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☆ India 'confident' new EV policy measures will allow more foreign players to enter market
▼ + stars: | 2024-04-26 | by ( Sumathi Bala | ) www.cnbc.com time to read: +4 min

"It was meant for all global EV manufacturers and domestic manufacturers." While much of the "buzz has been around Tesla," Singh underscored the initiatives will also attract other foreign automakers, highlighting that Vietnam's leading EV maker "VinFast has already announced its intent." In February, VinFast broke ground on its integrated EV manufacturing facility in India's southern state of Tamil Nadu. As competition in India's EV sector remains limited, the entry of major players like Tesla, will level the playing field, MG Motor India's CEO Emeritus Rajeev Chaba told CNBC. Robust trajectoryAccording to Counterpoint Research, India's EV sales nearly doubled in 2023, driven by rising consumer interest and government initiatives, among other factors.

Persons: Rajesh Kumar Singh, CNBC's, Singh, VinFast, Elon Musk, Narendra Modi, Tesla, Rajeev Chaba, EVs, Modi, Ola, Bain Organizations: Department, Promotion, Industry, Internal, EV, CNBC's Sri, Motor, CNBC, Counterpoint Research, International Energy Agency, TVS Motor, Bajaj, Ampere, Bain & Company Locations: India, Tamil Nadu, China

☆ India developers seek to cash in on soaring EV sales with residential chargers
▼ + stars: | 2023-11-06 | by ( Ajose Koilparambil | ) www.reuters.com time to read: +3 min

[1/2] Electric Vehicle(EV) charging units are seen at a parking lot of Sobha city, a real estate property, in Gurugram, India, October 27, 2023. REUTERS/Anushree Fadnavis Acquire Licensing RightsNov 6 (Reuters) - More developers in India are putting electric vehicle chargers in parking slots of new developments, hoping to boost the value of the property and attract more buyers in a country where the charging infrastructure can't keep up with soaring EV sales. While EVs accounted for just 2.4% of India's vehicle sales in the first half of this year, EV sales grew 137% to 48,000 units during the same period, research firm Canalys says. The world's most populous nation is aiming to make EVs account for a third of total vehicle sales by 2030, but scarcity of public charging stations could derail these ambitions. Sobha has gone a step further and launched two residential projects in Bengaluru with EV charging facilities in all available parking slots.

Persons: Anushree, Canalys, Javed Shafiq Rao, Ravneet Phokela, Aby Jose Koilparambil, Dhanya Skariachan, Miyoung Kim Organizations: REUTERS, Alliance for Automotive Innovation, Prestige, EV, Mahindra Lifespace, Brigade, DLF, Ather Energy, Survey, Thomson Locations: Gurugram, India, United States, Bengaluru, Delhi, Uttar Pradesh

☆ Italy's Top Court Removes Block to Regeni Murder Trial
▼ + stars: | 2023-09-27 | by ( Sept. | At P.M. | ) www.usnews.com time to read: +2 min

ROME (Reuters) - Italy's top court ruled on Wednesday that the trial of four Egyptian security officials over the disappearance and murder of an Italian student could go ahead, despite concerns the defendants did not know they had been charged. Reviewing the issue, Italy's top court said in a statement that the legal code relating to this question was unconstitutional given the lack of cooperation from the suspects' home state, opening the way for the trial to resume. Giulio Regeni, a postgraduate student at Britain's Cambridge University, disappeared in Cairo in January 2016. Italian and Egyptian prosecutors investigated the case together, but the two sides later fell out and came to very different conclusions. Italy's legal system is notoriously slow and there was no immediate indication of when the trial might resume.

Persons: Francesco Lo Voi, Giulio Regeni, Magdi Sharif, Tarek Sabir, Hisham Helmy, Ather Kamal, Sharif, Crispian Balmer, Marco Carta, Bill Berkrot Organizations: Britain's Cambridge University, Egypt's General Intelligence Locations: ROME, Rome, Cairo, Cairo city, Italian, Italy

☆ Indian e-scooter maker Ather readies new models and exports after subsidy cuts
▼ + stars: | 2023-09-18 | by ( Aditi Shah | ) www.reuters.com time to read: +2 min

Ather electric scooters are seen outside the showroom in Mumbai, India, January 28, 2022. India's electric scooter market is small but growing, with e-models accounting for 5% of total scooter and motorcycle sales in the last fiscal year against a government target of 70% by 2030. "The transition to electric vehicles could have been faster if not for the (subsidy) change but even then, there will be no major impact in the mid to long term," he said. Valued at around $750 million, Ather will raise more money before the end of 2023 to back its growth plans, he said, without giving more details. "India will not only be the largest market in the world for electric two-wheelers but also the largest exporter," he said.

Persons: Francis Mascarenhas, Tarun Mehta, Mehta, Ather, Electric, Hero MotoCorp, Aditi Shah, Kirsten Donovan Organizations: REUTERS, Rights, Ather, Reuters, Softbank, TVS, Thomson Locations: Mumbai, India

Ola Electric's S1 Air e-scooters are pictured inside its manufacturing facility in Pochampalli in the southern state of Tamil Nadu, India, August 15, 2023. REUTERS/VarunVyas Hebbalalu/File Photo Acquire Licensing RightsNEW DELHI, Sept 7 (Reuters) - Singapore's investment firm Temasek led a $140 million funding round in India's Ola Electric at a valuation of $5.4 billion, two sources with the direct knowledge said, the latest funding for the e-scooter maker before its initial public offering. Ola did not respond to a Reuters request for comment, while Temasek, which is an existing investor in Ola Electric, declined to comment. Ola Electric, founded by Bhavish Aggarwal and backed by Japan's SoftBank Group (9984.T), has become India's e-scooter market leader with a 32% share, competing with Ather Energy as well as companies such as TVS Motor (TVSM.NS) and Hero Electric. Valued at $5 billion last year, Ola sold around 95,000 e-scooters during April-August 2023, industry data showed.

