On September 15, Ford Motor Company declared that it would lay off up to 1,000 workers at its Cologne, Germany, electric vehicle production. According to the firm, the decision was made because battery-powered car sales are falling short of projections.
According to an AP story, the automaker clarified that it will use buyout packages and voluntary departures to try to lessen the impact on workers. Additionally, production will be reduced at the Cologne facility that manufactures the electric Explorer SUV. The facility will switch from two daily shifts to one starting in January.
Ford: Weak Electric Vehicle Demand in Europe
EV sales have not increased as rapidly as many automakers had anticipated, despite significant investment. According to the company’s official statement, the demand for electric vehicles in Europe is much lower than what the industry had predicted. This round of layoffs comes after Ford’s November 2024 announcement of its reorganisation plan.
The corporation announced at the time that it will eliminate roughly 4,000 jobs across Europe and the UK, with 2,900 of those positions being in Germany. Prior to an agreement with the IG Metall union that guaranteed employment for almost 10,000 workers at the Cologne facility until 2032, workers had gone on strike earlier this year, according to news agency AFP.
About $2 billion (2.3 billion euros) has already been spent by Ford to update the Cologne facility for the manufacture of electric vehicles. Sales momentum has been lower than anticipated, despite the fact that the modifications were done in anticipation of increased demand for low-emission automobiles.
Why Electric Vehicle Demand is Not Picking up in Europe?
In Europe, EV adoption has been hampered by high initial costs and a dearth of charging points. The elimination of purchase subsidies in Germany is another factor that has further hindered growth.
Through July of this year, electric vehicles made up 15.6% of the European market, up from 12.5% the previous year. But the growth hasn’t been as rapid as anticipated. In the first seven months of the year, Ford sold 260,000 cars of all kinds, a slight 0.7% rise. According to the European Automobile Manufacturers’ Association, its market share stuck at 3.3%.
India’s EV Market: A Contrast to Europe
The electric vehicle (EV) market in India is expanding quickly thanks to government subsidies, growing environmental awareness, and technology breakthroughs. India hopes to dramatically boost EV adoption through programs like the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme, transforming its transport system in the direction of sustainability and innovation.
By 2030, India wants to increase the percentage of sales of electric vehicles (EVs) to 30% for private automobiles, 70% for commercial vehicles, 40% for buses, and 80% for two- and three-wheelers. By 2030, there will be 80 million EVs on Indian roadways, which is an ambitious goal.
Quick
Shots
•Production of electric Explorer SUV
reduced; plant to move from two shifts to one in January 2026.
•Layoffs to be managed via buyouts and
voluntary exits to soften impact.
•Ford cites EV demand in Europe
falling short of industry forecasts despite heavy investments.
•$2 billion invested in upgrading
Cologne facility for EV production, but sales momentum lagging.
Due to a “client” funding crisis and difficulties in attaining the proper product-market fit (PMF), EV ride-hailing startup MyPickup has ceased operations. MyPickup’s founder, Abhijeet Jagtap, announced the news on LinkedIn. He said that during “non-peak times”, the startup was having trouble achieving PMF.
Jagtap founded MyPickup in 2022 to provide daily commuters with a subscription-based electric autorickshaw service. By removing the need to arrange rides every day, removing surge fees, and offering an environmentally friendly fleet, the firm claimed to be tackling the everyday commute problem. MyPickup was limited to providing services in Bengaluru at the time of its closure.
As a founder, Jagtap understated the time to PMF and capital needed to carry out such an idea, he wrote in the piece. In May of this year, the Inflection Point Ventures-backed business reported having 19 vehicles and facilitating about 4000 journeys.
From Creating EV Commuting Solutions to Downfall-Journey of MyPickup
An EV three-wheeler fleet was made available via MyPickup for daily shared commuting. Users could enter the time, place, and number of days they wanted to commute.
The app computed a weekly subscription charge using these details. In a week, users could reserve slots for a minimum of five rides and a maximum of ten rides. The startup provided shared rides with no cancellations. Additionally, the same driver was assigned for a single subscription cycle. Last year, MyPickup secured INR 1.5 Cr from Ideaschool, an accelerator at Inflection Point, to grow its business. MyPickup stated at the time of the fundraising that it will use the money to improve its scheduling algorithm, increase the number of EVs in its fleet, and create a special app for its drivers.
At the time, MyPickup claimed to have a monthly run rate of INR 1.5 Lakh and ran a fleet of 7 electric cars, serving 45 customers. In order to give users ride-booking choices, the firm first operated over WhatsApp before launching its own website. It continued to introduce new features throughout time in an effort to increase its clientele and improve user experience. MyPickup released its iOS and Android mobile apps for users after raising money from IPV.
Adding New Features-Still Not Enough to Increase Clientele For MyPickup
Jagtap said at the app’s debut that it would make cancelling and rescheduling easier for users. In order to provide a smooth client experience, the firm at the time also updated subscription costs and algorithms.
