February 2024

Issue No. 37
Third anniversary issue

EVreporter
 What's
INSIDE
04 Quarterly electric 2W sales trend in India

08 India EV sales and top OEMs for Jan 2024

18 How data transparency & battery digital twin can help boost
EV adoption

25 In the fast lane - Autonomous Driving Technology

30 Understanding (BESS) - part 4

33 News and updates

Disclaimer
The information contained in this magazine is for general information purposes only. While we endeavour to keep
the information up to date and correct, we make no representations or warranties of any kind about the
completeness, accuracy, reliability or suitability of the information, products, services, or related graphics for any
purpose. Any reliance you place on the information is strictly at your own risk.

Accelerated by

EVreporter Premium | Delve deeper into e-auto (L5) sales in CY 2023 for both pax and
goods categories | OEM-wise sales performance, leading OEMs in different regions,
states and cities with the highest sales. Click to Explore
 Feb 2024 Page 4

Quarterly Electric Two Wheeler Sales Trend in India

Trend from last 5 quarters - Q3 FY 22-23 to Q3 FY 23-24 (Oct 2022 to Dec 2023)

Taken from Q3 FY23-24 report in EVreporter Data Portal. Data sources - Vahan and Telangana Open data
portal. Low-speed 2W data not included.

Observations

The total number of e-2Ws sold from Q3 FY 22-23 to Q3 FY 23-24 (last 5 quarters) in India
comes out to 11,54,925 units.

The e-2W segment witnessed a Q-o-Q sales growth of 29.7%, with 2,56,565 units sold in Q3
FY 23-24 as compared to 1,97,704 units sold in Q2.

The e-2W segment witnessed a Y-o-Y sales growth of 11.4%, with 2,56,565 units sold in Q3
FY 23-24 as compared to 2,30,404 units sold in Q3 FY 22-23.

Over the period of observation, Q4 FY 22-23 and Q1 FY 23-24 witnessed the highest EV
penetration in the 2W segment at 5.5%, which dropped to 4.7% in Q3 FY 23-24 - same as
the quarter last year Q3 FY 22-23.

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 Feb 2024 Page 5

Quarterly Electric Two Wheeler Sales Trend in India

Electric 2-W Q-o-Q sales performance comparison for top 10 OEMs

Taken from Q3 FY23-24 report in EVreporter Data Portal. Data sources - Vahan and Telangana Open data
portal. Low-speed 2W data not included.

Observations

The total sales of the top five e-2W OEMs in Q3 FY 23-24 account for 82.7% (2,12,195
units) of the overall e-2W sales.

Ola Electric dominated the market with a 34.4% share (88,660 units), registering a Q-o-Q
sales growth of 46.1% in Q3 FY 23-24.

TVS Motors held a 20.1% market share (51,520 units, registering 11% higher sales than last
quarter).

Okinawa Autotech registered a decline of 33.3% in sales in Q3 FY 23-24 as compared to last

quarter.

The highest growth in % sales was registered by Hero MotoCorp, with a 167.9% rise. 7,137
units sold in Q3 FY 23-24 as compared to 2,664 units in the last quarter.

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 Feb 2024 Page 8

Category wise Electric Vehicle sales, Jan 2024 | India

Total Registered Electric Vehicle Sales - Jan'24 -1,43,815 I Dec'23 -1,41,570

E-rickshaw refers to low speed electric 3Ws (up to 25 kmph) used for passenger transportation. E-cart designates low
speed electric 3Ws (up to 25 kmph) used for goods transportation.

Category wise-Sales Trend from Jan 2023 to Jan 2024

15,72,383 EVs sold in last 12 months from Feb 2023 to Jan 2024

Source: Vahan Dashboard. Data as per 1356 out of 1443 RTOs across 34 out of 36 state/UTs

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 Feb 2024 Page 9

Fuel wise 2W Sales Trend, Jan 2023 - Jan 2024

High Speed E-2W Sales Trend by OEM

Source: Vahan Dashboard. Data as per 1356 out of 1443 RTOs across 34 out of 36 state/UTs
Note: Low speed Electric 2 Wheelers data is not included

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 Feb 2024 Page 10

Fuel-wise 3W L5 Passenger Sales Trend

E-3W L5 Passenger Sales Trend by OEM

Source: Vahan Dashboard. Data as per 1356 out of 1443 RTOs across 34 out of 36 state/UTs.

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 Feb 2024 Page 11

Fuel wise 3W L5 Goods Sales Trend

E-3W Cargo L5 Sales Trend by OEM

Source: Vahan Dashboard. Data as per 1356 out of 1443 RTOs across 34 out of 36 state/UTs.

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 CY 2023 | INDIA EV SALES REPORT AVAILABLE ON
EVREPORTER DATA PORTAL

Vehicle Category-wise EV Penetration in 2023 vs 2022

Note - 3W E-rickshaw and E-carts not considered for calculation of segment-wise EV penetration.
L5M - passenger 3W L5 vehicles | L5N - Cargo 3W L5 vehicles

Telangana EV sales data included

Click for a report snapshot

Source: Vahan Dashboard Data (Jan-Dec 2023) as per 1355 out of 1442 RTOs across 34 out of 36 state/UTs and Telangana
Regional Transport portal (Jan-Dec 2023). Low speed e2W data not included.

Subscribe to EVreporter Data Portal to get your free copy

Not a Data Portal Subscriber? Get your copy here.

 Feb 2024 Page 14

E-rickshaw Sales Trend by OEM

E-cart Sales Trend by OEM

Source: Vahan Dashboard. Data as per 1356 out of 1443 RTOs across 34 out of 36 state/UTs.

