The World Opinion

Tag: EV

  • Ola Electric’s Stock May Trade Below Its Debut Price Of Rs 76, No Respite Seen | Economy News

    New Delhi: Facing a barrage of customer complaints amid poor after-sale service, Bhavish Aggarwal-run Ola Electric saw its stock plummet to a record low on Wednesday — below Rs 80 apiece in the morning trade — as market experts said the share may soon trade below its debut price of Rs 76.  

    At the end of the day, the stock closed marginally higher at Rs 81.76. During the session, the share touched Rs 79.15 on the lower side and Rs 83 on the higher side. The EV company’s stock has fallen about 48 per cent from its highest level of Rs 157.40.

    Ola Electric’s shares were listed in August. After listing, a sharp rally was seen in the Ola Electric and the counter made an all-time high of Rs 157.40. Jigar S Patel, Senior Manager- Technical Research Analyst, Anand Rathi Shares and Stock Brokers, said for Ola Electric, the support will be at Rs 76 and resistance at Rs 86. Market experts said that the strong support of Rs 86 has broken in Ola Electric and the next target is Rs 75 and the “trend in the counter continues to be negative”.

    The stock remains weak and selling is being seen at all levels. Due to the weakness, investors should stay away from this stock and invest in stocks with strong fundamentals, said market analysts. The reason for the fall in the shares of Ola Electric is the decline in sales and service-related problems.

    According to the government portal Vahan, Ola Electric sold 24,665 e-scooters in September. In August, this figure was 27,587. As per reports, Ola Electric’s flagship S1 series EV scooter has become a nightmare for hundreds of customers who are consistently facing issues like malfunctioning hardware and glitching software and spare parts are hard to come by, resulting in inordinate delays.

    Market analysts say that the share is showing extreme volatility due to challenges the company faces as well as rising competition and service-related issues.

  • BIS Introduces New Safety Standards For Electric Vehicles; Check Details | Auto News

    The Bureau of Indian Standards (BIS), operating under the Ministry of Consumer Affairs, Food & Public Distribution, has unveiled two new safety standards for electric vehicles (EVs). These standards, IS 18590: 2024 and IS 18606: 2024, aim to enhance the safety of EVs by ensuring their critical components, particularly the powertrain, adhere to stringent safety requirements.These measures are essential for maintaining the efficiency and safety of electric vehicles, which rely heavily on reliable powertrain and battery systems.

    Coverage of Electric Vehicle Categories

    IS 18590: 2024 and IS 18606: 2024 apply to electric vehicles in the L, M, and N categories, covering a broad spectrum of EV types. This initiative marks a significant step towards reinforcing the reliability and safety of electric powertrains and batteries, which are crucial for the efficiency and security of EVs.
    Special Standards for E-Rickshaws and E-Karts
    Recognizing the increasing popularity of e-rickshaws and e-karts in India, BIS has also introduced IS 18294: 2023. This standard is specifically designed to address the safety needs of these vehicles, covering various aspects from construction to functionality. The goal is to ensure comprehensive safety measures for both drivers and passengers.

    With the introduction of these new standards, BIS now has a total of 30 Indian standards dedicated to electric vehicles and their accessories, including charging systems. This extensive set of standards is a crucial component of India’s transition towards a more sustainable, environmentally friendly, and efficient transportation system.

  • Mercedes EQA To Launch In India on July 8; What Do We Know So Far? | Auto News

    Mercedes-Benz India is gearing up to expand its electric vehicle lineup with the launch of the EQA SUV on July 8, 2024. This addition will bring the total number of Mercedes EVs in India to four including the EQB seven-seat SUV, EQE SUV, and EQS sedan. Read here to know all about this upcoming EV.

    EQA Facelift

    The EQA which will be launched In India is the facelifted model unveiled in August last year. This electric SUV boasts a sleek, crossover-like design that stands out from the more upright EQB. Notable exterior features include a grille panel adorned with Mercedes’ signature star pattern and a full-width light bar at the front. The rear design closely mirrors that of the EQB.

