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India: Performance of Electric Vehicle Industry

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India: Performance of Electric Vehicle Industry India: Performance of Electric Vehicle Industry Quarterly Update: Q3 FY 2020 (Oct’2019 - Dec’2019) March 4, 2020 Authored by: Swetabh Singh, Senior Consultant (Automotive Practice) We Deliver the India Advantage © Tecnova, 2020 All Rights Reserved Electric Vehicles: Q3 FY 2020 Electric Vehicle Trend Sales: e-2W (‘000 Nos.) Sales: e-3W (‘000 Nos.) Sales: e-Cars (‘000 Nos.) 601 2,380 11 630 126 450 520 4 2 28 57 1 FY 17 FY 18 FY 19 Total Parc FY 17 FY 18 FY 19 Total Parc FY 17 FY 18 FY 19 Total Parc As on 31-Mar-2019 As on 31-Mar-2019 As on 31-Mar-2019 Low speed e-Scooters constitute over 90% The entire market is of low speed e-rickshaw. Till FY 19, only TATA Motors and Mahindra of e-2W market. However, transition to Mahindra launched 1st high speed e-Auto in Electric operated in the segment serving high speed scooters and bikes has been Q4FY2019. All existing as well as new entrants mainly to Government and commercial fleets witnessed since FY 2019. All leading players in 3W segment like Mahindra, Bajaj, TVS, aggregators. Market has witnessed like Ather Energy, Hero Electric, Okinawa, Piaggio, Tork Motors, YC Electric, etc are in momentum lately with entry of several Revolt, Bajaj to launch high speed variants pipeline to launch their e-Autos global companies like Hyundai, MG Motors, Great Wall, etc. • Indian electric vehicles industry is at a nascent stage with growth potential of more than 5% from current share of <1% of total Automobiles Sales in FY 2019 • Industry volumes are fluctuating as primarily dependent on Government incentives • Government’s focus will be on getting the public transport fleet onto the electrification journey before focusing on private vehicles. Priority will be given in the order of e-Buses, 3Ws, fleet cars, 2Ws and then private cars • Lack of adequate charging infrastructure, vehicle cost, higher battery price, etc. are major limiting factors • Many serious players like Mahindra Electric, TATA Motors, Hero Electric, Bajaj, Okinawa, Ashok Leyland, BYD, etc. are working towards bring positive change in the industry • With launch of FAME II Scheme Industry is expected to take quantum leap in volumes and technology Major Investment Government Initiative & Policies • Ather Energy has raised USD51 Million in its latest • Plan to convert all 3W and 2W (<150 CC) to EV by 2023 and investment round. Also plans to setup 6,500 charging 2025 respectively stations across 30 cities • Fleet aggregators like Ola/Uber may have to convert 40% of • EV start-up SmartE gets USD14 Million investment from their fleet to EV by 2026 Mitsui • FAME II launched in April 2019 with budget of USD 1.4 Billion • BYD-Olectra to build 2nd e-Bus plant to ramp up • De-licensing, priority electricity connection including open production to 5,000 units annually access to grid for Public Charging Infrastructures • Amendments to MBBL: EV charging infrastructure for New Launches residential and group housing buildings • TATA Nexon EV, MG EZS, Nissan Leaf unveiled in Dec’19 • Light House Program to facilitate city level development and • Ampere launched new e-scooter “ Reo Elite” promote e-mobility • Rowwet Mobility, Pune launched five e-2Ws (e-Scooter • Phased Manufacturing Plan to promote domestic & bike in Nov-2019 manufacturing • Bajaj launched e-Scooter“Urbanite” in Oct-2019 • Rationalization of Taxes & Duties • GST on EV reduced to 5% from 12% Upcoming Events • Duty exemption on import of Li Ion Cells for Battery packs • Connected Vehicle 2020: Bangalore, 3-5 March 2020 • Additional income tax deduction of USD 2,109 on the • EV Charge 2020: Delhi , 16th April 2020 interest paid on loans taken to purchase electric vehicles • Ride Asia 2020 : Delhi, 28-31 May 2020 • Over 10 states to notify policy to promote EV • Electric Vehicles and Future Mobility Show: Chennai, 28- • GoI has decided to do away with permits for EVs and those 30 June 2020 that run on alternative fuels Key Headlines • Mitsui-TECO joint venture (TEMICO India), to invest USD 14 Million in Bangalore to produce traction motor for EVs • Mercedes, Audi to launch electric vehicles in 2020 • Order of 10,000 e-buses expected by Mar-2020. DHI, in Aug-2019, sanctioned 5,595 e-buses i.e. 37% of total proposal received • GoI to install around 14,000 charging stations across selected cities. 