Monthly updates April 2021 - 3DRD@QBG "M@KXSHBR - JMK Research
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monthly
updates
April 2021
Lead SponsorHIGH PERFORMANCE
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1800-2121-321 • waaree@waaree.com • www.waaree.comContents
1. New Product launches | 4
2. Tenders | 5
3. EV Sales trends | 6
4. Charging Infrastructure | 9
5. Policies and Regulations | 10
6. Investments | 11
7. Lithium-ion Import Trends | 13
8. Global Market Updates | 14
3
1. New Product Launches
Table 1.1: India Launches - April 2021
Vehicle
Product Battery Specs Other Specs Price
Type
• Range – 100 km • Top speed – 70 km/h
DAO Model 703 2-wheeler Not unveiled
• Battery – 72V 30Ah (Li-ion) • Motor – 3500 W BLDC
• Range – 80 km • Top speed – 25 km/h
DAO Vidyut 106 2-wheeler Not unveiled
• Battery – 60V 15/23Ah (Li-ion) • Motor – 250W
• Range – 80 km • Top speed – 25 km/h
DAO Vidyut 108 2-wheeler Not unveiled
• Battery – 60V 15/23Ah (Li-ion) • Motor – 250W
2-wheeler • Range – 70 km • Top speed – 45 km/h
DAO ZOR 405 Not unveiled
Delivery • Battery – 60V 23Ah (Li-ion) • Motor – 2100W
Kabira Mobility 2-wheeler • Range – 120 km • Top speed – 80 km/h
Rs. 89,600
Hermes 75 delivery • Battery – 2.4kWh (Li-ion) • Motor – 2500W
Joy e-Bike Sky- • Range – 110 km • Top speed – 90 km/h
2-wheeler Rs. 2,29,000
line • Battery – 73.6V 72Ah (Li-ion) • Motor – 5000W
Joy e-Bike Hurri- • Range – 750 km • Top speed – 90 km/h
2-wheeler Rs. 2,33,000
cane • Battery – 73.6V 54Ah (Li-ion) • Motor – 5000W
Joy e-Bike Thun- • Range – 110 km • Top speed – 90 km/h
2-wheeler Rs. 2,33,000
derbolt • Battery – 73.6V 72Ah (Li-ion) • Motor – 5000W
• Range – 110 km • Top speed – 90 km/h
Joy e-Bike Beast 2-wheeler Rs, 2,42,000
• Battery – 73.6V 72Ah (Li-ion) • Motor – 5000W
Geliose Mobility • Range – 50km/75km • Top Speed – 25km/hr
2-wheeler Rs. 46,999
Hope • Battery – 48V 18Ah/24Ah/30Ah • Motor – 250 W
Upcoming
Launches
Product Vehicle Type Known/ Revealed specs. Expected Launch Date
Ola Scooter 2-wheeler • Range – 150 km July 2021
• Battery- 50kWh/75kWh/82kWh
Tesla Model 3 4-wheeler June 2021
• Range- 508km/628km/657km
• Battery- 75kWh/81kWh
Tesla Model S 4-wheeler July 2021
• Range- 668km/663km
• Battery- 75kWh/81kWh
Tesla Model X 4-wheeler January 2022
• Range- 580km/547km
4
2. Tenders
Tenders
Product Vehicle Type Known/ Revealed specs.
Establishment of Electric Vehicle (EV) charging station at
7 May 2021, By
Mumbai Central (MMCT) station of Mumbai Division for a Rs. 14,04,627
3 pm
period of 5 (Five) years
5
3. EV Sales Trends
The registered EV sales in April 2021 is at a 5-month low with sales at 14,146 units. Although the
m-o-m fall in sales is approx. 46%, the registrations increased y-o-y by 1470%. As of April 2021,
the total sales of registered EVs in India is ~6,90,000 units.
Fig 3.1: Registered EV 30000
sales in India: trend & 26,073
27000
region-wise (Jan 2020
– Apr 2021) 24000
21000 19,111
16,435 16,212
18000 16,149
EV Sales
15000 12,858
13,626 14,978
10,673 14,146
12000
7,512 10,897
9000 6,208
8,119
6000
3000
901 1,277
0
Ju 0
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Source: Vahan Dashboard, JMK Research
Note: Sales figures represent EVs registered across 1,287 RTOs in 33 states/ UTs.
Among all the states and UTs, Uttar Pradesh continues to have maximum monthly registered EV
sales with 22% of overall sales in India in April-2021. Tamil Nadu has the 2nd highest sales at 14%
share, followed by Karnataka (13%), Delhi & Rajasthan (8% each).
Fig 3.2: (State/ UT) Region- Others, 15%
wise registered EV sales -
April 2021 Uttar Pradesh, 22%
Kerala, 4%
Assam, 4%
APRIL 2021
sales
Bihar, 5% 14,146 units
Tamil Nadu, 14%
Source: Vahan Dashboard, JMK Research
Maharashtra, 7%
Note: Sales figures represent EVs regis-
tered across 1,287 RTOs in 33 states/ UTs.
