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July 2021

monthlyupdates

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Contents

1. New Product launches | 4

2. EV Sales trends | 5

3. Policies and Regulations | 9

4. Charging Infrastructure | 11

5. Investments | 12

6. JV's and Partnerships | 12

7. Lithium-Ion Import Trends | 13

8. Global market updates | 14

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new ProduCt LaunChes1.Product

Vehicle Type

Battery Specifications Other Specifications Price

Audi e-Tron 50 4-wheeler• Battery- 71 kWh• Range- 264-397km

• Motor Output- 230 Nm INR 99.99 lakhs

Audi e-Tron 55 4-wheeler• 95 kWh with 8 year/ 160,000 km

warranty• Range- 359-484 km

• Motor output- 300 Nm INR 1.16-1.17 crores

Tata XPres-T EV 4-wheeler• Range- 165-213 km• Battery- 16.5/21.5 kWh• Charging time- 1.5 hours (0-80%)

• Motor output- 41PS, 105Nm• Launched for fleets

INR 9.75 - 9.99 lakhs

ProductVehicle

TypeBattery Specifications Èxpected

Launch Date

Ola Scooter 2-wheeler• Motor: 2kW/4kW/7kW• Top speed: 45/70/95 kmph• Range: 240 km (@ average speed of 20 kmph)

August 2021

Mahindra e-KUV 100 4-wheeler• Battery: 15.9 kWh with a 54.4PS electric motor• Range: 147 km

by 2021

Table 1.1: New Product Launches in July 2021

Source: Industry news articles, JMK Research

Upcoming Launches

Table 1.2: Upcoming Launches

Source: Industry news articles, JMK Research

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The registered EV sales in July 2021 witnessed a m-o-m jump of 134.8%, at 26,127 units, clocking the highest registrations in a month so far in 2021. This increase was driven by a jump in E2W registrations following the previous month’s FAME-II notification which increased the incentives on the EVs, further bringing down their prices.

eV saLes trends

Fig 2.1: Registered EV sales in India (July 2020 –July 2021)

Source: Vahan Dashboard, JMK Research

Note: Sales figure represent EVs registered across 1304 RTOs in 33 states/ UTs.

2.

Fig 2.2: (State/ UT) Region wise registered EV sales July 2021

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3,000

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EV

Sal

es

7,512

8,119

12,85810,637 14,978

10,897

16,212

26,073

19,111

3,309

14,17411,149

26,127

Uttar Pradesh, 17%

Delhi, 9%

Karnataka, 15%

Kerala, 3%

West Bengal, 2%

Rajasthan, 8%

Assam, 4%

Maharashtra, 10%

Tamil Nadu, 12%

Bihar, 7%

Others, 13%

JULYsales

26,127 units

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High-Speed Electric TwoWheeler (E2W)

Source: Vahan Dashboard, JMK Research

Note: Sales figure are for only high range E2W models with speed higher than 25kmph. Sales figure represent E2Ws registered across 1304 RTOs in 33 states/ UTs.

The overall HS-E2W sales in the country in July 2021 stood at 13,345 units, witnessing a 229% m-o-m jump over previous month’s sales, and a y-o-y leap in registrations of 835.83%. While established players (Hero Electric, Okinawa, Ampere, Ather) continue to dominate the HS market with a 69% share in July-21 sales, other upcoming OEMs in this space such as PurEV (9.8%), Bajaj (5.34%) and TVS (4.8%) too contributed a significant share this month.

Fig 2.3: Player-wise high-speed E2W sales trend

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Others

Ampere

Ather

Okinawa

Hero Electric

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Fig 2.4: Sales trend of cargo E3W and passenger E3W

The sales of registered E3Ws (both passenger and cargo-type) in July 2021 is 10,873 units, increasing m-o-m by 89%. This increase was driven by passenger type E3W, which increased by 93.89% over last month, while share of overall registrations by cargo type E3W fell to 10%.

Electric Three Wheelers (E3W)

Source: Vahan Dashboard, JMK Research

Note: Sales figure represent E3Ws registered across 1304 RTOs in 33 states/ UTs.

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4000

6000

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Jul-21Jun-21May-21Apr-21Mar-21Feb-21Jan-21Dec-20Nov-20Oct-20Sep-20Aug-20Jul-20

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of V

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E3W - Cargo

E3W - Passenger

7,477

6,925

832

8,898

653460

5,175

5.065

6,797

564 647 691625

9,775

9,794

6,823

5,049

11,423

9,790

2,1682,677

744 123705

1,7511,083

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Fig 2.5: Player-wise sales trend of E4Ws

The cumulative sales of E4Ws in July 2021 stood at 967 units, with a m-o-m increase of 66%. This also represents a y-o-y increase of 173.16%.While Tata Motors continued its dominance in the E4W market, itsshare dropped from 76% from last month to 66% in July 2021. MG, onthe other hand, increased its share from 20% to 29% in the same period.

Electric Four Wheelers (E4W)

Source: Vahan Dashboard, JMK Research

Note: Sales figure represent E4Ws registered across 1304 RTOs in 33 states/ UTs.

