Rapido, one of India's, leading bike, auto and cab aggregators, has partnered IndoFast Energy - a 50:50 joint venture of Indian Oil Corporation and Sun Mobility, to roll out 10,000 of Piaggio’s swappable e-autos – E-city Max – across India in the next 24 months.

The program will start with Hyderabad, Bengaluru and other major cities in southern India. The partnership will add over 1,000 EVs to the country’s public transport system by December 2024.

The partnership between Rapido and IndoFast Energy began with a pilot in Bengaluru, Hyderabad and Delhi in 2023, with the aim to integrate IndoFast Energy’s advanced swappable battery technology into Rapido’s platform, enhancing the accessibility, efficiency, and convenience of electric vehicles. 

This builds on the success of the pilot program launched by the two companies, where the collaboration facilitated the establishment of more than 100 swap stations in Hyderabad and Bengaluru, allowing auto captains to swap batteries and minimise downtime. Rapido aims to cater to around 20 percent of its daily rides using swappable electric autos.

Pavan Guntupalli, Co-Founder, Rapido said, "At Rapido, our mission is to provide affordable, convenient, and eco-friendly mobility solutions. This partnership with IndoFast Energy allows us to significantly enhance our EV offerings on the platform, aligning with our commitment to sustainability. By introducing swappable electric autos operated by our Captains, we're not only reducing the carbon footprint but also empowering our drivers with sustainable earning opportunities, setting a new benchmark for the ride-hailing industry.”

Anant Badjatya, CEO, Indofast Energy said, “Our partnership with Rapido marks a key milestone in our effort to make commuting more sustainable and accessible. This joint initiative is a direct result of the success of the pilot we started with Rapido almost a year back. We will now expedite our deployment across India including in Hyderabad, Bengaluru, Delhi and Chennai to make this initiative a great success” 

Diego Graffi, Chairman and MD, Piaggio Vehicles India said, “As pioneers of 3W electric mobility in India, today, we have over 50,000 Ape Electrik vehicles running across the country.  Of these, already over 2,500 Ape Electrik vehicles have a swappable battery solution and many of these have run over 100,000km. We are proud of the performance, robustness, durability, and ease of usage that Ape Electrik provides customers with. By partnering with Rapido and IndoFast Energy, we aim to deploy over 10,000 3W EV swappable battery vehicles in 24 months across India. With negligible down time for EVs, swappable battery solution is cost effective and promising future of EVs. This partnership would be a significant contribution to India’s EV mission as well as a push for the benefits of a swappable battery solution.”

IndoFast Energy’s swap stations are designed for swift battery exchanges, enabling users to swap depleted batteries for fully charged ones in under two minutes. The network of swap stations allows for ‘EV refueling’ faster, cheaper, and more convenient than conventional petrol and diesel vehicles. This solution also works on a pay-per-use model that empowers EV users to pay for only the energy used per swap.

The JV also recently announced its plan to set up 10,000 swapping stations across more than 40 cities in the next 3 years to cater to the rising demand for swappable EVs.  

Rapido along with Indofast Energy is also exploring the introduction of high-speed premium two-wheelers and retrofitted three-wheelers onto its platform to further diversify its eco-friendly ride-hailing offerings. 

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CATL and Stellantis broke ground on a EUR 4.1 billion battery plant in Figueruelas, Spain, on 26 November. The 50:50 joint venture will produce lithium-iron-phosphate battery cells and targets an annual production capacity of 50 GW/h.

The project, which is Spain’s largest battery factory, is backed by over EUR 300 million in EU funds, with production expected to start in late 2026.

According to unions, around 2,000 Chinese workers will help construct the site, a point of contention with local authorities and residents. Also, 3,000 Spanish staff are to be hired and trained later.

Spanish authorities and residents have voiced concerns about job opportunities for local workers and potential strain from the influx of foreign employees. CATL Vice President Meng Xiangfeng said earlier in November the company needed experienced technicians to build and fine-tune production lines, with plans to train local workers to take over operations gradually.

David Romeral, Director General of CAAR Aragon, a network of automotive businesses in the region, said: “We don’t know this technology, these components – we’ve never made them before. They’re years ahead of us. All we can do is watch and learn.”

The regional government is organising work permits for arriving workers while seeking to attract battery supply chain companies to Aragon. Some Chinese technicians and managers have already arrived, with several hundred more expected by year-end and nearly 2,000 by the end of next year.

CATL’s approach contrasts with its Hungarian site in Debrecen, where it hired mostly locals to build its European plant. However, a lack of local workers caused production to be delayed from late 2025 into mid-2026. The Figueruelas facility will serve as CATL’s third European manufacturing operation, alongside the Hungarian plant and one in Germany.

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Neuron Energy, an EV battery manufacturer, has raised INR 310 million in a Pre-Series B funding round led by Equanimity Ventures, Rajiv Dadlani Group, Thackersay Family Office and Chona Family Office, with participation from Family Offices and HNI investors. With this, Neuron Energy has raised INR 810 million to date.

The funding will be used to expand Neuron Energy’s manufacturing capacity to 3 GWh and to establish a fully automated, large-scale battery facility for electric four-wheelers and buses at Chakan, Pune. The capital will also strengthen the company’s R&D capabilities, accelerate domestic growth, and broaden its footprint in international markets.

