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BYD's Thai distributor to triple EV dealerships, expand commercial offerings
Reuters
ยท
1y ago
Medial
The sole Thai distributor of BYD, the world's largest electric vehicle maker, plans to triple its dealerships in Thailand within two years. Rever Automotive, the distributor, aims to add 200 more dealerships by the end of 2025, expand its commercial vehicle offerings, and enter new passenger car segments. The move comes as BYD seeks to solidify its dominant position in the Thai market, which accounted for 20% of its international sales in Q3 2023. Thailand is one of the fastest-growing EV markets in Southeast Asia, benefiting from government subsidies and policies.
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TIVOLT Electric Vehicles inks pact with Tata Power Renewable Energy to build charging ecosystem
Livemint
ยท
8m ago
Medial
Murugappa Group's TCI Clean Mobility subsidiary, TIVOLT Electric Vehicles, has partnered with Tata Power Renewable Energy Limited (TPREL) to establish a charging ecosystem for its electric commercial vehicles. TPREL will leverage its expertise in setting up EV charging infrastructure to provide charging solutions at TIVOLT dealerships, customer locations, and public spaces. The collaboration will also explore the integration of solar energy systems to power TIVOLT's facilities. TPREL has previously deployed over 200 customised EV charging stations across various cities in India. This partnership aims to accelerate the adoption of commercial EVs and promote sustainability.
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Murugappa Groupโs EV Arm TI Clean Mobility To Raise INR 580 Cr To Build EV Tractors
Inc42
ยท
1y ago
Medial
TI Clean Mobility, the electric vehicle (EV) arm of Indian conglomerate Murugappa Group, has signed an agreement to raise โน580 crore ($69.4 million) in a mix of equity and compulsorily convertible preference shares. The funds will be provided by private equity firm GEF Capital and used to scale up TI Clean Mobility's EV offerings and provide cleaner commercial mobility solutions. TI Clean Mobility focuses on manufacturing small and heavy commercial electric vehicles and plans to expand operations across India. The Indian EV market is projected to reach $110.74 billion by 2029.
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German dealership Sternauto opens BYD store in Berlin
Reuters
ยท
1y ago
Medial
Chinese EV giant BYD is showcasing its five models on sale in Germany at a new BYD-only store in Berlin, operated by dealership Sternauto. The move demonstrates BYD's growing presence in Europe and its aim to compete with European automakers. Sternauto opened the store to cater to the increasing demand for affordable electric vehicles among German customers. BYD's brand awareness is rapidly growing in the country due to heavy marketing investments. The company is also expanding its manufacturing capacity in Hungary, Brazil, and Thailand, targeting global markets. However, Chinese EV brands face challenges, including regulatory scrutiny and supply chain bottlenecks.
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China EV giant BYD reboots Europe operations after strategic stumbles
Economic Times
ยท
3m ago
Medial
China's EV leader BYD is restructuring its European operations after strategic missteps including inadequate dealer sign-ups and poor local market knowledge. To address these issues and expand its market presence, BYD is rapidly hiring local talent, including key executives from European automakers like Stellantis. It plans to introduce plug-in hybrids, acknowledging their appeal in various European markets. BYD's quick response to previous shortcomings shows early signs of success, with European sales tripling in early 2025.
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EV maker VinFast signs pacts with 13 dealer groups; aims 35 dealerships in India by 2025-end
Economic Times
ยท
27d ago
Medial
VinFast Auto India, a subsidiary of Vietnam-based electric vehicle maker VinFast, has announced its plans to open 32 dealerships across 27 Indian cities by partnering with 13 dealer groups. Aiming to establish 35 dealerships by the end of 2025, this initiative underscores VinFast's commitment to creating a strong sales, service, and spares network, while preparing for the pre-booking of its VF 6 and VF 7 models, targeting key emerging EV markets in India.
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Raizen, China's BYD to build EV charging station network in Brazil
Reuters
ยท
1y ago
Medial
Brazilian sugar and ethanol company Raizen and Chinese automaker BYD are partnering to establish a network of 600 electric vehicle (EV) charging stations across eight cities in Brazil. The collaboration aims to meet the growing demand for EV charging infrastructure in the country. Raizen plans to capture 25% of the charging station market and sees EVs as a crucial part of its growth strategy. With electric vehicle sales increasing by 91% in Brazil last year, BYD's investment in the country is considered strategic.
