The International Finance Corporation (IFC) has announced a USD 20 million equity investment in Transvolt Mobility (Transvolt) as part of a larger USD 50 million financing round.

This marks IFC's first equity investment in an electric vehicle platform globally. The investment aims to enhance urban transport access, scale EV production and strengthen India's electric mobility ecosystem.

Transvolt aims to deploy the funding towards expanding its electric fleet to 3,500 vehicles and create 8,200 jobs over the next five years. It also aims to deploy 8,000 electric heavy commercial vehicles, including buses and trucks, across India.

Dheeraj Jhawar, Director and Co-Founder, Transvolt Mobility, said, "We are delighted and honoured by the trust IFC has shown in our company to develop and deploy EV fleets across India. This investment strengthens our resolve to build a scalable, sustainable commercial EV platform. With IFC's support, we aim to accelerate the transition to sustainable transport and build inclusive solutions that are aligned with national and global sustainability goals."

Debasis Mohanty, CEO and Co-founder, Transvolt Mobility, added, "Transvolt is India's first integrated and OEM-agnostic EV platform that owns and operates electric buses and trucks for both government and private sector clients. The company is focused on delivering zero-emission mobility solutions aligned with global sustainable transportation goals."

Transvolt stated that India's push for clean mobility targets electrifying 800,000 buses, replacing 10 percent of diesel trucks with 400,000 electric trucks and achieving 18 percent electrification of small commercial vehicles by deploying 111,000 e-SCVs. This transition presents an opportunity to invest in scalable EV solutions and mobilise an estimated USD 200 billion to meet national targets.

Vikram Kumar, IFC's Regional Industry Director for Infrastructure and Natural Resources in Asia and the Pacific, said, "India's transition to sustainable transport hinges on scalable solutions and this investment leverages private sector innovation and technological advances to drive sustainable transportation. Transvolt has been a key partner of IFC, and through our collaboration, we aim to enhance market competitiveness in the sector by enabling the electrification of public and private fleets operated by municipalities and corporations, demonstrating the commercial viability of electric fleets, and expanding access to quality urban transport."

Imad N Fakhoury, IFC's Regional Director for South Asia, said, "Accelerating urban mobility and last-mile connectivity is critical to India's development goals. Our investment in Transvolt will drive the adoption of EVs, especially buses, as they remain the preferred and affordable mode of transportation across India. As IFC's first-ever equity investment in an EV platform, in the country and globally, it reinforces our commitment to India's EV roadmap, supports the country's transition goals, enables job creation, while contributing to long-term economic growth. IFC's private sector solutions such as e-mobility are key to World Bank Group's approach to support Government of India's urban transformation agenda."

Founded in FY2023, Transvolt is claimed to has deployed 500 e-HCVs across various segments, including municipal corporations, corporate employee transportation and haulage for cement manufacturers. It is an OEM-agnostic EV platform, collaborating with multiple OEMs and EV-charging partners to meet project requirements. The company has also established an ecosystem for EV-charging solutions through tie-ups with Charge Point Operators (CPOs) and O&M partners across India.

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Chartered Speed has deployed 11 electric buses for staff transportation for DCM Shriram at Jhagadia GIDC, Bharuch. The service was inaugurated by Sanyam Gandhi, Whole-time Director at Chartered Speed and Aditya Shriram, Deputy Managing Director at DCM Shriram.

The deployment is part of an effort to shift employee mobility towards electrification. Chartered Speed operates a fleet of over 2,000 buses across six states, serving 350,000 passengers daily.

The electric buses are equipped with several technologies for fleet management and passenger safety. It comes with real-time GPS tracking and onboard Driver Monitoring Systems (DMS). CCTV cameras, fire protection systems and first-aid kits are installed in every vehicle.

The company currently provides school and staff transportation services to various clients, including GHCL Limited and Apple Global School.

Sanyam Gandhi, Whole-time Director, Chartered Speed, said, “With the recent deployment of electric buses, we are strengthening our commitment to reducing the carbon footprint of our operations and supporting the transition to greener transportation solutions. Our vision is of building a large, clean energy-powered fleet that aligns with global trends towards electrification in public transport. We remain focused on integrating technology in our services not only enhances operational efficiency but also fosters a culture of safety that we believe is essential for the future of transportation.”

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Tata Motors, one of the leading passenger vehicle manufacturers in the country, has attained a new milestone in the Indian electric vehicle (EV) market, with cumulative sales of its TATA.ev range exceeding 250,000 units.

Since the launch of the Nexon.ev in 2020, the company has secured a 66 percent market share of all electric passenger vehicles sold in India to date. The Nexon.ev has become the first electric model in the country to surpass 100,000 cumulative sales.

