The Electric & Hybrid Vehicle Scene in India


Akash1886

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Digital Lender "Prest Loans" Forays into Electrical Vehicle (EV) Financing Segment; Collaborates with Eqaro Guarantees and Terra Motors​
New Delhi, Delhi, India
  • Prest Loans to encourage self-employment and support clean energy initiatives
  • Prest sees EV segment as a huge opportunity in next 5 years

Prest Loans, a Dehi based, fast growing digital lending company (www.prestloans.com) has forayed into financing of electrical vehicles (EVs). It has collaborated with a leading Japanese electrical vehicle manufacturer, Terra Motors offering quality products and with Mumbai based Eqaro Guarantees for providing guarantee against credit defaults. This will help it to provide easy, fast and affordable financing to driver buyers of electrical vehicles (EVs) to positively impact their lives. The entire process of providing this credit facility shall be automated and user friendly considering these borrowers profiles. It plans to do tie up with more manufacturers and last mile delivery service providers.

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Prest Loans and Terra Motors signing the agreement


Under an existing agreement between Prest Loans and Eqaro Guarantees, Eqaro also extends credit default guarantees for loans extended to small businesses & MSMEs by Prest. The new initiative will help broaden the scope of offerings. Approximately 70% to 80% of the value of electric vehicles will be financed by Prest Loans. Prest Loans already have a risk-based scoring mechanism called ‘Prest Score’ to analyse the borrowers profile based on non-financial parameters and the risk engine decides the Rate of Interest to be charged and tenure of loan.

Under the three-way arrangement, Eqaro Guarantees extends credit default guarantees on the loans extended by Prest Loans for the purchase of electric vehicles while the manufacturers provide quality & buy back guarantee of repossessed vehicle in case of default. The presence of the guarantor improves lender confidence which benefits the borrower by way of lower interest rates, longer tenures and lower EMIs.

The specially designed and customised product is aimed at borrowers of both passenger and load-carrying electric vehicles including E-rickshaws, E-carts, loaders, delivery vehicles, etc. The arrangement is directed towards providing credit default guarantees to individuals as well as corporate entities for buying new electrical vehicles and get instant funding from Prest Loans without any hassles.

Overall, the guarantees help make credit accessible to a segment that has been severely impacted due to the pandemic in terms of job losses and migrants. The electric vehicle industry is also struggling to an extent but has the potential to support the livelihoods of the poor and migrant workers by helping them to buy and run EVs in their local areas.

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L to R: Mr. Ashok Mittal, CEO, Prest Loans, Mr. Vikash Khandelwal, CEO, Eqaro Guarantees and Mr. Ahikiro Ueda, CEO, Terra Motors


Mr. Ashok Mittal, CEO, Prest Loans
said, “E-vehicles is a new segment to finance in India. It does not enjoy high levels of lender confidence as there is no evolved pre-owned vehicle market or predictable prices for second-hand E-vehicles. Having a credit default guarantee helps reduce risk and boost lenders’ confidence. Our core philosophy to support self-employment and create an impact in the society will further strengthen with this guarantee arrangement. We see EV market growing exponentially in next 5 years and would like contribute to its growth.”

Mr. Vikash Khandelwal, CEO, Eqaro Guarantees said, "We are delighted to partner with Prest Loans and Terra Motors for financial default guarantees that can help institutional as well as individual borrowers’ get easier access to credit for the purchase of electric vehicles. Financial Default Guarantees helps borrowers improve their creditworthiness and obtain better terms for its borrowing program from a wider set of lenders. India’s E-auto market is a huge opportunity. Our guarantees will support the government's thrust on green mobility & help hasten the adoption of electric vehicles.”

Mr. Ahikiro Ueda, CEO, Terra Motors said, “The partnership between Terra Motors' affordable, high-quality EVs and Eqaro’s credit default guarantees will expand opportunities and incentives for all segments of the Indian potential user to purchase EVs. It will be a big step toward creating a safer and much better lifestyle.”

About Prest Loans
Prest Loans; trade name RBI registered NBFC Lord Krishna Financial Services Ltd., India's leading and fast-growing online lending and financial services provider is based out of Delhi.

The Company is focused on providing financial assistance like business loans, SME loans and electrical vehicle (EV) loans to encourage and support the self-employment and create an impact in the society for under serviced segment largely operating in North Indian market.

About Eqaro Guarantees
Eqaro Guarantees offers financial security in the form of guarantee and surety to project owners, supplier principals, and brand owners alike, protecting them from financial exposure to their contractors, clients, dealers, or franchisees. The company, a pioneer in the field of surety in India, is focused on delivering creative and customized bonding solutions. Their strengths lie in expert underwriting & in-depth knowledge of the Indian infrastructure and financial services industry. The company is backed by the financial strength and global expertise of Ion Insurance Company Inc (USA), Southern Pacific Insurance Corporation (USA) & Northern Light Surety Company SRL.

