Ather Energy and Tata Motors are making substantial investments in electric vehicle businesses, but India's car production and sales both decreased in September compared to the same month in 2020.
India wants Tesla to make EVs locally
India's Minister for Road Transport & Highways has said Tesla will be given all the necessary support to manufacture its electric cars in India and export from India, while Tesla CEO Elon Musk has expressed concerns over India's high import duties on electric cars.
Ather Energy raises US$17.3 million from Hero Corp
Ather Energy has raised US$17.3 million from Hero Corp, its primary investor since 2016 who owns at least 35% of the company. After reporting a 126% increase in revenue generated mostly from electric scooter sales for the financial year of 2021, Ather plans to build more charging stations across India.
PLI winners announced for telecom and networking
India's US$1.63 billion production-linked incentive scheme for telecom and network products will be given to 15 select large-sized suppliers, including Rising Star Hi-tech, Nokia, and Taiwan's Foxconn, who must invest up to INR1 billion (US$13.3 million) within five years in manufacturing network products to receive the subsidies.
Tata investing over US$2 billion in making EV
Partnering up with Abu Dhabi state holding company ADQ and private equity TPG, Tata Motors is forming a separate business unit to produce electric vehicles, build infrastructures, and develop battery technologies. After seeing strong sales of its electric SUV Nexon and Tigor compact EV, Tata plans to launch 10 new EV models by 2025.
Automobile production and sales decrease sharply in September
Due to ongoing global shortages of semiconductors, India's car production declined by 19% on year in September to 2.13 million units, and car sales fell by 20% on year in September to 1.72 million units, according to Society of Indian Automobile Manufacturers (SIAM).
