Axis Bank, one of the largest private sector banks in India, in partnership with GuarantCo, part of the Private Infrastructure Development Group (PIDG), has extended an INR 1 billion (around USD 12 million) guarantee to Muthoot Capital, one of India's fastest-growing NBFCs in India. This will empower the NBFC to lend to on-lend customers in rural and non-metro regions in India, for purchasing electric two-wheelers.

GuarantCo has provided a 65 percent on-demand credit guarantee to Axis Bank for this transaction, which is part of a broader USD 200 million electric vehicle (EV) framework agreement signed by GuarantCo and Axis Bank. This framework was established to enable mobilisation of funds between USD 300 and 400 million for financing the e-mobility ecosystem in India.

This collaboration with Muthoot Capital will focus specifically on providing transport solutions to rural and non-metro regions that predominantly consist of lower-income populations that have historically been underserved. The transaction will benefit Indian companies operating within the EV ecosystem with over INR 800 million (around USD 10 million) and is expected to impact local businesses in the supply chain, such as equipment manufacturers, vehicle dealers and insurers.

The INR 1 billion EV transaction will increase electric two- and three-wheeler vehicle provision, contributing to SDG 9.4 (Upgrade infrastructure and retrofit industries to make them sustainable, with increased resource-use efficiency and greater adoption of clean and environmentally sound technologies) and SDG 11.2 (Provide access to safe, affordable, accessible and sustainable transport systems for all).

This is GuarantCo and Axis Bank’s third transaction under the EV framework agreement. In December 2023, it had first enabled an INR 2.5 billion (around USD 30 million) loan to Vivriti Capital for supporting the company’s expansion strategy in the e-mobility ecosystem of India, and subsequently extended INR 1 billion (around USD 12 million) loan to Everest Fleet for the purchase of electric cars to be deployed as low pollution emitting taxis in India.

Rajiv Anand, Deputy MD, Axis Bank said: “Axis Bank stands committed to support and accelerate the growth of e-mobility industry in India. As one of the leading banks in the country, we are dedicated to driving initiatives that create positive environmental and social impact. By promoting the adoption of electric vehicles, we are working to reduce emissions, enhance air quality and provide affordable and accessible transport solutions nationwide. We have proactively scaled up our partnerships and engagements with EV dealers, manufacturers, and other players and will continue to do so. This collaboration not only supports the development of green infrastructure in India but also aligns with our broader vision of fostering an inclusive future where sustainable practices benefit all segments of society.’’

Mathews Markose, CEO, Muthoot Capital said: “Partnering with GuarantCo marks a significant step forward in accelerating the adoption of electric vehicles and advancing sustainable transport solutions in our country especially in the rural and semi-urban markets. This funding will enable MCSL to provide innovative and tailor-made financing options aimed at making electric vehicles more accessible and affordable to a wide range of consumers and businesses. We look forward to enabling the common man to own their own two-wheeler ensuring affordability and convenience. This will lend wings to our slated objective of growing our EV by 200 crores during FY2025.”

Layth Al-Falaki, CEO, GuarantCo said: “We are delighted to have closed the transaction with Muthoot Capital under the Electric Vehicle framework guarantee agreement that we signed with Axis Bank in May 2022.  This is the third transaction that we have closed under the agreement which after the ones that we closed with Vivriti Capital and Everest Fleet now total INR 4.5 billion (c. USD 54 million). This is also the first transaction under the framework which will cover the demand side of the EV business through the provision of credit so that customers can purchase electric vehicles.  In addition, the transaction is expected to have a market transformation effect that we hope that it will help catalyse deployment of more electric vehicles in India. GuarantCo, through the Private Infrastructure Development Group, will continue to utilise the climate mitigation guarantee with Axis Bank to further the e-mobility ecosystem in India and to deliver against our climate action aims aligned with the PIDG 2030 strategy.”

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Toshiba has introduced a new SCiB 24V battery pack (P25H20-3), a lithium-ion solution designed for the automotive, marine and heavy equipment sectors. The battery is intended for seamless replacement of conventional lead-acid batteries.