About Terra Motors
Terra Motors’ vision is “to create new industries and make society more convenient”. Terra Motors is a Japanese global venture company that aims to be a leading company in sustainable e-mobility, developing, manufacturing, selling, and providing after-sales service for EVs (electric two-wheelers and three-wheelers). In addition to the Tokyo headquarters, the company has operations in three other Asian countries.

Terra Group believes that through their endeavours they are contributing to the creation of job opportunities for low-income people around the world, the improvement of their lives, and the realization of a prosperous society.
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Akash
 

Akash1886

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HOP Electric Mobility to bolster India’s EV Ecosystem with launch of Nations First Integrated Battery Swapping and Charging Station Network under 'Hop Energy Network'

Working towards a sustainable alternative for a greener future, HOP enables consumers to pay according to convenience and need.
HOP ENERGY NETWORK.jpeg

New Delhi, July 8, 2021
: HOP Electric Mobility, India’s leading integrated electric mobility company, has launched a first of its kind integrated network of battery charging cum swapping stations as ‘Hop Energy Network’. Aiming to bolster the country’s EV ecosystem, the new initiative is designed to reduce the range anxiety concerns of consumers. Now, consumers can charge a Hop electric scooter at home or swap to a fully charged battery when outside in less than 30 seconds.

Pilot-Test phase

The brand has already started its pilot network with 5 Swapping stations and 50 Batteries in Jaipur earlier this year. In fact, in just six months, they have already swapped over 2000 batteries adding 1,40,000+ clean kilometres.

CEO and Founder of HOP Electric Mobility, Ketan Mehta, said, "Today, we are living in a hyper-aware society which is concerned about climate changes and global warming. Electric scooters have already proven that they are sustainable, renewable and economical. With HOP energy network customers will be able to save both time and money. Our charging stations are equipped with cutting-edge technology where users will be able to replace their batteries within 30 second with hassle-free replacement. Only a handful of companies are enabling users in such a drastic manner and we are one of them."

As of now, already close to 70,000 petrol pumps in India cater to IEC vehicles, and the number is likely to grow in the near future. If the existing infrastructure is used correctly, one doesn't need to acquire extra land space to set up the electric vehicle charging stations. This is where HOP Energy Network is planning to disrupt the market with its decentralised energy distribution network. The company will be setting up new-age charging cum swapping stations at the existing petrol pumps, malls, parking lots and general stores so that the same infrastructure can be used to take a step towards a greener future.

The HOP Energy Network is a network of smart batteries and intelligent battery swapping cum charging stations, where customers can replace their discharged battery with a fully charged battery in less than 30 seconds. Furthermore, these battery swapping cum charging stations are fully automated capable of churning out over 150 fully charged batteries on a daily basis. Equipped with NFC (Near-field Communication) and a 15-inch HMI touch screen, these battery swapping cum charging stations are designed for easy self-use and round the clock operations.

Two ways to charge batteries- Charge at home or swap when outside.

With Hop energy network subscription, hop consumers are offered a unique ownership experience with distinct benefits such as no hassle of owning batteries, upto 40% lesser upfront cost, access to the latest battery technologies and a lifetime warranty on their batteries. In this way, owning electric scooters will become cost-effective, time-effective, and more convenient than ever before.

Customers are free to use the swapping battery options as per their convenience and needs. The first option is to opt for the monthly battery plan and enjoy unlimited battery swaps at any station at just INR 2500 per month. The second option is pay as you go service, where consumers use the service at INR 1/km only for the kilometres they ride.

On top of all that, the battery swapping cum charging stations are engineered to keep batteries cool while charging, resulting in long durability and optimal performance. After getting brilliant traction and results in Jaipur, the brand aspires to expand the charging stations network across India, starting with tier-I cities like Delhi, Pune, Bengaluru, Chennai, Hyderabad, Gurugram, Noida

It is pertinent to mention here that about 82% of India's oil demand is currently fulfilled by imports. However, the large-scale adoption of electric vehicles is projected to help save close to USD 60 billion on oil imports by 2030.

About HOP Electric Mobility:

With the vision to become the world's leading provider of green, sustainable and energy-efficient two-wheelers - after two years of extensive R&D research, the company started operations from regional branch in Jaipur, inaugurated by Rajasthan Minister of Road and Transport Pratap Singh Khachariyawas.

As of now, HOP has three market-ready products, two e- scooters and one e- motorcycle. The brand plans to launch at least ten new products in the next three years. HOP's 40,000 square feet long manufacturing unit is currently situated in Jaipur, and it plans to expand its footprint countrywide soon.

