Monthly updates September 2021 - 3DRD@QBG "M@KXSHBR - JMK Research
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monthly
updates
September 2021
Lead sponsors
2
3Contents 1. New Product Launches | 5 2. EV Sales Trends | 6 3. Policies and Regulations | 12 4. Charging Infrastructure | 13 5. Investments | 15 6. JVs and Partnerships | 17 7. Tenders | 18 8. Global Market Updates | 19 4 4
1. New Product Launches
Table 1.1: India Launches - September 2021
Vehicle
Product Battery Specs Other Specs Price
Type
• Top speed- 25 km/h
• Motor Output- 250 Nm
• Battery- 20Ah Li-ion pack
Detel Easy Plus 2-wheeler • Charging time- 4-5 INR 39,999
• Range- 70-80 km
hours
• Motor power- 250 W
Okaya Freedum • Battery- 48V 28Ah/ 48V 30Ah Li ion • Top Speed- 25 km/hr INR 69,999
2-wheeler
LI-2 and LA-2 • Range- 50-60/70-80 km • Charging time- 4-5 onwards
hours/ 8-10 hours
Source: Industry news articles, JMK Research
Upcoming
Launches
TVS Motor to launch complete range of 2- and 3-wheelers in next two years; eyes
dominance in EV space
Chennai-based TVS Motor Company will launch a complete range of electric two- and three-
wheelers with power output ranging from 5 to 25 kilowatts in the next two years as it seeks
to play a leading role in the country’s emerging electric vehicle space, according to a top
company official. The company, which has earmarked an investment of Rs. 1,000 crore on its
electric vehicles (EV) business, will also continue to invest on conventional engine vehicles,
where it sees growth opportunities.
Mustang Mach-E launch confirmed for India
Ford recently confirmed the launch of the Mustang Mach-e. As for other Ford cars, the Mach-e
too will be sold as a Completely Build Unit (CBU) import. The Mustang Mach-E made its global
debut in 2019 with a choice of electric motor outputs in rear or all-wheel drive configurations
ranging from a base rear-wheel drive 270hp model to the range topping 487hp all-wheel drive
Mustang Mach-E GT. There are also two battery packs – a 68kWh unit offering a range of up to
370km or a larger 88kWh battery pack with up to 491km of range on the American EPA cycle
depending on the electric motor configuration.
5
2. EV Sales Trends
Overall EV sales saw a surge in September 2021 clocking 34,316 units, signifying a m-o-m
increase of 18.7% and y-o-y jump of 222%. This was the first time ever that monthly EV sales
crossed the 30,000 units mark.
36000
Registered EV sales 34,316
trend in India (Sept 32400
2020–Sept 2021) 28800 19,111
28,906
26,127
25200
Units sold
21600
16,212
18000
12,858 14,174
14400 10,637 14,978
10800 11,149
10,897
7200
3600
3,309
0
20
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Source: Vahan Dashboard, JMK Research
Note: Sales figures represent EVs registered across 1,347 RTOs in 33 states/ UTs.
As depicted in the figure below, EV registrations in Sept- 2021 were driven by electric 2-wheeler
and passenger-type electric three-wheeler, which together accounted for 92% of total
registrations in the month. These categories are followed by cargo-type electric three-wheeler
(5%), e-car (4%) and so on.
Others, 0.1%
Fig 2.2: Category-wise EV E-Bus, 0.2%
sales in September 2021 E-Car, 3.6%
Three-wheeler Cargo, 5.3%
100% Two wheeler, 48.5%
=
34,316 units
Three-wheeler Passenger,
Source: Vahan Dashboard, JMK Research 42.3%
Note: Sales figures represent EVs regis-
tered across 1,347 RTOs in 33 states/ UTs;
Others include adapted vehicles, fork lifts,
goods carriers and trailer (agriculture)
vehicles.
6 6
Among all the states and UTs, Uttar Pradesh continues to have maximum monthly registered EV
sales with a 21% share in overall sales in India in September 2021. Karnataka has the 2nd highest
sales at 12% share, followed by Tamil Nadu (10%), Rajasthan (9%), Delhi (8%) and Maharashtra (7%).
