Thursday, March 28

Tag: EV

Ola raises 292 Crore For its Electric Segment
News

Ola raises 292 Crore For its Electric Segment

India's leading cab booking platform Ola electric raises Rs 292 crore from global investment firms Tiger Global Management, Matrix Partners, and Sarin Family India LLC (family office of ex-Vodafone chief executive officer Arun Sarin), according to a regulatory filing by the company. This is the first time Ola EV raises independent funding. Ola Electric Mobility has issued and allotted “1993 Series A compulsory convertible preference shares of face value of Rs 10 each of the company, at an issue price of Rs 14,61,523,” to the above investors. As per the sources, the company will raise a total of Rs 400 crore in this round led by the same set of investors. Ola recently announced to bring 1 million EV on road and plan to place 10,000 e-rickshaws and e-autorickshaws in its service ...
Cadillac entering into Electric Car Segment With Crossover Vehicle
Automobile

Cadillac entering into Electric Car Segment With Crossover Vehicle

Luxury car brand Cadillac is entering into the electric vehicle segment with crossover vehicle launch. GM plans to launch Cadillac its lead electric vehicle brand to compete against Tesla and with other EV automakers. GM unveils the images of the full-size crossover SUV during a debut party for the 2020 Cadillac XT6 in Detroit. Cadillac furthered its recent product blitz today with the reveal of the brand’s first EV. This will be the first model derived from GM’s future EV platform. GM announced on Friday that Cadillac will be at the vanguard of the company’s move towards an all-electric future. However, Cadillac yet not revealed the name of electric crossover and additional details but said that all information will share closer to launch. The electric vehicle design wil...
The EV Era: 25% Indian Vehicles to Turn Electric by 2023
Story

The EV Era: 25% Indian Vehicles to Turn Electric by 2023

Electric vehicles have been getting a lot of hype in recent times, majorly because of the increasing pollution problems. An electric vehicle also called an EV, first came into existence in the mid-19th century, when electricity was among the preferred methods for motor vehicle propulsion. Later in the 21st century, EVs saw a resurgence due to technological developments, and an increased focus on renewable energy. Government incentives to increase adoptions were introduced, including in the United States and the European Union. Now, in a bid to combat air pollution, the Delhi government has drafted a policy and proposed to make 25 percent of all vehicles to be electric by 2023. The draft named 'Delhi Electric Vehicle Policy 2018' has been released by the Aam Aadmi Party (AAP)-led Delh...
Elon Musk Plans to Bring Tesla Partially in India Next Year
BUSINESS

Elon Musk Plans to Bring Tesla Partially in India Next Year

Tesla Motors' Chief Executive Officer (CEO), Elon Musk, has revealed the company's plans of expanding its overall market beyond North America, Europe, and China. The owner of the largest EV company stated that he recently asked his service team to expand to all population regions (not just major metros) in North America, Eastern Europe, China, and Japan by the end of next year.   Any plans to make service outside Tesla serviced countries easier? — Anner J. Bonilla???️?? (@annerajb) November 2, 2018   The 47-year-old opened up about his firm's expansion plans after a user responded to a tweet in which Musk had revealed that Tesla and Panasonic are together the largest producer of batteries for electric vehicles in the world. In a follow-up tweet, Musk said the fir...
General Motors to Foray into the Electric Vehicle Segment
Automobile, BUSINESS

General Motors to Foray into the Electric Vehicle Segment

The popular automobile company General Motors (GM) is planning to enter the electric motor segment and for this, the company has decided to launch two new electric bikes to market next year. One of the two bikes will be folding and the other one will be compact. General Motors is making a broader push into electrification and other ideas that try to move beyond its traditional business model of producing and selling gas-power vehicles. Hannah Parish, director of General Motors Urban Mobility Solutions did not reveal much about the company’s plans to launch a bike-sharing service as a result of these two new products.  “I can’t say anything is on or off the table at this point,” she stated. “We know that people who live in urban areas, like myself in downtown Toronto need different o...
Tesla to Start Model 3 Manufacturing in China from Next Year
CHINA

Tesla to Start Model 3 Manufacturing in China from Next Year

The EV giant Tesla is reportedly expecting to extend its earnings streak by bringing its new Model 3 to customers beyond North America. The company’s plan includes accelerating its manufacturing plans in China. Tesla witnessed its revenue increase aggressively to $6.8 billion in the third quarter (and a $312 million profit) after the sales of its new Model 3 vehicle. The company was able to achieve that profitability milestone just through sales in the U.S. and Canada. The company mentioned that it would start to take orders for the Model 3 in Europe and China before the end of 2018. Also, it will begin deliveries of the Model 3 to Europe early next year. “We are aiming to bring portions of Model 3 production to China during 2019 and to progressively increase the level of localizati...
China’s EV Startup WM Motor Commences Delivery
CHINA