The startup intended to create safety features, including GPS monitoring, SOS systems, and webcams for parents who wanted to use MyPickup for school pickup and drop-off. In an effort to increase its clientele, it was also considering providing on-demand services via the ONDC platform. But according to Jagtap, none of this mattered. In his post, he claimed that “our four pivots also did not give the level of customer experience we wanted to create.”
Quick
Shots
•Struggled with achieving
product-market fit (PMF) and faced a client funding crisis.
•Abhijeet Jagtap Founder admitted
underestimating the time and capital required to scale the business.
•Offered subscription-based electric
autorickshaw services for daily commuters with fixed drivers per cycle.
•Raised INR 1.5 Cr from Ideaschool
(IPV accelerator) in 2023; reported 19 EVs and 4,000 trips by May 2025.
In the most recent setback to Europe’s attempts to gain market share in the electric vehicle industry, a union spokeswoman told AFP on 21 August that Porsche’s battery manufacturing company would lay off the majority of its employees. According to IG Metall spokesman Kai Lamparter, the Cellforce Group subsidiary would lay off about 200 of its 286 employees.
Union Confirms Layoffs Amid Market Struggles
Official notification has been sent to the authorities, Lamparter added. He went on to say that it is reasonable to believe that notices will be sent out on August 25. A Porsche spokesman declined to comment on claims of layoffs, and Cellforce did not reply to AFP’s request for comment. Typically the most costly component of an electric vehicle, batteries have emerged as a major point of contention for automakers and the larger automotive industry.
China’s Dominance in EV Batteries
However, Chinese battery giants like CATL and BYD have made it difficult for European companies to establish themselves, which has raised concerns about the long-term viability of the continent’s auto industry.
European Battery Industry Under Pressure
Typically the most costly component of an electric vehicle, batteries have emerged as a major point of contention for automakers and the larger automotive industry. However, Chinese battery giants like CATL and BYD have made it difficult for European companies to establish themselves, which has raised concerns about the long-term viability of the continent’s auto industry.
The most well-known battery manufacturer in Europe, Northvolt of Sweden, declared bankruptcy in March. US competitor Lyten is currently purchasing the majority of its assets. In April, Porsche announced it will scrap plans to increase battery production at Cellforce, citing lower-than-expected demand for EVs.
The Stuttgart-based sports car manufacturer itself warned workers in July that its business model “no longer works in its current form” due to intense competition in China, a crucial market, after announcing 1,900 job losses in February.
Layoffs Across the Tech and Auto Industry in 2025
With big companies like Google, Microsoft, and others continuing to reduce their workforces, layoffs in the tech sector are not expected to halt in 2025.
Companies are still cutting employees in an effort to simplify operations, save money, and emphasise automation and artificial intelligence, even though these figures are much lower than the major layoffs that occurred between 2022 and 2023.
Layoffs.fyi, a website that tracks layoffs in the industry, reports that 93 organisations have laid off nearly 23,500 tech workers so far this year, and the number is still growing. Google and Microsoft are apparently contemplating a new round of layoffs, according to the most recent job reduction reports.
According to reports, AI-led restructuring and performance-based terminations are part of the corporations’ goals to increase the effectiveness of their personnel.
Quick
Shots
•Union confirms Porsche’s Cellforce
Group will lay off ~200 of its 286 employees.
•IG Metall spokesperson Kai Lamparter
said notices are expected to go out by August 25.
•Company declined to comment, while
Cellforce did not respond to AFP’s request.
•EU automakers face challenges
competing with China’s CATL & BYD, raising doubts about Europe’s battery
sector.
With the launch of its first dealership in Mumbai’s Bandra Kurla Complex, Tesla has made its debut in the Indian market. The Model Y, which will be priced at INR 59.89 lakh for the entry-level RWD form and INR 67.89 lakh for the long-range variant, will serve as the brand’s representation in the nation.
In the meantime, the car costs INR 61.07 lakh and INR 69.15 lakh on the road, respectively. In the US, the Model Y costs $46,630, or roughly INR 40.01 lakh; in China, it costs 263,500 yuan, or roughly INR 31.57 lakh; and in Germany, it costs 45,970 euros, or roughly INR 46.09 lakh.
Because of import taxes and delivery charges, the Indian edition is therefore among the priciest. because the model is offered for sale in the nation as fully constructed units (CBUs). As a result, Indian consumers are experiencing inflation.
Tesla’s Sales Hit Low in China and Europe
At a time when its sales in China and Europe are declining, Tesla is making its debut in the Indian market with the vehicle Y as its flagship vehicle. The business reportedly transported its first shipment of Model Y rear-wheel drive SUVs to India from its China plant.
Additionally, before deliveries start, the business plans to deploy superchargers in India. It would initially concentrate on Mumbai and Delhi.
Battery packs are available for the Tesla Model Y rear-wheel-drive variant in India: a 60 kWh and a larger 75 kWh model. One electric motor producing 295 horsepower powers this RWD model. With a full charge, the 60 kWh battery is supposed to have a WLTP range of 500 km, whilst the long-range model promises a range of 622 km.
Indian Government Assures No Special Treatment
Piyush Goyal, the minister of commerce and industry, reiterated earlier this year that India will not create policies specifically for any one business.
