?? Tick, tick...vroom! What’s accelerating India’s EV adoption boom?

Hey readers!

First of all, an Antilla-sized ?THANK YOU? to all our subscribers. We hit the 100K subscribers mark last week, and are eternally grateful for your support.

We hope you’re bucked up and ready to go, because this week, we’re about to take you on an electrifying ride through India's booming EV market! Hold onto your hats!?

First up, India is revving towards becoming the global leader in EVs like a Swiggy delivery agent on a empty Bengaluru street.?

In FY 24, EV sales hit an electrifying 1.67 million, with two-wheelers leading the pack at over 944,000 units, closely followed by three-wheelers and passenger vehicles.?

???? Overtaking China?

The country even overtook China in 2023 in electric three-wheelers, clocking over 580,000 sales – enough to make even Bollywood's box office numbers jealous, according to the IEA's Global EV Outlook.

In FY 2023-24, a whopping 18,15,333 EVs hit the roads nationwide, showing off a consumer interest that's hotter than a Delhi summer and promising a market potential worth more than a jackpot on Diwali night – estimated at a whopping USD 206 billion by 2030.?

With sales nearly doubling in 2023 and set to skyrocket by 66% in 2024, EVs are gearing up to make 4% of total passenger vehicle sales, as inevitable as a Virat Kohli century.

?A charged-up cell manufacturing scene!

India's long-awaited giga factories are gearing up to go live this year. Ola Electric's CEO, Bhavish Aggarwal, has announced that their Krishnagiri giga factory kicked off operations in February 2024, making it the country's pioneer in producing lithium-ion battery cells.?

Meanwhile, Reliance Industries is getting charged up with a mega factory at the Dhirubhai Ambani Green Energy Giga Complex in Jamnagar, Gujarat, set to churn out everything from battery chemicals to energy storage solutions faster than you can say "Sachin Tendulkar."?

Mahindra Group isn't far behind, cooking up global partnerships to locally cook up EV batteries in India.

By 2030, EVs are expected to rule the roads like a Sachin Tendulkar cover drive, capturing nearly one-third of India's passenger vehicle market. It’s a growth story bigger than Amitabh Bachchan's filmography, signalling a sustainable shift in India's automotive landscape.

?? Musk’s U-turn?

As for Tesla , Elon Musk's India plans seem more mysterious than the Kahaani plot. After cancelling his India trip faster than a Virat Kohli century, he's jet-setted to China, Indonesia, and now possibly Sri Lanka. Will Tesla finally make its grand entry into India? Stay tuned for the next episode of "Elon Musk's EV Adventure."

Meanwhile, here are some really innovative EV startups revving up the innovation!

?? Two Wheeler Startups

Ola Electric : Bhavish Aggarwal 's brainchild is no small fry – it has built the world’s biggest scooter factory in Krishnagiri, Tamil Nadu. With a hypercharger network aiming for 100,000 points nationwide, it will charge your ride faster than a Bollywood hip shake – 50% in 18 minutes!

Ather Energy : Founded by IIT magicians Tarun Mehta and Swapnil Jain , Ather Energy zips ahead with 38 fast-charging stations across India. Its Ather 450X scooter? It goes farther than a Bengaluru traffic jam on just one charge – 85 km!

Ultraviolette Automotive : Founders Narayan Subramaniam and Niraj Rajmohan aren't just in the EV game; they're racing ahead with the F77 electric motorcycle. It accelerates quicker than your auntie switching to the latest soap opera – 0 to 60 km/h in 2.9 seconds!

Tork Motors : Mumbai's own Tork Motors, backed by Bharat Forge, brings racing pedigree from Isle of Man to India. Its T6Xg motorcycle? Goes 100 km on a single charge, faster than your uncle forwarding you WhatsApp jokes!

EMotorad : Kunal Gupta 's e-bikes aren't just for show – they're selling like hot chai with over 19,600 bikes in FY '22. From ?30,000 to ?80,000, these bikes are making waves faster than your mom’s gossip circuit!

eBikeGo? : Founded by Irfan Khan , eBikeGo isn't just delivering food; it’s? delivering the future. With plans to grow its fleet to 1 lakh units by FY26, it’s riding into every nook and cranny of the city faster than your Zomato order.

?? Battery Swapping Startups

Battery Smart Founded by Pulkit Khurana and Siddharth Sikka , Battery Smart is Delhi's electric rickshaw and two-wheeler battery-swap wizard. With 1,000 stations across 30 cities and over 35 million swaps, it’s electrifying roads faster than a Delhi street race.

