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Matter Motor Works plans to launch one electric bike annually over next 3 years

Economic Times

Economic Times · 1m ago

Matter Motor Works plans to launch one electric bike annually over next 3 years

Matter Motor Works plans to launch a new electric motorcycle model annually over the next three years to boost volume growth, as announced by Co-founder and Group COO Arun Pratap Singh. The company introduced its geared electric bike, AERA, in Delhi and aims to establish up to 60 dealerships in India, primarily in South India. Matter Motor Works intends to increase its manufacturing and resolve supply issues involving rare earth magnets by exploring alternatives.

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EV maker Corrit Electric secures funding in angel round

VCCircle

VCCircle · 1y ago

EV maker Corrit Electric secures funding in angel round

Corrit Electric, an EV manufacturing company, has raised $602,445 in an angel funding round led by Porush Jain, co-founder of Sportskeeda. The investment will support the expansion of operations and enhance research and development initiatives. Corrit Electric plans to put its delivery electric bike, Transit, into production within the next 3-6 months. The company aims to be present in 25 cities in the next 6 months and had previously raised $9 million in a Series A funding round. The electric bike manufacturing sector has seen significant investments in recent years, with companies like Ola Electric and Ather Energy securing substantial funding.

Hyundai hoping to regain market share in India as auto major’s $3 billion IPO looms, lines up SUV launches & more | Mint

Livemint

Livemint · 11m ago

Hyundai hoping to regain market share in India as auto major’s $3 billion IPO looms, lines up SUV launches & more | Mint

Hyundai Motor plans to launch a series of new SUVs in India as part of its strategy to regain market share from domestic rivals. The automaker, which is gearing up for a $3 billion public listing in the country, will begin with the launch of its first India-made electric vehicle early next year, followed by two gasoline-powered models. Hyundai's market share in India has declined to 14.6% from 17.5% four years ago, as competition from domestic manufacturers such as Tata Motors and Mahindra & Mahindra has increased. Hyundai aims to boost global sales by 30% by 2030.

E-bike maker Matter raises $35 Mn in ongoing Series B round

Entrackr

Entrackr · 1y ago

E-bike maker Matter raises $35 Mn in ongoing Series B round

EV tech and energy storage firm Matter Motor announced that it has secured a first tranche of $35 million in Series B round led by US-based venture capital firm Helena. Other notable investors in this round include, Capital 2B, Japan Airlines & Translink Innovation Fund, Saad Bahwan Investment Management Company (SB Invest), other Institutional investors and Family Offices. The capital will be used to accelerate MATTER’s innovations in electric motorbikes and scaling in manufacturing, supply chain, marketing and retail, the company said in a press release. The firm recently raised $10 million as a part of the ongoing round which is likely to be closed at around $70 million. As per TheKredible’s estimates, the company has been valued at around Rs 1,690 crore or $204 million post-allotment. The valuation will vary after the completion of the round. Matter launched its maiden bike in early 2023 and began its pre-orders in May 2023. The firm has developed its in-house technology stack, leveraging the power of data, software and machine intelligence to create a 4-speed hyper-shift geared electric motorbike, AERA. As per the company, its product empowers riders to charge anywhere by delivering over 125 kms range per charge with a 5-amp onboard charging system. As of now, Matter has secured 40,000 pre-bookings for its electric motorbike AERA, which is set to commence deliveries this festive season. Recently, Matter’s chief executive said that the firm is looking to raise between $100 million and $200 million in the next two years to establish a new manufacturing facility with total installed capacity for producing 1 million e-motorbikes. Matter was in the pre-revenue stage during the fiscal year ended March 2023 while the losses for the firm stood at Rs 25 crore in the same period. It’s yet to file its annual results for FY24. In the premium e-bike segment, Matter competes with Bharat Forge-backed Tork Motors, TVS-backed Ultraviolette and RattanIndia Enterprises-controlled Revolt. Ola Electric, which currently manufactures electric scooters, is also planning to enter the e-bike segment by early 2026.

No more bike taxis in Bengaluru as Karnataka withdraws its bike policy citing its misuse

Economic Times

Economic Times · 1y ago

No more bike taxis in Bengaluru as Karnataka withdraws its bike policy citing its misuse

The Karnataka government has banned bike taxi services due to a lack of response from ride-hailing companies to offer electric two-wheelers and misuse of the existing policy. The Karnataka Electric Bike Taxi Scheme, introduced on July 14, 2021, has been withdrawn. Only one company, Wicked Ride, had applied for a license under the scheme. The government plans to modify the scheme and reintroduce it after conducting a comprehensive study on the mobility sector. Bengaluru has become a contentious market for bike taxis, with clashes between auto drivers and bike taxi services.