E-rickshaw refers to low speed electric 3Ws (up to 25 kmph) used for passenger transportation. E-cart designates low
speed electric 3Ws (up to 25 kmph) used for goods transportation.

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 Feb 2024 Page 15

OEM wise E-4W sales, Jan 2024

Others include Audi, Porsche etc.

Source: Vahan Dashboard. Data as per 1356 out of 1443 RTOs across 34 out of 36 state/UTs.

OEM wise Electric Bus Sales, Dec 2024

Source: Vahan Dashboard. Data as per 1356 out of 1443 RTOs across 34 out of 36 state/UTs.

For deeper insights into India EV sales trends - city-wise, state-wise, segment-
wise and OEM wise, check out the EVreporter Data Portal here.

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 Feb 2024 Page 18

HOW DATA TRANSPARENCY & BATTERY DIGITAL

TWIN CAN HELP BOOST EV ADOPTION IN INDIA
A new battery data framework presented by The Energy Company (TEC) & NXP

Value proposition of a secure and transparent battery data framework

The health and safety of the battery, the most expensive component of an EV, depends a lot on its
usage profile and the environmental conditions it has been exposed to. Accurate battery data is
crucial for determining its SOH (state of health) and RUL (remaining useful life).

As important as the raw data itself, a secure and transparent battery data framework that allows for
seamless data exchange can unlock significant benefits for multiple stakeholders in the EV
ecosystem. A framework for battery data is also at the heart of the new EU Battery Regulation that
was brought into effect recently. The new regulation provides, besides other measures, a legal
framework for battery data aiming to make batteries sustainable throughout their entire life cycle.

Closer to home, one of the key drivers of EV penetration in India will be easy access to low-cost
financing for EVs. Here too, a robust battery data framework can play a vital role. Fig. 1
summarizes a selection of benefits of a secure and transparent battery data framework for key
stakeholders.

Figure 1: Benefits of a battery data framework for the wider EV ecosystem

A secure and transparent battery data framework would also help reduce asset risk, opening up the
availability of cheaper capital in the form of international green bonds, e.g., helping boost the net
interest income for financiers. A digital battery twin based on the underlying secure and transparent
battery data framework will help enhance the residual value of the battery at the end of the
vehicle's first life. Lower financing costs will reduce EMI outgo for fleet operators, boosting EV
sales and adoption. The net benefit would be a greatly expanded market size for financiers and, of
course, aiding the overall objective of achieving faster transition to decarbonized transportation in
India. Fig. 2 helps visualize the benefits of enhancing e-2W/3W with data transparency and battery
digital twin for financiers and fleet operators.

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 Feb 2024 Page 19

Figure 2: Visualizing relative monetary benefit for financiers & fleet operators.

Challenges with the current scheme of things

Most EVs, particularly in the e-2W segment, are connected to the cloud using a gateway or
telematics unit, and, indeed, battery data is being uploaded to the OEM or fleet operator cloud in
most cases. However, today – this data serves the interests of the fleet operator or OEM only. Other
key stakeholders, such as financiers or recyclers, have limited visibility into the crucial battery
data. Fig. 3 helps visualize the current scheme of things.

Figure 3: Current state of battery data management

Even if certain stakeholders have access, the data itself is suspect in many instances of inferior BMS
due to inconsistency in measurement accuracy and processing of battery measurements. A lack of
transparency and no clear way to verify the integrity of the battery data means there can be only so
much trust in the data collected today. This limits the utility of otherwise valuable data. Additionally,
there are concerns about data ownership and privacy.

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 Feb 2024 Page 20

As such, currently – while ad-hoc methods of uploading battery data to the cloud might be serving
immediate needs, the time is ripe for a secure and transparent battery data framework that can help
accelerate EV adoption.

The following few sections look at the key challenges & possible mitigations in some more detail.

Battery cybersecurity
Considering its high value, it becomes prudent to consider battery data an ‘asset’ that must be
protected from cybersecurity attacks. An effective and secure data framework design starts with a
threat analysis and risk assessment (TARA) that identifies crucial cybersecurity vulnerabilities.
Countermeasures can then be incorporated to mitigate the risk of a security breach. Fig. 4 provides
a glimpse into a basic TARA in the context of the existing battery data framework prevalent today.

Figure 4: indicative threat surface and attacks possible with current state of battery data management

Cell voltage measurement accuracy

Accuracy of cell voltage measurement is crucial since it impacts the estimation of battery health
parameters such as SoC (state of charge) and SoH (state of health). Cell voltage measurement
accuracy is a characteristic of the Battery Cell Controller or Analog Front End (AFE) used in the
BMS, and it can vary significantly with ageing, operating conditions (temperature AND voltage), etc.
Notably, in the case of LFP chemistry, cell voltage measurement accuracy can potentially have a
significant bearing on SoC estimation. Fig. 5 provides insight based on a study performed by TEC.

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 Feb 2024 Page 21

Figure 5: SoC Error and dependency on cell voltage sense error in the BMS

Data ownership
A significant challenge with the current battery data framework is the question of data ownership and
privacy. For instance, in the case of a privately owned electric scooter, the consumer is the rightful
owner of the data, and OEMs must obtain consent before data collection related to the battery in the
vehicle. Furthermore, user privacy must be respected while data processing and generating insights.
Various stakeholders with a legitimate interest in the data should be provided access in a manner
that supports varying levels of access based on the stakeholders' needs and commercial
considerations while keeping user privacy concerns paramount.

Table 2 provides a few examples of data and potential data access rights.

