Maharashtra-based electric two-wheeler brand BGauss has raised INR 1.61 billion from Bharat Value Fund  in a mix of debt and equity. The EV maker shared that it will utilise the funds to accelerate its growth strategy, expand footprint in India & global market such as Europe and SAAR. The funds will also be used to bolster its in-house research and development for upcoming product launches.

The company is set to launch two new electric two-wheelers in 2025. As part of growing its customer base, the company will scale up its dealership network to 500 from existing 120 touchpoints. The idea is to gradually have over 1,000 dealerships across the country. In addition, it will also ramp up production from the 100,000 units per annum to reflect on the demand.

Madhu Lunawat, CIO, Bharat Value Fund, said, “We are excited to partner with BGauss, spearheaded by the visionary and dynamic leader, Hemant Kabra. This investment reaffirms our commitment to empowering environmentally conscious businesses that drive positive change. As early advocates of sustainable mobility, we've been actively tracking and supporting eco-friendly initiatives since pre-pandemic times. With this transaction, both teams shall work together towards
creating a greener tomorrow.”

Hemant Kabra, Founder and Managing Director, BGauss, said, “We are thrilled to welcome Bharat Value Fund as a strategic partner in our growth journey. Their proven track record in nurturing profitable, growth-stage companies aligns perfectly with our ambition. This funding will accelerate our mission to be among the top five EV two-wheeler players and bring cutting-edge, reliable electric scooters to the market. We look forward to expanding our dealer network, boosting manufacturing capacity, and delivering two exciting new products fully designed, engineered, and made for India.”

Darshan Patel, an existing investor and Founder of Vini Cosmetics, added, “Our association with BGauss over the last two and a half years has been an incredible journey. We are excited for the future and wholeheartedly welcome Bharat Value Fund. We believe this new partnership will take BGauss to greater heights, strengthening its position in the EV industry.”

Škoda Auto has released a teaser clip of the all-new Elroq vRS, offering a first glimpse of both its exterior and interior. The world premiere is scheduled to take place digitally on 3 April 2025 and will be streamed live on Škoda’s official YouTube channel.

Following its digital unveiling, the all-electric compact SUV will make its public debut at Milan Design Week 2025 in the Padiglione d'Arte Contemporanea gallery in the Porta Venezia Design District. In keeping with Škoda's Be More Elroq campaign, the exhibition will showcase the Elroq vRS as the focal point of an experiential journey from 8 to 13 April 2025. The show will also feature the official launch of Botas sneakers, which are based on Škoda Modern Solid design principles, in honour of the company's 130th anniversary. These sneakers were created in collaboration with the Škoda Auto design team. Members of the Škoda team will wear one of the three versions that are planned for the occasion.

Folks Motor, a retrofit start-up, has announced that it will invest INR 5 billion towards capital expenditure over the next five years, it is also targeting to attain revenue of INR 5 billion revenue including INR 2 billion from domestic market and INR 3  billion in exports.

The start-up claimed it is investing towards developing India’s first retrofit warehouse and industrial park – The Blue IP – to strengthen domestic EV supply chain.

Folks Motor claims it has already started exports to Middle East and Africa, with plans to enter Europe, Latin America and Southeast Asia.

The new investment will see the start-up form strategic partnership with powertrain manufacturers, electronic manufacturing services, energy storage and system integrators.

Nikhil Anand Khurana, MD & CEO, Folks Motor, said, "At Folks Motor, we recognise the urgent need to build a robust and integrated EV ecosystem in India. With ‘The Blue IP’, the first-ever xEV-focused warehousing and industrial park, we are taking a big step toward strengthening domestic manufacturing. Our target of INR 6 billion in order book by 2030 reflects our commitment to making India a leader in the global EV supply chain. Our expansion strategy ensures that sustainable mobility is accessible to a broader audience without the financial and environmental costs of scrapping existing vehicles."

The start-up claimed that it has structured a USD 100 million ESG bond for efficient fund utilisation, which it aims to scale up to INR 2.5 billion for working capital and operational expenses.

In what may come as a boon to the electric vehicle industry in India, the Union Finance Minister Nirmala Sitharaman has announced that the government is set to do away with duties on several goods used to manufacture electric vehicle batteries.

The move is being seen as a way to support the domestic EV industry, which may be impacted by potential reciprocal US tariffs.

“We aim to boost domestic production and enhance export competitiveness by reducing duties on raw materials,” said Sitharaman.

The move is expected to exempt 35 items used to manufacture electric vehicle batteries.

The manufacturing, adoption and promotion of EVs has been a priority area for the government of India, which has introduced a wide-variety of schemes such as – Production Linked Incentive (PLI) Scheme for Advanced Chemistry Cell (ACC) with a budgetary allocation of INR 26.7 billion, Electric Mobility Promotion Scheme (EMPS) with a budget outlay of INR 5 billion, PM E-Drive Scheme with an outlay of INR 109 billion, Pm e-Bus Sewa-Payment Security Mechanism (PSM) Scheme with an outlay of INR 34.3 billion and Scheme for Promotion of Manufacturing of Electric Passenger Cars in India (SMEC).

According to the latest data shared by the government of India, the country has over 4.4 million EVs registered as of August 2024, which includes 950,000 units sold in just eight months of 2024, achieving 6.6 percent market penetration.

Hyundai Motor Company today teased the INSTEROID, a playful take on a ‘dream car’. The design concept is based on its popular INSTER sub-compact electric vehicle (EV) and aims to strengthen the emotional connection with the Hyundai brand.

Combining the words ‘INSTER’ and ‘STEROID’, the name captures the fun and muscular character of this concept automobile, which is based on the INSTER production model. With significant sales in both Europe and Korea after its June 2024 worldwide premiere, INSTER has emerged as a popular EV. With its racing game-inspired look, wheel arch air vents, 21-inch wheels, a noticeable rear spoiler and diffuser and Signature Pixel LEDs, the INSTEROID enhances the production model's appearance. The company plans to unveil the INSTEROID ‘dream car’ to the public in early April 2025.