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W S

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Others

HyundaiMahindra

MG Motors

Tata Motors

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Maharashtra Government unveils its new EV Policy

Maharashtra has unveiled its new policy which came into effect on 13 July 2021, and will be valid till 31 March 2025. With this policy, Maharashtra “aims to accelerate adoption of BEVs in the state so that they contribute to 10% of new vehicle registrations by 2025.” Demand side incentives under this policy are as follows:

PoLiCies and reguLations3.

Table 3.1: Demand side incentive structure under Maharashtra’s new EV policy

Vehicle Segment

Target under policy*

Incentive available

No. of vehicles incentivised

Max. Incentive per vehicle

Scrappage Incentive

Two-wheelers 10% INR 5000/kWh 1,00,000 INR 10,000 Up to INR 7,000

Three-wheelers 20% INR 5000/kWh15,000 for autos

INR 30,000 Up to INR 15,00010,000 for goods carrier

Four-wheelers 5% INR 5000/kWh10,000 for cars INR 1,50,000

Up to INR 20,00010,000 for goods carrier INR 1,00,000

Source: Environment and Climate Change Department, Government of Maharashtra, JMK Research

*Target is defined as the share of EVs in the new vehicle registrations in the state in 2025

On top of these, buyers purchasing EVs before 31 December 2021 will be eligible for ‘Early Bird discount’ of INR 5000/kWh of vehicle battery capacity on top of the incentives mentioned above (maximum incentive capped at INR 1,00,000/vehicle). Along with these, the policy lays out incentives for setting up charging stations, supply side incentives to attract manufacturing in the state and the launch of Zero Emission Vehicle credit programme.

Rajasthan Government to release EV Policy soon, issues notification on EV grants

The Transport Department of Rajasthan issued a notification on 16 July 2021, regarding the state’s EV Policy to encourage EV adoption.

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As per the notification, a provision is made to reimburse the SGST (State Goods and Service Tax) amount and give a one-time grant to EV buyers (see table below). Recharge of the SGST amount is payable on all types of EVs.

Table 3.2 Incentive structure as grants/SGST reimbursements under new notification

Battery CapacityGrant money/ buyer incentive

for Two-wheelers via SGSTGrant money/ buyer incentive for Three-wheelers via SGST

Up to 2kWh INR 5,000 INR 10,000

Up to 4 kWh INR 7,000 INR 15,000

Up to 5 kWh INR 9,000 INR 17,000

More than 5 kWh INR 10,000 INR 20,000

It is to be noted that while the notification mentions that the state will roll out EV policy soon, there is however, no mention of incentives for 4-wheelers

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4.Charging infrastruCture

Stakeholder(s)/ Player(s)

Subject/ Scope Description

Magenta EVLargest public EV charging station

• Magenta has inaugurated and set up India’s largest public EVcharging station in Navi Mumbai.

• The first of its kind public charging station will be functional24x7 with 21 AC/ DC chargers for 2-wheelers, 3-wheelers and4-wheelers.

• For vehicles which require AC slow charging, a parking bay hasbeen developed which allows for overnight charging as well.

• These chargers can be operated through the ChargeGrid Appwith online remote monitoring which includes an automatedpayment gateway, thereby eliminating the need of having astation marshal to monitor, maintain & operate the chargers atthe location.

• These chargers are also powered by a combined 40 KW rooftopsolar power.

Tata Motors and HPCLSetting up charging infrastructure at HPCL petrol pumps

• Tata Motors has signed an agreement with Hindustan PetroleumCorporation Ltd (HPCL) to provide end-to-end EV chargingstations at HPCL’s retail outlets.

HPCL and CESLSetting up charging infrastructure

• Convergence Energy Services Ltd (CESL) has signed anagreement with Hindustan Petroleum Corporation Ltd (HPCL)for setting up charging infrastructure in selected retail outlets atseveral cities across the country.

• Spanning 10 years, the agreement entails CESL and HPCL tojointly undertake setting up of EV charging points in Mumbai,Delhi NCR, Bengaluru, Hyderabad, Chennai, Kolkata and Pune

MG Motors and Fortum Energy

Set up of charging stations

• MG Motor India and Fortum Charge & Drive India have set up a 50kW Superfast public EV charging station in Pune.

• The smart chargers can be accessed by anyone who has an EVcar compatible with the CCS2 (Combined Charging System), byregistering on Fortum’s mobile app.

Source: Industry news articles, JMK Research

Table 4.1 Charging infrastructure details.