Others, 12%
Fig 2.3: (State/ UT) Region-
wise registered EV sales - Uttar Pradesh, 21%
September 2021 Kerala, 3%
Gujarat, 3%
Haryana, 4%
Assam, 4% 100%
= Karnataka, 12%
34,316 units
Bihar, 7%
Source: Vahan Dashboard, JMK Research
Note: Sales figures represent EVs regis-
tered across 1,347 RTOs in 33 states/ UTs. Maharashtra, 7%
Tamil Nadu, 10%
Delhi, 8%
Rajasthan, 9%
7
High-Speed The overall HS-E2W sales in the country in September 2021 stood at
16,641 units, signifying a 12% m-o-m jump and a y-o-y leap in registrations
Electric
of 492%. The Top 10 players, as shown below account for 95% of the total
Two-Wheel- registrations recorded in the month of September 2021.
er (HS-E2W)
Fig2.4 Player-wise High-Speed E2W sales trend
7000
Hero Electric
Okinawa Autotech
Ather Energy
6300 Pure EV
Revolt Intellicorp
Ampere Vehicles
5600 Bajaj Auto
TVS Motors
Benling India
Jitendra New EV Tech
4900
Others
4200
Units Sold
3500
2800
2100
1400
700
0
Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21
Source: Vahan Dashboard, JMK Research
Note: Sales figures represent only high-range E2W (Top speed > 25 kmph) registered across 1,347 RTOs in 33 states/ UTs.
8
Electric The sales of registered E3Ws (both passenger and cargo-type) in
September 2021 stood at 16,328 units, increasing m-o-m by 26.7%.
three-
Passenger E3W sales saw an increase of 28%, whereas the cargo E3W
Wheeler sales saw an increase of 20% as compared to that of the previous month.
(E3W)
Fig 2.5: Sales trend of cargo E3W and passenger E3W
15000 14,507
E3W - Cargo
E3W - Passenger
11,587
12000
11,366
9,874
9,036 9,960
9,919
9000
Units sold
7,575
6,899
6,968
5,121 7,021
6000
5,146
2,971
2,329
3000 1,821
1,517
1,805
653 645 676 728 896 739
879 1,582
139
924
0
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20
0
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21
21
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Source: Vahan Dashboard, JMK Research
Note: Sales figures represent E3Ws registered across 1,347 RTOs in 33 states/ UTs; Passenger and Cargo
E3W sales shown in the figure takes into account both e-rickshaw and three wheeler classes as catego-
rized in the vahan dashboard.
9
Electric cars The cumulative sales of e-cars in September 2021 stood at 1,221 units,
witnessing a 27% m-o-m increase in registrations and a y-o-y increase
(E-cars)
of 287.62%. Tata Motors and MG Motors continue to drive e-car sales,
accounting for 98% of registrations in September 2021, with Tata Motors’
share increasing to 72% from previous month’s 58% share.
Fig 2.6: Player-wise e-car sales trend
1000
Tata Motors
MG Motors
Hyundai
Mahindra and Mahindra
Others
750
Units Sold
500
250
0
Aug-20Sep-20 Oct-20 Nov-20Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21
Source: Vahan Dashboard, JMK Research
Note: Sales figures represent e-cars registered across 1,347 RTOs in 33 states/ UTs.
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Electric bus- The cumulative sales of e-buses in September 2021 stood at 79 units, with
a m-o-m decline of 1%. Just as in the e-cars India market, Tata Motors also
es (E-buses)
dominates in the e-bus sales, accounting for 68% of the sales in September
2021, followed by PMI Electro Mobility (29%) clocking 23 units in sales.
Fig 2.7: Player-wise e-bus sales trend
Tata Motors
Olectra Greentech
Ashok Leyland
150 JBM Auto
PMI Electro Mobility
Others
120
90
Units Sold
60
30
0
Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21
Source: Vahan Dashboard, JMK Research
Note: Sales figures represent e-buses registered across 1,347 RTOs in 33 states/ UTs.
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3. Policies and Regulations
Assam releases its EV Policy
Assam released a notification on 4 September 2021, implementing its EV
policy. This policy will be valid for a period of 5 years and aims to achieve
25% penetration of EVs in all vehicle registrations by 2026. The state will
deploy 2 lakh EVs for commercial and individual use during the policy
period.
Max. Ex factory
Vehicle category Target Incentive Max. Incentive
price
E2W 100,000 Rs.10,000/kWh Rs.20,000 Rs. 1.5 lakhs
E3W 75,000 Rs.10,000/kWh Rs. 50,000 Rs. 5 lakh
E4W 25,000 Rs.10,000/kWh Rs. 1,50,000 Rs. 15 lakh
The policy also provides incentives for charging infrastructure and
manufacturing of EV components in the state.