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Vidyut Nets $10 Mn From 3one4 Capital, Others To Venture Into EV Insurance, Resale Space
Inc42
ยท
1y ago
Medial
Indian commercial electric vehicle (EV) financing startup, Vidyut, has raised $10 million in a Series A funding round led by 3one4 Capital. The round consisted of both equity and debt investments from existing and new investors, including Zephyr Peacock and Udaan CEO Sujeet Kumar. Vidyut plans to utilise the funds to expand its business and enhance its offering as a full-stack EV enabler, including services such as EV insurance, vehicle lifecycle management and EV resale. Vidyut aims to be present in 40 Indian cities within the next year and expand its OEM partnerships.
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Vidyut raises $2.5 Mn to expand battery-as-a-service financing biz
Entrackr
ยท
5m ago
Medial
Snippets Vidyut raises $2.5 Mn to expand battery-as-a-service financing biz Bengaluru-based full-stack electric vehicle (EV) ecosystem platform Vidyut has raised $2.5 million in funding from global fintech investor Flourish Ventures. To date, Vidyut has raised over $16.5 million from 3one4 Capital, Credit Saison, Flourish Ventures, Zephyr Peacock, Lighthouse Canton, and other prominent investors. The firm concluded its $10 million Series A round in February last year. The funding will fuel the expansion of Vidyut's battery-as-a-service (BaaS) offerings in both passenger and commercial EV segments. This investment reinforces Vidyut's mission to accelerate India's clean energy transition by making EV ownership accessible and affordable for SMBs, the company said in a press release. Founded in 2021 by ex-Swiggy and Bounce executives Xitij Kothi and Gaurav Srivastava, Vidyut revolutionized commercial EV financing. By unbundling batteries from EVs and offering them on a pay-per-km subscription basis, Vidyut reduced upfront three-wheeler (3W) EV costs by 35-40%, making them significantly cheaper than ICE vehicles from day one. In 2023, Vidyut expanded its offerings to include EV resale and lifecycle management solutions, a move that has seen rapid customer adoption and market traction. In September 2024, the company entered the passenger EV market through a partnership with JSW MG Motor India, marking India's first BaaS model for four-wheelers that cuts upfront vehicle costs by 30%. With key industry partners such as TATA Motors, JSW, MG Motor India, Mahindra Last Mile Mobility, Piaggio, and Euler Motors, along with a strong distribution network spanning 30 cities, Vidyut has enabled micro-entrepreneurs and fleet operators to embrace sustainable choices while boosting their earnings by 10-15% through EV adoption. "With proven unit economics, strong 15% month-on-month growth, and long-term OEM partnerships, this investment will help us scale our innovative financing and lifecycle solutions across new vehicle segments," said Xitij Kothi. The Bengaluru-based company also launched an EV resale platform for the three-wheeler commercial vehicle segment, which manages the entire processโfrom inspection and valuation to sale and RTO documentation. According to the company, this new platform has streamlined the resale process for commercial EV owners and has helped customers realize up to 10-15% higher returns than ICE counterparts in secondary markets. In the electric vehicle financing space, Vidyut competes with Revfin, Finayo, Mufin Green Finance, OTO, Evfin, and Hero FinCorp, among others.
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BYD debuts first pickup truck in Mexico
Livemint
ยท
1y ago
Medial
BYD, the world's largest electric vehicle manufacturer, has unveiled its first pickup truck, the Shark, in Mexico. Priced at 899,980 Mexican pesos ($53,407), the midsize luxury plug-in hybrid will compete with models from Ford, Toyota, and Nissan in Latin America's largest vehicle market. BYD's decision to launch the truck overseas instead of in China reflects limited domestic demand for pickups due to usage restrictions in major Chinese cities. The move is part of BYD's strategy to expand overseas as it faces intense competition and a price war in its domestic market.
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Chinese automaker BYD inches closer to global EV dominance as Tesla sales dip
Economic Times
ยท
1y ago
Medial
BYD, the Chinese automaker, is closing in on Tesla as the world's largest electric vehicle (EV) seller. In the last quarter, BYD nearly surpassed Tesla in sales, driven partly by Tesla's delivery decline due to factory downtime. BYD sold 431,603 fully-electric vehicles in the quarter, a 23% increase, compared to Tesla's 435,059. BYD's growth includes hybrid models, and it is expanding its appeal with luxury and budget-friendly EVs. The company's export sales are also increasing, making up 9% of its third-quarter sales, contributing to its dominance in the EV market.
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