Improved battery data framework

An improved battery data framework will include the following key elements:

A smart BMS that acts like a root of trust for accurate and secure battery data

An economic operator that acts like an independent account aggregator

A battery digital twin that unlocks value-added services.

Fig. 6 shows an updated view of such a framework.

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 Feb 2024 Page 22

Figure 6: An improved framework for battery data management

The next few sections look at some key aspects of the enabling framework in some more detail.

Smart BMS and root of trust

A smart BMS that is based on a root of trust driven by an automotive secure element, an
accurate Battery Cell Controller (BCC) and a safe, secure, and powerful microcontroller will play
a crucial role in supporting the enabling framework for a more secure and transparent battery
data framework. Fig. 7 shows the post-processing of raw cell voltage measurements towards
achieving more efficient data transfer to the cloud, as well as a step that makes use of
cryptographic accelerators in the microcontroller to generate what we could refer to as a ‘secure
battery profile’, intended for sending on to the independent economic operator on a regular basis.

Figure 7: Building a secure battery profile based on root of trust in the BMS.

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 Feb 2024 Page 23

Independent economic operator

An Independent Economic Operator, which may perform more than one function, will help manage
access and transparency of battery data across multiple stakeholders. Fig. 8 shows how the
Economic Operator Framework can ensure data transparency among various stakeholders. Such a
framework is also inspired by the Account Aggregator framework in the Indian financial sector.

Figure 8: Economic operator framework in the context of EV battery data management.

Digital twin

Figure 9: An example of a battery digital twin and service provided by TEC FlexiTwin stack.

FlexiTwin architecture ensures a unique identity for every battery (equivalent to a digital identity like
Aadhar) and helps ensure better transparency of data across the entire battery life cycle. The
architecture takes inspiration from the DEPA framework that is widely prevalent in the
financial sector.

The Digital Battery Aadhar empowers users by digitizing crucial battery information, including
performance, lifespan, and environmental impact. This technology serves as a valuable digital
companion, offering comprehensive insights into each battery's journey.

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 Feb 2024 Page 24

Figure 10: Benefits of services provided by TEC FlexiTwin stack.

The value added is as follows:

Digital Aadhar adjusts to external factors for a customized ride experience, providing benefits
like extended warranty and enhanced resale value.

TOD (time of day) pricing integration benefits fleet owners with reduced charging costs and
utility companies with peak-hour load management, fostering a sustainable energy landscape.

It helps decrease refurbishment expenses for second-life applications and facilitates lifecycle
management-driven emissions strategies in EVs.

The Cloud Infrastructure serves as a secure repository for all battery-related data, ensuring a
centralized and reliable source of information. Users' data privacy is of utmost importance, with
explicit consent sought before sharing usage information with any external parties.

Conclusion
It is easy and conventional to optimize the battery pack for lower upfront cost. However, this
approach limits the potential of the value that OEMs, fleet owners, and financiers, among other
stakeholders, can extract over the battery's lifetime. Instead, a more robust and transparent data
framework can unlock significant benefits for multiple players in the EV ecosystem, including
enabling lower-cost finance – a key driver of further growth in EV adoption in India and emerging
markets such as Vietnam and Indonesia. NXP Semiconductors & TEC have presented a
preliminary framework for enabling such as a data framework.

The authors can be reached at [email protected] and [email protected].

(L) Rahul Lamba - Co-founder at The Energy Company

(R) Narsimh Kamath - Business Development Manager - Electrification

at NXP Semiconductors

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 Feb 2024 Page 25

IN THE FAST LANE - AUTONOMOUS DRIVING

TECHNOLOGY
The current trends in the global automotive market are defined as CASE - Connected, Autonomus.
Shared and Electric. In this article, we dive into the autonomy aspect of the industry.

Overview of SAE level classifications

All vehicles do not have the same level of autonomous features or driverless tech, which may help
the car to drive on its own. They are classified based on the level of autonomy determined by the
ability of the vehicle to drive without requiring driver supervision in certain circumstances. These
levels range from Level 0 to Level 5.

Level 0 vehicles do not possess any driving automation and require continuous driver
involvement for all manoeuvres. Level 1 vehicles feature systems that aid in acceleration,
braking or steering through adaptive cruise control or lane-keeping assistance. These functions,
operating individually, do not meet the criteria for autonomous technology.

Globally, automakers and technology companies, including Google parent Alphabet’s Waymo,
Tesla and Baidu, have been investing heavily in autonomous driving. In 2014, Tesla introduced
its initial Autopilot version, which later evolved to include autonomous steering, braking, speed
adjustment, and parking capabilities. Tesla's Autopilot is categorized as Level 2 driving
automation technology, and the drivers must have their hands on the steering wheel at all times.
BMW Highway Assistant offers an SAE Level 2 partially automated driving function in the new
BMW 5 Series models.

At Level 3 of automation, the system monitors the driving environment and takes over driving
operations under certain conditions. When any operable driving environment conditions become
unsatisfactory, the system will issue a warning, and the driver must take over driving
immediately. In Nov 2020, Honda received Level 3 designation from the Japanese Ministry of
Land, Infrastructure, Transport and Tourism for its Traffic Jam Pilot function. It launched the
Legend sedan with the technology in 2021, limiting production to 100 units.

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 Feb 2024 Page 26
Mercedes-Benz SAE Level 3 system DRIVE PILOT has been available as an option for the S-
Class and EQS in Germany since May 2022. The company aims to make DRIVE PILOT available in
the US market for the model year 2024 S-Class and EQS Sedan models.

