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Two-wheeler EV market is going to explode from here on: Naveen Munjal, Hero Electric

Naveen Munjal, MD, Hero Electric, discuss how EVs are on the verge of breaking big in the Indian market. Edited excerpts from his interview to ET Now:

ET Now: How you are looking at the EV market?
Naveen Munjal: When you talk about the EV sector, you got to first pide different vehicles at different categories in different buckets — two-wheelers, three-wheelers, four-wheelers, public transport and commercial vehicles. All of them are going to take off at different stages of their life cycles.

Now, the low-hanging fruits are actually going to be the two-wheelers for multiple reasons. For one, the infrastructure requirements are very different from other forms of vehicles. There is a lot of parity in terms of the price performance, in terms of the price as against ICE vehicle. The charging infrastructure requirements are different and distances covered are a lot less.

The other factors include government support. These vehicles have a strong tailwind because of the support that we have got in terms of government policy. We have got FAME II, which was enhanced in June. That makes it a very lucrative segment. Besides that, we have also got numerous — 16-odd — state policies.

Right now, a lot of them are manufacturing-led, but some of them are demand-led as well. On top of that, there is the PLI policy. So, there are numerous policies in place which are pushing electrical mobility.

Also, the TCO (Total Cost of Ownership) gap between ICE and Electric was always wide. That has only gotten wider now because of petrol price being where it is.

The way I see it, it is going to explode from here on. This market is going to be a very significant one. Here I am talking more about two-wheelers. This market will be a bare minimum of about 20% odd of the market if things remain the way that they are in the next five years. That means about 4 billion units in the next less than five years.

Now, should policies become even more aggressive, or should there be a mandate for ICE to convert, this number could actually be much much higher.

What could be the demand and potential for e-bikes in a car-aspirational society like India? And what of Ola’s new launch?
It may be a car-aspirational society, but the fact remains that 80% of the vehicles on India’s roads are two-wheelers. So it is a very large two-wheeler market. It’s only going to get bigger. Eventually, customers will settle at a product where they find the best value in terms of the price, performance, durability, charging infrastructure and battery portability, and of course running cost and ease of battery replacement.

Going by the data we have so far, about 50% the dealerships have been opened in Tier-2, 3 and 4 towns. So it is not necessarily only targeted at the metros and Tier-1 towns. Rural is also being targeted by setting up sub-dealers, etc. There is a large proliferation already happening in Tier-3 and 4 towns already.

We are going to have multiple bands. We have a base line which is mostly called comfort speed. Then we have got a second definition which is called the cities peak category — about 45 to 55 km an hour and an about 80-odd kms range. Then you have got the high-speed band where Ola and some others come into the picture.

It is the second band that we are targeting — the commuter segment where the pricing has come down to sub-Rs 60000 across the country. In states where you have got an additional policy, it is down even more to close to Rs 45,000 or even less in some states. So it is now highly affordable, very very durable.

In terms of the running cost it is extremely low, in fact even cheaper than taking a public transport in the metros. It is multiple times cheaper than a ICE vehicle in terms of the TCO, running cost and durability. On top of it all, you are also getting anything from three-year warranties on the batteries to five-year ones on the vehicles.

At the initial stage where the cost arbitrage won’t be much, how much would Electric really appeal to Indians who only believe in sasta, sundar, tikau?
The commuter segment who want sasta aur tikau and a very good performance, they are not buying it necessarily only because of the TCO. They are also buying it because of the convenience. If you do not have charging infrastructure in your apartment block, you can effectively take out the battery, plug it into a wall and charge it the way you charge your computer or your mobile, plug it back into the vehicle and off you go.

If you are a heavy user, we can give you two or three batteries, thereby taking your range up to about 210-odd kms on a single charge.

Actually, the initial purchase price is much lower than that of ICE scooter. In terms of running cost, they are multiple times cheaper. As for convenience, even if you do not have charging infrastructure, there are no distractions — you just charge it at home.