Rather, the government wants to construct a wide framework that will entice international EV manufacturers to set up production facilities in India, which is currently the largest economy with the highest rate of growth in the world.
In order to lessen carbon emissions and the nation’s significant reliance on oil imports, Goyal also underlined the government’s dedication to developing a strong EV ecosystem. The Tesla Model Y will come with two interior trim options and seven exterior colour options in India.
The car also has a fixed glass roof, a motorised tailboard, dual-zone climate control, power-adjustable front seats and steering column, a 15.4-inch touchscreen screen in front, an 8-inch display for the backseaters, and 19-inch crossflow wheels.
The article has been contributed byPushpank Kaushik, CEO & Head of Business Development (Subcontinent, Middle East and Southeast Asia) at Jassper Shipping.
In the past five years, India’s grocery landscape has undergone a digital transformation. Fuelled by rising smartphone usage, the spread of 4G networks, and a pandemic-induced shift in consumer behavior, online grocery delivery has emerged as a staple in urban and semi-urban households. As per RedSeer Consulting, India’s online grocery market is projected to reach $26 billion by 2027, up from just $3.8 billion in 2021. Platforms like Blinkit, BigBasket, Zepto, and Swiggy Instamart are not only promising convenience, but also altering consuming patterns.
At the heart of this hyper-efficient system are delivery partners, the unsung heroes who bridge the last mile between warehouses and doorsteps. They guarantee on-time delivery despite erratic traffic, weather, and infrastructure obstacles while frequently working under extreme time pressure.
The Evolving Grocery Delivery Landscape
The expectations from grocery delivery platforms are shifting rapidly. Consumers now demand:
Live tracking, real-time communication, and cashless payments
To meet these expectations, platforms rely on micro-warehouses (dark stores), real-time inventory tracking, and geo-optimization tools. But none of this technology matters without human mobility specifically, the delivery partner on two wheels.
A new class of gig workers has emerged, driven by flexible work hours and quick payouts. In 2023 alone, it’s estimated that over 2.5 million Indians worked as delivery personnel across food and grocery platforms. A problem is experienced by these workers—demand is increasing, but so are their expenses, especially for fuel.
Challenges Faced by Delivery Partners Today
Despite being the backbone of the logistics chain, delivery partners grapple with several pressing challenges:
High Fuel Costs: With petrol prices hovering between INR 95– INR 110/litre in major cities, two-wheelers often incur a fuel expense of INR 250–INR 400/day, eating into their daily earnings.
Income Insecurity: Many partners do not receive fixed incomes. Earnings are incentive-driven and vary depending on demand, delivery zones, and platform restrictions. After fuel, maintenance, and service expenses, net daily profits may decrease to INR 400- INR600.
Lack of Benefits: Most partners are classified as gig workers and lack health insurance, accident coverage, or retirement benefits.
Mental and Physical Fatigue: Long working hours, harsh weather, and traffic congestion all contribute to weariness, accidents, and burnout. According to an Aajeevika Bureau report from 2022, over 55% of delivery workers reported working more than 10 hours per day, often without breaks.
Given the rising operational costs and climate concerns, electric two-wheelers (E2Ws) are being hailed as a sustainable and cost-effective alternative. Electric vehicles (EVs) bring major benefits for delivery partners. Such as :
Low Cost Maintenance and Fuel: The biggest benefit is lower fuel costs—charging an EV costs only INR 10–INR 15 a day, compared to INR 250–INR 400 for petrol two-wheelers. Additionally, because EVs have fewer moving parts, require less maintenance, and have lower repair costs, maintenance is less expensive.
Higher Earnings: Partners can increase net monthly income by INR 4,000–INR 6,000 through fuel and maintenance savings. A NITI Aayog and Rocky Mountain Institute (RMI) study found that delivery partners using EVs could increase their net monthly earnings by INR 4,000–INR 6,000 due to fuel and maintenance savings. As with average monthly earnings of INR 25,000–INR 30,000, along with medical benefits and weekly offs, the reduced operating costs of EVs allow for better take-home pay.
Government Support: Support is being provided by the Indian government through the FAME-II scheme, which gives subsidies of up to INR 15,000 on electric two-wheelers, making them more affordable for gig workers.
Less Fatigue, More Deliveries: Smoother, quieter EV rides reduce physical strain, while fewer breakdowns and faster maintenance help delivery partners complete more orders in a day.
Vehicle Option: EV 3-wheelers and 4-wheelers offer delivery partners greater flexibility in cargo capacity and delivery types. This enables more efficient service for diverse customer needs, while benefiting from lower operating costs and environmental advantages. As a result, earning potential and job opportunities are expanded.
Improved job satisfaction and wider access: Lower costs and improved working conditions improve morale and retention, while affordable electric vehicles make delivery jobs more accessible to women and marginalized groups.