HOP Electric Mobility Private Limited was founded by Ketan Mehta, Nikhil Bhatia and Rahil Gupta. Ketan is currently the CEO, while Nikhil and Rahil are looking after Operations and Product Management, respectively. Hop is now a 25+ member team with Vivek Tomar joined as a business head, Rajneesh Singh as head of marketing, Avinash Choudhary as North India Regional manager and many more. HOP aspires to establish itself as the most innovative, feasible and trusted electric vehicle brand for every customer, irrespective of gender or age. The brand wants to assist customers in becoming more independent, technology-savvy while being environmentally friendly. Revolutionizing the booming Indian electric mobility space, the company aims to cater to the growing needs of e-vehicles enthusiasts.
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Akash
 
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Electric vehicles exempt from registration certificate fees

The Union government has exempted battery-operated vehicles from payment of registration fees, a move aimed at encouraging e-mobility in the country. “Battery operated vehicles shall be exempted from the payment of fees for the purpose of issue or renewal of registration certificate and assignment of new registration mark,” the ministry of road transport and highways said in a gazette notification issued on August 2.

The notification shall come into effect immediately, it said.

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Akash1886

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‘India Electrified’ with Ampere, achieves milestone of 100,000 EV customers in 400 towns
~ Ampere accelerates India’s EV dream by leading mass mobility transportation for last mile
Mumbai, August 12, 2021:
Ampere Vehicles, the fast growing e-mobility business of Greaves Cotton Limited, has accelerated India’s journey towards EV by creating a new milestone of 100,000 EV customers base in over 400 towns across the country. Over the last few years, Ampere Vehicles has emerged as one of the leading affordable, reliable electric vehicle brands in the mass mobility segment with increased acceptance from customers (both B2B & B2C) and fast growing channel partners.

Ampere Vehicles is accelerating EV adoption and ownership across the country and has seen noteworthy increase in demand for electric scooters from smaller towns and cities. The EV market has experienced good jump in demand due to growing need for personal mobility vehicles during Covid-19, increasing petrol prices are putting a strain on daily commuters as well as logistical players, and lastly favourable policy interventions by the Central (FAME-II) as well as various state governments. As one of the leading EV brands, Ampere Vehicles has strengthened its presence in the space backed by a robust pan-India EV ecosystem support in terms of wide range of Products, Retail network, Aftermarket Care, trained EV Mechanics and EV financing through Greaves Finance plus other financing partners.

Speaking on this landmark achievement, Roy Kurian, COO, E-Mobility Business, Ampere Vehicles, said, “We would like to thank all our stakeholders for being part of this enriching and exciting journey of electrifying India and providing smooth and affordable last mile connectivity. With this significant milestone, we are now getting ready to move millions of daily commuters and livelihood earners through last mile logistics ahead.”

Ampere has been investing in technology, talent development and channel network and consumer experience through phygital modes, which is paying off well. Earlier this year, the company announced Rs. 700-Cr investment over a period of 10 years for its new state-of-the-art EV facility in Tamil Nadu’s Ranipet. Ampere celebrates the occasion with 100,000 customers as individual buyers and micro entrepreneurs using Ampere electric vehicles for personal and commercial usage thereby enhancing their social-economic growth. The 1-lakh milestone comprises both brands, Ampere and ELE. Ampere has seen widespread usage across daily commuters, office goers, delivery partners, students, homemakers and fleet operators. The products come with long distance per charge for everyday trips & have lightweight portable batteries, which can be lifted & placed for charging anywhere much alike regular electronic gadgets at home. More customer friendly packages & advanced features on www.amperevehicles.com

The Company remains thankful to Ampere HOLA community and Channel partners who have reposed faith in Ampere brand & have contributed significantly in putting India ahead in EV segment. Over the last 13 years, the zero emission EV’s from Ampere has helped reduce significant carbon footprint and made our society a sustainable place to live.
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Akash
 

350Z

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Toyota Kirloskar has launched “xEV SHIKSHA” web application to spread awareness about Electric Vehicles. It is accessible through this link: Toyota.

SHIKSHA is an abbreviation for “Smart Hub of Information and Knowledge about Self-Charging Hybrid for All”

xEV-SHIKSHA-Toyota.jpg

Press Release Excerpt:
Significant improvements in technology and a wider variety of electrified vehicle models on offer are stimulating consumer preferences. This will transform mobility in the years to come and shape the future of vehicle electrification. Through SHIKSHA, TKM aims to spread knowledge on various xEV technologies like Self-charging Hybrid Electric Vehicles, Plug-in Hybrid Electric Vehicles, Battery Electric Vehicles and Fuel Cell Electric Vehicles. The web app can be accessed via mobile phones or computers by anyone across the country through the ‘What’s New’ section on the Toyota Bharat website (Toyota). To promote and popularize the xEV technologies towards greener mobility, TKM has joined hands with the Automotive Skills Development Council (ASDC) under the Skill India Mission initiative of the Government of India. Thus, the web app will also be available on the home page of the ASDC website (Automotive Skills Development Council: Automotive Training Certification Centre - ASDC).