Uttarakhand to provide incentives to EV buyers
Uttarakhand’s chief minister Pushkar Singh Dhami announced recently
that incentives will be provided on the sale of electric vehicles in the
state to encourage the adoption of eco-friendly vehicles and reduce
vehicle-related pollution. He said that the incentives will be given by the
Pollution Control Board on the sale of the first 5,000 two-wheelers and
the first 1,000 four-wheelers sold to private consumers. The incentive on
electric two-wheelers will be either 10 percent of their price, or Rs. 7,500,
whichever is lower and the incentive on four-wheelers will be up to Rs.
50,000 or 5 percent of their price, again whichever is lower.
Govt may extend Fame II incentive scheme for purchase of
personal EV cars, e-bicycles
Government sources said that they were also looking at including electric
bicycles under the capital subsidy scheme seeing its growing popularity
and the need to bring down its cost for customers. The fresh inclusions
would make the running Fame II or Faster Adoption and Manufacturing
of Hybrid and EV scheme all-encompassing covering the entire range of
electric vehicles being used both for personal and commercial use and
public transport.
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4. Charging Infrastructure
Stakeholder(s)/
Subject/ Scope Description
Player(s)
• Hero Electric’s new EV partner Massive Mobility is a startup that aims
to establish a smart connected network for all the charging needs of
Hero Electric and Setting up EV charging
3-wheeler and 2-wheeler EVs
Massive Mobility stations
• With this partnership, Hero Electric aims to set up 10,000 EV charging
stations by 2022.
• EVRE, an EV charging infrastructure company, and Park+, a parking
solutions brand, have announced their partnership for establishing
10,000 EV charging stations across India over two years.
• The long-term partnership will include collaboration in acquiring
spaces for setting up smart charging and parking hubs for the
logistics and people mobility segments.
Setting up EV charging
EVRE and Park+ • While EVRE will conceptualise design, manufacture, establish,
stations
operate and maintain the EV charging infrastructure, Park+ will
arrange for and manage the real estate aspect of the hub. Park+ is
already live in 1000+ apartments, 250+ corporate and 30+ malls.
• The phase-wise implementation will include setting up 300 charging
hubs in Delhi NCR by the end of the year, 100 in Bengaluru and 100 in
Mumbai and Pune
Setting up EV charging • BPCL has revealed plans to install 1000 EV charging stations in ‘the
Bharat Petroleum
stations short term’. BPCL operates only 44 EV charging stations currently.
• Reliance Industries Ltd (RIL) through its joint venture Reliance BP
Mobility Ltd (RBML) has tied up with Gurugram-based BluSmart to
set up electric vehicle (EV) charging infrastructure.
Setting up EV charging
Jio BP and BluSmart • In the first phase, Jio-BP will set up EV charging stations in Delhi-NCR
stations
with minimum capacity of 30 vehicles at each station.
• Jio-BP aims to expand its petrol pump network to 5,500 in the next
five years from the current network of just over 1,400 petrol pumps.
• Pune-based start-up goEgoNetwork specializing in Electric Vehicle
(EV) charging infrastructure, installed Bharat AC and Dual Socket
Type 2 chargers at Kaza, Spiti Valley in the western Himalayas,
Installation of world’s making it the world’s highest EV charging station situated at 3,800m.
goEgoNetwork highest EV charging • The ride was launched from Manali to Kaza with two TVS iQube
station electric scooters to celebrate World Zero-Emission Day on
September 21, 2021.
• goEgo collaborated with TVS to promote the EV infrastructure in
Himachal Pradesh.
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Stakeholder(s)/
Subject/ Scope Description
Player(s)
• Under the said partnership, EVRE will set up 1,000 EV charging
stations across India within the next six months, and these will be
utilized by MoEVing and other EV fleet owners. The long-term
partnership will be based on a business model, where charging
Setting up EV charging
EVRE and MoEVing stations can be cross utilized.
stations
• The phase-wise implementation will include EVRE setting up 200
charging stations in Bengaluru, 200 in Hyderabad, and the rest
in cities like Kolkata, Chennai, Delhi-NCR, Chandigarh, Pune, and
Mumbai.
• Apart from the six charging stations that have been operational since
November 2020, the Kerala State Electricity Board (KSEB) expects to
complete the work on 40 additional stations in another two months.
• The construction of another three stations by the Agency for New and
Karnataka State
Expanding EV network renewable Energy Research & Technology (Anert) is also proceeding
Electricity Board (KSEB)
on schedule to supplement the three functional units.
• All the 56 charging stations under construction in various districts will
be equipped to charge different kinds of EVs currently available in the
market including cars, three wheelers and scooters.
• As it readies to launch its first electric scooter, electric two-wheeler
rental firm EBikeGo has announced it will install at least one lakh EV
chargers across India over the next 12 months.