A Gender-Inclusive Opportunity
Interestingly, the EV movement in last-mile delivery also opens doors for greater gender inclusion. Women presently account for fewer than 2% of India’s gig delivery workers. Barriers include the following:
Safety concerns during travel
Lack of access to two-wheelers
Social stigma around riding petrol bikes or working late hours
EVs being quieter, lighter, and often more compact can help lower the entry barrier for women. Pilot initiatives have been introduced by Zomato and BigBasket to train and onboard women delivery partners. Leased EVs, safety equipment, and fixed routes are being provided. Gender-focused training sessions and onboarding drives are also being held in Pune, Bengaluru, and Jaipur by NGOs in partnership with EV-sharing startups.
An electric mobility transition can be not just green, but inclusive if paired with structural support for safety, flexible work hours, and micro-financing.
The rapid growth of online grocery delivery is transforming urban and semi-urban India but it risks overburdening the very workers who power it. For delivery partners, switching to electric vehicles (EVs) presents an opportunity for tangible, quantifiable improvements in their everyday lives in addition to environmental benefits.
However, this transition will only succeed through coordinated action. Quick commerce platforms, policymakers, and EV providers must work together to expand charging infrastructure, offer affordable financing options, ensure reliable repair services, and, most importantly, include delivery workers in decision-making. True sustainability in last-mile delivery depends not just on cleaner vehicles but on fairer, more supportive conditions for those who ride them.
At its FAST FORWARD India ’25 Product and Technology exhibition, EV manufacturer Ultraviolette unveiled its latest motorcycle model, Shockwave, along with Tesseract, the first scooter in its lineup. Among its other features, the Tesseract has a range of 261 kilometres, an acceleration time of 2.9 seconds from 0 to 60 miles per hour, and a top speed of 125 kmph. It was first offered for INR 1.45 lakh, with the first 10,000 buyers receiving it for INR 1.2 lakh. In addition, the scooter has Omnisense mirrors, an integrated radar and dashcam, and safety features like lane change, blind spot identification, overtaking assistance, and real-time collision alerts. According to the manufacturer, it also has dynamic regen and traction control for increased safety and energy efficiency.
Shockwave Motorcycle
Shockwave is a motorcycle with a top speed of 120 kmph and a range of 165 km. It weighs 120 kg and has a rear wheel torque of 505 Nm. In 2.9 seconds, the bike can go from 0 to 60. Shockwave has a launch price of INR 1.75 lakh, and the first 1,000 clients can purchase it for roughly INR 1.5 lakh. For both vehicles, prebooking has already started. According to Ultraviolette’s CEO and co-founder, Narayan Subramaniam, the company’s top-down strategy has allowed it to leverage the fundamental technology it has created over the previous seven years. With its distinctive appearance, segment-defining features, and category-leading performance, the brand’s revolutionary scooter and lightweight motorbike platform promises an unmatched riding experience. Ultraviolette is happy to showcase this portfolio on a national and international level, emphasising technical brilliance, indigenous technological acumen, and Indian research and development. Deliveries of both the vehicles will begin from first quarter of 2026.
India’s EV Vehicle Sector
In 2025, it is anticipated that the number of electric vehicle (EV) debuts in India will surpass that of petrol and diesel automobile launches. Of the 28 scheduled car releases, 18 are electric. Compared to the four to five EV models that were introduced yearly over the previous two years, this is a substantial increase. Additionally, it outpaces the 11 and 15 total vehicle debuts (including models with internal combustion engines and electric vehicles) in 2023 and 2024, respectively. It is anticipated that the auto industry will rise due to zero-emission vehicles, which will account for more than half of the increase in sales.
This year, analysts predict that 200,000 more passenger vehicles will be sold thanks to EVs. According to a media report, this will increase the proportion of EV sales to 4% of all car sales by the end of 2025. By 2030, the market for electric vehicles is anticipated to reach 932,000 units, growing at a compound annual growth rate (CAGR) of 43%. It is anticipated that electric SUVs will account for 61% of this demand. In contrast, only 107,000 EVs were sold in 2024, compared to almost 4.3 million cars—including sedans and SUVs—sold throughout India.
This article has been contributed by Sravan Kumar Appana, Co-founder & Chief Executive Officer of iGowise Mobility.
The electric vehicle industry has made tremendous progress in the past 4 years in India, especially in the affordable 2-wheeler segment built for the middle class. During the same time, the e-commerce sector also made notable advancements in India and is currently growing at a rapid pace. According to publicly available data, the e-commerce industry will be responsible for 3.5% of India’s GDP by 2030.
In today’s time, each quick commerce company is looking for ways to surpass its competitors, whether in terms of quality, speed, or other evolving demands of modern consumers. Major quick commerce players have shifted their focus from traditional ICE vehicles to advanced and innovative electric vehicles to overcome these challenges. Data shared by Stand.earth suggests that 50% of total carbon emissions are produced by last-mile deliveries.
Given the push towards e-mobility and sustainability, players like Zepto and Zomato are transitioning towards EV solutions to mitigate the environmental issue. In fact, the recent EV100 Annual Disclosure Report shows that Zomato and Flipkart took the top spots among global businesses that have shifted to electric fleets as their mode of delivering goods. In this regard, let’s discuss how EVs are changing the e-commerce delivery landscape one step at a time.
