Bengaluru-based electric vehicle manufacturer Ola Electric aims to sell 325,000 to 375,000 units, which will translate to revenue of INR 42 billion to INR 47 billion in FY2026. It anticipates its auto business will achieve full-year EBITDA positive status, with gross margins expected to rise to 35-40 percent starting in the second quarter, buoyed by Production Linked Incentive (PLI) benefits.

The optimistic outlook follows a strong performance in Q1 of FY2026, where the company saw significant sequential growth and a key profitability milestone. It sold 68,192 two-wheelers, up 32.7 percent compared to 51,375 units sold in Q4 FY2025. The revenue came at INR 8.28 billion, up 35.5 percent over the previous quarter. Ola Electric claims its auto business achieved EBITDA positive status in June 2025, a significant turnaround from previous quarters. The auto segment's Q1 EBITDA improved sharply to -11.6 percent from -90.6 percent in Q4 FY25. Consolidated EBITDA also saw a substantial recovery to -28.6 percent.

Ola Electric's ‘Project Lakshya,’ a cost optimisation initiative, has driven considerable operational efficiencies. Monthly auto operational expenses have been reduced from INR 1.78 billion to INR 1.05 billion, with a target to further lower consolidated operational expenses to approximately INR 1.30 billion per month through FY26. This focus on efficiency has contributed to a notable improvement in free cash flow, which improved to negative INR 1.07 billion in Q1 from negative INR 4.55 billion in Q4 FY2025.

Product innovation continues to be a key driver, with the newly introduced Gen 3 scooters accounting for 80 percent of total scooter sales in the quarter. These models the company shared have not only improved margins but also led to a significant reduction in warranty claims. The rollout of Ola Electric’s Roadster X motorcycles is also progressing, now available in 200 stores across India and slated for further scaling during the upcoming festive season. Software adoption is also on the rise, with MoveOS+ adoption surging to nearly 50 percent among new customers.

A significant technological leap for Ola Electric is the in-house production of its 4680 Bharat Cell, set to power vehicles starting this Navratri. The company plans to fully utilise its 1.4 GWh capacity by the end of FY2026 and scale it to 5 GWh by FY2027. Furthermore, the company has successfully developed Heavy Rare Earths (HRE) free Motors, scheduled for production deployment in Q3 FY2026. These vertical integration efforts aim to reduce costs, enhance performance, and improve supply chain resilience.

Ola Electric aims to further solidify its position as an industry leader, being the only major EV player currently offering ABS-equipped products (S1 Pro+). The company is also developing its in-house ABS, expected to be production-ready by January 2026, aligning with evolving safety standards.

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LICO Materials, a battery circularity company, has received an eligibility grant from the Ministry of Mines under the Incentive Scheme for Promotion of Critical Mineral Recycling. The scheme is a component of the National Critical Mineral Mission (NCMM).

The grant, issued via the Jawaharlal Nehru Aluminium Research Development and Design Centre (JNARDDC), identifies LICO as one of 58 companies selected to develop domestic mining capabilities in India.

LICO has committed an investment of INR 2.40 billion and qualifies for a 20 percent Capital Expenditure (CAPEX) subsidy. Additionally, the company will receive an Operational Expenditure (OPEX) subsidy linked to commercial sales through to FY2030–31. Selection for the scheme required proof of technical capability in chemical extraction; companies involved only in collection or shredding were excluded.

The project involves a brownfield expansion in KIADB, Karnataka. LICO plans to add 10,000 tonnes per annum (TPA) of material extraction capacity across two plants. While, one facility will focus on the mechanical shredding of battery packs, the second will handle the chemical extraction of minerals. The company aims to recover lithium, nickel and cobalt at 99 percent purity from end-of-life batteries featuring LFP, LCO and NMC chemistries.

The NCMM scheme has a national outlay of INR 15 billion and aims to increase India’s recycling capacity from 100,000 TPA to 400,000 TPA by 2030. This initiative is intended to reduce reliance on mineral supply chains from East Asia and improve industrial security.

