Folks Motor, an electric retrofitment start-up, has announced an ambitious INR 2 billion turnover plan by FY2026-27.

The Delhi-based start-up is expanding its footprint in B2B EV systems, components space and has also ventured in asset management, financial services and industrial infrastructure play. Folks Motor provides a new lease of life to diesel and petrol vehicles by converting them to electric vehicles. It aggregates demand and collaborates with leading suppliers, to offer a comprehensive range of powertrain platforms and power electronics, ensuring a seamless automotive experience.

Nikhil Anand Khurana, MD and CEO, Folks Motor, said, “At Folks Motor, our mission is not just about providing retrofitting solutions but about advancing a holistic ecosystem for sustainable transportation. By enabling the transition of older, fuel-driven vehicles to electric ones, we directly contribute to cleaner air and a more sustainable future. Our goal extends beyond product innovation – we aim to build an integrated supply chain, create partnerships with key industry players, and introduce forward-thinking financial services through Folks Finance. The financial accessibility of EVs and retrofitment solutions will help accelerate adoption, especially among retail customers, SMEs, and component manufacturers.

To support its customers and drive growth Folks Motor is expanding into financial services with the launch of Folks Finance. It will focus on retail financing for EVs and retrofitment customers, alongside corporate lending offerings such as project financing, bill discounting, working capital loans and financial support for EV dealers & component manufacturers.

The company estimates that the global electric vehicle component market was valued at USD 148.32 billion in 2022 and is expected to grow to USD 1001.95 billion by 2032, with a CAGR of 21.05 percent.

Folks Motor has earmarked funds for land acquisition, CAPEX investment, warehousing and an industrial park, with a total project investment amounting IRN 5 billion. It is also planning to raise USD 100 million in ESG capital to accelerate growth.

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Bengaluru-based electric two-wheeler major Ather Energy has crossed the milestone of having over 400 Ather Grid fast charging points across Maharashtra.

With 64 Experience Centres and 42 Service Centres in Maharashtra, Ather Energy has cemented its position in over 37 cities in the state. Furthermore, to provide its customers access to fast charging, it’s Ather Grid network now extends to 35 cities across Maharashtra including Mumbai, Nashik, Pune and Nagpur. It has also strategically placed the fast chargers to connect significant routes such as Mumbai - Pune, Pune - Satara, Satara - Kolhapur, Sangali - Kolhapur and Pune - Panshet.

What’s interesting to note is that customers also have access to 220 fast charging points built on the LECCS (Light Electric Combined Charging System) standard, which has been developed by Ather and opened for industry-wide adoption.

LECCS allows different brands of light electric vehicles to use the same network. Ather Grid chargers are also visible on Google Maps, making it easy for any customer with a LECCS connector on their scooter to locate, navigate and charge, further enhancing the everyday ownership experience.

Ravneet Singh Phokela, Chief Business Officer, Ather Energy, said, “Maharashtra has been a strong market for us, and we’ve seen EV adoption here grow steadily over the years. As more people switch to electric, what really builds confidence is knowing that charging won’t be a challenge. However, for many potential buyers, charging continues to be one of the perceived barriers, and that’s something we’ve always worked towards solving. From the beginning, we’ve focused on building infrastructure that keeps pace with growing demand. Crossing 400 fast chargers in the state is a reflection of that effort. It’s about giving riders the assurance that they’ll always find a charger when they need one. As we expand our retail presence, the charging network will continue to grow in tandem to make EV ownership truly seamless.”

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eBikeGo, an Acer Official Licensee and one of India’s electric mobility leader, has opened its first Acer Electric Vehicles retail outlet in New Delhi’s Okhla Industrial Area (Phase 2). This marks the beginning of a nationwide expansion, with 15 flagship stores planned to showcase Acer-branded e-vehicles.

The store offers a premium range of e-bicycles, e-scooters and e-bikes, blending global design with rugged Indian road adaptability. Targeting urban commuters and eco-friendly riders, the lineup includes e-cycles starting at an introductory price of INR 35,999, with e-scooters and e-bikes arriving soon.

Hari Kiran, Co-Founder & COO, eBikeGo, said, “We at eBikeGo are elated to announce our significant expansion in 15 cities across PAN-India, which has been made possible within only a few months, based on our strategic approach of setting up Acer Electric Vehicles retail outlets across various states. This rapid expansion underscores our commitment to eco-friendly transportation while positioning eBikeGo as a pivotal player in the Indian EV market and promoting a green and sustainable future for all Indians. It also enables us to put the spotlight on eBikeGo’s brand new e-2Ws products’ lineup, including our e-cycles, e-scooters and e-bikes.

“The overwhelming response we have received for eBikeGo’s store expansion and the feedback we have received for Acer brand serves as a testament to the strong brand appeal and speaks volumes about our credibility. With our wide portfolio of reliable EVs tuned to the Indian roads and consumer requirements yet boasting world-class standards, we shall continue to expand and grow our retail store network furthermore across the nation.”

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BYD, a global leader in new energy vehicles (NEVs), celebrated the production of its 13-millionth NEV on 21 July 2025 at the company's Xiaomo Production Base in Shenzhen-Shanwei. The milestone vehicle, a YANGWANG U7, underscores BYD’s industry dominance.

The company maintained strong growth in the first half of 2025, with domestic sales surpassing 2.113 million units (up 31.5 percent year-on-year) and overseas deliveries reaching 472,000 units (a 128.5 percent surge). This performance solidified BYD’s position as the world’s top-selling NEV automaker and the first to achieve 13 million NEV productions.

The achievement reflects global consumer trust in BYD’s technology and quality. The success of its premium YANGWANG brand highlights Chinese automakers’ rising influence in the high-end EV market, showcasing China’s competitive edge in the new energy era.

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Bike Bazaar, a non-banking finance company focussing on new and used two-wheelers, has announced that it has inked a strategic partnership with E-Sprinto, an electric two-wheeler company.

Under the strategic partnership, Bike Bazaar aims to deploy 10,000 electric scooters from E-Sprinto for last-mile delivery segment in India.

Atul Gupta, Director, E-Sprinto, said, “This collaboration with Bike Bazaar is a strategic leap towards transforming last-mile delivery in India. At E-Sprinto, we are committed to building not just electric vehicles, but ecosystems that empower riders with dependable technology, minimal downtime, and sustainable performance. Our scooters are engineered to serve the real needs of India’s delivery economy – high mileage, robust build quality and low maintenance. Bike Bazaar shares our vision of creating value beyond just mobility—this event proves their commitment to rider safety and long-term engagement. We are proud to be partnering with a company that prioritizes its customers so holistically.”

Satbir Singh, Business Head – EV & New Business Initiatives, Bike Bazaar, said, “At Bike Bazaar, our riders are not just customers – they are the heart of everything we do. Today’s event is not only a celebration of their continued trust but a reaffirmation of our responsibility toward their safety and livelihood. We believe safety is not an optional feature—it’s a fundamental culture that must be embedded in every touchpoint. Our partnership with E-Sprinto is a step in this direction—together, we aim to deliver smarter, safer, and more reliable EV solutions tailored to the evolving needs of the gig economy. This is more than a fleet expansion—it’s a shared mission to lead the charge in responsible electric mobility.”

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