Setting up EV charging • The company has already begun setting up its Internet of things
eBikeGo
Infrastructure (IoT)-enabled chargers in Mumbai, and will continue to add more
such chargers across six other cities – Delhi, Hyderabad, Bangalore,
Indore, Pune and Amritsar – as it gears up to introduce the Rugged
G1 electric scooter for purchase in the coming months
• State-owned Hindustan Petroleum Corporation Ltd (HPCL) plans to
commission 5,000 electric vehicle (EV) charging stations over the
Hindustan Petroleum Expanding EV network next three years
Corporation Ltd (HPCL) in its petrol pumps • Over the past few months, HPCL has tied up with three entities--
Convergence Energy Services Ltd (CESL), Tata Power and Magenta
EV Systems--for setting up charging infrastructure at its retail outlets.
• The Odisha capital will soon have electric vehicle (EV) charging
stations at seven locations to encourage use of e-vehicles for
sustainable mobility and reduce dependency on fossil fuels to bring
down the carbon footprint.
• The Bhubaneswar Smart City Limited (BSCL) has initiated the process
Expanding EV to set up EV stations in the capital and a spokesperson said the EV
Bhubaneswar Smart
infrastructure in the charging stations will come up near KIIT, SUM Hospital, Esplanade
City Limited (BSCL)
state Mall, DN Regalia Mall and Krishna Plaza near CRP Square.
• The charging station near KIIT and Esplanade Mall will have both fast
charging and slow charging facility, while the charging station near
SUM Hospital will have slow charging facility.
• Charging stations near DN Regalia at Patrapada and Krishna Plaza at
CRP Square will also have a slow charger.
Source: Industry news articles, JMK Research
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5. Investments
Deal value
Company Company
Date Deal type Investor(s) (in US$ Details
name type
Mn)
Falcon Edge, Ola Electric gets $200
EV Manu-
Sep-21 Ola Electric Equity Softbank and 200 million funding at $3
facturer
others billion valuation
BP Ventures, BP leads $25 mn
EV fleets
Mayfield India Series A round in
and install-
Sep-21 BluSmart Equity Fund, 9Uni- 25 EV ride-hailing and
ing charging
corns, Survam charging startup BluS-
stations
Partners mart
9Unicorns,
Anthill Ven-
tures, Nanavati
Family Office,
We Founder EV-based last mile
EV last mile Circle, Silicon delivery startup Zypp
Sep-21 Zypp Electric Equity 7
delivery Valley-based Electric raises $7
Riso Capital million
Fund, Dholakia
Ventures, Ven-
ture Catalysts
and IAN Fund.
Union Square EV startup REVOS
EV Charging Ventures and raises $4M Series A
Sep-21 REVOS Equity 4
solutions Prime Venture investment, aims to be
Partners ‘Android for EVs’
Source: Industry news articles, JMK Research
EV maker WardWizard to invest Rs 150 cr in next 6 months
Electric vehicle maker WardWizard Innovations & Mobility plans to invest
Rs 150 crore in the business in the next six months as it looks to ramp
up technology and infrastructure, among others, to meet the increased
demand. The Vadodra-based manufacturer sells its e-scooters and bikes
under the ‘Joy e-bike’ brand, which include five high-speed vehicles
and five in the low-speed category. The company saw its vehicle sales
surging by a record 435 per cent to 2001 units in August over 374 units in
the same period year-ago. The company will foray into more segments
than products, including an e-rickshaw in the passenger segment and an
e-four-wheeler.
15
Maharashtra, Causis E-Mobility in pact to set up EV production unit
in Talegaon
The Maharashtra government has signed a memorandum of
understanding with Causis E-Mobility to set up an electric vehicle (EV)
production unit in Talegaon. The unit will be set investment of Rs2,800
crore and will like generate 1,250 jobs.
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6. JVs and Partnerships
Companies
Date Purpose of Partnership Details
involved
Under the partnership, PURE EV vehicles will be made
available through the OTO’s platform across five cities,
OTO and OTO partners with PURE EV to acceler-
Sept-21 with the collaboration aiming to sell and finance over
Pure EV ate adoption of electric 2-wheelers
1,000 two-wheelers by December in addition to ex-
panding business pan-India
Sun Mobility Sun Mobility’s MaaS to power Zypp
The partnership aims to deploy 10,000 EVs across vari-
Sept-21 and Zypp Electric’s 10,000 e2Ws and e3Ws
ous platforms over the next few years
Electric across India
Tata Motors
To provide end-to-end EV charging solutions in all its
and Macro- Tata Power, Macrotech Developers tie-
Sep-21 residential and commercial projects across Mumbai
tech Devel- up for EV charging stations
Metropolitan Region (MMR) and Pune.
