Speaking at the 4th Annual Atal Bihari Vajpayee Lecture, Mahindra also called for India to increase spending on research and development, while acknowledging that the private sector is lagging when it comes to making investments due to a mindset of risk aversion and lowered aspirations.
The Net Zero Buildings initiative — comprising a cost-free, all-in-one toolkit and training —will help building and facility owners learn about best practices of sustainable buildings, implement tools to assess building parameters, identify and implement conservation measures and understand building regulations in India, available incentives, technology, financing models and more. The joint initiative will simplify access to key information and resources to help organisations start their net zero buildings journeys, the companies said.
Tata Motors, Mahindra, and Ola Electric are set to benefit from the government's PLI program and FAME-II scheme. These companies have received DVA certificates and can claim PLI sops for eligible sales of certain vehicle models until March 2024.
Tata Motors reported a 19% year-on-year rise in its passenger vehicle (PV) sales for the month, higher than the 12% rise in January, while Toyota's Indian unit posted record sales for the second consecutive month at 25,220 units, up almost 61% from last year.
A decade ago, the country’s iconic auto-rickshaws had three wheels and a diesel engine. Battery-powered versions existed, but only enough to be seen as a novelty and unregulated threat.
The intent to buy hybrids over pure battery electric vehicles comes to the fore even as EVs benefit from state as well as central government funded incentives which in turn has allowed manufacturers to price them better as compared to hybrids. This is despite the hybrids costing more than EVs.
The deal covers the supply of certain electric components as well as unified cells. With the agreement, Volkswagen and Mahindra are further deepening their collaboration which started with a partnering agreement and a term sheet in 2022.
The participation of the South Korean company is notable because a similarly named Hyundai Global Motors had got sops for setting up a 20 gigawatt hour (GWh) capacity in the earlier PLI auction round for ACC batteries, held in January 2022. It was eventually concluded that this was a case of impersonation and that Hyundai Global Motors had used fake documentation while bidding.
Building on its success, MLMML so far has sold over 1.4 Lakh electric vehicles and has a market share of 9.3% in the electric three-wheeler space in India. In the L5 EV category, MLMML is the leader with a 55.1% market share, YTD FY24, the company said.
In January 2024, Mahindra sold 43,068 SUVs, experiencing a growth of 31% compared to the same month last year. The total exports for January were 1,746 units, down from 3,009 units in the previous year.
The domestic sales for commercial vehicles stood at 23,481, the company said.
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