In 2024, BMW will also

start to offer its Level 3
autonomous system
Personal Pilot L3 as an
option in the new BMW 7
Series in Germany -
enabling the driver’s
hands off the steering
wheel and switching to
other secondary in-vehicle
activities while travelling at
up to 60 km/h (37 mph).

Advancing to Level 4, autonomous vehicle systems take full responsibility for all driving and
navigational tasks. No driver attention is required within the defined operational domain. Level 4
automation systems are typically restricted to designated service areas and cannot operate
beyond those areas of operation or in adverse weather conditions. Level 4 automation systems
are best suited for applications such as driverless taxis and buses following pre-mapped
routes, vehicles handling goods transportation within specified boundaries, and shuttle services.

In China, Baidu has been developing

autonomous driving technology since 2013
and has accumulated over 50 million km of
testing on Level 4 autonomous driving.
Apollo Go, its autonomous ride-hailing service,
provided 8,21,000 rides between July 2023
and September 2023. As of Sep 30, 2023, the
cumulative rides provided to the public by
Apollo Go reached 4.1 million. In Aug 2023,
Baidu also launched driverless airport
transportation services in Wuhan.

Waymo’s autonomous ride-hailing service with level 4 autonomy, Waymo One with electric Jaguar I-
PACE, is already available on surface streets in the Metro Phoenix area and San Francisco in the
USA, and it will be launched soon in LA and Austin. Between Jan 2023 and November 2023,
Waymo served over 700,000 ride-hailing trips with public riders and no human driver.

One of the main aspirations behind autonomous driving is safety. Over the 7.1 million miles Waymo
drove, there were an estimated 17 fewer injuries and 20 fewer police-reported crashes compared to
if human drivers with the benchmark crash rate would have driven the same distance in these areas
of operation. Waymo will soon start testing its autonomous passenger cars without a human
driver on freeways in Phoenix. Waymo is also working with Stellantis on the development and
testing of L4 autonomous light commercial vehicles.

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 Feb 2024 Page 27

Designated 225 square miles of Metro Waymo also operates in all of San Franciso
Phoenix where Waymo currently operates as mapped above.
its autonomous ride hailing service.

Level 5 signifies the pinnacle of autonomous driving, where vehicles take complete control
over all driving and navigational tasks under all conditions. Passengers are free to input a
destination and engage in activities like work, sleep, watching movies, or playing games. The
vehicle does not require a steering wheel or acceleration/brake controls. A human driver
is no longer required, and all occupants are passengers.

ADAS in the Indian PV market | CRISIL report

Market intelligence and Analytics company CRISIL released a report on ADAS in the Indian market
and pointed out that ADAS-equipped passenger vehicles accounted for approximately 2% of
total passenger vehicle sales in India as of FY 22-23. Automation technology levels, L1 and L2,
are gaining traction in India, particularly in premium SUV and sedan segments that constitute about
one-fourth of total passenger vehicle sales. Meanwhile, minimal adoption is observed in the
hatchback segment, where the automation level remains at L0.

As per CRISIL’s assessment, Mahindra is leading the pack in terms of market share with its XUV
7OO model at 40-50%, followed by Morris Garages with its four models (Astor, Hector, ZS EV, and
Gloster) at 20-30%, and Honda at the third spot with its Honda City model at 10-20%. Tata Motors,
Hyundai, and Toyota made up the balance in the total ADAS-enabled PV sales for fiscal 2023.

The premium SUV segment, featuring models such as Mahindra XUV700, MG Hector, Tata
Harrier, and Tata Safari, constitutes two-thirds of total ADAS passenger vehicle sales.

This is followed by the entry-level SUV segment featuring MG Astor.

Then comes midsize sedan segment - Honda City and Hyundai Verna being notable models.

The above three segments formed over 90% of ADAS PV sales in India for FY22-23.

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 Feb 2024 Page 28

Future Outlook
CRISIL estimates that India’s domestic market for passenger vehicles with ADAS will cross $1
billion by fiscal year 2028. The report projects that by fiscal 2028, the mid-size and utility vehicle
segments will see the highest ADAS penetration, reaching 15-20% and 10-15%, respectively.
Similarly, the compact utility vehicle and hatchback/small cars segment are anticipated to
experience increased ADAS penetration, with projections ranging from 6-10% and 4-6%,
respectively, by fiscal year 2028.

The distribution of total passenger vehicle sales with ADAS features is expected to be dominated by
utility vehicles at 55-60%, followed by compact utility vehicles at 20-25%, midsize at 10-15%, and
hatchbacks/small cars at 3-7%.

Up and coming ADAS technology players in India

Blind spot detection, adaptive cruise control, lane assist, and driver fatigue detection are the most
useful Advanced Driver Assistance System (ADAS) Level 1 and Level 2 features for safety and
convenience in Indian driving conditions. However, many drivers have complained that emergency
braking does not seem to be tailored to Indian driving conditions and leads to unnecessary frequent
braking. To address this, automation solutions need to be created by training models on the same
conditions of Indian driving and road conditions. In addition to safety, the autonomy solutions also
need to be cost-effective compared to current Level 3 solutions in the West for better uptake.

In the last couple of years, a few new technology players have started showcasing their work on
indigenous ADAS technology solutions. We look forward to seeing more updates on their market
readiness and regulatory status in the coming months.

Swaayatt Robots - In October 2023, Bhopal-based Swaayatt Robots demonstrated

autonomous driving at high speeds on a single-lane road with bidirectional traffic negotiation. In
Dec 2023, the Swaayatt demonstrated Level 5 autonomous driving capability, where its vehicle
learned to negotiate complex traffic dynamics at a toll plaza and cross highly unstructured toll
gates. The company aims to showcase an end-to-end negotiation of the day-time traffic in Feb
2024.