China’s EV Startup WM Motor Commences Delivery

China’s EV company WM Motor has started volume delivery of its first model, the EX5 SUV marking its first entry into the country's booming new energy vehicles space. The company has been backed by internet giant Tencent and was established in 2015. It has a plant capable of producing 200,000 vehicles in Wenzhou, Zhejiang province. "This is a milestone for WM Motor, and the first step in our long journey ahead," said the company's chairman and CEO Freeman Shen. The company claims to be the first startup in China and even globally to deliver on time. It stated that they planned three years ago to deliver their vehicles in September 2018, and made it. WM Motor had received more than 4,000 orders as of now and expects to deliver at least 10,000 vehicles this year. It is available in th...
Polestar Debuts First Production EV to Overtake Tesla
Automobile

Polestar Debuts First Production EV to Overtake Tesla

Sweden-based Polestar debuted its first production EV and previewed its electric car line in New York. Polestar is a Volvo subsidiary which unveiled its Polestar 1, positioned less as a hybrid and more as a fully electric car to attract fence sitters to EVs. This car will hit the streets in 2019 and will be priced around $155,000. It has 3 electrical motors powered by twin 34kWh battery packs and a turbo and supercharged gas V4 up front. It is the first in a series, with an all-electric Polestar 2 to debut in 2019. “Polestar 2 will be a direct competitor to the Tesla Model 3…” CEO Thomas Ingenlath said while the launch event. Also, he stated that the company will focus more on creating converts to EVs than pulling away Tesla’s existing market share. According to Ingenlath, Polesta...
Tesla Rival NIO Raises $1 Billion in US IPO to Accelerate Growth
Market

Tesla Rival NIO Raises $1 Billion in US IPO to Accelerate Growth

One of the largest electric vehicle startup NIO which is also a rival of Tesla has reportedly has made its market debut on the US stock market with a $1 billion IPO (initial public offering). The company’s basic motive behind this move is to boost up the production of its electric vehicles as well as and expand their EV infrastructure. With this IPO, the company has become the first Chinese-backed electric vehicle startup to go public in the US. The startup was backed by Chinese internet giant Tencent Holdings Ltd. Last year, NIO raised up to $600 million in its latest financing round led by Baidu. “We had actually a healthy book and then some orders got pulled or reduced because of market conditions,” NIO’s chief financial officer, Louis Hsieh, said. It was last month that an ann...
Mercedes Benz Forays into the EV Segment with Newly Launched SUV
News

Mercedes Benz Forays into the EV Segment with Newly Launched SUV

The luxury car maker Mercedes Benz is all set to foray into the electric car segment. Benz has launched its much-anticipated electric SUV today which might give a tough fight to the predominant EV player Tesla. While Tesla has been facing challenges a few days back against going private, Benz has taken a great step and took advantage of the situation brewing up. The market for upscale electric cars is Tesla's to lose, with sales of its entry-level Model 3 sedan expected to reach about 50,000 cars this year and almost double that in 2019. "While Tesla currently has a strong hold on the luxury electric market, I don't think this will be the case after the arrival of the German premium offerings," said Wajih Hossenally, an automotive powertrain analyst with IHS Markit. "Tesla has virtuall...
NTPC Launches its First EV Charging Station in Vishakhapatnam
INDIA

NTPC Launches its First EV Charging Station in Vishakhapatnam

The excitement for electric vehicles these days is at its peak. Various companies are coming up to launch their electric vehicles and also the other related ventures are coming up to build up electric vehicle charging stations to give this a boost in the economy. The state-operated power firm NTPC on Monday announced that it has built its first electric vehicle charging station in Simhadri, Vishakhapatnam. This has been done in association with the government's plan to switch to clean mobility. "NTPC initiates its first Electric Vehicle Charging Station in Simhadri, Vishakhapatnam. NTPC is fully aligned for promoting clean energy transportation in the country, while further hiking the demand for electric vehicles and power generation," NTPC said in a statement. Talking about the stati...
Mahindra Electric Collaborated With Cab Aggregator for E-vehicle Service
BUSINESS

Mahindra Electric Collaborated With Cab Aggregator for E-vehicle Service

Mahindra Group and online taxi aggregator company Meru cabs announced a collaboration for a pilot Electric Vehicle project in India. As per the press release by the Mahindra Group, the pilot project will see Meru deploy a fleet of eVeritos, the all-electric sedan by Mahindra and the model will be replicated in other cities soon. Mahindra Electric CEO, Mahesh Babu said, "As pioneers of electric mobility, we at Mahindra Electric are happy to lead electric fleet adoption in India and are glad to partner with Meru for pilot deployment of eVeritos in Hyderabad." "This is definitely going to make it easier for the city to adopt EV technology and will also be in line with our constant endeavor to make EVs more accessible to a larger urban population. We are now looking forward to working...