Tag: Electric Vehicle

Business

EKA Mobility announces second tranche investment from Mitsui & Co., Ltd

Jun 21, 2024 by Sujata Muguda 0 Comments #Dr. Sudhir Mehta, #EKA, #EKA (Pinnacle Mobility Solutions), #EKA Mobility, #Electric Vehicle, #Ltd, #Mitsui & Co., #Mitsui & VDL Groep, #Mobility Business Unit 1 of Mitsui, #Mr. Hiroshi Takeuchi, #New Delhi

New Delhi, Thursday, June 21, 2024 – EKA (Pinnacle Mobility Solutions) announces Mitsui & Co., Ltd. (“Mitsui”), a global trading and investment company with a rich history of contributing to industrial innovation, has executed a second tranche investment as a part of the initially announced phased investment, further solidifying their commitment to the rapidly growing electric vehicle (EV) company. This strategic infusion of capital will be directed towards capital expenditures (Capex) and working capital, supporting EKA Mobility’s continued expansion and innovation in the EV sector. This tranche also establishes an attractive valuation benchmark for the company and is testimony to the rapid growth that EKA is witnessing.

Team #BharatKiEKA

In December 2023, EKA, Mitsui & VDL Groep entered into a strategic long-term partnership, that included joint investments of USD 100 million  in phases, equity, and technology cooperation to create a leading global OEM in India. This is one of the largest and most significant partnerships in the new mobility segment globally. Under the cooperation, EKA Mobility will receive significant and strategic investments from Mitsui, and technological support & equity partnership from VDL Groep, a leading Dutch technology and manufacturing company. As part of this partnership, VDL Bus & Coach, a subsidiary of VDL Groep and Europe’s frontrunner in electric buses & coaches will support EKA Mobility by transfer-of-technology to produce electric buses in India for the Indian market.

Earlier this year, Mitsui invested its maiden tranche in EKA which propelled the company to establish one of the largest R&D centres in the country for electric commercial vehicles, new product development, and expanding its export footprints. The second tranche will support EKA Mobility’s manufacturing capabilities, accelerate new product development, expand market reach, and provide working capital. The investment will strengthen the company’s financial base to support day-to-day operations, supply chain optimization, and market expansion initiatives.

“We are thrilled to deepen our partnership with EKA Mobility through the investment of this second tranche,” said Mr. Hiroshi Takeuchi — Deputy General Manager of Mobility Business Unit 1 of Mitsui. “EKA Mobility has demonstrated strong growth and innovation in the EV space, and we are excited to support their continued success. We look forward to utilizing Mitsui’s global network to promote exporting EKA’s competitive products to overseas markets. This investment aligns with Mitsui’s strategic focus on sustainable and forward-looking industries, and we are confident that EKA Mobility will play a pivotal role in the future of transportation.”

EKA, headquartered in Pune, India, has been at the forefront of the commercial electric mobility revolution, developing a range of electric buses in 7mtr, 9mtr & 12mtr categories, intercity coaches, and a range of electric light commercial vehicles. EKA is also one of the commercial vehicle manufacturers approved under the Government of India’s Auto PLI policy. Mitsui’s renewed investment underscores its confidence in EKA Mobility’s vision, technology, and market potential.

Dr. Sudhir Mehta, Founder of EKA (Pinnacle Mobility Solutions), expressed his gratitude for Mitsui’s continued support: “We are immensely grateful to Mitsui & VDL Groep for their unwavering confidence and sustained investment in EKA Mobility. The continued investment support will enable us to accelerate our growth trajectory, bring innovative EV solutions to market faster, and further our mission to create a sustainable and green transportation ecosystem. We look forward to a long and successful partnership with Mitsui & VDL.”