Pratik Kamdar, CEO and Co-Founder, Neuron Energy, said, “This Pre-Series B round is a defining step in our mission to industrialise world-class battery manufacturing in India. As EV adoption accelerates, we are focused on building capacity, embedding automation, and pushing the boundaries of performance and reliability. This investment ensures we can deliver at scale, both in India and globally.”

The company said it operates with a low-CapEx and low-OpEx business model. It has been growing profitably year-on-year and is on track to achieve INR 2 billion in revenue this year. The company is also confident of achieving sales of over INR 9 billion, with profitability, over the next few years.

Rajesh Sehgal of Equanimity Ventures, added, "We see immense potential in Neuron Energy’s approach to EV battery innovation and scalability. Their focus on quality, automation, and energy efficiency aligns with the evolving demands of the EV industry in India and beyond. We are proud to support their next phase of growth as they scale into new vehicle categories and manufacturing capacities."

The new facility reinforces the company’s position in two-wheeler EV batteries and signals a strategic entry into heavier vehicle segments. This supports Neuron’s vision to become a comprehensive EV battery solutions provider.

Rajiv Dadlani, from the Family Office of the Rajiv Dadlani Group, said, "Neuron Energy demonstrates remarkable potential to become the market leader, with their renewed focus, in delivering top-quality products. The company and its founders are highly committed to delivering rigorously tested and safe-to-use Li-Ion smart batteries. We are confident that they will continue to thrive and set new standards in the industry."

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Mahindra has launched the XEV 9S, an electric 7-seater SUV built on the INGLO platform, with prices starting at INR 1.99 million (ex-showroom).  The XEV 9S is powered by MAIA, described as India’s fastest automotive mind.

The EV comes with a 70 kWh battery, delivering a power of 180 kW and 380 Nm of torque. It offers a claimed real-world range of 500 km from its LFP battery, which comes with a Lifetime Warranty. The SUV is stated to be the fastest 7-seater in its class, reaching zero to 100 kmph in 7.0 seconds, with a 202 kmph top speed.

The fully-loaded Pack Three Above 79 kWh variant is priced at INR 2.94 million ex-showroom with bookings open on 14 January 2026 and deliveries starting on 23 January 2026.

R Velusamy, President - Automotive Business, Mahindra & Mahindra and Managing Director, Mahindra Electric Automobile, said, “We have always believed that technology is meaningful only when it expands human possibility. The XEV 9S built on the INGLO electric origin platform does exactly that by creatin space – more than anyone else and gives a smooth and noise free ride. THE MAIA brain enables many of its high-tech features, making it the most advanced offering for its price.”

Nalinikanth Gollagunta, Chief Executive Officer - Automotive Division, Mahindra & Mahindra and Executive Director, Mahindra Electric Automobile, said, “The future of Indian mobility will belong to brands that don’t just electrify vehicles, but reimagine categories. With the XEV 9S, we’re not just playing in the EV segment, we’re expanding it. This SUV signals the start of a BIG new electric era for Mahindra - one built on scale, on purpose, and on a deep understanding of how India moves. The attractive prices starting at ₹ 19.95 Lakh make a very high-tech product accessible, with bookings opening on Jan 14 and deliveries start on Jan 23.”

The XEV 9S is an expression of Mahindra’s Heartcore Design philosophy, featuring a stance, lines, a gloss finish and interiors. The vehicle is designed to be silent on wheels.

Key highlights include:

• Space: Offers 4,076-litre of cabin space (for front and second row), boot space up to 527-litre and 150-litre of Frunk space. The third-row features 50:50 split seats.
• Suspension: Features Intelligent Adaptive dampers with i-Link at the front and 5-Link independent suspension at the rear.
• Driver Aids: Includes L2+ ADAS with five Radars and one Vision Camera, Driver Drowsiness Detection with DOMS (Eyedentity) and Secure360 Pro for live view and recording.
• Interior Comfort: Features Powered Boss Mode, ventilated second row seats, recline and sliding adjustment, sunshade for second row windows, Acoustic ‘Laminated’ Glass and wireless phone charging.
• Technology: Equipped with Brake by Wire with IEB, High Power Steering with VGR, VisionX – AR HUD, AutoPark Assist, and 140 features including Digital Key, NFC and Charge Scheduler.
• Entertainment: Includes a 16-Speaker Harman Kardon Audio system with Dolby Atmos, three 31.24 cm screens, 5G Connectivity and Fun & Work Apps.
• Efficiency: Running costs are INR 1.2 per km, with maintenance costs of INR 40 paise per kilometre and negligible road tax. Business owners benefit from 40 percent depreciation.

Pratap Bose, Chief Design & Creative Officer - Auto & Farm Sectors, Mahindra & Mahindra, said, “Designing the XEV 9S wasn’t about adding lines to a surface, it was about shaping a feeling. We wanted it to feel like stepping into a personal sanctuary, yet one that carries the pulse of modern India. Electric gave us the canvas; INGLO gave us the freedom to sculpt light, space and comfort. The result is an SUV that wears its size with grace and its technology with humility. It’s expressive, it’s calm, and it’s unmistakably Mahindra - built for a nation whose aspirations are only getting bigger.”

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