Minus Zero - Founded in 2021, Minus Zero showcased its autonomous vehicle, zPod, in 2023, which
operates without LiDARs. The start-up is collaborating with automotive industry stakeholders,
targeting autonomy levels 4 and 5.

There are also companies that are focused on implementing AI in commercial vehicles to enhance
their safety and efficiency. For instance, Netradyne is using a vision system-led passive ADAS to
make commercial fleet operations safer, while Flux Auto is developing autonomous driving kits
specifically for commercial vehicles.

For another use case, Ati Motors has developed autonomous electric vehicles for material
movement in industrial environments such as factories and warehouses, both indoors and outdoors.
Some of its key customers include Bosch, TVS Motors, CEAT, and Hyundai in India and the US.
Bullwork Mobility is developing autonomous sprayers for agricultural usage. We are excited to see
more autonomous technology being introduced in the Indian market, not only for PVs but for other
vehicle categories and use cases as well.

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 Feb 2024 Page 30

UNDERSTANDING BATTERY ENERGY STORAGE

SYSTEM (BESS) | PART 4
Latest Trend of 314Ah Cell and 5MWh BESS in 20 Feet Container
For the last few years, 280Ah LFP prismatic cell has been the trending cell used in containerised
BESS (Battery Energy Storage System). The cell capacity has been increasing over the years, and
with increasing capacity, there has been a need to improve the volumetric energy density to be able
to incorporate higher battery capacity in a given standard or popular container size, for example, in a
20-foot container.

Below table shows how the latest 314Ah cell compares with the existing 280Ah cell:

The data shows many advantages observed in the 314Ah cell over 280Ah cell, such as better
capacity, better energy density (gravimetric and volumetric), Wh efficiency, cycle life and calendar
age life.

Note: A life of 15,000 cycles for 314 Ah cells is expected as per the initial cycling trends in lab-
level conditions at 25°C, with some rest periods. The actual value on the field will be lower
because the cycle life of the module will be lower than the cycle life of the cell, the cycle life of
the cluster will be lower than the cycle life of the module and the cycle life of the containerised
solution will be lower than the cycle life of the cluster.

The image on the next page provides a summary of the comparison between the features of
280Ah cells vs. 314Ah cells provided by Xingdong (XDLE)/Lu Xiao Ye.

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 Feb 2024 Page 31

Below are the additional advantages of shifting from 280Ah cell to 314Ah:

Cell cost per kWh would be 5-7% less.

BESS containerised solution will be 8-10% cheaper.

Low cost and long life combination will allow for better ROI on energy storage projects,
especially for projects with up to 1 cycle per day for 20 years or 2 cycles per day for up to 15
years.

35% more energy can be stored in 20-feet container, up from the traditional design of 3727kWh
to 5016kWh.

Higher BESS capacity will allow for lower auxiliary power consumption and hence improve the
overall round-trip efficiency of the project.

Existing Liquid Cooling

3.7MWh capacity 20 Feet
container from Xingdong
(XDLE)/ Lu Xiao Ye.

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 Feb 2024 Page 32

Below is the comparison of 20 Feet Liquid Cooling Container Design for both type of cells:

Market updates

314Ah LFP prismatic cell is expected to go into mass production around mid-2024, and some
companies have already begun trial projects and certification work.

For any BESS projects planned by end of 2024 or beginning of 2025, it is highly suggested to
consider the use of this cost-effective and better ROI/TCO model of 5MWh solution using 314Ah.

About 15 companies in China are planning to manufacture the 314Ah cells. Some companies are
considering 320Ah and above capacities as well.

314Ah LFP prismatic cell is also advertised as having no capacity loss for the first 1000 cycles.
However, because the higher material loading leads to higher energy density, the recommended
use of 314Ah cells is ideal for 0.5C/0.5C projects, and 280Ah cells are preferred for higher-than-
0.5C/0.5C discharge projects. This will allow the 280Ah cell to co-exist with the 314Ah cell.

Rahul Bollini is an R&D expert in Lithium-ion cells with 9 years of experience. He

founded Bollini Energy to assist in deep understanding of the characteristics of
Lithium-ion cells to EV, BESS, BMS and battery data analytics companies across
the globe. Rahul can be reached at +91-7204957389 and [email protected].

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 NEWS BYTES Feb 2024 Page 33

Under phase II of the FAME India Scheme, subsidy amounting to INR 5790 crores has been given
to EV manufacturers as of Jan 31, 2024, on the sale of 13,41,459 electric vehicles, including
11,85,829 e-2Ws, 1,38,639 e-3Ws and 16,991 e-4Ws. MHI sanctioned 6,862 e-buses to various
cities/STUs/State Govt. entities for intracity operations. Out of which, 3487 e-buses have been
supplied to STUs as of Nov 29, 2023. MHI also sanctioned 2,877 EV charging stations in 68 cities
across 25 States/UTs. Out of these, 148 charging stations are constructed and operational. The
ministry has sanctioned INR 800 Cr. as a capital subsidy to the three Oil Marketing Companies for
the establishment of 7,432 EV public charging stations.

The Odisha Cabinet approved a special incentive package for JSW Group's EV and
component manufacturing projects in Naraj, Cuttack and Paradip. These projects
will attract a combined investment of ₹40,000 Cr in the state. The JSW Group's
proposed EV and Battery Manufacturing Project at Naraj will be the world's largest
single-location project in the sector, said the Office of the Chief Minister, Odisha.