Persons: Ola, VarunVyas, Ola Electric, Bhavish Aggarwal, Japan's, Aditya Kalra, Aditi Shah, Yantoultra Ngui, Dhwani Pandya, Rashmi Organizations: REUTERS, Temasek, Japan's SoftBank, Ather Energy, TVS, Reuters, Thomson Locations: Pochampalli, Tamil Nadu, India, DELHI, India's, Temasek, Ola

Here, workers in black uniforms churn out a brand-new electric scooter every 90 seconds, while executives review the company’s skyrocketing sales. Mehta is the 33-year-old CEO of Ather Energy, an electric scooter manufacturer that has enjoyed a recent explosion of demand. “That’s an incredible jump.”The push has been fueled by strong state support, particularly through a policy known as “FAME,” or the Faster Adoption and Manufacturing of Electric Vehicles. Electric two-wheelers on display at the Hero Electric Vehicles headquarters in Gurgaon, India, in 2021. BluSmart is an Indian ride-hailing startup that uses an all-electric fleet, relying heavily on charging infrastructure.

Persons: Tarun Mehta, Mehta, ” Mehta, pedaling, MotoCorp, ”, Brajesh Chhibber, “, Bain, That’s, Anindito Mukherjee, Anmol Singh Jaggi, Fadnavis, Chhibber, ” Chhibber, Jaggi Organizations: India CNN —, Ather Energy, “, CNN, McKinsey, Manufacturing of Electric Vehicles, EV, Economic, Ministry of Heavy Industries, Hero Electric Vehicles, Bloomberg, Getty, ” Locations: Hosur, India, Indian, Bangalore, New Delhi, Delhi, Gurgaon, Gurugram

With the IPO still some way off, Ola is embarking on investor meetings earlier than usual to explain the business potential of India's nascent EV market. Aggarwal plans to meet investors, including BlackRock (BLK.N), Singapore's sovereign wealth fund GIC, and mutual funds such as T Rowe Price (TROW.O), the first source said. Ola Electric declined to comment. Ola Electric is likely to file regulatory papers on the IPO for approval by August, the two sources said. Ola competes with other startups and bigger companies like TVS Motors (TVSM.NS), Ather Energy and Hero Electric, which are ramping up their EV scooter plans.

Persons: Ola, Bhavish Aggarwal, Rowe Price, Bhavish, Ola Electric, T Rowe Price, Goldman Sachs, Sriram, Scott Murdoch, Aditya Kalra, Jane Merriman Organizations: Blackrock, Bank of America, Temasek, BlackRock, Reuters, TVS Motors, Ather Energy, Hero, EV, Citi, ICICI Securities, Thomson Locations: Singapore, UK, U.S, GIC, MUMBAI, United States, United Kingdom, India

☆ Banks vs. Fintechs: Why all the billions in the world can't help Wall Street crush its digital rivals
▼ + stars: | 2023-01-05 | by ( Bianca Chan | Reed Alexander | ) www.businessinsider.com time to read: +15 min

To compete, banks have written fat checks to acquire fintechs — tech, talent, and all. But on Wall Street, old habits die hard, and Goldman has struggled to make Marcus, a big fintech bet, a success. Since the beginning of the pandemic, Wall Street leaders have been at the helm of a push to get their employees back to their desks. It's more that the very things that make Wall Street, well, Wall Street are preventing it from embracing the ethos of Silicon Valley. And perhaps, for Wall Street, that's the moral of the story.

☆ Here's how to get geared up for 2023 on Wall Street
▼ + stars: | 2023-01-03 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

But first, Wells Fargo takes a new approach to tech. Ather Williams, senior executive vice president and head of strategy, digital, and innovation at Wells Fargo Wells Fargo1. In other news:After years of hesitancy, Wall Street is finally turning the corner on its acceptance of the public cloud. From a surge in dealmaking to the rise of superpowered software, these are the key trends top VCs are eyeing this year. We identified 34 tech companies that seem primed for a deal.

☆ Wells Fargo's top strategy exec details the bank's the multi-year internal reorganization to cut down its tech development cycle
▼ + stars: | 2022-12-30 | by ( Carter Johnson | Bianca Chan | ) www.businessinsider.com time to read: +6 min

Wells Fargo launched a digital strategy group in 2020 amid a broader re-org. "The heritage of Wells Fargo has been very fragmented. "Now you have to teach business people about tech development and tech development people about how the business works. In the wake of the CFPB announcement, Wells Fargo said it expects operating losses in the fourth-quarter to reach $3.5 billion. Wells Fargo reports quarterly earnings on January 13.

☆ India's Hero MotoCorp to invest $60 mln in Zero Motorcycles
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Sept 29 (Reuters) - Indian bikemaker Hero MotoCorp (HROM.NS) said on Thursday it will invest $60 million in California-based Zero Motorcycles to jointly develop electric motorcycles, as it seeks to expand presence in the green mobility space. Zero is present is a "global leader" in powertrains, Hero said in its exchange filing, adding that it will launch its first electric product under its emerging mobility brand Vida on Oct. 7. The move comes after Hero in January announced an investment of more than $56 million in electric vehicle (EV) start-up Ather Energy — India's top electric-scooter maker by revenue. Earlier this month, it partnered with state-run Hindustan Petroleum Corp (HPCL.NS) to set up EV charging infrastructure across the country. Register now for FREE unlimited access to Reuters.com RegisterReporting by Nandan Mandayam in Bengaluru; editing by Uttaresh.VOur Standards: The Thomson Reuters Trust Principles.

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