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inVestments5.Date Company

nameCompany

type Deal type Investor(s)Deal value (US$ million) Details

July-21 Ola ElectricEV

ManufacturerDebt

Bank of Baroda

100Ola Electric raises $100 million debt for two-wheeler EV hub

July-21Switch Mobility

Automotive Ltd, India

EV manufacturer

Equity

Switch Mobility – An

Ashok Leyland subsidiary

18Dana Makes A Minority Investment In Switch Mobility

Table 5.1: Investments in July 2021

Source: Industry news articles, JMK Research

Source: Industry news articles, JMK Research

6.jvs & partnershiPs

Date Companies involved Purpose of Partnership Details

July-21ISIE India and MG Motors

Setting up a Centre of Excellence for R&D and training

ISIE INDIA, MG Motor to set up 100+ Centre of Excellence for EV training, R&D

July-21Anand Group and Mando Corporation

JV to manufacture and supply motor and controller for the emerging two and three-Wheeler electric vehicle market.

Anand Mando eMobility JV to supply components for two and three-wheeler EV market

July-21Mahindra Electric and Magenta EV

Deployment of 100 units of Mahindra’s E3W, Treo Zor in Bengaluru for last-mile delivery of essential and non-essential items

Mahindra partners with Magenta to deploy 100 electric three-wheelers Treo Zor

Table 6.1: JVs and Partnerships in July 2021

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Date Companyname

Companytype Deal type Investor(s)

Deal value(US $ inmillion)

Details

July-21 Ola ElectricEV

ManufacturerDebt

Bank ofBaroda

100Ola Electric raises $100 million debtfor two-wheeler EV hub

July-21Switch Mobility

AutomotiveLtd, India

EV manufacturer

Equity

Switch Mobility – An

Ashok Leylandsubsidiary

18Dana Makes A Minority InvestmentIn Switch Mobility

Lithium-ion imPort trends7.The total value of li-ion accumulators (or energy storage devices) imported by India in April 2021 amounted to US$ 118.43 million, signifying a 278% y-o-y rise but a m-o-m decline of 16%. The import value for May 2021, on the other hand, provisionally stands at US$ 94.41 million signifying a further m-o-m fall of 20%, while showing a y-o-y growth of 78%.

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$ M

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100.56

118.13

140.29

94.41

112.32 118.43

Fig 7.1: Li-ion Import Trend – India

Source: Department of Commerce, Govt. of India.

Note: Li-ion imports represent lithium-ion based energy storage devices (including cells and batteries).

*May 2021 figure is provisional.

Date Companies involved Purpose of Partnership Details

July-21ISIE India and MGMotors

Setting up a Centre of Excellence for R&D andtraining

ISIE INDIA, MG Motor to set up 100+Centre of Excellence for EV training,R&D

July-21Anand Group andMando Corporation

JV to manufacture and supply motor andcontroller for the emerging two and three-Wheeler electric vehicle market.

Anand Mando eMobility JV tosupply components for two andthree-wheeler EV market

July-21Mahindra Electric andMagenta EV

Deployment of 100 units of Mahindra’s E3W,Treo Zor in Bengaluru for last-mile delivery ofessential and non-essential items

Mahindra partners with Magenta todeploy 100 electric three-wheelersTreo Zor

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gLobaL market uPdates8.Mercedes-Benz to go all electric by 2030

Mercedes has revealed an ambitious plan to go all-electric by 2030 “where market conditions allow”. Included in a wide-reaching plans on how it will ramp-down investment in combustion engines and reduce EV manufacturing costs. Most notably, it will introduce four all-new and bespoke EV platforms by 2025, and has committed to building eight new battery factories worldwide. To support this rapid EV expansion, Mercedes has committed to building eight new battery ‘gigafactories’ worldwide, one of which will be in the US, along with four in Europe, for a total production capacity of 200GWh.

TotalEnergies to buy EV charging network in Singapore

TotalEnergies SE has agreed to buy Singapore’s largest electric vehicle charging network from fellow French firm Bollore Group. Known as ‘Blue Charge’, the network consists of more than 1,500 charge points installed in the city-state and represents about 85% of the charge points operating in Singapore.

Suzuki to enter Indian EV Market by 2025

Maruti Suzuki’s parent company, Suzuki Motor Corp, will enter the EV market by 2025, starting with the India market. Reports suggest that an all-electric model will be launched, which will be an iteration of the Celerio, which will cost around 1.5 million Yen (INR 10-11 lakh). The company also plans to invest INR 18,000 crore for a new production facility in Haryana.

Biden Seeking Pledge for 40% of Car Sales to Be EV by 2030

The White House is negotiating to have automakers pledge that 40% or more of the vehicles they sell in the U.S. will be electric by 2030, something the companies say will require the government to help promote the use of the cars. A pledge on new car sales would be significant because while some U.S. automakers have promised to convert their model lineups to electric vehicles, they haven’t made any promises on volumes. Automakers are looking for support from the government in meeting those goals, such as subsidies or funding for charging infrastructure like that contained in a bill working its way through the Senate.

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EV startup Rivian announces $2.5 bln funding round led by Amazon, Ford

Electric vehicle start-up Rivian claims to have closed a $2.5 billion funding round led by existing investors Amazon, Ford Motor and T. Rowe Price. The company said it has raised about $10.5 billion to date. Rivian closed a $2.65 billion investment round in January 2021 and another $2.5 billion round in July 2020. It raised $1.3 billion in December 2019 and at least $1.5 billion before that.

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