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Tata Motors announces price increase of its commercial vehicles from July 2024

Jun 19, 2024 by Mansi Praharaj 0 Comments #commercial vehicle, #Electric Vehicle, #Tata Motor

Bengaluru, 19th June 2024: Tata Motors announced that it will increase the price of its commercial vehicles effective 1st July 2024, up to 2%. The price increase is to offset the impact of rising commodity prices. It will be applicable across the entire range of commercial vehicles, and will vary as per individual model and variant.

About Tata Motors

Part of the USD 150 billion Tata group, Tata Motors Limited (BSE: 500570 and 570001; NSE: TATAMOTORS and TATAMTRDVR), a USD 44 billion organization, is a leading global automobile manufacturer of cars, utility vehicles, pick-ups, trucks, and buses, offering an extensive range of integrated, smart, and e-mobility solutions. With ‘Connecting Aspirations’ at the core of its brand promise, Tata Motors is India’s market leader in commercial vehicles and ranks among the top three in the passenger vehicles market.

Tata Motors strives to bring new products that captivate the imagination of GenNext customers, fuelled by state-of-the-art design and R&D centres located in India, the UK, the US, Italy, and South Korea. By focusing on engineering and tech- enabled automotive solutions catering to the future of mobility, the company’s innovation efforts are focused on developing pioneering technologies that are both sustainable and suited to the evolving market and customer aspirations. The company is pioneering India’s Electric Vehicle (EV) transition and driving the shift towards sustainable mobility solutions by developing a tailored product strategy, leveraging the synergy between Group companies and playing an active role in liaising with the Government of India in developing the policy framework.

With operations in India, UK, South Korea, Thailand and Indonesia, Tata Motors markets its vehicles in Africa, the Middle East, Latin America, Southeast Asia, and the SAARC countries. As of March 31, 2024, Tata Motors’ operations include 90 consolidated subsidiaries, two joint operations, five joint ventures, and numerous equity-accounted associates, including their subsidiaries, over which the company exercises significant influence.

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Hyundai Motor and Kia Forge Strategic Partnership with Exide Energy for Electric Vehicle Battery Localization in India

Apr 8, 2024 by Sujata Muguda 0 Comments #Electric Vehicle, #Exide Energy, #Heui Won Yang, #Hyundai, #Kia

April 8, 2024 – Hyundai Motor Company (Hyundai Motor) and Kia Corporation (Kia) signed a Memorandum of Understanding (MOU) for strategic cooperation with Exide Energy Solutions Ltd. (Exide Energy), a leading Indian battery company, as part of their electric vehicle (EV) expansion plans.

The signing ceremony took place at Hyundai Motor Group’s Namyang Research and Development Center in South Korea, attended by Heui Won Yang, President and Head of Hyundai Motor and Kia’s R&D Division, Chang Hwan Kim, Head of Electrification Energy Solutions Tech Unit, Duk Gyo Jeong, Head of Electric Vehicle Parts Purchasing Sub-Division and Dr. Mandar V Deo, Managing Director, and CEO of Exide Energy.

HYUNDAI MOTOR

With the expansion of their EV plans for the Indian market, Hyundai Motor and Kia aim to localize their EV battery production, specifically focusing on lithium-iron-phosphate (LFP) cells. This strategic move will position them as the pioneers in applying domestically produced batteries in their upcoming EV models in the Indian market.

“India is a key market for vehicle electrification due in part to the government’s carbon neutrality goals, which makes securing cost competitiveness through localized battery production crucial,” said Heui Won Yang, President and Head of Hyundai Motor and Kia’s R&D Division. “Through this global partnership with Exide Energy Solutions Ltd., we will gain a competitive advantage by equipping Hyundai Motor and Kia’s future EV models in the Indian market with locally produced batteries.”

Kolkata-based Exide Industries Ltd., a leading lead-acid battery supplier in India has over 75 years of experience and market leadership in lead-acid batteries. Exide Energy Solutions Ltd. is a wholly owned subsidiary company of Exide Industries Ltd., which was established in 2022 to foray into the business of manufacturing of Lithium-Ion cells, modules and packs incorporating a portfolio of multiple chemistries and form factors.