Because there have been range anxiety issues among customers, we have been installing charging infrastructure as well. We have already installed close to about 1,650 charging stations around the country, in locations where you would generally go — markets, grocery stores, etc. Customers may not use these infrastructures too much, but it nevertheless gives them a huge amount of peace of mind and comfort.

Sales go up dramatically in an area where we install charging infrastructure. So it has more to do with range anxiety than actually using it, because they are charging the vehicles at home and do not necessarily need to charge it outside unless it is a top-up charge.

Besides, we also been training road-side mechanics, re-skilling them to handle electric vehicles which they could not earlier. We have already re-skilled about 6,000 of them, and intend to take it up to about 25,000. That is how we are creating a whole ecosystem.

So, it goes beyond just pricing and TCO. Environment is of course a very big factor. Customers are very proud to own an electric vehicle, because they are doing their bit for the environment.

In some products, prices go higher as features are upgraded, like in Apple phones. In some others, prices go lower because of competition, like in storage devices. Which way will your industry go?
It is the same thing. We are following the same Moore’s curve. Lithium ion batteries were about $1200 a kilowatt hour in 2010; now that pricing is close to about $130-140. Battery prices are dropping, in which case either the prices are going to keep on dropping or the prices are going to remain stable and the performance of these vehicles is going to improve dramatically over the next couple of years.

The R&D that is being done is immense. So we are going to see vehicles which are far better than what they are at this point. This range of vehicles is already better than what we had three or five years back. It will only continue to get better.

What are the parallels which we can draw from global markets?
China has over 300 million electric two-wheelers which have been sold in the past 15 years. They sell about over 20-25 million vehicles a year. For electric, they have got a dual approach. They have got a stick where they do not allow you to sell IC engine vehicle in a number of cities, then they give a carrot in terms of the subsidy that they would give a customer for buying an electric vehicle. Then, they have created an infrastructure for the customers to go and charge the vehicle.

Europe is almost a four-million unit market. The US is half-a-million unit market. Japan is a very dense electric bicycle market. Taiwan is an electric scooter market. Vietnam is also converting to electric scooters.

India is actually leapfrogging technology. So we are not going down the traditional route that many other countries took. We are going to leapfrog technologies in terms of the performance of the vehicles. So India stands at a very unique position because of the approach that it is taking.

Right now EVs in India are not meant for long-distance travel because of the lack of infrastructure. How long will it remain that way?
I am talking more about two-wheelers, which in any case are meant for travelling within the city. Owners are happy for what they offer — comfort, low running cost, price, etc., compared to ICE vehicles. We believe this is going to serve the needs of the last-mile traveller in the city.

( Originally published on Aug 17, 2021 )

Tesla profits surge on higher sales despite chip crunch

Tesla‘s third-quarter profits more than quadrupled on sharply higher sales despite a global semiconductor shortage that has plagued the auto industry, according to results released Wednesday.

Elon Musk‘s electric car company posted a record profit of $1.6 billion for the three-month period, as revenues surged 57% to $13.8 billion compared to the year-ago period.

Tesla also delivered a record 241,391 vehicles during the period, with sales significantly ramping up in North America and China.

The results suggest Tesla’s output has been less affected by the global shortage of semiconductors than some rival carmakers that have shuttered factories or cut production. However, the company said chip shortages, as well as congestion at ports and rolling blackouts, “have been impacting our ability to keep factories running at full speed.”

US-based auto parts maker Dana eyes big opportunity in India, to use country as exports base

At a time when automotive and ancillary factories are sitting on excess capacity, American auto components maker Dana said its Indian facilities were running 24×7 and it was investing in expansion of capacity by 15-20%.

Using India as a key base for exports with almost a third of its output shipped overseas, the American company has perted some of the critical parts production from China to India to protect itself from the rising tariffs due to trade tensions between the US and China.

While it may take about two to three years for the Indian auto industry to regain its previous sales peak, Gajanan Gandhe, country head, Dana India, said that the company was betting on the domestic market returning to double-digits annual growth in the coming years.

The company expects India to account for 10% of the Dana Group’s global revenue in the mid-term, which could translate to a billion dollars in actual value. The group is predicting a global revenue of $9 billion for 2021.