Shifting from TCO to TPO
In the early stage of EV production, the product was popular due to its lower Total Cost of Ownership (TCO) compared to traditional vehicles. However, now businesses have started focusing on solutions that impact the environment and their pocket in positive ways. As a result, industries are focusing on Total Profit Ownership (TPO), which includes a broader market perspective, including delivery speed, comfortability of the rider, and reduced upfront cost.
To achieve this goal and help e-commerce businesses, the Indian government launched various initiatives such as the FAME-II scheme and PM E-Drive scheme. Such schemes aimed at reducing the additional upfront cost of the vehicle through subsidies and financial support.
In India, around 14 cities are considered to be the most polluted ones, and transportation happens to be a key reason for this. Data shows that Indian transportation accounts for nearly 13.5% of the nation’s carbon emissions, majorly from vehicles running on roads.
However, the wide adoption of EVs can mitigate this problem and curb the issue of navigating densely populated regions. To achieve this, the government is targeting to increase EV penetration by 2030. The latest data shows that in FY23, sales of EVs increased by 50% compared to the previous year, highlighting the increasing shift towards sustainable mobility.
Balancing Cost Efficiency and Rider Comfort
To make the busy lifestyle of urban people easier, e-commerce has updated new features like quick 10-minute delivery. This new feature has transformed the consumer’s experience to another level. For instance, platforms like Blinkit, Bigbasket, and Swiggy Instamart prioritize speed and convenience with the best quality, making it important for logistic levels to transform.
Today, India is the most populated country in the world, and due to the compact size and agility of light EVs, they are quickly emerging as the best logistics solution for the e-commerce sector. Data suggests that due to peak traffic in major cities like Delhi, Bengaluru, Kolkata, and Mumbai, the nation’s economy loses INR 1.47 lakh crore annually. However, integrating LEVs into businesses, particularly last-mile delivery services and logistics, will not only improve their model but also reduce the operation timeline, building customer trust.
Another challenge that riders often face is discomfort while riding bikes or scooters the whole day. Riding long hours could become comfortable if the vehicle is designed to prioritize comfort and agility. Modern light EVs are built for compactness, and narrow tilting trikes, in particular, boast of effective designs that can move effortlessly in congested areas. These user-centric designs make them ideal for quick pickup and last-mile deliveries.
In the last-mile delivery business model, women are putting their best foot forward to tap into the economic and livelihood benefits it could bring them. To make their participation more convenient, they are seeking EVs with comfortable design and efficient performance. In addition, many EV manufacturers in association with e-commerce companies are offering women users EV alternatives like LEVs.
In a progressive world, we can see women capturing all sectors with their talent and knowledge; whether it is a startup or owning a saloon, they are giving their best in showcasing their talent. However, in the delivery sector, they still have to rely upon their father or brother and to mitigate this issue, manufacturers have started innovating LEVs that offer the best stability and agility for carrying goods, reducing the risk of disbalance.
The convenient design and performance of the vehicles are in turn promoting women’s participation in the e-commerce logistics workforce. Road safety is another issue of concern for delivery executives. According to the reports of the Ministry of Road Transport and Highways, in 2022, 168,491 lives were claimed in road accidents. However, by incorporating innovative technologies like anti-topple stability, advanced battery management, skid-resistant brake systems, and ADAS and cruise control systems, EVs can bring about a change.
For instance, the world’s first twin-wheeler trike technology is inspired by the principles used in bullet train stabilization systems but adapted for road vehicles to enhance safety. This technology will reduce the risk of accidents during sharp turns or even on uneven turns, making them more convenient for riders, especially women riders.
How EV Logistics is Matching Sustainability Goals
India’s push for sustainability goals in logistics aligns with achieving net zero carbon emissions by 2070. To achieve this goal, the government has started working on models, including the low-carbon development of electricity systems.
In addition, it is putting efforts into promoting the wide adoption of urban designing and smart technology, the development of integrated and innovative transportation, the development of low-emission industrial systems, the development of carbon dioxide removal, and solving the financial needs of low-carbon developments. The government has also launched various schemes in all these sectors to achieve this goal and
According to reports, it is projected that EV sales can surge up to 35% by 2030. Reports also state that shifting toward EVs by 2050 could save India 70 million tonnes of oil, reducing the nation’s carbon emissions.
In these ways, EVs are changing the e-commerce delivery segment and encouraging a shift to a sustainable future. As India moves towards sustainable development, wide adoption of EVs will largely benefit the e-commerce sector, improving the overall GDP of the country.
In this interaction with Rahul Goenka, Director at ElectroRide, we discuss the company’s plans to transform India’s electric vehicle (EV) sector. ElectroRide, building on the legacy of Goenka Motors, aims to make EVs more accessible by removing market barriers and offering end-to-end EV solutions to customers. Goenka talks about how ElectroRide is expanding its reach, improving charging infrastructure, and meeting the needs of last-mile mobility. He also shares details on the company’s partnerships, challenges in scaling, and how government policies are helping the growth of the EV industry. With a goal to introduce 100,000 EVs, ElectroRide is working towards a greener future for India.