opers
Source: Industry news articles, JMK Research
17
7. Tenders
Tender Name Tendering Authority Bid Submission Date Tender Value
Operation of Stage Carriage
Services for public transport
of 1400 SD AC Electric,400
Brihanmumbai Electric Sup- 21 September 2021 to 25
Midi AC and 100 Mini AC 2021_BEST_721845_1
ply and Transport (BEST) October 2021
Electric Buses (with Driver)
Under FAME India Phase-II
Scheme
Source: Tendering Authorities, JMK Research
Ashok Leyland wins Bangalore Metropolitan Transport Corporation
tender for 300 non-AC electric buses
Automotive manufacturer Ashok Leyland has won the Bengaluru
Metropolitan Transport Corporation (BMTC) tender for supply of 300
electric non-AC electric buses by emerging as the lowest bidder amongst
five competitors.
Telangana to soon call bids for 140 EV charging stations
The Telangana state government said it will soon call bids for setting up
140 EV charging stations across the state. Sources suggest that locations
have been identified and bids will be called in the next two to three
months
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8. Global Market Updates
Ford announces $11.4bn investment in electric vehicle plants
Ford has announced a major investment in electric vehicle (EV) production
in the US, promising to build its biggest ever factory in Tennessee, and two
battery parks in Kentucky. Under the $11.4bn (£8.3bn) plan, the carmaker
said it will build zero-emission cars and pickups “at scale” for American
customers. It will also create 11,000 jobs.
EV maker Polestar strikes $20-bln deal with Gores Guggenheim
SPAC
Swedish electric-car maker Polestar said it will go public by merging
with a U.S.-listed blank-check firm backed by billionaire Alec Gores and
investment bank Guggenheim Partners at an enterprise value of $20
billion. The deal with Gores Guggenheim (GGPI.O) will provide Polestar
cash proceeds of over $1 billion, including $800 million from the special
purpose acquisition company (SPAC), and a PIPE, or private investment in
public equity, of $250 million from institutional investors.
Xiaomi officially registers its electric vehicle business, appoints
300 staffers
Chinese smartphone giant Xiaomi has officially registered its electric
vehicle business and said the division has entered a “substantial
development phase”. The name of the subsidiary is Xiaomi EV, Inc. and
it was set up with a previously announced registered capital of 10 billion
yuan ($1.55 billion). In March, the Beijing-headquartered firm announced
plans to launch an electric car business and invest $10 billion over the next
decade. Xiaomi EV now has 300 employees and the business is led by the
group’s founder and CEO Lei Jun.
Foreign automakers ask U.S. House Democrats to reject union EV
tax credit
A group of 12 major foreign automakers, including Toyota Motor Corp,
Volkswagen AG, Hyundai Motor Co and Nissan Motor Co, urged U.S.
House of Representatives Democrats to reject a proposed $4,500 tax
incentive for U.S-made electric vehicles by union workers. A House panel
this month approved legislation to boost EV credits to up to $12,500 per
vehicle, including $4,500 for union-made vehicles and $500 for U.S.-
made batteries. The U.S. units of foreign automakers said in a letter sent
19
to House Speaker Nancy Pelosi and other Democrats that the proposal
“would unfairly disadvantage American workers who have chosen not to
join a union and produce more than half of all vehicles in the United States
and the vast majority of American-made EVs.” Other signatories include
Honda, BMW, Kia, Mazda, Daimler AG’s Mercedes-Benz, Subaru and Volvo
Cars which is owned by Geely.
100 kms range in just 3 minutes: ABB launches world’s fastest EV
charger
ABB has launched its new member of the Terra family of chargers which
promises to be the world’s fastest electric vehicle charging unit. The new
Terra 360 is a modular charger, capable of providing charging outlet for
up to four vehicles at a time with dynamic power distribution. ABB issued
a statement saying that the new charger has a maximum output of 360 W
and the company claims that the new charge is capable of charging any
electric car in 15 minutes, or less.
Volkswagen building $164 mn EV battery factory in China
Volkswagen AG is building a new electric vehicle (EV) battery system
factory in eastern China’s Hefei city which will start production in 2023.
The German automaker is building a factory for electric vehicles under a
majority-owned venture with JAC in the Hefei city. It also holds a stake in
the EV battery maker Gotion which is also based in Hefei. It said it would
invest more than 140 million euros ($164 million) in the battery plant by
2025. The factory’s initial capacity will be 150,000 to 180,000 battery
systems a year for local EV production.
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