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Scooter maker Ola Electric will hold talks next week with investors in Singapore and the United States on its planned stock market listing, the first of a series of meetings for its up to $1 billion IPO, two sources with direct knowledge said.The sources said Ola, which makes electric scooters and is backed by investors such as SoftBank and Temasek, has plans to raise between $600 million and $1 billion in its initial public offering (IPO), which is planned for late 2023. With the IPO still some way off, Ola is embarking…

Last Updated: May 31, 2023, 09:09 ISTHero Electric Atria (Photo: Hero Electric)The Indian Government recently decreased the subsidy for electric two-wheelers under the FAME II scheme, causing a notable surge in prices across the segmentIn a remarkable move, Hero Electric, a renowned electric two-wheeler company, has once again proven its commitment to customers by declaring that it will not raise the prices of its sought-after e-scooter models.Even in the face of the recent slash in the FAME II subsidy, the company…

Electric Vehicle (EV) two-wheeler sales took a hit in April, recording sales of 66,810 scooters, according to data from the government portal Vahan compiled by Elara Capital. The sales were down by about 23% from March.According to industry experts, the fall was due to the government's delay in disbursal of the FAME-II subsidy as multiple companies have come under the scanner for availing of the funds either by mispricing the EVs or importing components and passing them off as locally sourced.The Indian government has…

Last Updated: May 01, 2023, 14:54 ISTHero Electric Atria (Photo: Hero Electric)Hero Electric and Okinawa under scrutiny for violating norms in FAME scheme, may lose future paymentsThe Ministry of Heavy Industries (MHI) is investigating Hero Electric and Okinawa for allegedly violating norms by using imported components in their electric two-wheelers, which is a clear violation of PMP guidelines. The two-wheeler companies may have to pay back the Rs 150-200 crore subsidy they received as part of the Faster Adoption and…

The SMEV includes companies like Hero Electric and Okinawa among its members. This was in response to a whistle blower's allegation. Audits have been conducted for a time on companies like Hero Electric and Okinawa.Hero Electric on Sunday said that they are awaiting a formal communication from the Ministry of Heavy Industries towards quickly resolving the subsidy deadlock, which could be the first step to help the EV company recover Rs 500 crore held up with the Department as unpaid subsidy quickly.There has been news in…

New Delhi: The Centre is likely to issue recovery notices to Hero Electric and Okinawa after a probe concluded the two companies violated the provisions of the FAME India scheme, said people with knowledge of the matter.The probe found the EV two-wheeler firms breached the localisation programme they had committed to, said the people. The recovery notices will seek to claw back the subsidy amount disbursed under the FAME II scheme, they said.Hero Electric and Okinawa denied they had violated FAME II provisions.A probe…

Log9, which makes batteries for electric vehicles, said it has commercially launched India's first indigenously made lithium-ion battery cell, which will be manufactured at one of its facilities in Bengaluru.Typically, vehicle makers import battery cells from China or South Korea. Log9 will have an initial capacity to produce 50 MWh of battery, which can power up to 25,000 electric two-wheelers.Log9 cofounder and managing director Pankaj Sharma told ET that the company has invested about $5 million in the new facility.…

Electric vehicles (EV) financing digital platform RevFin Services is targeting to finance 20 lakh vehicles in the next five years, with an aim to grow three to four times every year, according to its CEO & Founder Sameer Aggarwal. With the Indian electric vehicle industry poised for an accelerated growth, he said the company is confident of meeting its target and would continue to raise funds through debt and equity going forward for the purpose. "From a long-term perspective we have taken a very strong position on…

Published By: Paras YadavLast Updated: March 16, 2023, 08:58 ISTHero Electric NYX CX5.0 (Photo: Paras Yadav/ News18.com)Hero Electric plans to set up a greenfield plant at Rajasthan with an annual production capacity of 20 lakh unitsHero Electric on Wednesday said it is set to roll out over 10 lakh vehicles annually in the next two to three years from its manufacturing units in India.The company, which launched new versions of its three electric scooter models priced between Rs 85,000 and Rs 1.3 lakh, plans to set up a…

Reported By: Samreen PallLast Updated: March 15, 2023, 14:24 ISTHero Electric Scooters Launched in India (photo: Paras Yadav/News18.com)The all-new Hero Electric scooters get enhanced safety features and synchronized powertrainHero Electric has finally launched its all-new, smart, and connected range of Optima CX and NYX in the Indian market. Having said that, the company has revealed a total of three new products namely Optima CX5.0(Dual-battery), Optima CX2.0(Single Battery), and NYX CX5.0(Dual-Battery). As for the…