StartupTalky: Give us a brief overview of ElectroRide and its mission in India’s e-mobility space.
Mr. Goenka: Building on the legacy of Goenka Motors, ElectroRide is a leading multi-brand electric vehicle retail chain in India, aiming to revolutionize India’s EV landscape. Our mission is to democratize EV adoption by tackling market barriers for manufacturers, equipping our franchisee dealers, providing end-to-end EV solutions to customers, and improving overall electric vehicle access for the general public.
Dedicated to strengthening India’s E-mobility sector, we have established strategic partnerships with industry leaders such as Battery Smart and SAR Group, offering innovative solutions. To make electric mobility adoption simple, economical, and efficient, we have enhanced operational efficiencies, expanded our service offerings, and accelerated growth. Prioritizing EV adoption, we aim to introduce 100,000 EVs on Indian roads, driving a sustainable future for India, one electric vehicle at a time.
StartupTalky: How do you see the e-mobility industry evolving in India, and what key factors will drive its growth?
Mr. Goenka: India, as one of the world’s largest automobile markets, will play a pivotal role in the global transition to electric vehicles. According to the Fortune Business Insights, India’s EV sector will witness a CAGR of 22.4%, growing from USD 23.38 billion in 2024 to USD 117.78 billion by 2032. Driven by the Indian Government’s commitment to sustainable mobility, increasing consumer demand, and collaboration between private players, the electric vehicle sale in India is expected to reach 10 million by 2030.
Facilitating the adoption of electric vehicles, the government has implemented policies such as the National Electric Mobility Mission Plan (NEMMP) and the Faster Adoption and Manufacturing of Hybrid & Electric Vehicles (FAME) scheme. These initiatives aim to reduce India’s dependence on crude oil and promote a cleaner environment. Providing financial incentives, especially to lower-income groups, will accelerate the EV adoption rate across the country. Increasing environmental concerns, rising fuel costs, and improvements in battery technology have further made electric vehicles more efficient and appealing to the masses.
StartupTalky: ElectroRide aims to roll out more than 100,000 vehicles in the next few years. What is the strategy behind this ambitious plan and the challenges you foresee?
Mr. Goenka: As we prepare to deliver over 100,000 vehicles in the coming years, we are proactively working to address potential challenges. Our key focus areas include overseeing logistics and distribution, scaling operations, maintaining supply chain efficiency, and easy financing options. To achieve this ambitious goal, we are optimizing logistics and strengthening our supplier relationships. Our adaptable strategies prioritize smooth delivery and customer satisfaction, promoting the growth rate of EV adoption.
Furthermore, to overcome the critical issue of retail finance, we are collaborating with financiers and establishing our own NBFC, to provide easy financing options for our customers. This approach will enable us to widen our reach in rural markets, where limited financing options hinder EV adoption. By bridging this gap, we are committed to making electric vehicle ownership more accessible and affordable for all.
StartupTalky: With ElectroRide’s focus on charging infrastructure, how are you collaborating with partners like Battery Smart and the SAR Group to enhance accessibility for EV users?
Mr. Goenka: As we are rapidly embracing sustainable transportation, the demand for accessible and efficient charging networks is more significant than ever. A robust charging infrastructure is crucial for providing convenience, mitigating range anxiety, and encouraging eco-friendly transport alternatives nationwide. Two or three-wheeler EVs require basic charging points, which can be established at parking lots, improving the charging infrastructure accessibility.
At ElectroRide, we have teamed up with Battery Smart to augment the charging infrastructure and revolutionize electric mobility in India. Initially, this strategic partnership will set up 50 swap stations across Delhi and Uttar Pradesh, with plans to expand to 2,500 locations in the next five years. This collaborative effort aligns with the government’s push towards greener transportation solutions, making electric vehicles more viable for the masses.
By incorporating battery-swapping technology, ElectroRide also plans to deploy 100,000 vehicles, extending their range and fostering a paradigm shift towards cleaner mobility solutions.
StartupTalky: How is ElectroRide addressing the evolving needs of last-mile mobility through its diverse range of electric vehicles?
Mr. Goenka: At ElectroRide, we recognize the paramount role electric vehicles play in transforming last-mile mobility. As an industry pioneer in the e-mobility sector, we provide a diverse range of electric vehicles, meeting the evolving demands of last-mile delivery. Our sustainable and innovative portfolio includes motorcycles, three-wheelers, and eco-mobility products, all designed to mitigate environmental impact, lower costs, and improve air quality. By providing reliable and durable products and continuously exploring new market avenues, EV companies can stay ahead in the e-mobility sector.
ElectroRide is also navigating opportunities in electric two-wheelers and commercial vehicles, to expand its reach to international markets. Additionally, we are also exploring innovative business models, such as rent-to-own and customer leasing options, where customers can gain access to the vehicle without paying the upfront purchasing costs. Our goal is to diversify our offerings, cover new growth areas, and maintain our commitment to innovation and sustainability.
StartupTalky: Could you elaborate on your recent alliances with the largest food delivery, quick commerce, e-commerce, and last-mile logistics platforms? How do these partnerships align with your goals?
