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The great EV pullback has begun

The Verge

The Verge · 1m ago

The great EV pullback has begun

Amid growing uncertainties, automakers are halting or rescheduling their electric vehicle (EV) launches, impacted by President Trump's budget bill cutting EV incentives. As car companies evaluate the market, many brands like Ferrari, Ford, and Nissan reconsider their EV strategies, delaying or canceling models due to diminished tax credits and a volatile political landscape. While interest in EVs remains, industry players face challenges amid policy shifts, impacting rollout plans amid rising costs and unstable demand.

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Vietnam’s VinFast breaks ground for ₹4,000 cr EV factory in Tamil Nadu

Thehindubusinessline

Thehindubusinessline · 1y ago

Vietnam’s VinFast breaks ground for ₹4,000 cr EV factory in Tamil Nadu

Vietnamese electric vehicle (EV) manufacturer VinFast is set to invest INR 4,000 crore (approximately $538 million) in a new integrated EV manufacturing unit in Tamil Nadu, India. Construction has begun on the 400-acre site, which is expected to generate 3,000-3,500 jobs and have an annual capacity of 150,000 units. VinFast plans to produce electric cars and two-wheelers at the facility, catering to the Indian market as well as countries in South Asia, the Middle East, and Africa. The company has also requested a reduction in import duties on EVs.

Companies News Today highlights on December 28, 2024: BluSmart set to launch EV-cab service in Mumbai, opens ‘invite-only’ exclusive registrations

Livemint

Livemint · 8m ago

Companies News Today highlights on December 28, 2024: BluSmart set to launch EV-cab service in Mumbai, opens ‘invite-only’ exclusive registrations

BluSmart is preparing to introduce its electric vehicle (EV) cab service in Mumbai, marking significant expansion efforts. The company has begun exclusive, invitation-only registrations for this service. This update is a part of broader business news on December 28, 2024, which also includes analyses of financial performances, strategic acquisitions, mergers, and leadership changes within various industries, offering insights into the evolving business landscape.

Ola Electric launches Roadster X series, deliveries to begin mid-March

YourStory

YourStory · 6m ago

Ola Electric launches Roadster X series, deliveries to begin mid-March

Ola Electric, led by Bhavish Aggarwal, has begun pre-orders for its electric motorcycles, Roadster X series, with deliveries starting mid-March. The Roadster X+ 9.1kWh variant includes the 4680 Bharat Cell. These motorcycles reflect Ola's commitment to deepening the EV revolution in India, following their successful electric scooters. Available in various kWh models, prices range from ₹74,999 to ₹1,54,999. Aggarwal emphasized customer safety and faster electrification of motorcycles.

Out of rare earths, India’s automakers turn to old tricks and new tech

Livemint

Livemint · 23d ago

Out of rare earths, India’s automakers turn to old tricks and new tech

China's restrictions on rare earth magnets have challenged India's goal to become an electric vehicle manufacturing hub. The auto industry is now seeking alternative solutions to reduce reliance on China. VinFast, a Vietnamese EV maker, has opened its plant in Thoothukudi, Tamil Nadu, investing ₹16,000 crore in phases. It will produce EVs for the Indian market and serve as an export hub. VinFast has begun bookings for its premium electric SUV models, VF 6 and VF 7.

Chinese EV makers challenging market leaders at auto show in Bangkok

Economic Times

Economic Times · 1y ago

Chinese EV makers challenging market leaders at auto show in Bangkok

Chinese electric vehicle makers are gaining traction in Thailand's automotive market, challenging established brands like Toyota, Isuzu, and Ford. Companies like BYD, XPeng, and Great Wall Motors showcased their latest electric vehicle models at the Bangkok International Motor Show. Thailand, with its focus on expanding its EV market, has become a key market for these Chinese automakers. BYD's Dolphin and Seal models, with impressive driving ranges, were featured alongside other Chinese brands such as Hozon Auto and VinFast. Thailand aims to become a hub for EV manufacturing and has seen significant growth in charging infrastructure.

India growth story robust, not concerned about near-term pressures in auto industry, says Hyundai's Tarun Garg

Money Control

Money Control · 10m ago

India growth story robust, not concerned about near-term pressures in auto industry, says Hyundai's Tarun Garg

Hyundai Motor Company sees great potential in the Indian market and believes it is outpacing other economies in terms of automotive industry growth, according to Tarun Garg, COO of Hyundai Motor India. Despite near-term pressures in the industry, Garg states that the Indian growth story is robust and the market rebounds quickly. Hyundai plans to launch three to four electric vehicles and establish a strong EV charging infrastructure. They also aim to localize the EV supply chain to gain a larger market share in the EV space.

Amazon has halted some data centre leasing talks

Economic Times

Economic Times · 4m ago

Amazon has halted some data centre leasing talks

Amazon has paused some data center lease talks for its cloud division, indicating a short-term slowdown in leasing large-scale facilities, as rising economic uncertainty affects spending on AI infrastructure. This move mirrors Microsoft’s recent leasing pullback and contrasts with active leasing by companies like Meta and Google. Despite skepticism regarding heavy AI investments, Amazon insists this is routine capacity management and continues investing significantly in generative AI to remain competitive.

BanyanTree-backed Rotomag kickstarts listing process, appoints bankers

VCCircle

VCCircle · 9m ago

BanyanTree-backed Rotomag kickstarts listing process, appoints bankers

Gujarat-based electric motor manufacturer Rotomag Motors, backed by private equity firm BanyanTree, has begun the process for its initial public offering by appointing three investment banks. The company has selected a combination of domestic and global banks to assist with the listing.

Indian banks ask fintech partners to limit tiny personal loans amid regulatory glare

Economic Times

Economic Times · 1y ago

Indian banks ask fintech partners to limit tiny personal loans amid regulatory glare

Indian banks have asked their fintech partners to reduce issuing small personal loans following the Reserve Bank of India's stricter regulations to cover personal loans. Paytm has already announced that it will slow down on sub-50,000-rupee loans. While the pullback may affect the availability of such loans, banks are not severing ties with fintech partners altogether. The move comes in response to concerns about higher risk and the need for more capital to cover personal loans and lending via NBFCs.

Ola joins ONDC with food-delivery plugin

Economic Times

Economic Times · 1y ago

Ola joins ONDC with food-delivery plugin

The Bengaluru-based startup has begun piloting with ONDC since August with an ‘ONDC Food feature newly embedded within the Ola app, multiple sources have told ET. The feature is currently in pilot phase and is open to Ola employees only.

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