“We have now reached a fairly large scale and India is a significant part of our global operations,” Gandhe told ET. “We don’t have enough capacity. In spite of COVID our plans have been running 24 by seven.” Gandhe was hired by the group to implement a “one-Dana” policy which involves having the same quality and governance standards at all facilities in India, including joint ventures.

Dana primarily makes automotive parts like axles and other drivetrain components. It recently set up a dedicated electric vehicle (EV) drivetrain making facility at Pune – it’s 18th plant in India including joint ventures. The new EV drivetrain plant in Pune was similar in its technological capabilities to the group’s two other such plants in Canada and China, Gandhe said.

The company invested $50 million to increase capacity across plants in India over the last two years. It was also converting its service centre at Pune to a technology centre that will support global R&D operations. The auto components maker is also actively pursuing inorganic opportunities in India to sustain a growth momentum.

It has set up a dedicated vertical for EVs and the company recently invested $18 million in Ashok Leyland’s EV arm – Switch Mobility. It will be developing EV drivetrains in conjunction with Switch. The strategic investment also affords it last right of refusal for all powertrain sourcing contracts with Switch.

Gandhe said that Dana will focus on making drivetrains for small commercial vehicles and buses and the investment in Switch was in line with that intention. In the two-wheeler EV segment, which Gandhe admits as being the fastest growing EV segment, Dana will make drivetrains only for high-end performance electric motorcycles. It will refrain from entering the high volume affordable electric scooters segment due to the high competition there.

Electric vehicle maker WardWizard to invest Rs 150 crore in next 6 months

Electric vehicle maker WardWizard Innovations & Mobility plans to invest Rs 150 crore in the business in the next six months as it looks to ramp up technology and infrastructure, among others, to meet the increased demand, a top company official has said. The Vadodra-based manufacturer sells its e-scooters and bikes under the ‘Joy e-bike’ brand, which include five high-speed vehicles and five in the low-speed category.

The company saw its vehicle sales surging by a record 435 per cent to 2001 units in August over 374 units in the same period year-ago.

The company will foray into more segments than products, including an e-rickshaw in the passenger segment and an e-four-wheeler, according to the official.

“For the last four years, we have been investing around Rs 250-275 crore every year. Seeing the demand in the next 1-2 years, we are likely to invest around Rs 150 crore in the coming six months, which we will be utilised in ramping up our technology, infrastructure and higher localization,” Yatin Gupte, Chairman and Managing Director, WardWizard Innovations & Mobility told PTI in an interaction.

He said that 50 per cent of funds would be raised from the market and the remaining half will be infused by the promoters, adding that, “We have started approaching the market.”

Demand for EVs, particularly in the rural markets, has spiked as there are huge incentives now available to consumer owing to a host of factors including the rising fuel prices and various state governments doling out subsidies between Rs 15,000-20,000 per vehicles under their respective EV policies, a separate subsidy of Rs 15,000 per Kwh under Central Government’s FAME-II scheme, he said.

“The industry is showing very positive signs and I expect the industry to grow multifold every year,” Gupte stated.

“We were selling around 1,000 units in January, which shot up to 4,000-5,000 units a month. This month we are producing around 3,500 vehicles while for October we have already lined up deliveries of 8,000 vehicles. In November, we would be delivering around 9,000 vehicles. So this is the traction that we are getting,” Gupte said.

The rural market, with B class cities, currently accounts for 60 per cent of the demand while the remaining 40 per cent from other places including metro cities, he said, adding, “there is now traction getting generated on the lower level. So the traction or vision that we had 5-6 years back of penetrating into rural India is now finally taking shape.”

Explaining the “surprising” trend of increasing acceptance for EVs in the rural market, he said that a saving of Rs 3,000-4,000 on petrol prices is a “huge” one for the rural people compared to urban people, which is leading to higher volumes.

Gupte said that the company is also looking to reduce the delivery period to 22 days in November after successfully bringing it down to 32-35 days last month from around 40 days earlier.

