1. Electric motorcycle manufacturer Ultraviolette launches its EV charging network.

High performance electric motorcycle company Ultraviolette Automotive has launched its new fast-charging network called ‘UV Supernova’. The Ultraviolette EV charging network consists of two types of charging stations: Supernova & Supernova Plus. The Supernova is a 6 kW station which features dual 3 kW charging guns whereas the Supernova Plus is a 12 kW station which has dual 6 kW charging guns.

In the first phase, Ultraviolette has started the process of deploying 100 Supernova & Supernova Plus fast-charging stations. The first 10 charging stations have already been set-up in Maharashtra, Karnataka & Tamil Nadu. These stations are located along highways and are equipped with the new BIS recognized standard 'Type 6' connector, ensuring wider compatibility. Niraj Rajmohan, Co-Founder, Ultraviolette gave a statement during the launch: “We are enthusiastic about the transformative influence Supernova will bring to the F77 riding community, known as the UV Squadron, and we are committed to further cementing our role in advancing sustainable mobility.”

Ultraviolette’s electric sportsbike ‘F77’ was recently awarded ‘Electric 2-Wheeler Of The Year’ at Autocar Awards 2024. The F77 comes in 3 variants. The standard variant sports a 7.1 kWh battery which gives a range of 206 km. The claimed top speed is 140 km/hr. The premium F77 ‘Recon’ variant features a bigger 10.3 kWh battery which gives a range of 307 km. The claimed top speed is 147 km/hr.

2. Government cuts import taxes on EVs. Doors open for Tesla?

Government of India has announced a new policy for international automakers that involve lower import taxes on vehicles, for companies committing to invest at least $500 million (Rs 4,150 crore), setting-up a manufacturing plant within 3 years and achieving a localization level of 50% by their 5th year of operations in the country. The new scheme proposes to reduce import duties from 70% to 15%, or 100% on EVs having a CIF (cost, insurance & freight) value of $35,000 (approx Rs 29 lakh) & above, for a period of 5 years from the date of issuance of the approval letter. At present, completely built-up (CBU) vehicles, priced at more than $40,000, attract a 100% tax. Vehicles priced below $40,000 attract 70% tax. Completely knocked-down (CKD) units that are reassembled in India attract 15% tax. Insiders claim the proposed scheme aligns with the demands made by Elon Musk and other Tesla officials in their talks with the Indian government. This step is expected to clear the way for Tesla’s entry. The EV giant has lobbied hard recently for a concession in duties on imported electric cars, before it finalizes its India plans. Currently, all of Tesla offerings: the Model 3, Model S, Model X, Model Y & the Cybertruck, cost well over $30,000. The company is working on an affordable electric car, tentatively called ‘Project Redwood’, which may be manufactured in India. In December 2023, it was reported that Tesla is likely to set-up a manufacturing plant in Gujarat, if it comes to India.

The government’s announcement is also likely to benefit Vinfast, another international automaker. VinFast recently signed an agreement with the Tamil Nadu state government and has started setting-up an electric car manufacturing plant at Thoothukudi in the state.

The new policy is expected to attract not only new automakers but also existing players looking to import their EV models which are not currently available in the country.

3. Latest update on Hyundai Creta EV.

Hyundai has been working on the electric variant of its Creta SUV since a while now and recently a test mule of the same was spotted testing with camouflage in its home country of South Korea. The upcoming Creta EV will be based on the SUV’s new model which was recently launched:

As per reports, the Creta Electric will come with a 45kWh battery which will give a range of around 450km. The battery pack will be supplied by LG Chem. When it arrives in India, the Creta EV will compete with Tata Nexon EV, MG ZS EV and Mahindra XUV400 EV. Hyundai is expected to launch the Creta EV in India around Diwali 2024.

4. EV cab service company BluSmart signs an agreement with Citroen.

Electric cab service company BluSmart has signed an agreement with Citroen India to add 4000 Citroen eC3 electric cars to its fleet of electric cabs. The cars will join BluSmart’s fleet of 7000 EVs. Citroen India will deliver the cars to BluSmart within the next 12 months. In the first phase, 125 Citroen eC3 cars were flagged off from BluSmart’s EV charging hub in Bangalore.

The e-C3 features a 29.2 kWh battery which gives a range of 320km. The car’s generous 315 litre boot space is a big plus point as it can accommodate customers’ luggage conveniently, particularly suiting airport transfers, which forms a significant portion of BluSmart’s services.

The onboarding of these electric cars was facilitated through ‘Assure’ by BluSmart, an initiative which allows investors with access to capital to assist in financing the EVs. Through ‘Assure’, investors can finance the purchase of the electric cabs and lease them to BluSmart against fixed rentals.

5. Servotech to set-up EV charging stations in Nashik (Maharashtra).

Servotech Power Systems has bagged a contract from the Nashik Municipal Corporation (NMC) to set-up 20 EV charging stations in the city. The contract involves Servotech supplying, installing and maintaining these charging stations.

Post this announcement, Servotech’s shares gained around 3%, and eventually settled 2.07% higher at Rs 83.91 per share on NSE.

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