Companies
Combination of EVs, hybrids, plug-in-hybrids will drive India’s clean energy auto sector: Report
Published
3 months agoon
India’s automobile sector’s shift to EVs will not solely rely on electric vehicles but will also include hybrids and plug-in hybrids, as per a report by Elara Securities.
The report noted that a combination of electric vehicles (EVs), hybrids, and plug-in hybrids is set to drive the country’s transition towards cleaner energy solutions, rather than relying solely on electric mobility.
As per the report, the Indian EV market has seen tremendous growth. Global EV sales reached 14 million in 2023, with India experiencing a 90 per cent growth rate. By 2030, the Indian government aims for 30 per cent EV penetration, with key enablers like expanded charging infrastructure, advanced battery management systems, and the release of new EV models playing a critical role.
According to Gaurav Gupta, Chief Growth Officer at JSW MG Motor India, “In the next 5-6 years, around 200,000 chargers will be needed, with 1 charger for every 50 vehicles. By CY30, connected car adoption is expected to reach 75-80 per cent, and ADAS adoption should hit 45 per cent, making BEV acquisition more attractive.”
The report also added that one of the key trends shaping the future of the Indian automotive sector is the emergence of software-defined vehicles (SDVs). These vehicles rely heavily on the integration of electronics, software, and electrical architecture into a unified system.
It added that such vehicles offer advanced features and services that can be monetized, pushing OEMs to shift their business models from hardware-focused to software and smart solution-driven operations.
Bevin Jacob, Partner & Co-Founder of Automobility, highlighted this trend, stating that OEMs are extracting value from smart solutions by incorporating cutting-edge technology and providing connected services to consumers.
He said, “On-demand mobility services, powered by internet connectivity, electrification, autonomous driving, and mobility-as-a-service, represent a transformative development for the industry’s future.”
As per the report, India’s automotive sector is poised for a dramatic shift, driven by technological advancements, collaborative efforts, and a strong push toward sustainable mobility. The transition to clean energy will be multifaceted, with EVs, hybrids, and plug-in hybrids leading the way, supported by a robust ecosystem of localized production and smart solutions.
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Companies
myTVS launches‘Mobility-as-a-Service’platform for EV fleets
Published
2 months agoon
September 23, 2024
myTVS, India’s digital automotive aftermarket platform and part of the $3 billion TVS Mobility Group, has officially launched its pan-India ‘Mobility-as-a-Service’ (MaaS) platform aimed at last-mile EV fleet operators. This comprehensive platform integrates a range of services for the entire electric vehicle (EV) fleet lifecycle, including leasing, real-time fleet management, servicing, spare parts management, charging solutions, telematics, roadside assistance, insurance, and tyre management.
The MaaS platform boasts a digital catalogue of over 180,000 SKUs and offers vehicle refurbishment services to enhance fleet longevity and efficiency. myTVS aims to become the go-to brand for last-mile fleet operators, enabling them to scale operations effectively through strategic partnerships with all stakeholders in the EV ecosystem.
As part of this initiative, myTVS has formed a strategic alliance with MoEVing, a leading EV-based logistics company in India. This partnership is expected to drive growth in the quickly evolving quick commerce sector, which is increasingly looking to electrify its operations to meet sustainability goals.
“This launch marks a pivotal transition for myTVS from personal mobility to fleet mobility solutions,” said G Srinivasa Raghavan, Managing Director of myTVS. “Our platform is tailored to meet the evolving demands of both personal and fleet mobility customers, ensuring efficiency and sustainability. With over 1,000 service outlets across India, we are uniquely positioned to support fleet operators with 24/7 telematics, a Network Operations Centre, and diagnostic services that maximise vehicle uptime.”
Vikash Mishra, CEO of MoEVing, emphasised the importance of ecosystem partnerships for accelerating EV adoption in India. “The launch of the MaaS platform by myTVS addresses a critical market need, offering a holistic solution that aligns with our mission to enhance service delivery and expand our national footprint.”
A recent BCG report forecasts significant growth in the organised last-mile delivery market, particularly in food, grocery, and e-commerce sectors, with EV adoption projected to reach 20-30% in organised fleets by 2025.
Raghavan concluded, “With over 1 million customers, myTVS is one of the fastest-growing aftermarket service providers in India. We plan to add another 2,500 outlets in the next two years, aiming for a market share of 10-12%.”
The myTVS MaaS platform offers flexibility and is designed to integrate seamlessly with OEM manufacturers, insurance providers, financial services, and leasing companies, ensuring comprehensive support for all stakeholders in the electric mobility landscape.
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Companies
One Point One Solutions wins two international orders – check details
Published
3 months agoon
September 23, 2024
One Point One Solutions Limited, a leading provider of technology-enabled business process management (BPM) services, has won two international orders. According to the information shared with the exchanges, the company has won a prominent telehealth company headquartered in Atlanta, USA.
The telehealth company provides a comprehensive platform designed to streamline the entire telemedicine cycle, offering innovative services that connect healthcare providers with patients globally.
Under this contract, One Point One Solutions will partner with the telehealth company to provide contact centre solutions and data verification services.
The company has also won a contract with a publicly listed Swedish company. As part of the contract, it will make a robust platform to streamline ticket management across departments, enabling seamless communication and creating a comprehensive knowledge repository.
It will also prepare a comprehensive solution for payroll data management that ensures secure user access and efficient processing of payroll information.
Earlier, ITCube Solutions Pvt. Ltd. – a One Point One Solutions Limited subsidiary – entered into a deal that will allow the company to use its AI-powered platform for automated detection, enforcement, and removal of infringing content across digital platforms.
“ITCube Solutions has secured a new client-win in the European region a renowned global player specialising in providing solutions against brand threats utilizing advanced AI-driven tools to combat online piracy, counterfeiting, and intellectual property infringement,” the company said in an exchange filing.
With a global presence including NewYork, Barcelona, Beijing & Salt Lake City and providing scalable, cost-effective SaaS solutions, the newly acquired client is changing the industry landscape.
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Companies
RBI restricts withdrawals from Jalna-based Mantha Urban Coop Bank for 6 months
Published
3 months agoon
September 22, 2024
Reserve Bank of India on Tuesday imposed restrictions on withdrawals from Maharashtra-based Mantha Urban Cooperative Bank for six months.
The RBI, in a release, said it has issued certain directions to Mantha Urban Cooperative Bank, Mantha District Jalna, Maharashtra, from the close of business on November 17, 2020.
As per the directions, the bank will not, without prior approval of RBI in writing, grant or renew any loans and advances, make any investment, incur any liability including borrowal of funds and acceptance of fresh deposits, disburse or agree to disburse any payment, among others.
“In particular, no deposit of the total balance across all savings bank or current account or any other account of a depositor may be allowed to be withdrawn” subject to conditions stated in the directions, the central bank said.
The directions will remain in force for a period of six months from the close of business of November 17, 2020 and are subject to review, it added.
It further said the issue of the directions by the RBI should not per se be construed as cancellation of banking license by RBI.
The bank will continue to undertake banking business with restrictions till its financial position improves, the central bank said, and added it may consider modifications of the directions depending upon circumstances.
In a separate release, RBI said it has imposed monetary penalty of Rs 20 lakh on Bengaluru-based Shushruati Souharda Sahakara Bank Niyamita for deficiencies in regulatory compliance.
The central bank also imposed a penalty of Rs 1 lakh on The Deccan Urban Co-operative Bank, Vijayapura, Karnataka, for contravention of the directions issued by it on prohibition of loans and advances to directors.
The story has been taken from a news agency