“Rather than products, we are entering into a new segment, the three wheeler passenger segment for which the R&D work is completed and we expect to get the ARAI approval by November. So, by January we would be into mass production of electric rickshaws,” Gupte said.

Besides, the company has already received approval for a high-range e-scooter with a cart for the e-commerce applications, with its mass production expected to start soon, he said.

“Three years from now, we are planning to come out with a four-wheeler. We are in primary discussions with some technology companies but it will take time as at present charging infrastructure is more important than products,” he said.

“By 2024, we are looking at 25 per cent market share in e-scooter and another 15 per cent in e-rickshaw,” he stated.

The company can manufacture 1.50 lakh vehicles annually in a single shift, he said, adding that it did not ramp it up as it was expecting the demand will gradually increase.

“But this sudden spike in three months has compelled us to ramp up capacity which is at present around 10,000 units a month. We have already ramped it up in the last 45 days,” he said.

Stating that WardWizard will have 100 per cent localization in its vehicles by December this year, he said, “We have already started acquiring companies which are into the EV ecosystem. We are in talks with some battery pack manufacturers also where we can acquire or partly acquire companies.”

“We are developing a Battery Management System MBS, which is in the final phase and we have already started developing even chasis, frame, steel and plastic components in India,” he said.

Benelli India to double product portfolio in domestic market

Chennai: Italian motorcycle maker Benelli has chalked out aggressive plans to strengthen its foothold in the premium bikes category to double its product portfolio by 2020, according to a top official.

The company would ramp up production at its assembly unit in Hyderabad and has set itself a target of selling around 12,000 units by that year.

Benelli India would also be strengthening its retail footprint across the country, Vikas Jhabakh, Director of the Mahavir Group, which are distributors of the brand in the country, said.

Benelli India has appointed Adishwar Auto Ride India, a partner of the Mahavir Group, to manage the company’s operations in the country.

Jhabakh said the company would double the current product portfolio by 2020, with prices ranging between Rs two lakh and Rs 6.2 lakh (ex-showroom).

Benelli currently retails six models, including the latest 500 cc Leoncino, priced at Rs 4.79 lakh (ex-showroom).

“By the end of 2020, we will have 12-13 bikes in the Benelli portfolio. We are planning to launch two 250 cc bikes and a 400 cc motorcycle”, he told PTI.

To augment the company’s expansion plans, Benelli would ramp up production at its facility in Hyderabad, he said.

“Investments (already) made in the three acre facility is Rs 40 crore. We will make investments as and when required to ramp up the capacity”, he said, responding to a query.

Jhabakh said Benelli planned to sell around 12,000 bikes by the end of 2020 and to increase plant capacity to 20,000 units per annum from the current 3,000 units.

On expanding the retail network, he said the company planned to have around 60 dealers in 50 cities by the end of 2020.

Benelli currently has 19 dealers in 18 cities.

To a query about the government’s push to promote electric vehicles, Jabhakh said “electric (vehicle) seems to be the name of the game.But we are monitoring the policies carefully.

We are waiting to see well laid out policy measures (to promote electric vehicles)”.

Hero MotoCorp remains bullish regarding business growth in domestic, overseas markets

Hero MotoCorp

remains bullish on growth prospects in both domestic and international markets going ahead as it looks to enhance its presence in the premium two-wheeler segment and develop competencies in the electric vehicle space going ahead, as per the company’s Annual Report for 2020-21.

The country’s largest two-wheeler maker, which had crossed the 100 million cumulative production mark in January this year, is now set for the next phase of its expansion and growth.

“As the world recovers from the second and a significantly severe wave of Covid-19, we are upbeat about the short term growth and remain optimistic about the long-term view. We are well prepared to meet rising consumer demand and will be able to grow our business as and when the economic situation revives and re-emerges,” Hero Motocorp Chairman and Chief Executive Officer Pawan Munjal noted.

For the near and medium terms, the company is focussed on delivering products that are relevant and in line with the overall sustainability of the company, he informed the company’s shareholders.