Rajasthan, 8%
6
Karnataka, 13%
Delhi, 8%
High-Speed The cumulative sales of Ampere, Ather, Hero Electric, Okinawa and
Revolt in April 2021 for the HS-E2W category is 3600+ units. This is ~58%
Electric
lower than Mar-21 sales. The y-o-y rise, however, of the 5 players in the
Two-Wheel- corresponding segment is 54X.
er (HS-E2W)
Fig 3.3: Player-wise high-speed E2W sales trend
6000
5400
Hero Electric
4800
4200
High Speed E2W Sales
3600
3000
2400
1800
Okinawa
1200 Ather
Ampere
Others
600
Revolt
0
0
0
0
0
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0
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1
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Source: Vahan Dashboard, JMK Research
Note: Sales figures are for only high range E2W models with speed higher than 25kmph. Sales figures represent E2Ws registered across
1,287 RTOs in 33 states/ UTs.
7
Electric The sales of registered E3Ws (both passenger and cargo-type) in April 2021
is the lowest in 7 months. At 7567 units, it has declined m-o-m by ~46%.
Three
The share of cargo-type E3W in the combined E3W sales for Apr-2021 has
Wheelers fallen to 9.8% from 19% of the previous month.
(E3W)
Sales trend of cargo E3W and passenger E3W
14000 12,781
12,550 E3W - Cargo 11,423
12000
E3W - Passenger
9,937 9,775
Number of Vehicles registered
10000
8,898 9,794
7,477
8000
6,797
6,925 6,823
6000 5,175
4,124 5,065
4000
2677
2168
2000
578 759 564 647 691 831 653 744
467 331 569 331 460 625
56 30
0
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Source: Vahan Dashboard, JMK Research
Note: Sales figure represent E3Ws registered across 1,287 RTOs in 33 states/ UTs.
8
4. Charging Infrastructure
Stakeholder(s)/
Subject/ Scope Description
Player(s)
• State government of Andhra Pradesh, along with EESL and SECI,
will set up EV charging stations along the National and State
Setting up EV Charging
Highways.
Andhra Pradesh State stations along National
• Andhra Pradesh will set up 400 charging stations in 73 locations.
Govt, EESL and SECI and State Highways in
• Vijayawada, Vishakhapatnam and Tirupati will be declared model
Andhra Pradesh
mobility cities with phase-wise goals to adopt EV, charging infra,
and new EV enabling building codes
• Plans to set up the world’s largest E2W charging network - Ola
Hypercharger Network
Setting up Ola E2W • Network size - >100,000 charging points across 400 cities
Ola Electric Charging infrastructure • 1st year plan - 5,000 charging points in 100 cities
across India • Estimated Project Investment - USD 2 billion over a period of 5
years
• Network accessible to only Ola customers
• BluSmart Mobility has announced that it will install 130 charging
stations across Delhi in public parking spaces.
EV Charging
BluSmart Mobility • These points will have fast-chargers that can complete EV
Infrastructure in Delhi
charging in 90 minutes.
• These stations will be open to the public on a pay-per-use basis.
• Siemens and Hinduja Group’s Switch Mobility have signed an MoU
to collaborate in the commercial EV segment.
Collaboration in • While Switch Mobility would bring in its electric commercial
Siemens and Switch
the commercial EV vehicles into India, Siemens would provide the charging
Mobility
segment. infrastructure technology and charging infrastructure
management software solution to enhance the energy-efficient
operations of the chargers.
• Ather Energy has set up 10 charging points across Mumbai, and
EV Charging Point
Ather Energy will set up 30 more by next year.
Installation
• These points have been set up in collaboration with startup Park+.
9
5. Policies and Regulations
Ministry of Power releases the draft National Electricity Policy
2021, calls for expert recommendations
• The Ministry of Power has released the draft National Electricity Policy
(NEP) 2021. An expert committee consisting of members from MNRE,
CEA and NITI Aayog has been formed to present its suggestions and
recommendations on draft NEP 2021 in two months, starting from 27
April 2021.
• Section 17 of the draft covers creation of Charging infrastructure,
which states that ‘Certain tariff related measures may be required
to be undertaken for Public Charging Stations’, and that ‘a separate
consumer category may have to be created due to the specific nature
of the load’.
• The draft mentions the use of Time Of Day(TOD) tariff to avoid charging
during peak hours. It also talks about injecting the power back to the
grid from EV batteries when needed by the grid, and creation of a tariff
structure and rules by the concerned SERC for the same.
• Aggregators may be allowed to aggregate the demand of multiple
public charging stations to purchase renewable energy using open-
access.