The new product is already being used in the ‘e-Float Terrace,’ an electric boat from Yamaha Motor Co., which is scheduled to begin offering cruise experiences in Yokohama, Japan, this October.

The SCiB 24V battery pack, equipped with 20Ah-HP SCiB cells, is engineered to meet the D23 size specified for starter lead-acid batteries (JIS D 5301). This allows for direct replacement of existing 24V lead-acid units.

The pack can be deployed as a standalone unit or configured in series and parallel – up to 2 in series and 6 in parallel (48V, 5.76 kWh) – to meet power requirements. The battery’s capability to handle high-load operations makes it suitable for marine vessels, commercial vehicles (buses and trucks) and heavy equipment (construction and agricultural machinery).

Toshihiko Takaoka, Vice-President, Battery Division of Toshiba Corporation, said, “We engineer SCiB batteries for outstanding reliability in demanding environments. The 24V battery pack combines excellent low-temperature performance and vibration resistance with robust waterproofing certified to the IPX9K and IPX7 standards. Its exceptional long-life performance helps reduce maintenance requirements for electric boats. To extend these advantages to more partners, we will continue to pursue further orders across marine and other applications.”

The Japanese company shared that tis range of SCiB batteries are known for their high safety, long life, low-temperature performance, rapid charging capability and wide usable state-of-charge range.

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MoEVing, an electric mobility solutions firm, has partnered Tata Motors Commercial Vehicles dealers – Pascos, Johar Automobiles and Bhandari Automotive – to lease a fleet of 700 electric small commercial vehicles (e-SCVs). The fleet includes the Ace EV and Ace Pro EV.

The EVs will be used for last-mile deliveries in the e-commerce, logistics and fast-moving consumer goods (FMCG) sectors across more than 10 Indian cities, including Delhi NCR, Mumbai, Pune, Chennai, Hyderabad, Bengaluru and Kolkata. This deployment is expected to lead to a carbon emission reduction of almost 2,000 tonnes per year.

The collaboration introduces a business model where the Tata Motors Commercial Vehicles dealers will own and maintain the fleet, while MoEVing will operate it. This arrangement is intended to unlock operational efficiencies and enable scalable mobility solutions.

The partnership will serve over 20 enterprise clients, aiming to cover an estimated 25 million green kilometres annually.

Vikash Mishra, Founder and CEO, MoEVing, said, “Our mission is to accelerate the adoption of green, zero-emission mobility across India’s logistics. We have had excellent experience working with Tata Motors and are looking forward to deploying these vehicles across various use cases and segments. Our innovative business model for operating them on lease will enable scalable, cost-effective deployment of electric vehicles, streamline fleet ownership and maintenance, and accelerate scalability. We look forward to breaking more milestones with the largest deployment of Tata Electric Commercial vehicles across the country”

Pinaki Haldar, Vice-President & Business Head – SCVPU, Tata Motors Commercial Vehicles, added, “Tata Motors is steadfast in its commitment to driving India’s transition to green, zero-emission mobility. This partnership between MoEVing and our leading dealer partners – Pascos, Johar, and Bhandari Automotive – marks a pivotal step in scaling sustainable last-mile logistics. The Ace EV & Ace Pro EV are engineered to deliver superior performance, uptime and reliability in real-world operating conditions. Additionally, with a versatile range of load deck configurations and payload capacities, these vehicles are designed to meet the diverse needs of customers across businesses. Our robust network of over 200 dedicated EV support centres across the country ensure maximum uptime and swift turnaround, backed by trusted service and deep technical expertise.”

With the addition of 700 e-SCVs, MoEVing’s fleet now includes over 2,500 electric vehicles.

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American electric vehicle major Tesla has reported record revenue and free cash flow for the Q3 CY2025, supported by high vehicle deliveries and energy storage deployments.

The electric vehicle maker posted total revenue of USD 28.1 billion, a 12 percent increase YoY. Free cash flow reached nearly USD 4 billion, which the company states is its highest.