With a strong pipeline of products, including premium motorcycles and scooters, Hero MotoCorp is confident of keeping the customers excited, Munjal said.

“The future will have to be imagined today, so it can be delivered tomorrow. As I have often said, we are aggressively working towards multiple electric vehicle (EV) programmes and platforms and also on various other modular mobility solutions. Sustainability remains critical to our ethos and we will continue to work in line with these principles,” he added.

Elaborating on the company’s premium segment plans, he noted that the partnership with Harley-Davidson is an important stepping stone in the road to ‘premiumisation’ of the company’s brand and product.

“From building premium retail experience outlets to premium ownership models, Hero MotoCorp is enhancing capabilities and preparing itself to expand its presence in the premium two-wheeler segment,” Munjal noted.

The two-wheeler major is also in the process of developing a range of premium products, both under Harley and Hero MotoCorp brand names, he added.

On EV space, Munjal said the company’s partnership with Gogoro Inc, which was announced earlier this year, is one of global significance.

Gogoro Inc is a Taiwanese EV company with the world’s largest battery-swapping network.

“This partnership will be a key to the propagation of electric vehicle charging technology and network. I would like to share that our relationship with Ather Energy in which we have a 38 per cent stake is actively evolving into a partnership on multiple fronts. This clearly is going to pave our way into being a market leader in the EV space,” he noted.

Commenting on global markets, Munjal said the company aims to strengthen its focus on the premium motorcycles and scooters segment in Bangladesh, Nepal, and Latin America.

“In the African markets we are revamping our product portfolio, growing our network, and establishing our brand presence,” he added.

The two-wheeler major noted that the motorcycles and scooters remain the most cost-effective and fastest mode of last-mile connectivity, and is an income enabler for many.

“A preference for personal mobility induced by the pandemic could aid near-term motorcycles and scooters demand, which has been impacted by repeated waves of COVID-19,” it added.

Hero MotoCorp sold a total of 57,91,539 two-wheelers in the 2020-21 fiscal amid COVID-19 disruptions.

Two-wheeler EV market is going to explode from here on: Naveen Munjal, Hero Electric

Naveen Munjal, MD, Hero Electric, discuss how EVs are on the verge of breaking big in the Indian market. Edited excerpts from his interview to ET Now:

ET Now: How you are looking at the EV market?
Naveen Munjal: When you talk about the EV sector, you got to first pide different vehicles at different categories in different buckets — two-wheelers, three-wheelers, four-wheelers, public transport and commercial vehicles. All of them are going to take off at different stages of their life cycles.

Now, the low-hanging fruits are actually going to be the two-wheelers for multiple reasons. For one, the infrastructure requirements are very different from other forms of vehicles. There is a lot of parity in terms of the price performance, in terms of the price as against ICE vehicle. The charging infrastructure requirements are different and distances covered are a lot less.

The other factors include government support. These vehicles have a strong tailwind because of the support that we have got in terms of government policy. We have got FAME II, which was enhanced in June. That makes it a very lucrative segment. Besides that, we have also got numerous — 16-odd — state policies.

Right now, a lot of them are manufacturing-led, but some of them are demand-led as well. On top of that, there is the PLI policy. So, there are numerous policies in place which are pushing electrical mobility.

Also, the TCO (Total Cost of Ownership) gap between ICE and Electric was always wide. That has only gotten wider now because of petrol price being where it is.

The way I see it, it is going to explode from here on. This market is going to be a very significant one. Here I am talking more about two-wheelers. This market will be a bare minimum of about 20% odd of the market if things remain the way that they are in the next five years. That means about 4 billion units in the next less than five years.

Now, should policies become even more aggressive, or should there be a mandate for ICE to convert, this number could actually be much much higher.

What could be the demand and potential for e-bikes in a car-aspirational society like India? And what of Ola’s new launch?
It may be a car-aspirational society, but the fact remains that 80% of the vehicles on India’s roads are two-wheelers. So it is a very large two-wheeler market. It’s only going to get bigger. Eventually, customers will settle at a product where they find the best value in terms of the price, performance, durability, charging infrastructure and battery portability, and of course running cost and ease of battery replacement.