10
6. Investments
Company Company Deal Deal value
Date Investor(s) Details
name type type (in US$ Mn)
Revolt Intellicorp
Revolt raises Rs.150
Apr-21 EV OEM Equity RattanIndia 20.25
Intellicorp crore in equity
from RattanIndia
• Manas Fuloria, CEO,
Nagarro
• Nishant Sharma,
Managing Partner
& CIO, Kedaara
Capital
• Mukul Dhyani,
Senior IT Executive
based out of EV startup
Europe, Moeving raises
EV based • Naresh Agarwal, $1 million,
Apr-21 Moeving Equity 1
logistics Head of India R&D, launches
Traceable; operations in
• Abhishek Poddar, multiple cities
MD, Macquarie
(MIRA);
• Mayank Gupta, ex-
KKR Director;
• Anand Dalmia, Co-
Founder, Fisdom;
Bhanu Singhal, ex-
Citibank
Oye! Rickshaw
raises Rs. 24
Crore from
Apr-21 Oye! Rickshaw EV fleet Equity Alteria Capital 3.23 Alteria Capital
to expand
EV energy
infrastructure
Mahindra to invest INR 3,000 Crores over the next three years in
EV Business
• Mahindra & Mahindra Ltd. will invest Rs 3,000 crore on its EV business
in the next three years, while also looking for more alliances and
partnerships.
11
• M&M is working on developing on an EV platform by combining
capabilities of its operations across the globe, including Detroit and
Italy.
• The company, which has set a goal of putting 5 lakh EVs on Indian
roads by 2025, has already invested Rs 1,700 crore in the EV business
in India with another Rs 500 crore on a new research and development
(R&D) centre.
Simple Energy plans to raise USD 15million ahead of its highly
anticipated scooter launch
• Simple Energy plans to raise $15million. 60% of these funds will be
invested in its manufacturing facility which will produce 50,000 units
annually.
• The company recently showcased its prototype scooter, code-named
Mark 2, which will compete with Ather’s 450x and Bajaj’s Chetak upon
launch.
12
7. Lithium-ion Import Trends
The cumulative li-ion accumulators (or energy storage devices) imported
by India in CY2020 is USD 1.06 Billion. The latest monthly data for Feb-2021
signifies a 68% y-o-y and 5% m-o-m rise in Li-ion imports.
Li-ion Import Trend – India
160
139.60
133.60 132.94
118.13
120 112.32
100.56
96.93
89.93
US$ Million
89.68
80 70.15
66.52
53.18 51.18
40 31.35
0
0
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0
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D
Source: Department of Commerce, Govt. of India.
Note: Li-ion imports represent lithium-ion based energy storage devices (including cells and batteries)
13
8. Global Market Updates
GM partners up to offer about 60,000 EV charging points across
Canada, U.S.
General Motors has announced deals with major electric vehicle charging
networks to offer its customers access to nearly 60,000 charging points
across the United States and Canada. GM also introduced Ultium Charge
360, a platform which integrates charging networks, GM vehicle mobile
apps and other services to simplify the charging experience for its
electric-vehicle owners.
The automaker previously announced a $27 billion investment in EV and
autonomous vehicles (AV) through 2025 and the launch of 30 new EVs by
2025-end.
Biden plan calls for $100 billion in new EV consumer rebates
The Biden administration’s $174 billion proposal to boost electric vehicles
calls for $100 billion in new consumer rebates and $15 billion to build
500,000 new electric vehicle charging stations, according to a U.S.
Transportation Department email sent to congressional staff.
The EV rebates, part of a $2.3 trillion infrastructure and jobs proposal,
could be a big boost to U.S. automakers, especially General Motors and
Tesla Inc, which no longer qualify for $7,500 tax credits after they sold
more than 200,000 zero-emission models.
Thailand to aim to sell only zero emission cars from 2035
Thailand aims to only sell zero-emission vehicles in the country from
2035 as it works to transform itself from a Southeast Asian hub for
the production of conventional autos to one making electric cars. The
automotive industry is one of Thailand’s most important sectors. It
contributes to about 10% of the economy, employs 850,000 workers, and
supports industries from iron and steel to petrochemicals and plastic.
About half of the cars made in Thailand are exported to countries
including the Philippines, Indonesia and Malaysia. Thailand’s bold plan
also sets a target of having electric vehicles account for 50% of all new car
registrations by the end of the decade.
14
Honda to move to 100% sales of electric vehicles by 2040: CEO
Honda Motor Co. has made an announcement to move towards cleaner
fuels and has also set a deadline of 2040. The company plans to transition
to electric vehicles (EVs) and fuel cell vehicles (FCVs) by 2040.
By 2030, the company expects EVs and FCVs to account for 40% of sales
and it will further increase it to 80% by 2035 in all major markets which
include North America and China.
The new commitment from the company came soon after the country’s
promise to cut emissions by 2030. Yoshihide Suga, Japanese Prime
Minister has aimed at a 46% cut in emissions by 2030 and look for ways to
go even further, nearly doubling from its previous target.
ABB Explores EV Charging Unit IPO to Help Fund Acquisitions
ABB Ltd. will carve out its electric-vehicle charging business into a
separate legal structure to prepare the unit for a potential listing and boost
its ability to make acquisitions. The business, which builds fast electric
chargers for cars and buses, had revenues of $220 million in 2020, and has
had an average growth rate of 50% over the past five years.
GM to invest US$1 Billion in Mexico to build electric vehicles
GM plans expand its EV production with an investment of more than $1
billion in Mexico, adding a fifth plant in North America with EV production
capacity. The automaker’s facility in Ramos Arizpe, Coahuila, will start
making unspecified EVs for GM brands in 2023.
15
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JMK Research & Analytics
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