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Maharashtra secures Rs 1,200 billion investments

India, News

The Maharashtra government has secured investments worth Rs 1,200 billion, reinforcing the state’s status as a leading industrial hub. A cabinet sub-committee, led by Chief Minister Eknath Shinde, has approved several key projects expected to generate thousands of jobs and foster technological advancements. Key Projects: Tower Semiconductor with Adani Group: A semiconductor fabrication unit in Panvel, Mumbai, with an investment of Rs 839.47 billion. This project, a joint venture between Adani Group and Israel’s Tower…

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Odisha government disburses Rs 1.54 billion in EV subsidies since FY 2022-23

India, News

The Odisha government has provided a total of Rs 1.54 billion in subsidies to electric vehicle (EV) owners since the 2022-23 financial year, according to Transport Minister Bibhuti Bhusan Jena. The sale of EVs in the state has shown a significant increase since the subsidy initiative began on September 1, 2021. In 2022-23, the state disbursed Rs 0.088 billion in subsidies for 14,182 EVs, and this rose to Rs 0.572 billion for 36,518 registered EVs…

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Volvo revises 2030 target, shifts focus to hybrids amid slowing EV demand

India, News

Volvo Cars has revised its 2030 target of going fully electric, now expecting to offer some hybrid models by that time. The automaker cited slowing demand for electric vehicles (EVs) due to a lack of affordable models, slow rollout of charging infrastructure, and upcoming European tariffs on electric cars made in China. Shares in Volvo dropped 7.5% following the announcement. Volvo now aims for 90% to 100% of its cars to be fully electric or…

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48 per cent GST on hybrid cars, 5 per cent on EVs to stay: Amitabh Kant

India, News

Mercedes-Benz India’s Managing Director and CEO, Santosh Iyer, has praised the Central government’s commitment to the transition from internal combustion engine (ICE) cars to electric vehicles (EVs). Iyer referred to the recent statement by India’s G20 Sherpa, Amitabh Kant, reaffirming the country’s long-term plan to maintain a 5% tax on electric cars and 48% tax on hybrid vehicles.   On Thursday, Mercedes-Benz launched its first electric Maybach SUV, the Maybach EQS 680, starting at Rs 22.5…

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Government to launch FAME-III scheme within two months

India, News

The Indian government plans to roll out the third phase of the Faster Adoption & Manufacturing of Electric Vehicles (FAME) scheme within the next two months, according to H D Kumaraswamy, Minister of Heavy Industries. Speaking at an industry event in New Delhi, Kumaraswamy emphasized the government’s commitment to advancing India’s electric vehicle (EV) ecosystem, focusing on local manufacturing and sustainable growth. The FAME scheme, initiated in 2015 with an initial outlay of approximately Rs…

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Infineon explores power semiconductor segment in India 

India, News

German semiconductor giant Infineon is considering entering the power semiconductor market in India, with plans to produce wafers and silicon carbide (SiC) chips for use in electric vehicles (EVs), industrial, and telecom sectors. On 4 September 2024, company executives met with Minister of Electronics and IT Ashwini Vaishnaw in Delhi to discuss this potential venture. This move follows Infineon’s recent opening of the first phase of the world’s largest 200 mm SiC fab plant in…

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Cygni Energy partners with XDLE Battery for energy storage solutions

India, News

Cygni Energy Private Limited, a leading energy storage company based in Hyderabad, has partnered with XDLE Battery, a major manufacturer of long-life Lithium LFP Prismatic cells, to develop stationary energy storage solutions. Cygni, recognized under the ‘Make in India’ scheme, focuses on safety-first storage solutions, collaborating with IIT Madras and OEMs for tailored designs. Their state-of-the-art Hyderabad facility has a 1.2 GWh production capacity, featuring advanced automated prismatic battery pack production and testing. The partnership…

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China to host summit to increase clean tech exports to African nations

Global, News

Chinese President Xi Jinping will host the ninth Forum on China-African Cooperation Summit on August 4, aiming to encourage the 50 African nations in attendance to purchase more of China’s renewable energy technologies, according to Reuters. In return, China pledges to increase loans and investments across the continent, focusing on green energy. China is keen to expand its green energy tech exports, especially for electric vehicles (EVs) and solar panels, before Western tariffs come into…

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Union Cabinet approves new semiconductor unit in Gujarat

India, News

The Union Cabinet has approved the establishment of a new semiconductor unit by Kaynes Semicon Pvt Ltd in Sanand, Gujarat. This facility will be India’s fifth semiconductor plant. The planned investment for the unit is Rs 33 billion, and it will have the capacity to produce 6 million chips per day. These chips will serve various industries, including automotive, electric vehicles, consumer electronics, telecom, and mobile phones. This initiative aligns with the Programme for Development…

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Chikkaballapur and Bidadi selected for EV clusters in Karnataka

India, News

Under the revised Karnataka Electric Vehicle (EV) Policy 2023–28, the Department of Commerce and Industries has finalized Chikkaballapur, Bidadi near Bengaluru, and Hubballi-Dharwad as locations for new EV clusters, also referred to as EV Model Cities. Approximately 800 acres of land have been identified for these clusters. These EV clusters are being developed to enhance the adoption of electric vehicles in Karnataka, with locations chosen based on the level of EV penetration in nearby districts….