Going by the data we have so far, about 50% the dealerships have been opened in Tier-2, 3 and 4 towns. So it is not necessarily only targeted at the metros and Tier-1 towns. Rural is also being targeted by setting up sub-dealers, etc. There is a large proliferation already happening in Tier-3 and 4 towns already.

We are going to have multiple bands. We have a base line which is mostly called comfort speed. Then we have got a second definition which is called the cities peak category — about 45 to 55 km an hour and an about 80-odd kms range. Then you have got the high-speed band where Ola and some others come into the picture.

It is the second band that we are targeting — the commuter segment where the pricing has come down to sub-Rs 60000 across the country. In states where you have got an additional policy, it is down even more to close to Rs 45,000 or even less in some states. So it is now highly affordable, very very durable.

In terms of the running cost it is extremely low, in fact even cheaper than taking a public transport in the metros. It is multiple times cheaper than a ICE vehicle in terms of the TCO, running cost and durability. On top of it all, you are also getting anything from three-year warranties on the batteries to five-year ones on the vehicles.

At the initial stage where the cost arbitrage won’t be much, how much would Electric really appeal to Indians who only believe in sasta, sundar, tikau?
The commuter segment who want sasta aur tikau and a very good performance, they are not buying it necessarily only because of the TCO. They are also buying it because of the convenience. If you do not have charging infrastructure in your apartment block, you can effectively take out the battery, plug it into a wall and charge it the way you charge your computer or your mobile, plug it back into the vehicle and off you go.

If you are a heavy user, we can give you two or three batteries, thereby taking your range up to about 210-odd kms on a single charge.

Actually, the initial purchase price is much lower than that of ICE scooter. In terms of running cost, they are multiple times cheaper. As for convenience, even if you do not have charging infrastructure, there are no distractions — you just charge it at home.

Because there have been range anxiety issues among customers, we have been installing charging infrastructure as well. We have already installed close to about 1,650 charging stations around the country, in locations where you would generally go — markets, grocery stores, etc. Customers may not use these infrastructures too much, but it nevertheless gives them a huge amount of peace of mind and comfort.

Sales go up dramatically in an area where we install charging infrastructure. So it has more to do with range anxiety than actually using it, because they are charging the vehicles at home and do not necessarily need to charge it outside unless it is a top-up charge.

Besides, we also been training road-side mechanics, re-skilling them to handle electric vehicles which they could not earlier. We have already re-skilled about 6,000 of them, and intend to take it up to about 25,000. That is how we are creating a whole ecosystem.

So, it goes beyond just pricing and TCO. Environment is of course a very big factor. Customers are very proud to own an electric vehicle, because they are doing their bit for the environment.

In some products, prices go higher as features are upgraded, like in Apple phones. In some others, prices go lower because of competition, like in storage devices. Which way will your industry go?
It is the same thing. We are following the same Moore’s curve. Lithium ion batteries were about $1200 a kilowatt hour in 2010; now that pricing is close to about $130-140. Battery prices are dropping, in which case either the prices are going to keep on dropping or the prices are going to remain stable and the performance of these vehicles is going to improve dramatically over the next couple of years.

The R&D that is being done is immense. So we are going to see vehicles which are far better than what they are at this point. This range of vehicles is already better than what we had three or five years back. It will only continue to get better.

What are the parallels which we can draw from global markets?
China has over 300 million electric two-wheelers which have been sold in the past 15 years. They sell about over 20-25 million vehicles a year. For electric, they have got a dual approach. They have got a stick where they do not allow you to sell IC engine vehicle in a number of cities, then they give a carrot in terms of the subsidy that they would give a customer for buying an electric vehicle. Then, they have created an infrastructure for the customers to go and charge the vehicle.

Europe is almost a four-million unit market. The US is half-a-million unit market. Japan is a very dense electric bicycle market. Taiwan is an electric scooter market. Vietnam is also converting to electric scooters.