The Ministry of Heavy Industries has announced the re-bidding of Production

Linked Incentives for 10 GWh Advanced Chemistry Cell manufacturing. The
maximum budgetary outlay for the same is INR 3,620 crore. The bid due date is
22/04/2024, and bids shall be opened on 23/04/2024.

Andhra Pradesh authorized the waiver of taxes specified in the APMVT Act
1963 for motor vehicles powered by batteries, ultracapacitors, or fuel cells.
The exemption applies to vehicles registered between 01.02.2024 and
07.07.2024 or until the enactment of the new E-Mobility Policy.

Khanij Bidesh India (KABIL) will undertake the first-ever lithium

exploration and mining project by a Government Company of India to
support India’s efforts for sourcing Lithium. The agreement between
KABIL and the state-owned enterprise of Catamarca province of
Argentina entails the development of 5 lithium brine blocks covering an
area of about 15,703 hectares located in the Catamarca province of
Argentina. The project cost is about INR 200 crores.

JBM Auto introduced ECOLIFE Electric Buses in Haryana with the first set of
five electric buses at Panipat Bus Depot. JBM Auto is set to deliver 375
electric buses as part of the National Electric Bus Programme in Haryana.

Vietnam’s EV manufacturer, VINFAST, entered into an MoU with the Tamil

Nadu State Government to establish an integrated EV facility in
Thoothukudi. Construction on the project is set to commence in 2024.

Maruti Suzuki India said it will construct a new automobile plant in Gujarat
with an annual capacity of 1 million units at a total investment of INR
35,000 crore. Additionally, the company will invest INR 3,200 crore to
establish a new EV production line at Suzuki Motor Gujarat Private Limited.

Copyright © 2024 EVreporter. All rights reserved. EVreporter | Intelligence. Research. Outreach.
 NEWS BYTES Feb 2024 Page 34

India-Japan Fund (IJF), managed by the National Investment and

Infrastructure Fund (NIIF), is set to invest INR 400 Crore into
Mahindra Last Mile Mobility Limited (MLMML) at a valuation of
INR 6600 Crore. IJF's investment results in ownership ranging from
6.06% to 8.25% stake in MLMML.

AltMobility, an electric vehicle leasing and lifecycle management platform, has

raised USD 6 Million in funding co-led by Shell Ventures, Eurazeo, Ev2 Ventures,
and Twynam. The round also saw participation from UC Inclusive, Piper Serica,
Pitchright and LetsVenture in a mix of equity and venture debt.

Gurugram-based commercial EV leasing and asset management company

Electrifi Mobility raised INR 25 crore in seed funding from ADB Ventures,
AdvantEdge founders, and others. The company was launched in June 2023.

Surat-based Logistics startup EVIFY secures USD 1.3 Million in Pre-Series A

funding, co-led by GVFL and Piper Serica. With 400+ EVs in Surat and Ahmedabad,
Evify plans to expand to 4,000 bikes by March 2025.

Mufin Green Finance, an NBFC focused on Green financing, has secured INR
140 crore in Series B equity funding and an additional INR 530 crore in
debt. The equity funding was facilitated by support from family offices, while the
debt was sourced from more than 30 lenders, including State Bank of India,
IREDA, Symbiotics, Northern Arc Capital, AU SMALL FINANCE BANK, ICICI
Bank, Kotak Mahindra Investments, and various other NBFCs and private banks.

International Battery Company (IBC), specializing in large-sized Prismatic

NMC batteries, has secured USD 35 Million in the Pre-Series A round led by
RTP Global, along with BEENEXT, Veda VC, and strategic Korean and US
Investors. The funds will also contribute to the establishment of a new 2 GWh
lithium-ion Giga factory in Bengaluru, slated to begin production in 2025
following an MoU with the Karnataka government in August 2023.

responsAbility, a Switzerland-based firm, is set to invest up to USD 25 Million in

BluSmart. In Dec 2023, BluSmart had secured $24 million in an equity round. The
funding was provided by current investors, including BP Ventures, along with
contributions from the company's founders and leadership team. BluSmart's goal is
to expand its EV fleet to 8,000 vehicles in Delhi NCR and Bangalore by 2024.

Kolkata-based EV ride-hailing startup Snap-E Cabs has secured USD 2.5 million in
a Pre-Series A Round led by Inflection Point Ventures. Currently, with 600 EVs in
Kolkata and an ARR of INR 35 crores, Snap-E plans to add 300-400 EVs by the end
of FY 24 and aims to extend services to 2-3 more cities in FY 25.

Copyright © 2024 EVreporter. All rights reserved. EVreporter | Intelligence. Research. Outreach.
 NEWS BYTES Feb 2024 Page 35

TATA.ev launched the Punch.ev at an introductory starting

price of INR 10.99 Lakh. The EV is based on the acti.ev
architecture. Punch.ev comes with two battery pack options -
25 kWh - offering an MIDC range of 315 km, and a 35 kWh
option, which offers an MIDC range of 421 km. Two e-Drive
options, a 60kW Permanent Magnet Synchronous AC Motor,
producing 114Nm and a 90kW Permanent Magnet
Synchronous AC Motor with 190Nm of torque, resulting in a 0
to 100 km/h sprint time of 9.5 sec and an electronically limited
top speed of 140km/h.

Porsche launched the Macan EV Turbo In India, which

costs INR 1.65 crore ex-showroom. The Macan Turbo puts
out 630 bhp of max power and a peak torque output of up to
1,130 Nm in the Overboost mode. It has a top speed of 260
kmph and can sprint from 0-100 kmph in 3.3 seconds. The
WLTP claimed range of the Macan Turbo is 591 km.