SUN Mobility : Dreamed up by Chetan Maini and Uday Khemka, Sun Mobility swaps batteries for two- and three-wheelers across 240+ stations in 18+ cities. It’s? aiming to charge up to 10 lakh vehicles by 2025, like a solar-powered superhero for your ride.

Chargeup Founded by Varun Goenka , ChargeUp is on a mission to charge 2.4 million e-rickshaw drivers nationwide. It’s setting up swaps and top-tier charging spots faster than a Delhi monsoon, empowering drivers with every plug.

RACE Energy : Crafted by BITS Pilani's Arun Sreyas Reddy and Gautham Maheswaran , RACEnergy is racing ahead with India's largest battery swapping network. Specialising in high-performance powertrains for three-wheelers, it’s changing gears in India's electric mobility scene.

??EV Charging Startups

Statiq : Founded by Akshit Bansal and Raghav Arora in 2020, this startup is juicing up India's highways. With 7,000 charging points already buzzing, it’s zipping towards 20,000 by 2025.?

Relux Electric : Since 2009, @Karthikeyan Santharam's Relux Electric has been a heavyweight in EV charging. With Rs. 250 crore in fresh funds, it’s rolling out 20 hyper-charging stations along South India’s major highways. Think of it as highway dhabas for your EV!

CHARGE ZONE : Kartikey Hariyani 's Charge Zone, founded in 2019, is the go-to for charging electric buses, trucks, and cars. It’s set to launch 1,500 supercharging stations in the next 18 months. It’s like chai breaks for your EV, only faster!

??EV Financing Startups?

Turno : Founded by Hemanth Aluru and Sudhindra Reddy, Turno is Bengaluru’s EV maestro, focusing on three-wheeler cargo EVs. Think of them as the EV version of a multi-brand car showroom, making electric rides as accessible as your local chaiwala.

VidyutTech : Gaurav Srivastav and Xitij Kothi launched Vidyut to pioneer battery subscriptions and EV resale operations. They’re the financial wizards of the EV world, offering plans that make going electric easier than finding golgappas at a Delhi street corner.

Ascend Capital Group : Founded by Gaurav Maheshwari and Lokesh Chandra in 2018, Ascend Capital is your go-to for EV loans. With 9,000 loans worth Rs 90 crore, it is backing India’s electric transition like a Bollywood blockbuster!

AltMobility : Dev Arora and his team kicked off Alt Mobility in 2021, offering leasing and financing for electric fleets. They handle fleet management too, providing a smooth ride with no upfront costs and lower monthly payments.?

?? Cargo/Truck Players

Euler Motors : Founded by Saurav Kumar in 2018, Euler Motors is the king of electric cargo three-wheelers for urban logistics. It has bagged the Apollo Awards 2022 and Businessworld's Auto World 40 Under 40, all while getting a thumbs-up from Nitin Gadkari. It’s like winning the Filmfare for EVs!

Mahindra Electric : Mahindra Electric is rocking the electric truck scene with the Treo Zor. Perfect for last-mile delivery, these trucks come with advanced lithium-ion batteries, and offer zero emissions. It’s like the auto-rickshaw’s eco-friendly big brother!

?? Electric Auto Players

KINETIC GREEN ENERGY AND POWER SOLUTIONS LIMITED : Founded by Sulajja Firodia Motwani in 2011, Kinetic Green has been leading the charge since 2015 with affordable electric three-wheelers like the Kinetic Safar and Safar Star. It is bringing green rides to both cities and villages, like an EV yatra from urban to rural India!

Lohia Auto : Ayush Lohia 's 2008 brainchild, Lohia Auto, is famous for the Lohia Comfort E Auto and Comfort E Auto HS. As sustainability champs with the UNFCCC, they’re shaping India's EV industry and planning high-speed electric scooters and new passenger three-wheelers. It’s like planning a Bollywood sequel—bigger and better!

Piaggio Group : Dominating with the iconic Ape brand, its electric autos like the Piaggio Ape E-City and Ape E-Xtra are zipping through urban streets, making cargo and passenger transport greener than a neem tree.

That's a wrap for this edition of our YS Weekly Scoop! We hope you enjoyed the ride through India's electrifying EV journey.?

Stay plugged-in for more updates—because when it comes to EVs, the road ahead is as exciting as a Bollywood blockbuster!

Happy weekending folks!

Writers: Ryan Frantz , Reeta Jose

Edited by: Surya Kannoth