Week 1 of April 2022 - EV Industry Updates
Toyota and Maruti Suzuki collaborate to develop an electric SUV with a unique battery life
With the growing demand for EVs and the expansion of the EV market, many automotive giants are trying to enter the EV market with advanced models. In order to do the same, Toyota and Maruti are in the process of developing a mid-sized electric SUV that will be the much demanded EV in the electric vehicle market. With 4.3 meters in length, 1.8 m width, 1.6 m in height, and 2.7 m wheelbase, this electric SUV is bigger than India's best-selling Tata Nexon EV and could be as big as the MG ZS EV. Toyota and Maruti are expected to sell mid-sized electric SUVs at competitive prices. Modern electric platforms or skateboards have a slim battery pack designed to fit into the wheelbase that will be ideal for optimal packing and distribution of the weight. Thus, the length of the wheel is directly related to the size of the battery, which is why the long wheelbase is an important feature in the design of electric skateboards. For all the EV markets worldwide, Suzuki will release two models that will be larger than Hyundai Creta's combustion engine model. Both manufacturers are keeping pace with the Indian EV market, but due to the high cost of parts, the price of this upcoming SUV is expected to be around Rs. 15 lakh. The all-new mid-size SUV is expected to be equipped with a 138 hp electric motor and a 48 kWh battery. It is suitable for a range of approximately 400 km under normal conditions. The wheel drive version, equipped with two electric motors, delivers a total of 170 hp and requires a larger 59 kWh battery. This increases the range to 500 km in ideal conditions.
Amid increasing fuel prices, a Kerala man builds an affordable electric car with a range of 60 Km
Anthony John, 67, a career counselor in Kerala, decided to build an electric car to drive the 30 kilometers between his home and his office as he is worried about the rising prices of petrol. He used to ride an electric scooter for his daily commute earlier. Anthony started thinking about building an electric car from scratch back in 2018. Anthony contacted a garage to make the body of the car according to his design which can accommodate 2 people at a time. As per the Kerala man, the body of the car was made in the garage, but he completed the electrical part of the car. To help Anthony, a Delhi-based supplier supplied batteries, motors, and electrical wiring to him which helped him to complete the car. In 2018, he was unable to complete this project due to the lack of infrastructure and knowledge about electric vehicles. Although he overestimated the car's battery capacity, leading to shorter distances. He contacted the dealer and advised him to replace the car battery with an upgraded version for better range. With the new battery installed, the maximum autonomy of the electric vehicle reaches up to 60 km. This allows Anthony to drive and operate electric vehicles on a daily basis, charging the total cost of an electric home for home use at just Rs 5 per day. As a small car, it can easily move through the narrow wingspan of the city where big cars are still waiting in the traffic to clear down. While talking in the viral video, Anthony said the project is worth about 4.5 lakhs and he is constantly working to design new affordable electric vehicles.
Know how to avail loan benefits from various Banks while purchasing an EV
One of the largest public sector banks, SBI has initiated the country's first EV loan “SBI Green Loan” to accelerate the purchase of electric vehicles. Under this loan, interest rates are 20% less on purchasing an electric car than you get in an existing auto loan. According to the SBI website, some models offer discounts of 90% to 100% off the retail prices. Loan rates on purchasing an electric vehicle range from 7.05% to 7.75%. In addition, the Union Bank also offers electric vehicle loans at very nominal interest rates. Axis Bank, in turn, funds up to 85% of the cost of electric vehicles for employees and startups running private companies. You can apply for a loan up to Rs 10 lakh to buy an unlimited number of electric cars and electric two-wheelers. A new car loan can be repaid in 84 months and the term of a new motorcycle loan is between 36 and 60 months. One can take this loan for personal use, to buy electric two-wheelers and two-wheelers. Any citizen across the country can avail the loan benefit. One should be eligible for this loan if he/she is a permanent resident of the country or an NRI citizen. Also, your age should be between 18 to 75 years. You cannot avail of the benefits if you don't have a permanent source of income or pension benefit. Any individual or two individuals jointly applying as 2 co-applicant are eligible for the loan in which the co-applicant should be a spouse, mother, father, son, or daughter.