Mr. Goenka: We’ve been in discussions with various platforms for a while now to explore opportunities in last-mile fleet operations. Once these partnerships come to fruition, they will mark a significant milestone in our mission to disrupt India’s last-mile mobility landscape. The last-mile delivery market is crowded, but we see tremendous scope for disruption. Most existing players are pure-play fleet operators with limited technological capabilities.
We firmly believe that technology will play a crucial role in disrupting this low-margin market. Currently, our software is in the beta testing phase, and we’ll launch this vertical as soon as we’re technologically ready. Additionally, we’re focused on introducing more durable, reliable, and high-range vehicles, as well as integrating them with our high-density swapping network. This approach will not only provide timely and reliable services to end customers but also enhance the earning potential for riders and, subsequently, for us.
Through collaborations with leading industry players, ElectroRide is expanding its reach and contributing to a more sustainable mobility ecosystem.
StartupTalky: How is ElectroRide expanding its dealer network and retail presence to make EVs more accessible to customers across India?
Mr. Goenka: At ElectroRide, we are committed to making electric vehicles more accessible across India. To achieve this, we are exponentially expanding our dealer network and retail presence through a multi-step strategic approach. By establishing a far-reaching network of showrooms and service centres across India, ElectroRide plans to establish itself as one of the leading EV retail chains. It will allow us to reach a wider audience, providing them with a bespoke customer experience.
By offering a diverse range of Electric Two-Wheelers, Three-wheelers, and cutting-edge eco-mobility solutions, we will allow our customers to explore and choose EVs best fitted for their needs. Furthermore, by providing durable and exceptional EVs and their spare parts to customers, even parts of EV models that are discontinued, we can establish our retail chain as reliable.
Our goal is to establish a strong market presence through a unique value proposition and customer-centric approach. By doing so, we aim to position ElectroRide as the preferred choice for EV enthusiasts and environmentally conscious customers across India. This endeavor will further be supported by our own NBFC to make the acquisition of EVs easy for our customers.
StartupTalky: What trends in EV sales and customer preferences did you notice during the recent festive season, and how does this shape your growth strategy?
Mr. Goenka: The EV two-wheeler sales crossed the 1 million mark as of November 2024 for the first time in a calendar year, highlighting the growing demand for EVs among consumers. During the recent festive season, we witnessed a significant surge in EV sales, particularly among first-time users and young buyers.
As EV owners’ expectations for a seamless purchasing experience have grown tremendously, we see a notable rise in demand for expert after-sales services. To cater to every need of our customers, we prioritise customer satisfaction through our after-sales services. Along with high-end services like Roadside Assistance, Cashless Insurance, and Extended Warranty, we also provide driver training programs to 3-wheeler drivers. Additionally, customers prefer easy finance options or incentives. Creating a streamlined and supportive ecosystem for EV users will therefore drive India’s EV growth.
These initiatives shape our growth strategy, as we focus on establishing an extensive network of dealerships and workshops, leveraging our 50+ years of dealership experience.
StartupTalky: ElectroRide aims to become the ‘Croma’ of the EV industry. How are you building a multi-brand ecosystem that prioritises both innovation and customer experience?
Mr. Goenka: At ElectroRide, our vision is to become the ‘Croma’ of the EV industry, establishing ourselves as a one-stop shop for all electric vehicle needs. We are building a multi-brand ecosystem, prioritising both innovation and customer experience to achieve this. We have created a centralized platform that integrates multiple brands, products, and services, making it easy for customers to navigate and find what they need.
Additionally, we collaborate with leading brands and service providers to expand our offerings and provide reliable, durable, and high-performing EVs, enhancing our overall value proposition. Furthermore, we provide robust post-sales services, ensuring every customer receives constant support and maintenance, improving customer retention and loyalty. By focusing on innovation, customer experience, and after-sales service, we are creating a comprehensive ecosystem, setting us apart in the EV industry.
StartupTalky: What are your long-term goals for ElectroRide, and how do you see the company contributing to India’s EV revolution in the next 5 years?
Mr. Goenka: Our vision at ElectroRide is to revolutionize the electric vehicle landscape by establishing ourselves as the largest retail chain of electric vehicles in India. As the demand for sustainable and ecologically viable transport is on the rise, EVs have emerged as a pivotal solution to tackle climate change. To support India’s EV adoption and achieve our long-term goals, we are committed to making sustainable transportation accessible to all, catering to diverse passenger needs across the country.
Furthermore, to support the growth of charging infrastructure in India, we are partnering with industry pioneers to set up charging and battery-swapping stations across the nation. With plans to set up more than 2,500 charging stations in the coming years, our vision is to mitigate EV anxiety in consumers, promoting widespread EV adoption. By creating a robust ecosystem of electric vehicles, we aim to drive innovation, set new benchmarks in performance and efficiency, and provide end-to-end mobility solutions.
Our goal is to lead the change toward a greener future, where electric mobility is the standard, not the exception.
