Australia’s Macquarie Group launched on Monday an EV financing platform for India that will focus 95% of its $1.5 billion investment on electrifying fleets of commercial vehicles. The platform, called Vertelo, will offer financing, fleet management and charging infrastructure solutions, its chief executive Sandeep Gambhir said at the launch.
Category: Power
Power
Macquarie to invest $1.5 billion in EV sector through Vertelo
Macquarie Asset Management, part of Australia’s Macquarie Group, will invest $1.5 billion (about ₹12,500 crore) in India’s electric vehicle (EV) sector through its newly launched platform Vertelo, said a company statement. Vertelo will provide end-to-end solutions for fleet electrification in India.
Pavna Industries forays into EV segment; to supply auto components to OLA Electric
New Delhi, Steel and automotive player Pavna Industries on Monday said it has signed an agreement with EV player OLA Electric to supply auto components, marking an entry into the domestic EV sector. As part of the pact, it will provide auto components like ignition switches and latches to OLA Electric across its manufacturing plants […]
Xiaomi secures lock-in orders of more than 70,000 SU7 cars
Xiaomi secured lock-in orders of more than 70,000 SU7 cars as of Saturday, its founder Lei Jun told an investor conference on Tuesday. The Chinese smartphone maker targets deliveries of more than 100,000 SU7 cars in 2024, Xiaomi President Lu Weibing said on his Weibo account, relaying key takeaways from Lei at the investor event.
Automakers hope for a cut as two-way EV charging becomes real
Automakers from General Motors to Volvo Cars, alongside utilities and charging app operators are calculating their financial cut as EVs that allow their owners to sell power back to grids become a more realistic prospect. Bidirectional, or vehicle-to-grid (V2G), charging lets EV owners charge at overnight off-peak rates then sell power back to grids at […]
India may not extend EV concessions to Chinese firms: Report
India may not extend electric vehicle concessions to Chinese EV companies like BYD owing to national security concerns, according to a report of Moneycontrol. “The concessional import duty policy is linked to actual investments in that sense. BYD does not come into the picture because it will not be able to provide FDI commitment that […]
ONGC plans June drilling for India’s first geothermal project in Ladakh
Oil and Natural Gas Corp (ONGC) is planning to mount a fresh drilling campaign in June for India’s first geothermal project after suffering a setback two years ago. If successful, the project could open a source for emission-free electricity, space heating, and irrigation in the cold and harsh terrains of Ladakh. The company plans to […]
Elon Musk’s Robotaxi dreams plunge Tesla into chaos
Elon Musk’s underlings at Tesla Inc. are accustomed to chaos. It comes with the territory of working for a chief executive who sets exacting targets and often abruptly switches directions — whose biographer describes his more intense moods as “demon mode.” But even by Tesla standards, this year has been unruly. Its stock has slid […]
Sterling & Wilson Renewable Energy reports Rs 1.40 crore net profit in Q4
Sterling & Wilson Renewable Energy Limited (SWREL) has posted a net profit of Rs 1.40 crore during the quarter ended March 2024 on account of increased income. It had reported a net loss of Rs 421.11 crore in the January-March period of preceding 2022-23 financial year, the company said in an exchange filing on Saturday. […]
Tesla cuts US prices for 3 of its electric vehicle models after a difficult week
Tesla knocked USD 2,000 off the prices of three of its five models in the United States late Friday, another sign of the challenges facing the electric vehicle maker led by billionaire Elon Musk. The company cut the prices of the Model Y, a small SUV which is Tesla’s most popular model and the top-selling […]
Odysse Electric looking to raise USD 5-10 million for expansion
Mumbai: Electric two-wheeler maker Odysse Electric is looking to raise USD 5-10 million to drive its growth plans, including new product development and scaling up manufacturing capabilities, as it sets sight on the mass segment, company’s Chief Executive Officer Nemin Vora has said. The company has already started the process to secure external funding, which […]
Tesla cuts prices in China, Germany and other key markets amid sales slump
Tesla has announced significant price cuts for its electric vehicles (EVs) in key markets, including China and Germany, as it grapples with declining sales and heightened competition. This move follows price reductions in the United States and comes on the heels of the company reporting a drop in global vehicle deliveries for the first time […]