Ather Energy has introduced the Ather 450 Apex electric

scooter starting at INR 1.89 lakh (ex-showroom). Top
speed 100 kmph, 7 kW motor, 26 Nm of torque, acceleration
of 0-40 kmph in 2.9 seconds.

Kinetic Green is set to launch the e-Luna, an electric moped with a top speed
of 50km/hr, a certified range of 110 km and a 4-hour charging time. Bookings
opened on January 26, 2024.

Komaki, an Indian electric two-wheeler manufacturer,

announced the launch of its e-loader, XGT CAT 3.0 at INR
1,06,000. It comes with a 72V 60Ah lead-acid battery pack
offering a range of 120-180 km based on the load conditions.
XGT CAT -3.0 has a loading capacity of up to 500 kgs.

Delhi-based Surge EV (part of the Hatch program under

the Hero Innovation Cell) unveiled an electric vehicle,
Surge S32, that can transition between a three-
wheeler and a two-wheeler in just 3 minutes. The
vehicle houses separate powertrains for different vehicle
classes with automatic switching as per the vehicle in
use. Both vehicle modes are equipped with individual
charging connectors and chargers.

Copyright © 2024 EVreporter. All rights reserved. EVreporter | Intelligence. Research. Outreach.
 NEWS BYTES Feb 2024 Page 36

Singapore-based Sooorya has been in stealth mode

since 2017, working on a ‘purpose-built’ EV for the
commercial passenger fleet segment in emerging
markets. The company recently unveiled its product
styling. Sooorya is in the process of incorporating in
India and plans to launch its prototype in 2024. Aspires
to offer zero downtime with its ‘Fixed Batteries +
Swappable Batteries + Solar Roof’ approach.

EKA Mobility unveiled EKA K1.5, a 1.5-tonne electric LCV, at a starting

price range of INR 13.9 lakhs (ex-showroom). EKA K1.5 range is built on
300 volts electrical system architecture offering a peak power of 60kW.
The company has set up an R&D centre in Pune and has 700 e-buses
and 5000+ electric LCV orders in the pipeline. All these vehicles will be
designed and manufactured in Madhya Pradesh and Maharashtra.

Ashok Leyland handed over the keys of its first 14T Boss Electric
Truck to BillionE - an emobility platform at the Bharat Mobility Global
Expo 2024. Ashok Leyland also showcased the 9m Hydrogen Fuel Cell
Bus, AVTR LNG 6x4 Tractor, 55T EV Tractor and Switch IeV4 Electric
LCV at the expo. The Boss 14T Electric Truck was first showcased in the
Auto Expo last year.

Eicher Trucks and Buses, a division of VE Commercial Vehicles,

unveiled the EV-First Eicher Truck with a GVW ranging from 2T
to 3.5T. Eicher plans to introduce the electric variant first and later
expand to diesel and CNG options. The SCV is set for customer
trials in April 2024, followed by commercial rollout in the first
quarter of 2025. The product will be manufactured in Bhopal.

At the Bharat Mobility Expo 2024, Force Motors exhibited three vehicles:
Traveller Electric, Urbania Diesel, and Traveller CNG. The Traveller
Electric City bus is designed for last-mile connectivity.

Montra Electric, the EV brand of the Murugappa Group, launched an

Electric Vehicle Awareness and Benefits Program in Tirunelveli, Tamil
Nadu and unveiled its Super Auto. The vehicle comes with a 10kW
Lithium-Ion Battery, a 203 km ARAI-certified range and an on-road
range of nearly 155 km on a full charge.

Gensol Engineering Limited signed an MoU with the Gujarat government to make an
investment of INR 2,000 Crore in an electric vehicle manufacturing venture.

Copyright © 2024 EVreporter. All rights reserved. EVreporter | Intelligence. Research. Outreach.
 NEWS BYTES Feb 2024 Page 37

Epsilon Advanced Materials (EAM) finalized the acquisition of an

LFP cathode active material technology centre in Moosburg,
Germany. EAM is scheduled to break ground on its facility in India
in 2024 to build a large-scale customer qualification plant in 2025,
which will scale up to 100,000 tons by 2030.

EAM previously announced an INR 9,000 Crore investment to establish an anode material
manufacturing facility in Bellari, Karnataka.
EAM also plans to build a $650 million graphite anode material facility in North Carolina.
The company is investing 600 million Euros in developing a graphite processing facility in Finland.

Hyderabad-based Altmin is a cathode material manufacturer. The company has

secured growth capital from a manufacturer of iron phosphate and other
precursors in India in exchange for a 22% stake. The funds will be used to initiate a
3 GWh plant by 2025. The company aims to raise more debt/equity and invest the
initial USD 35-40 million to establish the first 3 GWh CAM plant, producing 9,000
tons of LFP annually, with a subsequent investment of USD 60-70 million for further
expansion to 10 GWh by 2030 in the next 6 years.

Chennai-based Ramcharan Company (RCPL) has achieved proof of concept for a recyclable
solid-state magnesium battery, utilising Mg-rich naturally abundant phyllosilicates as cathode
active material and Fe-rich or Mg-enriched earth-abundant phyllosilicates as a solid electrolyte,
achieving a power of 0.89 kW/kg. This is the second solid-state patent in a non-lithium product from
India. The technology is currently at TRL 5. RCPL plans to reach a TRL 9 product by next year,
targeting early 2025 for commercialisation.

