating an EV charging station. Statiq says that with new EV launches happening regularly in India, this business model is an opportunity for the investor to be a part of this new-age EV charging business and get a first-mover advantage.

4. Tesla in India soon?

Tesla chief Elon Musk met Prime Minister Modi in New York. The Indian PM went on a two-day trip to the United States and met several dignitaries. The two discussed possible plans for Tesla to build manufacturing plants for electric cars and EV batteries. After the meeting, Musk spoke to reporters and called his meeting with the Indian PM ‘excellent’.

The meeting is vital as American companies are looking for new manufacturing avenues away from China, and India is seen as a potential base. Tesla currently has only one manufacturing facility in South Asia, based in China.

Musk also talked about bringing his Starlink satellite internet service to remote & rural areas of India.

Tesla's entry could be a game-changer for not only the high-end auto segment in India but also the EV segment. Batteries are a major component of the EV sector and if Tesla comes to India, it will work on ways to localize the production of EV batteries in the country in a cost-effective manner.

5. Tata Motors Finance joins hands with BluSmart.

Auto finance company 'Tata Motors Finance', has partnered with electric cab service company BluSmart, to facilitate the expansion of its fleet & operations in Delhi NCR by means of a credit facility. This credit facility will be offered in the form of an 'umbrella financing cum lease' solution that will allow BluSmart Mobility to expand its fleet by 200 additional electric cabs. The structured credit facility is estimated to be worth around Rs 25 crore.

Samrat Gupta, MD & CEO (Tata Motors Finance), stated: “Tata Motors Finance is dedicated to provide solutions to EV fleet operators within the Tata Motors ecosystem in fulfilling their mobility expansion needs through tailor-made credit offerings.” Tata Motors Finance Ltd’s business interests are focused on complementing its parent company and partners within the Tata Motors ecosystem.

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