Ola Electric, a manufacturer of two-wheeler electric vehicles (EVs), has received an administrative warning from the Securities and Exchange Board of India (SEBI) for breaking its rules. Ola Electric is facing charges for using social media to reveal important details about a planned shop network expansion before first alerting the stock exchanges. According to the current regulations, listed companies must notify stock exchanges of all material information as soon as possible, but no later than “twelve hours from the occurrence of the event or information.” Bhavish Aggarwal, the founder, chairman, and managing director of the electric vehicle manufacturer, released the information about the planned expansion about four hours prior to the firm sharing the data with the exchanges, according to Ola Electric’s filing with the exchange. In its warning letter to the company, SEBI noted that although the aforementioned information was released on the stock exchanges by Ola Electric at 1:36 PM (BSE) and 1:41 PM (NSE) on December 2, 2024, it was first announced on X (formerly Twitter) at 9:58 AM on the same day by Bhavish Aggarwal, the company’s promoter and Chairman-cum-Managing Director.
Ola Electric Falling to Provide Information to all Investors
The company was also found guilty by the markets authority of not giving all investors the information in a way that was “equal and timely.” The listed EV manufacturer “failed to take into consideration the interest” of all of its stakeholders, SEBI further noted. In its notice to the company, the regulator stated that Ola Electric had violated Regulations 4(1)(d), 4(1)(f), 4(1)(h), and 30(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. SEBI “warned and advised” the company to be “careful in the future” and to enhance its compliance standards to prevent recurrence of similar occurrences, while acknowledging that it took the violations “very seriously.” Additionally, it warned of “enforcement action” should such incidents recur and instructed the corporation to take corrective action. This comes one week after Pritam Das Mohapatra was named the new compliance officer and corporate secretary by the EV manufacturer. He is in charge of monitoring Ola Electric’s adherence to SEBI regulations and the current governance structure.
More Trouble for Ola Electric
The aforementioned warning was sent on the same day that the Karnataka High Court denied Ola Electric’s request to have a notice from the Central Consumer Protection Authority (CCPA) on charges of unfair practices, deceptive advertising, and suspected violations of consumer rights revoked. The HC granted some mercy and gave the EV manufacturer a six-week postponement to reply to the consumer protection watchdog’s show-cause notice, even though the CCPA notice demanded Ola Electric to submit new papers.
Greaves Electric Mobility (GEML), a manufacturer of electric vehicles (EVs), filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on December 23 to begin the process of becoming public. Parent company Greaves Cotton stated in a filing with the exchanges that the IPO will include an offer for sale (OFS) component of up to 18.93 Cr shares and a new issue of shares valued at INR 1,000 Cr. Abdul Latif Jameel Green Mobility Solutions will sell 13.83 Cr shares as part of the OFS, while promoter Greaves Cotton will sell 5.1 Cr shares.
Both the BSE and the NSE will list the stock. “Ampere” is the brand name under which Greaves Electric sells electric scooters. Additionally, it produces three-wheelers under various trademarks. Through a secondary purchase in 2019, it acquired all of founder Hemalatha Annamalai’s shares, completing its takeover of the then-Ampere Vehicles. According to a media report, Greave Electric Mobility’s initial public offering (IPO) is expected to have a total value of approximately INR 1,000 Cr.
How Company Plans to Utilise Proceeds?
According to reports, the business intends to use INR 375.27 Cr to improve the tech skills at its Bengaluru technology centre and engage in product and technology development. The EV manufacturer will also invest INR 82.9 Cr to build internal battery assembly capabilities, and another INR 27.8 Cr will be used to further the company’s digitisation initiatives and implement IT infrastructure. Additionally, GEML intends to set aside INR 73.67 Cr to expand its ownership of MLR Auto, an EV brand and subsidiary. Additionally, INR 19.89 Cr and INR 38.26 Cr have been allocated for the expansion of the manufacturing capacity of its subsidiaries MLR Auto and Bestway Agencies, which manufacture e-rickshaws under the ELLE brand.
A portion of the new money raised from the IPO will be used for general business needs and to finance inorganic development through strategic acquisitions. Greaves Electric Mobility is apparently considering financing a pre-IPO placement of up to INR 200 Cr prior to the public offering. According to the report, if a pre-IPO placement is made, the EV manufacturer may lower the amount of the new issuance.
Current Financial Dynamics of Greaves Electric
Compared to INR 20 Cr in the previous year, Greaves Electric reportedly recorded a loss of INR 691.57 Cr in the fiscal year 2023–24 (FY24). In the meantime, operating revenue decreased to INR 611.81 Cr from INR 1,121.57 Cr in FY23. In the first half (H1) of FY25, the startup reported operational revenue of INR 302.23 Cr on a net loss of INR 106.15 Cr. Greaves Electric has been navigating challenging waters for the past two years, and now it intends to list on the stock exchanges. The EV manufacturer was convicted by the Ministry of Heavy Industries in 2022 of violating localisation requirements under the controversial Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India (FAME)-II program. The government then sent the EV manufacturer a recovery notice worth INR 125 Cr. Last year, the Ampere manufacturer finally made the payment.