RCPL is also fabricating Quasi-Solid-State Magnesium Ion

Batteries using highly porous phyllosilicates naturally rich in
magnesium or iron as cathode, phyllosilicates enriched with Mg
as Quasi Solid State Electrolyte, Carbon Black or Graphite or Mg
metal as anode. RCPL aims to achieve a TRL 9 product by the
end of March 2024

Servotech Power Systems has bagged an order of 1800 DC Fast EV

Chargers from Bharat Petroleum Corporation Limited. The project,
valued at INR 120 Crores, will involve Servotech manufacturing and
deploying these chargers across the nation, particularly at BPCL petrol
pumps in major cities, as part of the BPCL E-drive Project. The project
encompasses two charger variants, 60 kW and 120 kW, and
Servotech aims to complete it by the end of 2024.

Earlier, the company had also bagged an order to supply and install 2649 AC EV Chargers across
the country for BPCL’s E-drive project - for which Servotech has completed 36% of supply and
installation, and the entire project will be completed by March 2024.

Copyright © 2024 EVreporter. All rights reserved. EVreporter | Intelligence. Research. Outreach.
 NEWS BYTES Feb 2024 Page 38

Tata Passenger Electric Mobility initiated the production of

passenger vehicles at its newly established factory in
Sanand, Gujarat. The 460-acre facility, acquired from Ford
India, is the second plant in Gujarat, focusing on both ICE and
EV models.

Tata Group’s global battery business, Agratas is teaming up

with Tata Technologies. Leveraging Tata Technologies’
expertise, Agratas aims to accelerate its product development
timelines, including integrating battery cells into modules and
packs for multiple applications.

Ola Mobility announced the launch of its e-bike service in Delhi

and Hyderabad, while the company will expand and increase
deployment of e-bikes in Bangalore. Ola plans to deploy 10,000 e-
vehicles over the next 2 months across these cities. With prices
of INR 25 for 5 km, INR 50 for 10 km, INR 75 for 15 km, the Ola
eBike service will be the most affordable solution to commute
within the cities, said a company statement.

Raptee Energy, a Chennai-based EV startup, showcased its

high-voltage e-motorcycle at the Tamil Nadu Global Investors
2024, set to launch in April 2024. With a top speed of 135 km/h
and a range of 150 km on a single charge, it will take 45 minutes to
charge to 80% capacity at CCS2 stations. Raptee claims, the e-
motorcycle accelerates from 0 to 60 km/h and features a
streamlined design, contributing to its enhanced performance.

Battery swapping solution provider SUN Mobility plans to

introduce 30,000 Bounce Infinity scooters nationwide,
starting with Bangalore and Hyderabad before expanding to
Mumbai, Pune, and Delhi NCR. The deployment of these e-
2Ws will be carried out through both battery-as-a-service
(BaaS) and mobility-as-a-service (MaaS) models

LOHUM and TORK Motors entered a multi-year contract for the

collection and recycling of TORK Kratos R electric motorcycle
batteries upon reaching end-of-life. LOHUM is TORK's first battery
Extended Producer Responsibility partner in India.

Copyright © 2024 EVreporter. All rights reserved. EVreporter | Intelligence. Research. Outreach.
 NEWS BYTES Feb 2024 Page 39

StoreDot unveiled its new I-BEAM XFCTM concept for taking

extreme fast charging (XFC) capability from the cell to the vehicle
level - a cell-to-pack (CTP) design that will accelerate the integration
of XFC into EVs. At the core of I-BEAM XFCTM sits StoreDot's
proprietary 100in5 cell technology.StoreDot’s electrodes are
assembled into its new I-BEAM XFCTM cells, which are designed to
be incorporated directly into the battery pack.
The company also announced that it has successfully manufactured its
first-ever prismatic XFC silicon-dominant battery cells. StoreDot will
continue to optimize the design to achieve up to 170Ah of cell capacity
and over 700 Wh/L volumetric energy density.

Stellantis announced its participation as a strategic investor in

Tiamat, a France-based company that is developing and
commercializing sodium-ion battery technology.

CAKE, the Swedish electric motorcycle maker, is reportedly filing for bankruptcy
after failing to raise enough funding to keep operations afloat.

UNECE’s (United Nations Economic Commission for Europe) working party on

Autonomous and Connected Vehicles decided to include motorcycles, scooters
and electric bicycles with speeds exceeding 25 km/h in the scope of the UN
Regulation No. 155 on cyber security and cyber security management.
Its purpose is to offer an international framework for the type approval of road vehicles with regard
to cyber security. The decision to extend the scope to vehicle category L will be submitted to the
World Forum for Harmonization of Vehicle Regulations for adoption in June 2024.

Sona Comstar announced its financial results for Q3 FY24 and nine months ended
December 30, 2023. Highlights:

Revenue share from Battery Electric Vehicles (BEV) Q3 FY24 at 30% of total
revenue. BEV revenue growth of 28% YoY.

Five new BEV program wins. The company's net order book is INR 24,000 crores.

The company has received an order from a new customer, an Indian OEM of ICE and electric
two-wheelers, to supply integrated motor controllers for their upcoming high-performance
electric bikes. The controller is integrated with the motor in a single unit. This program has added
INR 345 crores to the order book. Production is likely to commence in Q1 FY26.

Global OEM of electric cars has awarded the company a new program to supply Spool Gears for
the three-motor architecture of their highest-torque SUV BEV model. This program has added
INR 570 crores to the company order book. The start of production is in Q4 FY24.

A North American New Age OEM of electric cars has awarded the company a program to supply
Epicyclic Geartrain and Rotor shafts for their high-performance EV. This program has added
INR 99 crores to the company order book. Production will commence in H1 FY27.

Copyright © 2024 EVreporter. All rights reserved. EVreporter | Intelligence. Research. Outreach.
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