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India projected to be fourth largest electric car manufacturer by 2030, China to lead: Report
Economic Times
·
1m ago
Medial
India is set to become the fourth-largest electric vehicle (EV) manufacturer by 2030, following China, Europe, and the US, with a projected production capacity of 2.5 million units, according to a Rhodium Group report. India's domestic demand is estimated to be 400,000 to 1.4 million units by 2030, leading to excess capacity intended for export markets. The country's strategy involves strong industrial policies, local manufacturing incentives, and import tariffs to bolster domestic production.
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India to have 150 fintech unicorns with combined $500 billion valuation by 2030: report
Economic Times
·
11m ago
Medial
India is expected to become home to 150 fintech unicorns valued at $500 billion by 2030, according to a report by JM Financial and Beams Fintech Fund. The report predicts a surge in revenue for Indian fintech firms, reaching $260 billion by the end of the decade. The payments industry is projected to lead the fintech boom, with transaction values expected to reach $11 trillion by 2030. Other segments such as lending, insurtech, wealthtech, and neobanking are also set for significant growth. Currently, India has 26 fintech unicorns, positioning it behind the US, China, and the UK.
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EVs to drive India’s auto market expansion: Accel report
YourStory
·
4d ago
Medial
India's auto market is transforming, fueled by electric vehicles (EVs) and supported by government policies and consumer demand, according to a report by Accel. The market, valued at $138 billion, is projected to reach $260 billion by 2030, with EVs growing at a CAGR of 21.8%. Two- and three-wheelers lead this electric shift. Despite advancements, India faces supply chain challenges, relying heavily on imported EV components. Opportunities exist in domestic innovation and investment.
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EV firm Lotus Tech reports quarterly revenue jump on strong demand for luxury cars
Reuters
·
1y ago
Medial
Lotus Technology, a luxury electric car manufacturer, has reported a significant increase in revenue for the fourth quarter, following its recent initial public offering. The company, valued at $7 billion, experienced strong demand for its electric cars despite the slower growth of the electric vehicle market. Deliveries for the quarter reached 3,749 units, a 110% increase from the previous quarter, and Lotus Tech expects to increase deliveries to 26,000 units in 2024. The company also plans to expand its product offerings, introducing the Emeya electric grand touring car in both China and Europe, as well as launching the Eletre electric SUV in the US.
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CARS24 onboards Upstox’s Sami Alam as Senior Director, Engineering
Startup News FYI
·
1y ago
Medial
Gurgaon-based auto tech firm CARS24 has appointed Sami Alam as its Senior Director of Engineering. With over two decades of experience in various domains, Alam has previously worked at companies like Upstox, Flipkart, and Microsoft. At CARS24, he will lead the engineering team and drive innovation to enhance the company's technological capabilities. CARS24 aims to become the world's largest autotech company and has expanded its presence in multiple countries. The online car buying market in India is witnessing significant growth, with a projected value of $722.79 billion by 2030.
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India to be world's third-largest economy by 2030 -S&P Global Ratings
Reuters
·
1y ago
Medial
India is expected to be the world's third-largest economy by 2030, according to a report by S&P Global Ratings. It is projected to remain the fastest-growing major economy for the next three years, with a growth rate of 6.4% this fiscal year and an estimated 7% growth by 2027. The report emphasizes the need for India to transition to a manufacturing-dominated economy, develop a strong logistics framework, and increase worker upskilling and female workforce participation for sustained growth.
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JSW Group-MG Motor venture aims to sell 1 mn EVs by 2030
VCCircle
·
1y ago
Medial
The joint venture between JSW Group and MG Motor aims to sell one million electric vehicles in India by 2030. The companies plan to enter the premium passenger vehicle segment. MG Motor already has two electric car offerings in India. This announcement comes after India lowered import taxes on certain electric vehicles, encouraging carmakers to invest and manufacture domestically. This move benefits Tesla, which plans to enter the Indian market. Electric cars currently represent about 2% of total car sales in India, but the government has set a target of 30% by 2030.
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Bounce Infinity to assemble, sell UK’s Zapp i300 electric two-wheelers in India
Economic Times
·
1y ago
Medial
India's Bounce Infinity has partnered with UK's Zapp Electric Vehicle Group to assemble and sell electric two-wheelers in India. Bounce Infinity will act as a contract manufacturer for Zapp's i300 range of vehicles, using its manufacturing plant in Rajasthan. This move will help Zapp accelerate its entry into the Indian market, which is projected to have a significant electric vehicle share by 2030. Bounce Infinity, previously focused on scooter rentals, rebranded itself and now manufactures and sells electric scooters. The company raised $20 million in funding last year and has seen a substantial increase in operating revenue.
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BYD India plans to retain the top brand tag in the luxury electric car market
Thehindubusinessline
·
1y ago
Medial
BYD India, a subsidiary of global electric vehicle manufacturer BYD, aims to dominate the luxury electric car segment in India above the ₹30-lakh category. As part of its strategy, the company will introduce the luxury electric sedan, Seal, in India. BYD aims to compete with established German automakers like Mercedes-Benz and BMW in the premium electric car market. The company already sells two electric models in India and plans to expand its product portfolio and dealership network. Despite being a major global player in the electric car market, BYD also sees potential in the mass market segment in India in the coming years.
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‘Data sets in isolation are useless’: Finfluencer on the GDP vs per capita GDP discussion - BusinessToday
Business Today
·
2m ago
Medial
India has surpassed Japan to become the world’s fourth-largest economy, with a nominal GDP projected at $4.187 trillion according to the International Monetary Fund. Despite the significant GDP size, India’s per capita GDP growth remains a key metric, standing stronger than several European nations. While its ranking is close to Germany, the UK, and France, it trails behind China and Indonesia, yet outperforms Pakistan in Gini coefficient—a measure of income inequality.
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IPO-Bound Ola Electric Mulls Bidding For Lithium Mining Rights
Inc42
·
1y ago
Medial
Ola Electric, the EV manufacturer planning an IPO, is reportedly considering bidding for mining rights for lithium blocks being auctioned by the Indian government. The startup is constructing its Ola gigafactory with a projected production capacity of 20 GWh and acquiring lithium reserves would facilitate battery production for its EVs. Other potential bidders for the lithium reserves in Jammu and Kashmir include Adani Enterprises, Vedanta Ltd, Reliance Industries, and Himadri Chemicals. The development comes as Ola Electric continues to lead the two-wheeler EV market in India, with increasing registrations and sales.
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