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The Indian EV Industry Startups & The Reality Of Things In 2023

The Indian electric-vehicle market is evolving, but the most promising EV startups are witnessing monetary losses even as sales rise. The EV industry has touched the milestone of one-million-unit sales in 2022, accounting for 4.7 % of overall automobile sales, reaching ~4 % penetration for total two-wheelers volumes and ~50 % for three-wheelers volumes.EV startups in India raised a total of $1.66 billion in 2022, a leap of 117 & from 2021, a report by market intelligence platform Tracxn declared. It counted that the sector registered only four $100 million+ investment rounds in 2022, compared with just two in 2021. Late-stage funding in the sector also rose 124 % to $1.02 billion in 2022. Early-stage funding saw a massive boost of 160 % from $202 million in 2021 to $526 million in 2022. The average ticket size of early-stage investments climbed sharply by 112 % this year, according to the Tracxn report.What is the perception?Research and development cannot bear shortcuts or cost cuts when it comes to innovation in any sector. The engineers, researchers, and developers at the biggest automobile OEMs have discovered this the tough way- that there is no other suitable way to comprehend and enhance a product than to research, test, break, improvise the existent configuration, and repeat.Ola has surely disrupted the existing ways of doing things in the automobile sector, but its incapacity to provide its promised performance over extended periods is growing mistrust among potential electric vehicle buyers. One of the company's blogs, states, “We are one of the most advanced OEMs in using digital tools and that enables us to bring products to market faster without compromising any quality.”This has led to new skepticism for other players in the EV sector, especially in the two-wheelers segment.What is happening on ground zero?Rising battery prices and supply-chain delays in 2022 had driven up costs further for emerging EV makers.EV owners are extremely sensitive about unit economics and cashflows. For these owners to maximize the usage of their assets, battery swapping is a practicable option, at least in the short term till the time technological advances acquire a better balance between charge time and cost of the battery. The current FAME scheme provides incentives for the purchase of a new vehicle but does not offer meaningful assistance for the replacement of batteries.While 5 % Goods and Services Tax (GST) has been levied on electric vehicles, most of the spare parts are taxed at 28 %. Furthermore, charging-related services, both station-based charging as well as battery swapping, are taxed at 18 % GST. The potentiality of things in the EV sector?Providing a higher tax shield on R&D spend will incentivize the manufacturers to invest in the localization of the supply chain and develop products that are more suitable for Indian operating conditions.There is a critical necessity to cut the GST rate across the value chain and on the services ancillary to the EV industry. Till the time India develops its battery cell manufacturing infrastructure, imports will continue to play a crucial role. Importing duties on the cells will reduce the cost of EV vehicles and will make them more affordable.Unlike well-established automobile companies, EV startups have little room to operate by cutting back on expenses or research and development to prevent losses. The companies must continue spending to develop and build new models.Investors of the emerging startups in the electric vehicle sector should focus and provide resources to EV startups so that they stand out by successfully differentiating their products on the market.

EV Ultimo Team

24-11-2023

EU Commission Brings New & Flexible Subsidies In Battery & Renewable Energy Sectors

The European Union has announced that it will be amending its state aid rules to make it easier for member states to provide subsidies in key sectors such as batteries and renewable energies. The new rules will give member states greater flexibility to offer public funds in the form of grants, loans, or tax credits.The move comes in response to the US government's Inflation Reduction Act, which has led some companies to consider prioritizing investment in the US over Europe. The EU Commission's revised state aid rules aim to provide member states with more options to prevent this from happening and to promote the development of green technology companies within the EU.Under the new rules, member states will be able to offset subsidies offered by non-European governments in cases where the risk of relocation is high. This is intended to help prevent companies from leaving the EU and relocating to other countries. The amended state aid rules have been adopted under the title "Temporary framework for crisis management and change" and will initially apply until the end of 2025.The EU Commission's decision to revise the state aid rules also reflects the current energy crisis and geopolitical tensions, particularly in light of the Russian invasion of Ukraine. The EU has already relaxed state aid rules considerably in response to these challenges, and the new amendments are part of a broader effort to promote sustainable and green economic growth.Major projects that have been supported by state aid in recent times include the German "Deutschlandnetz" charging network and the battery IPCEIs, which aim to promote the development of innovative and sustainable battery technologies. By providing member states with more leeway to offer subsidies, the EU Commission hopes to encourage more such projects and to attract investment in green technology companies.While the new state aid rules are only temporary, they represent an important step in promoting green economic growth within the EU. By providing member states with more flexibility to support key sectors, the EU Commission is helping to create an environment in which innovative and sustainable technologies can thrive. It remains to be seen how effective these new rules will be in practice, but they represent a clear commitment to promoting the development of a green and sustainable economy within the EU.