Sharing his thoughts, Mr. Arindam Lahiri, Chief Executive Officer of Automotive Skills Development Council, said, “We are very happy to collaborate with TKM. This is a great move to spread awareness on varied electrified vehicle technologies (xEVs) among students and Industry. This will support Government of India’s move towards electrification. Teacher’s Day is very special for Training Community. Let us start our journey to make everyone aware about eco-friendly technologies and show our care towards environment for our future generation.

Commenting on the latest TKM initiative, Mr. Tadao Kidokoro, Vice President, Customer Service, TKM, said, “It is our responsibility and aim to contribute to the betterment of the society and help protect our environment. We are happy to launch the xEV SHIKSHA web app with the motto of ‘Learn together and leap together with Toyota Hybrid Electric Vehicle Technology’, marking this year’s Teacher’s Day, wherein we appreciate and remember the contribution of teachers in building resilience and shaping the future. I am sure and hopeful that this initiative will help in spreading wider knowledge on Toyota’s efforts in terms of varied electrified vehicle technologies (xEVs) and its benefits amongst all stakeholders including customers, supplier partners, students, and car enthusiasts.”

Toyota’s global vision is to lead the future mobility society, enriching lives around the world with the safest and most responsible ways of moving people. To achieve this vision, TKM is continuously working towards promoting good corporate sustainability initiatives among all stakeholders and implementing various activities. One such recent initiative was the extension of battery warranty for Toyota’s Self-charging Hybrid Electric Vehicle offerings in India – the Toyota Camry and Vellfire.

Reiterating our aspiration, TKM aims to contribute towards mass electrification with ‘Make in India’ not only for India but also for global markets. Toyota firmly believes that all electrified vehicle technologies are necessary to create a vibrant local EV manufacturing base, thereby hastening the pace of adoption of cleaner and more efficient mobility. Our electrified vehicle strategy centres on xEV portfolio of hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs), battery electric vehicles (BEVs) and fuel-cell electric vehicles (FCEVs) to suit the needs of the consumers and market.
Drive Safe,
350Z
 

Akash1886

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National Geographic’s new documentary ‘Evolve to Electric with Tata Motors’, brings forth Tata Motors’ efforts to revolutionize the EV Industry

Premiering on September 18th, the documentary will give viewers an overview of the production of Tata Nexon EV and the company’s plan to drive a positive change

September 16th, 2021, New Delhi and Mumbai:
Energy powers the world. But the emissions generated from fossil fuels have deepened the claws of the carbon footprint on our planet. Highlighting the importance of ground-breaking innovation to build a clean-green India, National Geographic in India is all set to bring forth Tata Motors’ mission to mainstream EV technology in India, and its efforts to make the country evolve to electric. Titled ‘Evolve to Electric with Tata Motors’, the exclusive documentary scheduled to premiere on September 18th, 2021 at 7.00 pm on National Geographic will establish the dire need and evolution of EVs and delve deeper into the genesis of Tata Nexon EV.

The 44-min documentary will highlight Tata Motors’ plan introduce an EV version of its Nexon in 2018 and have it hit the roads in just 12-16 months. Unveiling the mechanism behind the operations, the film will also take the viewers behind-the-scenes at Tata Motor’s sprawling state-of-the-art factory in India, showcasing the making of Nexon EV, focusing on the car performance in different weather conditions, battery technology, and setting up the charging infrastructure. While the film articulates the mission of Tata Motors to mainstream the EV revolution in India, the film will also shed some light on the company’s plans to build the infrastructure support towards the growth of this entire ecosystem of electric mobility.

“National Geographic believes in inspiring people through ground-breaking stories and experiences that help them see, engage and care about the world through an optimistic, energetic and hopeful voice. With this film, our endeavour was to bring forth the engaging narrative of Tata Motors; highlighting their innovative approach to adapt to the discerning Indian consumer and their vision of creating a sustainable future in the auto-mobile industry,said National Geographic India Spokesperson.

Ahead of the airing, Mr. Vivek Srivatsa, Head-Marketing, Passenger and Electric Vehicles Business Unit, Tata Motors said, “We are glad to have partnered with National Geographic, one of the best in the business when it comes to science, environment and exploration, to bring out the story of Nexon EV and what goes behind creating an entire EV universe. With #EvolveToElectric as our philosophy, we wanted a platform that could help us bring out the message of moving to a more environmentally friendly and future facing mobility solution, in a credible and authentic manner. This documentary is our ode to all who have supported us in this journey and we expect it to be a seminal point in accelerating India towards greater EV adoption. We hope that the show would be liked by the viewers and would encourage them to contribute in their own ways to the fast-spreading EV revolution in India.”
Regards
Akash
 

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