Gaurav Dolwani, CEO, LICO Materials, said, “This recognition by the Ministry of Mines and NCMM is government's validation that what we are building in Karnataka is what India needs. We are not just recycling batteries but are producing battery-grade lithium, nickel & cobalt on Indian soil, from Indian waste batteries, for India's cell and battery manufacturers. This is critical when global mineral supply chains are fracturing along geopolitical lines. We are grateful for this recognition and committed to delivering on every milestone.”

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Japanese automotive luxury carmaker Lexus has released details of the TZ, a battery electric vehicle (BEV) and three-row SUV. The EV follows the theme ‘Discover Limitless’ and is based on a ‘Driving Lounge’ concept.

The interior features a movable panoramic roof and an audio system. For acoustics, the e-SUV uses sound directivity control to manage the cabin environment. Materials used in the construction include forged bamboo from Shikoku and recycled aluminium. The development of the TZ followed a philosophy focused on the core structure and ride quality.

The design features a spindle body and graphics to manage aerodynamics. According to Lexus, the model achieves aerodynamic performance levels for its SUV category as of May 2026. The vehicle includes a ‘Rear Comfort’ mode and ‘Interactive Manual Drive’ technology. Manufacturing processes for the model incorporate methods intended to manage environmental impact.

Takeshi Miyaura, Chief Engineer, Lexus International, said, “TZ was developed with the 'Driving Lounge' concept: a refined mobile space that brings smiles to the faces of drivers and families. To get there, the development team continually questioned and refined the vehicle's identity. We envisioned Lexus's target brand value – customers who value time and choose authenticity – and aimed to deliver a new Lexus experience through the TZ. Electrification (BEV) emerged as the method to realise these values because BEV it offers an ideal blend of driving enjoyment and driving evolution. In addition to the Lexus experience of ‘seeing,’ ‘riding,’ and ‘driving,’ we now offer the new value of ‘spending time’ inside the vehicle.”

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European commercial vehicle manufacturer DAF has started production of the XG Electric and XG+ Electric trucks.

The e-truck, built in Eindhoven, use powertrain technology and cab designs. The first vehicle, an XG+ tractor with an output of 350 kW, will be delivered to Hellmold & Plank, a logistics provider based in Germany.

DAF's range of electric vehicles extends from the 12-tonne XB Electric for distribution to the XG and XG+ Electric for haulage. These models share technology with the XD and XF Electric trucks, which were named ‘International Truck of the Year 2026’.

Hellmold & Plank has operated for 122 years and is based in Gieben. The company employs DAF electric models for shuttle transport and drugstore supply. The firm also utilises PACCAR charging equipment for its fleet operations.

The XG and XG+ Electric are intended for distance transport. Cabs provide a volume of 12.5 cubic metre for work and sleep. The vehicles use the PACCAR EX-D2 powertrain, which produces between 270 and 350 kW and torque of 2,400 Nm. It is powered by lithium-iron-phosphate (LFP) battery packs fitted to the chassis. The e-trucks have a claimed range of 500 kilometres depending on the application.

Harald Seidel, President, DAF Trucks, said, “The start of production of the XG Electric and XG+ Electric, underlines our commitment to offering zero-emission solutions across a broad range of applications. Customers such as Hellmold & Plank demonstrate that our electric trucks are delivering strong efficiency and sustainable performances in everyday logistics operations.”

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Chennai-headquartered two-wheeler and three-wheeler major TVS Motor Company (TVSM) has announced the launch of the TVS iQube S 4.7 kWh at INR 137,142 (ex-showroom Delhi).

The e-scooter is equipped with a 4.7 kWh battery that offers a claimed range of 175 km (IDC-certified). The variant introduces new colour options, including Magnificence Purple Beige, Harlequin Blue Beige and Titanium Grey Matte.

The TVS iQube is one of the most popular e-scooters sold in India. The e-scooters are currently available in more than 1,000 cities and 3,300 dealerships across India.

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