This strategic cooperation with Exide Energy marks the beginning of Hyundai Motor and Kia’s efforts to expand its exclusive battery development, production, supply and partnerships in the Indian market.

India is recognized as a highly promising automotive market worldwide and the country is rapidly emerging as a critical player in the production and sales of EVs. Realizing the strategic importance of the Indian market, Hyundai Motor and Kia are taking the lead in the Indian market by introducing its EV models to establish itself as the frontrunner in the Indian automotive industry.

WardWizard Innovations & Mobility Ltd jointly with its Promoters & Promoters’ Group acquires 4 Million sqft of Land to Develop India’s First Ever Electric Vehicle Ancillary Cluster in Vadodara
Business

WardWizard Innovations & Mobility Ltd jointly with its Promoters & Promoters’ Group acquires 4 Million sqft of Land to Develop India’s First Ever Electric Vehicle Ancillary Cluster in Vadodara

Jan 25, 2022 by Praveen 0 Comments #Electric Vehicle, #Vadodara, #WardWizard Innovations & Mobility Ltd

As a part of MOU signed with the Government of Gujarat for the amount of INR 500 Cr , WardWizard Innovations and Mobility Ltd (BSE Code: 538970) – jointly with its Promoters & Promoters’ Group acquired 4 Million sqft of land with possession via MOU & Agreement for Sale in Vadodara for the development of electric vehicle (EV) ancillary project. The investment to shape Indian EV industry is in accordance with the MoU signed with the Government of Gujarat in December 2021.

The project aims to provide a unique solution to localize and strengthen the supply chain of raw materials for EV manufacturing. The development of the EV ancillary cluster will begin from the month of February 2022 in a phased manner. The ancillary will foster the growth of the EV industry with the manufacturing of essential components like, electric-motor, chassis, steel parts, lithium-ion cell manufacturing unit, lithium-ion battery assembly unit, chargers, controllers, R&D centre, production for electronic components, etc. Considering the size of the ancillary, it is expected to generate additional more 6000 jobs in the state.

The land will also be utilized for the production of high-speed electric two-wheelers, electric three-wheelers (passenger segment), and R&D of electric four-wheeler as well as other future projects. The location of ancillary cluster enjoys healthy transport connectivity as it is located on Vadodara-Ahmedabad highway. It will be 02hrs from Ahmedabad; 08hrs from Mumbai; 20 minutes from Vadodara airport.

Speaking on the new development of the company, Mr Yatin Gupte, Chairman & Managing Director, Wardwizard Innovations & Mobility Ltd., said, “We are grateful to the  Government of India & Government of Gujarat for providing the opportunity and supporting the first-of-its-kind initiative that encourages collaboration and holistic development of the EV industry. Through the EV cluster program, we aim to strengthen the demand-supply chain of raw materials to reduce the dependency on import of essential components and provide cost benefits to the customers for the rapid adoption of electric mobility in the country. The company has already received a letter of intent from six companies and shall be adding more from the national and international markets, where we will be providing them with free land, infrastructure, electricity & manpower”

EV Ancillary is a unique concept and a solution by WardWizard Innovations and Mobility Ltd., to eliminate the ongoing challenges of raw materials supply for electric vehicle manufacturing in the country.

As per the concept, the manufacturing partners will be invited to set up their production units for developing ancillaries under one roof to manufacture essential components. WardWizard will provide assistance from manufacturing the products to maintaining a supply-chain process. WardWizard will be supporting them by providing ultra-modern facilities including land, human resource and other essential resources.

EV Ancillary will facilitate the growth of the EV industry by reducing the dependency on imports for the supply chain. It will further benefit from the constant availability of raw materials at competitive pricing and bringing down the logistic cost and operations. The partners are further benefited by supplying the raw material to other OEMs of the industry.