Bike taxi group writes to Delhi LG seeking more time to make EV shift

Entrackr

Entrackr · 1y ago

Bike taxi group writes to Delhi LG seeking more time to make EV shift

The Apna Bike Taxi Association, representing 1,000 bike taxi drivers in Delhi, has urged the Lieutenant Governor of Delhi to provide more time to implement the new Motor Vehicle Aggregator and Delivery Service Provider Scheme 2023, which requires two-wheeler taxi aggregators to use electric vehicles (EVs) only. The association argues that the transition to EVs is impractical as there is a lack of infrastructure and expensive and unreliable two-wheeler EV options. They are requesting up to two years to make the switch to EVs. The policy also raises concerns for bike taxi apps' gig workers, as it aims for 100% electrification from the outset.

Karnataka bans electric bike taxi services, says it is 'illegal and unsafe for women'

IndianStartupNews

IndianStartupNews · 1y ago

Karnataka bans electric bike taxi services, says it is 'illegal and unsafe for women'

The Karnataka government has withdrawn the 2021 Karnataka Electric Bike Taxi Scheme due to concerns over safety and legal violations. The scheme aimed to promote electric mobility and urban connectivity but was deemed unsafe for women and in violation of the Motor Vehicles Act. Clashes between electric bike taxi riders and traditional auto rickshaw drivers have exacerbated concerns. Startups like Rapido clarify that the ban does not affect their operations. The withdrawal raises questions about the future of electric mobility and urban transport in Karnataka.

Hyundai seeks expansion, higher valuation with India IPO

Livemint

Livemint · 1y ago

Hyundai seeks expansion, higher valuation with India IPO

Hyundai Motor is planning a $3 billion IPO in India to expand in one of the fastest-growing markets globally and address the "Korea discount" affecting its valuation at home. The IPO will help Hyundai accelerate its growth in India, reduce reliance on its parent company for funds, and fund the launch of electric vehicles and infrastructure in the country. Hyundai's valuation for the India unit IPO is estimated to be around $30 billion, potentially boosting valuations back in South Korea. The IPO plans come amid India's surging stock markets and aim to address the lower valuations typically associated with South Korean companies.

Suzuki to supply electric SUV to Toyota as collaboration expands

YourStory

YourStory · 9m ago

Suzuki to supply electric SUV to Toyota as collaboration expands

Suzuki Motor Corporation will supply Toyota Motor Corporation with an all-new battery electric vehicle SUV model as part of their expanding collaboration. The new model is set to be manufactured in Suzuki Motor Gujarat from 2025, with Maruti Suzuki India planning to launch the same model next year. The collaboration aims to address social issues and work towards a carbon-neutral society through multiple pathways. The partnership between the two companies began in 2016 and has since expanded to various regions worldwide. This marks their first battery electric vehicle in the partnership.

Why the world’s biggest EV maker is getting into shipping

Medial

Medial · 1y ago

Why the world’s biggest EV maker is getting into shipping

Chinese auto companies like BYD and SAIC Motor are establishing their own shipping businesses to export electric vehicles (EVs) as their prominence in the EV market increases. BYD has recently acquired the RORO vessel BYD Explorer No.1 and plans to add seven more ships to its fleet in the next two years. Similarly, SAIC Motor has launched its own RORO shipping subsidiary and set sail with its largest RORO vessel capable of carrying 7,600 cars. These companies are also repurposing ships originally designed for wood pulp import to transport their vehicles.

Ola applies for licence to operate e-bike taxis in Karnataka

Economic Times

Economic Times · 1y ago

Ola applies for licence to operate e-bike taxis in Karnataka

ANI Technologies, the parent company of Ola, has applied for a license to operate an electric bike taxi service in Bengaluru and other towns in Karnataka. The state allows EV two-wheelers to be used as bike taxis under its Electric Bike Taxi Scheme, 2021. Ola's founder, Bhavish Aggarwal, recently announced the re-launch of Ola Bike, a two-wheeler taxi service that will use electric scooters. The move is aimed at expanding ride-hailing services in smaller towns and promoting environmentally friendly transportation options.

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