Sector: Auto
Delhi government’s major policy shift towards EVs
According to the policy, the state wants all cab aggregators and delivery service providers to transition towards 100% electric vehicles by calendar year 2030. The policy entails 5% EVs in fleet of the likes of Uber and Ola in six months, 50% in three years and 100% in five years. After three years, only EVs … Read more
Nitin Gadkari’s clear message to Elon Musk’s Tesla: “If you make in China, and want to sell it in India…”
Nitin Gadkari, the Minister for road transport and highways, has a clear message for Elon Musk’s Tesla. In a recent interview with ET, Nitin Gadkari said that Tesla is welcome in India, but if it manufactures locally. “We welcome Tesla to India. India is a big market with all types of vendors present here. If … Read more
Li-ion battery recycling: booming market with a reverse logistics challenge
The increasing adoption of electric vehicles, the rising number of smartphones, laptops, and other consumer electronics, and the growing need for eco-friendly energy storage solutions have been driving the Lithium-ion (Li-ion) battery market in India. Estimated at $2.5 billion in 2023, it is expected to cross $5 billion in the next five years. The increasing … Read more
Reliance showcases swappable, multipurpose EV batteries
Reliance in recent years has announced big ambitions in the renewable space. In continuation of the same, it has now showcased it’s swappable and multipurpose battery storage technology for electric vehicles (EVs). As part of the plan, RIL has developed a removable lithium-ion battery that can power an electric scooter, electric three-wheeler and a light … Read more
Maruti expects to invest Rs 45k cr to double annual capacity to 40 lakh units in 8 yrs: Chairman RC Bhargava
Maruti Suzuki India expects to invest around Rs 45,000 crore to double its production capacity to 40 lakh units annually in the next eight years, company Chairman RC Bhargava said on Tuesday. The company will also take up suggestions by shareholders for a stock split to its board for consideration, he said while speaking at … Read more
SJS promoters sell significant stake
In a surprise move, the promoters of SJS have sold 29.5% through the open market transactions. The selling is by a promoter entity, Evergraph Holdings Pte. It’s shareholding has consequently declined from 34.15% to 4.63%. What’s more interesting is – the combined promoter stake has now fallen to just 21.81% (from the earlier majority of … Read more
Cartrade buys OLX Autos. Later clarifies it’s the entire Olx India business.
Cartrade said that it will acquire 100% stake in Sobek Auto India Pvt Ltd, the entity that houses OLX India’s automotive business. It’s an all cash deal Cartrade is paying Rs 537.43 crore for the transaction Olx Auto financials Revenues: FY 22 – Rs 1,110 cr FY 21 – Rs 592 cr FY 20 – … Read more