At present, the company’s green vehicle offering includes the Tiago.ev, Punch.ev, Nexon.ev, Curvv.ev and Harrier.ev for personal use, alongside the XPRES-T EV for fleet operations.

To support its EV customers, Tata Motors has established an ecosystem, which includes access to over 200,000 charging points, including home, community and public chargers. A digital platform providing coverage for over 20,000 public chargers. Around 100 mega charging hubs operational across key corridors, offering speeds of more than 120kW. Approximately 1,500 dedicated EV service bays nationwide, staffed by over 5,000 technicians.

The automaker stated that every TATA.ev vehicle is manufactured with more than 50 percent local content. In collaboration with other Tata Group companies, the firm has localised the production of battery packs and battery management systems. The supply chain also includes domestic production of power electronics, wiring harnesses and thermal management systems.

Going forward, Tata Motors has outlined a robust growth strategy through to 2030:

• Upcoming Launches: The Sierra.ev and a new Punch.ev are scheduled for release in CY26, followed by the Avinya luxury range at the end of 2026.
• Portfolio Growth: Five new nameplates are planned by FY2030.
• Infrastructure Targets: The company aims for 400,000 charge points by CY2027 and 1 million by 2030.
• Battery Sourcing: Future models will use battery cells produced at the Agratas gigafactory in Sanand.

Shailesh Chandra, MD & CEO, Tata Motors Passenger Vehicles, said, “Crossing 250,000 EV sales reflects how electric mobility is fast becoming part of everyday Indian life. Our customers are driving more, travelling farther, and increasingly trusting EVs as their only cars. Our EV journey which began in 2018, was never about leading alone but about building the ecosystem to enable India’s transition to clean mobility. This progress is the outcome of the government’s forward-thinking policies, the steadfast support of our supplier partners and charging infrastructure providers and above all, the trust and enthusiasm of TATA.ev customers. As EV adoption accelerates, our commitment remains clear: to mainstream electric mobility by making it accessible across segments, strengthening the ecosystem, and investing in India-first technology and localization. This is how we will continue to lead India’s growing EV market.”

The company also intends to focus on the circular economy by reusing batteries for energy storage and providing battery health checks for second-hand owners.

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French-headquartered battery systems manufacturer Forsee Power has announced that MegaFlux, a Mexico-based powertrain integrator, has selected its ZEN LFP battery system for its heavy vehicle electric powertrains.

MegaFlux develops electric powertrains for trucks and buses, including retrofit solutions that convert diesel vehicles to electric. The company also provides charging infrastructure and energy management services.

The ZEN LFP product line uses lithium-ion LFP chemistry and is designed for buses, trucks and off-highway vehicles. The batteries are available in 36 kWh and 55 kWh formats, allowing for various voltage and energy combinations. The LFP battery has an energy density of 240 Wh/L. Being a modular system, upto to two modules can be stacked to optimise vehicle space. The battery has 6,000 charging lifecycle and is ISO 26262 ASIL-C and industry standards including R100-3 and R10.6 certified.

The use of LFP (Lithium Iron Phosphate) chemistry is intended to provide a lower Total Cost of Ownership (TCO) for operators due to its thermal stability and cycle life, factors that are relevant to the operating conditions in markets such as Mexico.

MegaFlux will integrate the ZEN LFP batteries into powertrains sold to original equipment manufacturers (OEMs) and into its vehicle conversion projects.

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Chinese automotive major BYD has celebrated the production of its 15 millionth new energy vehicle (NEV) at its Jinan Factory. The milestone vehicle is a Denza N8L, which also represents the 15,000th unit of this six-seat SUV model.

The company reported sales of 4.182 million units from January to November 2025, a YoY growth of 11.3 percent. Global markets contributed to this performance, with overseas sales reaching 917,000 units, surpassing the total volume recorded in 2024. BYD now operates in more than 119 countries and regions.

Technological innovation continues to drive the company's operations. In the first three quarters of 2025, R&D expenditure rose to CNY 43.75 billion, a 31 percent increase compared to the previous year. Total cumulative investment in research and development has now exceeded CNY 220 billion.

The Denza brand has entered markets in Singapore, Thailand and Malaysia. During the first half of the year, the Denza D9 became the top-selling luxury MPV in Indonesia, Thailand and Malaysia.

The brand has extended its presence into Europe and Latin America. This expansion is part of a strategy to increase the electrification of the global luxury automotive sector. Denza recently showcased the D9 at the São Paulo International Motor Show to support its growth in the region.

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