Tag Archives: EV

India’s EV Fleet Expected to Surpass 28 Million by 2030: IESA Report

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India’s electric vehicle (EV) fleet is projected to exceed 28 million units by 2030, significantly increasing demand for grid energy, according to the India Energy Storage Alliance (IESA).

With cumulative EV sales surpassing 4.1 million units in FY 2023-24, the sector’s growth is fueled by rising environmental awareness, advancements in battery technology, and expanded charging infrastructure. IESA estimates that by 2030, 83% of annual EV sales will be two-wheelers, 10% four-wheelers, and 7% commercial vehicles, including buses and trucks.

Electricity consumption has surged, reaching 1,543 TWh in 2023-24 (a 7% increase from the previous year). Public EV charging demand has more than doubled, rising from 204 GWh in 2022-23 to 465 GWh from April to October 2024. Home charging remains the preferred choice for most EV users.

The Ministry of Power’s National Electricity Plan forecasts a total grid demand of 2,133 TWh by 2031-32, with EV charging accounting for approximately 3%. To support this growth, India plans to expand its total power capacity from 466 GW in 2025 to 900 GW by 2032, including 500 GW from renewable sources.

Charging infrastructure is set to scale up significantly, with approximately 100,000 charging stations expected nationwide by 2030.

Bajaj Auto Reports 9% Net Profit Growth in Q2 FY25, Driven by Strong EV Sales

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Bajaj Auto on Wednesday announced a 9% rise in net profit for the July-September quarter (Q2 FY25), posting a net income of Rs 2,005 crore, driven by robust performance in its green energy segment. The company’s electric vehicle (EV) sales surged, contributing significantly to its overall growth.

Adjusted for exceptional deferred tax provisions, Bajaj Auto’s profit after tax (PAT) reached Rs 2,216 crore, marking a 21% year-on-year increase. The company explained that the reported PAT of Rs 2,005 crore accounted for an additional provision of Rs 211 crore due to the impact of the Finance Act, 2024, which withdrew indexation and changed tax rates on investment income.

Revenue from operations grew 22% year-on-year, hitting Rs 13,000 crore for the quarter. Bajaj Auto’s stock responded positively, closing 0.88% higher at Rs 11,622.5 per share on Wednesday.

Electric Vehicles Lead the Charge

Bajaj Auto’s green energy portfolio hit new milestones, with the sale of 1 lakh electric vehicles (EVs) in September alone. Of these, 70,000 were Chetak electric scooters, which captured a 21% market share that month. The company’s portfolio of electric and CNG vehicles, spanning both two-wheelers (2W) and three-wheelers (3W), now contributes 40% of its total domestic revenues.

The company noted strong double-digit growth in its motorcycle and commercial vehicle segments, largely fueled by the near-tripling of electric scooter sales. The Pulsar brand continued to perform well, achieving its highest-ever quarterly sales of 1.1 lakh units.

Future Prospects

Bajaj Auto is also making strides in the electric three-wheeler (e3W) market, where it aims to replicate its dominance in the internal combustion engine (ICE) segment. The company reported that its market share in the e3W segment doubled from last year, reaching 35% by the end of the quarter.

The company remains in a strong financial position, with surplus cash reserves of Rs 16,392 crore at the end of Q2. This follows strategic investments of Rs 1,200 crore, primarily directed towards Bajaj Auto Credit Ltd. and EV-related capital expenditures, as well as a Rs 2,233 crore dividend payout in the first half of FY25.

With growing demand for electric vehicles and a strong financial base, Bajaj Auto is well-positioned to capitalize on the expanding green energy market and continue its upward trajectory.

Ola Electric slashes prices for S1 X line of e-scooters

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Ola Electric has unveiled new pricing structures for its S1 X line of e-scooters, alongside details regarding delivery. The S1 X series, available in three battery variants – 2 kWh, 3 kWh, and 4 kWh, will now be priced at Rs 69,999 (introductory offer), Rs 84,999, and Rs 99,999, respectively. Deliveries are slated to commence next week.

A spokesperson from Ola stated, “Our revised pricing for the S1 X series addresses the significant upfront costs associated with electric vehicle (EV) ownership, a key hurdle in wider EV adoption. With competitive pricing across our S1 X range, catering to various consumer segments, we anticipate a substantial increase in EV adoption nationwide.”

Additionally, Ola revealed updated prices for the S1 Pro, S1 Air, and S1 X+, now available at Rs 1,29,999, Rs 1,04,999, and Rs 84,999, respectively. The S1 X e-scooters boast an IDC-certified range of 190 km, 143 km, and 95 km for the 4 kWh, 3 kWh, and 2 kWh models, respectively.

Driven by a 6kW motor, the scooter accelerates from 0 to 40 km/h in 3.3 seconds, reaching a maximum speed of 90 km/h in the 4 kWh and 3 kWh models, and 85 km/h in 4.1 seconds for the 2 kWh variant, according to company specifications.

Featuring three riding modes – Eco, Normal, and Sports, riders can seamlessly transition between them based on their preferences and requirements.