2,636 stations already sanctioned in 62 cities under FAME II Scheme • Chinese automobile manufacturer Great Wall Motor to launch world’s cheapest EV (Ora R1) in India in 2020 with a price range of USD8,600 to USD11,000 • Ashok Leyland, ABB join hands to launch electric buses • EESL & EVI Technologies joined hands with HPCL & BSNL respectively to setup Charging Infrastructure In India • 2020 to witness over half a dozen electric car launches 2W: Two Wheeler, 3W: Three Wheeler, CC: Cubic Centimeter; DHI: Department of Heavy Industries; EV: Electric Vehicle, e: Electric, FAME: Faster Adoption and Manufacturing of Hybrid and Electric Vehicles; FY: Financial Year; GoI: Government of India; GST: Goods & Services Tax, MBBL: Model Building Byelaws, SMEV: Society of Manufacturers of 2 Electric Vehicles, USD: United States Dollar Source: SMEV, GoI, Tecnova Research, Industry Reports & Journals Tecnova Copyright@2020 Key Government Policies (1/2) FAME II Scheme . Objective: Fund Allocation • Demand incentives to reduce the upfront, initial cost of EVs; Component (USD Bn) • Establishing charging stations and infrastructure; and • Consumer awareness and promotion of EVs and shared mobility Demand Incentives 1.21 through IEC (Information, Education & Communication) activities Charging Infrastructure 0.14 . Duration: 3 years (April 1, 2019 onwards) Administrative . Fund Allocation: USD 1.4 Billion Expenditure (including 0.01 . Nodal Agency: Department of Heavy Industries (DHI) Publicity) . Applicability: public transportation fleets; registered commercial Committed Expenditure 0.05 vehicles for buses, four wheelers and three wheelers; privately-owned under FAME I two-wheelers . Localization: requires 50% of vehicle parts made in India Total 1.41 Demand Incentive Under FAME II Scheme Approximate *Total Approximate Incentive Maximum Ex- Total Fund *Maximum No. Size of @ USD 141/KWH for all Factory Price to Support from S. No. Vehicle Segment of Vehicles to be Battery Vehicles and USD 281/KWH for Avail Incentive DHI (in mn Supported (kWh) Buses & Trucks (in USD) (in mn USD) USD) 1 Registered e-2Ws 1,000,000 2 281 0.002 281 Registered e-3Ws 2 500,000 5 703 0.007 351 (including e-Rickshaw) 3 e-4W 35,000 15 2,109 0.021 74 4W Strong Hybrid 4 20,000 1.3 183 0.021 4 Vehicle 5 e-Bus 7,090 250 70,284 0.281 498 Total Demand Incentive 1,208 Phased Manufacturing Plan e-3W e-2W e-3W e-4W e-4W e-Buses Item Description (e-Rickshaw (L1 & L2) (L5) (M1) (N1) (M2/M3) / Kart) HVAC NA NA NA B B C Electric Compressor NA NA NA D D D Wheel Rim A A A A A A Power And Control Wiring Harness Along With A A A B B B Connectors MCB / Circuit Breakers / Electric Safety Device A A A C C C AC Charging Inlet Type 2 NA NA NA C C C DC Charging Inlet CCS2 / CHAdeMO NA NA NA D D D DC charging Inlet BEVC DC 001 NA NA NA D D NA Traction Battery Pack A* A* A* A* A* A* Wheel Rim Integrated with Hub Motor B B B B B B DC – DC Converter B B B C C C Electronic Throttle C C C C C C Vehicle Control Unit C B C C C C On Board Charger C B C C C C Traction Motor C B C E E E Traction Motor Controller / Inverter C B C E E E Note: • Traction Battery Pack to be assembled domestically, for which battery cells and associated thermal and battery management system may be imported • All other parts, components, assemblies or sub-assemblies should be domestically manufactured and assembled. CMVR notified safety components should be tested by the testing agencies notified under rule 126 of CMVR, 1989 • Imported source includes direct as well as indirect imports while indigenous sources implies domestically manufactured / assembled and tested • Definitions: Code and their effective date of indigenization of parts NA: Not Applicable; A: w.e.f. 1st April 2019; A*: w.e.f. 1st July 2019, B: w.e.f. 1st October 2019, C: w.e.f. 1st April 2020, D: w.e.f. 1st October 2020, E: w.e.f. 1st April 2021 Source: Ministry of Heavy Industries (GoI) 2W: Two Wheeler, 3W: Three Wheeler, 4W: Four Wheeler; Bn: Billion; CMVR: Central Motor Vehicle Rules; DC: Direct Current; EV: Electric Vehicles; e: Electric, FAME: Faster Adoption and Manufacturing of Hybrid and Electric Vehicles; GoI: Government of India HVAC: Heating, Ventilation, And Air Conditioning; KWH: Kilo Watt Hour; Mn: Million; MCB: 3 Miniature Circuit Breaker; USD: United States Dollar, w.e.f: With Effect From Tecnova Copyright@2020 Key Government Policies (2/2) Duty Structure under Phased Manufacturing Plan (PMP) Current BCD w.e.f. Sr. No. Item Description Phased Manufacturing Proposal 30/01/2019 Proposed date of Proposed BCD PMP 1 CBU Bus (HS 8702) & Trucks (HS 8704) 25% 50% PV (HS 8703) & 3W (HS 8703 / 8704) 30% 2W (HS 8711) 25% 2 SKD 15% Bus (HS 8702) 25% April 2020 onwards Truck (HS 8704) 25% Bus (HS 8702) 15% 3 CKD PV (HS 8703); 2W (HS 8711); 3W (HS 8703 / 8704) 10% 15% &Truck (HS 8704) Lithium Ion cells (HS 85076000) for use in the manufacture of 4 5%* 10% Lithium Ion accumulator for EVs April 2021 onwards 5 Battery Packs (HS 8507) for use in the manufacture of EVs 5% 15% • Parts for use in manufacture of EVs like • AC or DC Charger • AC or DC Motor • AC or DC Motor Controller • Power Control Unit (Inverter, AC/DC Converter, 6 0% 15% April 2021 onwards Condenser) • Energy Monitor • Contactor • Brake System for Recovering •
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