EV Ultimo Team

05-12-2023

Important Green Decisions Taken By The Indian Cabinet In March 2023

The Cabinet Committee on Economic Affairs (CCEA) chaired by the Prime Minister Shri Narendra Modi has approved for listing of IREDA - a CPSE under Ministry of New & Renewable Energy (MNRE) on the Stock Exchanges through an Initial Public Offer (IPO) by part sale of Government’s stake in it and to raise funds for IREDA through issue of fresh equity shares. Department of Investment and Public Asset Management (DIPAM) will drive the listing process.This decision supersedes earlier CCEA decision taken in June, 2017 for allowing IREDA to issue 13.90 crore fresh equity shares of ₹ 10.00 each to the public on book building basis through IPO. The instant decision has been necessitated due to change in capital structure following infusion of capital to the tune of ₹ 1500 crore by the Government in March, 2022.This will help unlocking Government’s investment and improve governance through greater market discipline and transparency.Cabinet approved exemption to NTPC Limited from the extant guidelines of delegation of power to Maharatna CPSEs for making investment in NTPC Green Energy Limited (NGEL), a Subsidiary Company of NTPC Ltd. The CCEA also exempted NGEL’s investment in NTPC Renewable Energy Limited (NREL) and its other JVs/subsidiaries subject to a ceiling of 15% of its net worth beyond the monetary ceiling of Rs 5,000 crore to Rs. 7,500 crore, towards achieving a target of 60 GW Renewable Energy (RE) Capacity by NTPC Limited.This will add 60GW of Renewable Energy capacity by 2032, helping India move towards ‘Net Zero’ emissions by 2070. NGEL aims to be the flag bearer of NTPC’s renewable energy journey and presently has 15 RE assets of 2,861 MW which are operational/nearing Commercial Operation Date (COD).Through its subsidiary NREL (NTPC Renewable Energy Limited) is set to expand its RE portfolio by participating in competitive bidding and multiple emerging opportunities in green energy business.  The exemption given to NTPC will aid in improving India’s global image as a green economy.  It will also decrease India’s dependency on conventional sources of energy by diversifying India’s energy generation and will also decrease the country’s coal import bills.  Further, it will also help in ensuring 24*7 power supply to each and every corner of the country. These decisions will generate direct and indirect employment opportunities to the local people at construction stage as well as during O&M Stage.

EV Ultimo Team

20-10-2023

India's Invested $14.5 Billion In Renewable Energy In 2022

According to a report by the Institute for Energy Economics and Financial Analysis (IEEFA), India's investment in renewable energy reached a record of $14.5 billion in the last financial year (FY2021-22). This is an increase of 125 percent compared to the previous financial year (FY2020-21) and 72 percent over pre-pandemic FY2019-20. The report also stated that investment in renewables would need to more than double to about $30-40 billion per year for India to reach its target of 450GW of renewable energy capacity by 2030.India's clean energy transition is rapidly underway, with the country having the fastest-growing renewable energy capacity globally, and Prime Minister Narendra Modi announcing more ambitious targets. India has set the goal of reaching 220 megawatts by 2022 and 450 gigawatts by 2030. Currently, over 80% of India's electricity comes from burning coal, oil, and biomass. To power its growth, India needs a massive expansion of renewable energy. The International Energy Agency suggests that this would kickstart a green energy revolution in India.India is also well-positioned to become a global leader in renewable batteries and green hydrogen, which could create a market worth up to $80 billion in India by 2030. The government remains focused on India's clean energy vision, in order to combat climate change and reduce dependency on traditional sources of energy like fossil fuels. It is important to note that India is currently holding the G20 presidency, and it is hoped that this will facilitate the global energy transition.

EV Ultimo Team

10-11-2023

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