Tuesday, January 25, 2022

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    EVage raises $28M to be a driving force in India’s commercial EV revolution – TechCrunch

    The combination of Indian factors-especially climate change policy, fuel costs and rising demand for e-commerce-sets ideal conditions for startups like the all-electric commercial vehicle startup EVage.

    According to one investor, the startup, which has already supplied five EV trucks to Amazon India’s delivery service partners and plans to provide “thousands” by the end of the year, is a US-based VC Red. Blue Capital. EVage will use this money to complete a production-ready plant in the suburbs of Delhi in the first quarter of 2022, expanding production to meet growing demand.

    EVage’s flagship vehicle is a ton (£ 2,000) truck designed for the Indian commercial delivery market using feedback from a partnership with Amazon. The truck is being developed on EVage’s industry-ready EV platform and can produce several different types of high-quality vehicles at a much lower cost than other OEMs, the company says. The startup plans to build the vehicle at the “Modular Micro Manufacturing” plant. Arrival micro factoryIt should emit less carbon dioxide than traditional OEMs and require less capital to produce vehicles.

    Conclusion: EVage aims to return these savings to its customers.

    Finding ways to make production cheaper is essential for scaling, and the opportunities and demand for scaling EVs in India are enormous.

    India’s Minister of Transport Nitin Gadkari says India’s Transport Minister Nitin Gadkari has played a high-level role in the announcement of the deal between EVage and Amazon, said Olaf Sakkers, general partner of RedBlue Capital and future EVage board member, making 30% of the country private. I set the goal. By 2030, 40% of cars and buses, 80% of motorcycles and tricycles, and 70% of commercial vehicles will be electric vehicles.

    A series of incentives such as faster adoption and manufacturing of (hybrid &) electric vehicle schemes (FAME-I and FAME-II) Assist by providing subsidies for electric motorcycles and commercial or transportation-related four-wheeled vehicles. The FAME-II subsidy applies only if the OEM procures 50% of the components from a local manufacturer. This also helps to strengthen the supply side.

    Motorcycles and tricycles are already on track towards that goal.Especially companies like Ora Electric Large factory for electronic scooters And Hero Motor Corp, one of the countries Largest micro EV maker, Signed a contract with Taiwanese battery replacement company Gogoro and built a battery replacement network in India. The market for four-wheeled vehicles is a bit slow, as the average commuter doesn’t buy an electric car. Therefore, the road to adoption of electric four-wheeled buggies is likely to occur via commercial roads, Soccers said.

    India’s e-commerce market is exploding. Especially because global companies are increasing their presence in India and mobile-first countries full of smartphone users are becoming very comfortable with simple digital transactions. Amazon has invested $ 6.5 billion Wal-Mart has been in India since entering the country in 2013 $ 16 billion acquisition Of the startup flip cart. Alongside national and local shipping companies, these companies are looking for partnerships with Indian OEMs that can meet the unique demands of the Indian market.

    “There are several electric vehicles operating in developed markets such as the United States and Europe. I see companies like Libyan selling to the logistics fleet for these use cases, but Indian logistics in the Indian market. Needs are very different, “says Sakkers. I told TechCrunch. “Because we need to solve a variety of problems, we have a great opportunity to create custom-made vehicles for these use cases.

    From a pure engineering point of view, Sakkers said, EVage vehicles are certified to drive at highway speeds, as in India, for example, because they rarely exceed 40 mph. He said he didn’t have to meet the criteria. That means everything from motor requirements to battery size to the type of material you need to build is different and potentially much cheaper, Sakkers added.

    “Saving the total cost of ownership of our customers is very important,” says Sakkers. “They do this not only for optical reasons, but also for purely economic reasons. In India, when a certain amount of emissions is produced, it cannot be operated in a certain time zone in a city, so electric vehicles If you are operating, you will also improve your ability to operate a logistics fleet. “

    “There aren’t many startups that fit this type, so we’re putting a lot of money into EVage,” Sakkers said. “Demand for vehicles in this segment is 500,000 a year in India. Increasing production to hundreds of thousands is not only a challenge for the company, but also a great opportunity.”

    EVage raises $28M to be a driving force in India’s commercial EV revolution – TechCrunch Source link EVage raises $28M to be a driving force in India’s commercial EV revolution – TechCrunch

    The post EVage raises $28M to be a driving force in India’s commercial EV revolution – TechCrunch appeared first on California News Times.

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