    Interior Highlights

    Inside, the EQA features a luxurious cabin with a star pattern on the dashboard and door trims, which are backlit to create an ambiance reminiscent of the S-Class and EQS. The India-spec model is expected to come with a touch-capacitive three-spoke steering wheel, a digital driver display, a 10.25-inch touchscreen running the latest OS, and a premium Burmester sound system with Dolby Atmos. This sound system offers four distinct ‘sound experiences’, including ‘silver waves’ and ‘vivid flux. It remains uncertain if the optional open-pore wood trim will be available in the India-spec model.

    Engine  and Range Options

    While specific battery details for the India-spec EQA are not yet confirmed, international variants of the EQA come in four versions: EQA 250, EQA 250+, EQA 300 4Matic, and EQA 350 4Matic. The EQA 250+ variant features a 70.5kWh battery with a range of up to 560km (WLTP), while other variants have a 66.5kWh battery with a maximum range of 528km (WLTP).

    Price Estimate 

    The pricing for the EQA in India is expected to be slightly lower than the EQB, which currently retails at Rs 77.75 lakh. As an entry-level electric SUV, the EQA will compete with the Volvo XC40 Recharge and C40 Recharge (priced between Rs 54.95 lakh and Rs 62.95 lakh) and the BMW iX1 (priced at Rs 66.90 lakh). 

  • Elon Musk’s Tesla To Reduce Over 10% Of Its Global Workforce

    According to reports, the electric vehicle (EV) manufacturer concluded 2023 with a workforce of over 140,000 employees.

  • Elon Musk Set To Meet PM Modi In New Delhi: Know Why Tesla Is Keen On India Entry? | Mobility News

    New Delhi: Tesla and SpaceX CEO Elon Musk is coming to meet Prime Minister Narendra Modi in India. Elon Musk posted on X (formerly Twitter) that he is looking forward to meeting PM Modi in India. According to reports, Elon Musk will be in India on April 21 and 22. The billionaire will be in the country for 48 hours. Musk will meet Prime Minister Narendra Modi and other government officials as well as industry representatives.

    Why Tesla-Led Elon Musk Is Keen On India Entry? 

    Elon Musk’s interest in entering the Indian market with Tesla is fueled by multiple factors. From India’s growing interest in electric vehicles to its vast market potential, Musk sees a golden opportunity. But what exactly draws him to this South Asian giant?

    As we all know, interest in electric cars is rapidly increasing in India, but the market is still small. Last year, only 6 electric cars were sold out of 100, while in China, the figure is 22. In India, 80,000 cars were sold last year, while Tesla alone sells 1.8 Lakhs cars.

    The potential is massive in India. This promising opportunity is a significant factor driving Elon Musk’s decision to expand Tesla’s presence in the Indian market. (Also Read: Mahindra XUV 3XO: How Will This SUV Differ From XUV300?)

    Earlier, Tesla was not interested in exploring the Indian market due to heavy duties on electric cars. India has been imposing 100% import taxes on electric cars, meaning a Tesla priced at Rs 29 Lakhs rupees would cost around 60 Lakhs rupees in India.

    Now, the government has changed its policy. Any company investing 500 million dollars and setting up a factory as well in India can sell cars by paying a 15% import tax. There is hope that Tesla’s cars will be available for around 35 Lakhs rupees.

    To recall, Elon Musk and PM Modi met in New York in June. Tesla asked India many times to reduce import taxes on electric cars.

    Reportedly, Tesla might invest $3 billion to build a factory for making affordable electric cars in India. These cars, possibly the Model 2, could cost around Rs 25 lakh. Elon Musk may also reveal intentions to introduce Starlink, offering satellite internet in India. However, the regulatory approvals for Starlink are in the final stages, and the company is likely to receive a license soon. (Also Read: 2024 Hyundai Creta Surpasses 1 Lakh Bookings, 71% Bought Sunroof Models)

    Tesla currently has two vehicle manufacturing facilities outside the US — near Berlin (Germany) and in Shanghai (China). Tesla’s entry into India gives the country’s Make-in-India project a big boost after it got another mega brand Apple to manufacture iPhones in India.