India's top-selling electric two-wheeler manufacturer Hero Electric has formed a strategic partnership with the fifth-largest passenger car brand Mahindra Group to create synergies. According to The Economic Times and Electronics B2B, in the official papers submitted by Mahindra, the partnership spans five years and amounts to INR1.4-1.5 billion (US$18.8-20 million).
India's Hero MotoCorp, the world's largest two-wheeled vehicle brand, is investing more in Ather Energy, an Indian electric two-wheeler startup with the third highest market share in India. The two EV makers are collaborating on building a charging network together.
Hyundai, Ola Electric, and Reliance New Energy Solar have applied for the production-linked incentive (PLI) scheme aimed for advanced battery manufacturing, according to official filing papers from India's Press Information Bureau (PIB).
Gogoro, a developer of battery swapping ecosystems for urban mobility, and Poema Global Holdings, a publicly traded special purpose acquisition company (SPAC), have announced its strategic partner, Hero MotoCorp, Engine No. 1 and another investor will be making a PIPE investment, raising the oversubscribed PIPE from US$257 million to US$285 million.
To promote growth, the electric vehicle (EV) industry requires partnerships more than the traditional auto industry does, because of the nature of EV technology, according to Hero Electric, one of India's premier EV two-wheeler companies that's aiming to ship multiple millions of units in the next five years.
India's sales of electric two-wheelers grew from 100,736 units in 2020 to 233,917 units in 2021, accounting for only 1% of total sales of two-wheelers in India, according to SMEV data cited by India Times.
As EVs become more prevalent in India, the demand for lithium-ion batteries could skyrocket this decade, according to Amara Raja Batteries, one of the biggest battery manufacturers in India venturing into local Li-ion cell production. India is still at a very nascent stage in terms of electric vehicles, but with government incentives and rising fuel costs, consumer interest is picking up.
India's Optiemus Electronics, a joint venture of Taiwan-based Wistron and Indian telecommunication company Optiemus Infracom, said it is raising production capacity of wearable devices this year and investing more in notebook computer production to meet growing demand.
India announced in December 2021 its latest US$10 billion PLI incentive scheme for manufacturing semiconductor in India. The amount uses up one-third of the combined amount of India's 13 PLI subsidies and EMC 2.0 subsidy, marking the government's ambition to build its own local semiconductor supply chain.
India is on the cusp of the EV revolution, leading with demand in the two-wheeler segment. Over a dozen companies are trying to get a share of the EV scooter market alone. Major carmakers like Tata, Hyundai, and MG Motor are making steady inroads in the four-wheeler segment.
Qualified for three of the incentive programs for manufacturing in India, VVDN Technologies has announced that it has begun designing, developing, and producing tablets for both local and global vendors, according to Business Standard and Economic Times.
The total installation capacity for ground-mounted PV power-generating stations and rooftop PV systems newly completed in India in 2021 is estimated at 14.0GWp, the historically highest annual level, according to India-based JMK Research and Analysis.