India is actually leapfrogging technology. So we are not going down the traditional route that many other countries took. We are going to leapfrog technologies in terms of the performance of the vehicles. So India stands at a very unique position because of the approach that it is taking.

Right now EVs in India are not meant for long-distance travel because of the lack of infrastructure. How long will it remain that way?
I am talking more about two-wheelers, which in any case are meant for travelling within the city. Owners are happy for what they offer — comfort, low running cost, price, etc., compared to ICE vehicles. We believe this is going to serve the needs of the last-mile traveller in the city.

( Originally published on Aug 17, 2021 )

BCIC urges regulator to promote EV technology in Bengaluru

Bangalore Chamber of Industry and Commerce (BCIC) president Kishore Alva met Karnataka Electricity Regulatory Commission (KERC) chairman M.K.Shankaralinge Gowda and suggested that the State Government promote more Electric Vehicle technology in the State, especially in Bengaluru so that environment can be secured for future generations.

“If there are more charging points established at convenient junctions, people would be encouraged to use more Green Technology Electric Vehicles in the State, thereby reducing pollution levels drastically,” said Alva, who is also the Joint President and Executive Director, Adani – Udupi Power Corporation.

Alva also suggested that lake beds should be extensively used for afforestation purposes thereby increasing the depleting green cover in the State. He suggested: “Hebbal Lake in Bangalore could be taken up on a priority basis, as this could be showcased to domestic and foreign visitors when they come from the airport into the city.”

Volkswagen unveils concept electric vehicle ID.CROZZ, Race Polo

GREATER NOIDA: German auto major Volkswagen on Thursday unveiled its concept electric vehicle ID.CROZZ based on the company’s modular electric drive matrix (MEB) platform.

The company also showcased its Race Polo model at the Auto Expo here.

“The ID.CROZZ is a true representation of Volkswagen’s capabilities in developing electric vehicles,” Volkswagen Passenger Cars India Director Steffen Knapp told reporters here.

He further said along with Race Polo, the ID.CROZZ represents the company’s innovative technologies and delivers on the company’s “core DNA of safety, build quality and fun-to-drive experience”.

He further said globally VW group is investing 33 billion euros in development of electric vehicles with one-third of it by the VW brand.

“The ID. family comprises a range of vehicles across segments, starting with the recently introduced ID.3 to the ID.SPACE VIZZION,” Knapp said.

The ID.CROZZ is a cross of four door coupe and SUV with an electric drive train delivering power of 225kw with a top speed of 180km/hr, the company said.

The battery of the car can be charged to 80 per cent in 39 minutes covering a range of 500 km.

The Race Polo on the other hand is powered by a 1.8 litre petrol engine with a peak power of 230 hp mated with a six speed transmission.

Hyundai slips to 6th place in global electric vehicle market in 2021 1st half

South Korean automaker Hyundai Motors electric vehicle (EV) sales increased in the first half of the year compared with a year ago, but its global market share fell in the face of toughening competitions with Chinese rivals, industry data showed on Monday.

Hyundai Motor was in sixth place in terms of global EVs sales in the January-June period, one notch down from the fifth position a year ago, according to the data by industry tracker SNE Research.

The automaker’s global EV sales jumped 75.6 percent on-year to 51,300 units in the first six months of the year, but its market share fell to 2.9 percent from 4.5 percent over the period, data showed.

American EV maker Tesla topped the global EV market with a 22.2 percent share in the first half, followed by SAIC-GM-Wuling Automobile, a joint venture among SAIC Motor, General Motors and Liuzhou Wuling Motor, as well as BYD and Volkswagen and Great Wall Motors Company.

Among the top five, two were Chinese automakers and a joint venture involving Chinese companies, reports Yonhap news agency.

Hyundai Motor boosted EV sales with its Kona EV, all-electric Ioniq 5 and Porter electric trucks earlier this year, but its growth was slower than Chinese automakers which rapidly expanded the market on the back of strong demand on home turf.

SNE Research said the Korean automaker faces an uphill battle to expand its presence in the growing EV market as it faces toughening competition between established automakers and emerging Chinese rivals.