Ahmedabad-based company Svitch Bike launched the LITE XE, a foldable electric bicycle, priced at Rs 74,999 this week. The launch comes at a time when electric two-wheelers sales reached an all-time high in October at 75,294 units. Here is a look at the top developments in the auto sector this week.
Svitch Bike
Svitch Bike's LITE XE is the fifth luxury product offered by the company, after XE+, XE, MXE, and NXE. The electric bike comes with a 36-volt and 250-watt motor and has a range of around 80 km. The bike can be completely folded up with the handlebar, seat and suspension being adjustable.
Electric two-wheelers sales
Electric two-wheelers sales in October 2022 registered a 30 percent growth over the year-ago period. According to data available on the government website Vahan, which tracks vehicle registrations, electric two-wheeler sales in October this year stood at 75,294 units compared to 51,213 units in August and 52,975 units in September. Ola Electric topped EV two-wheeler sales with 15,065 units in October, up nearly 50 percent from 9,875 units in September.
Tesla cybertruck
Electric car manufacturer Tesla plans to start mass production of its most-anticipated Cybertruck, an electric pickup truck, by the end of 2023, Reuters reported. The company had last month said it was readying its Austin plant to build the new model and that the ‘early production’ was likely to begin in the middle of 2023.
Global EV manufacturing hub
From April 2023, the heavy industries ministry has made it mandatory for electric vehicle makers to undertake certain tests to avail incentives under various schemes, including the production-linked incentive (PLI) for automobiles, PLI for auto components, the ACC PLI scheme and the FAME incentive scheme. The move comes after several cases of EVs catching fire were reported since March.
“The objectives of PLIs have been to make India a global manufacturing hub in respect of the EV industry. So for that, it is essential that the products manufactured in India should have the global standards, otherwise they cannot be exported,” Arun Goel, secretary of the heavy industries ministry, told CNBC TV18.
Auto sales
Buoyed by festive demand, passenger vehicle sales in India witnessed a robust sale in October. Market leader Maruti Suzuki India saw a 26 percent rise in domestic sales at 1,47,072 units in October 2022 compared to 1,17,013 units in the year-ago period. Hyundai Motor reported a 29.6 percent jump in its domestic passenger vehicle sales at 48,001 last month against 37,021 units in the same period last month. Meanwhile, two-wheelers sales remained subdued.
(Edited by : Sudarsanan Mani)