Total vehicle deliveries reached 497,099 in the quarter, a 7 percent YoY growth. Deliveries of the Model 3 and Model Y rose by 9 percent to 481,166 units. Energy storage deployments were a record 12.5 gigawatt hours (GWh), up 81 percent YoY.

Gross Margin stood at 18 percent, a drop of 185 basis points from the previous year. Gross profit was USD 5.1 billion, up 1 percent.

Operating income fell 40 percent YoY to USD 1.6 billion, resulting in a 5.8 percent operating margin. This decline was due to increased operating expenses, which rose 50 percent YoY to USD 3.4 billion, alongside higher average vehicle costs and a shift in sales mix. Lower regulatory credit revenue also impacted profitability.

Net income attributable to common stockholders reached USD 1.4 billion, a 37 percent drop. Cash, cash equivalents and investments increased by USD 4.9 billion to USD 41.6 billion.

During the quarter, Tesla expanded its vehicle range, launching the Model 3 and Model Y Standard variants. The company also launched the Model Y Performance and the Model YL in China, a longer six-seat version.

In the energy sector, Tesla unveiled Megapack 3 and Megablock, its next-generation industrial storage products. Production for Megapack 3 is scheduled to begin at Megafactory Houston in 2026. The company also launched a new lease offer in the US for solar and Powerwall systems.

Tesla launched its ride-hailing service in the Bay Area using Robotaxi technology and began deploying version 14 of FSD (Supervised) in October. The Supercharger network expanded by over 3,500 stalls in the quarter, an 18 percent YoY growth and it launched its first v4 Supercharger cabinets.

“While we face near-term uncertainty from shifting trade, tariff and fiscal policy, we are focused on long-term growth and value creation. We are prudently making the necessary investments in our business, including future business lines, that we believe will drive incredible value for Tesla and the world across transport, energy and robotics,” the company said in a statement.

Tesla indicated that Cybercab, Tesla Semi and Megapack 3 remain on schedule for volume production starting in 2026. Production lines for Optimus, the humanoid robot, are being installed in anticipation of volume production. The lithium refinery in Texas is expected to begin production in Q4 2025.

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Pune-headquartered alternative energy vehicle manufacturer Blue Energy Motors (BEM) has launched its electric heavy-duty truck, which is equipped with battery swapping technology.

The truck was unveiled by the Chief Minister of Maharashtra, Devendra Fadnavis, at Blue Energy Motors’ Chakan facility in Pune. Fadnavis also inaugurated, what is claimed to be India’s first electric corridor from Mumbai–Pune, which is the first step in a plan to electrify national highway corridors over the next three years.

What’s more, Blue Energy Motors has signed an MoU with the Maharashtra government to set up a new facility with a capacity of 30,000 trucks, backed by an investment of INR 35 billion. The automaker has received strong demand for its e-trucks and has signed MoUs for over 10,000 units.

The new e-truck is designed for Indian conditions and follows the success of Blue Energy Motors’ LNG-powered fleet. It features an unlimited range with battery swapping, the highest payload in its category and Advanced Mobility Intelligence. The launch also introduces India’s first Energy-as-a-Service model for heavy-duty trucks.

Devendra Fadnavis, said, “This launch showcases Maharashtra’s leadership in sustainable innovation. Blue Energy Motors’ Made-in-India Electric Truck with Battery Swapping Technology, along with the Mumbai–Pune corridor, India’s first highway to go electric aligns seamlessly with the nation’s vision for Atmanirbhar Bharat and for a greener, self-reliant future. I applaud their efforts in advancing both environmental sustainability and industrial growth”.

Anirudh Bhuwalka, Founder and Managing Director, Blue Energy Motors, said, “We believe that this is the beginning of the EV Revolution in India for heavy-duty trucks. Our electric truck delivers unlimited range through battery swapping, highest payload in its category and Advanced Mobility Intelligence for fleet reliability. The Mumbai–Pune corridor is the first step in building a nationwide network of sustainable logistics, driving India’s green freight future forward. With our Energy-as-a-Service model, we’re redefining fleet economics offering reduced upfront capital cost, lowest TCO with highest payload, minimal charging downtime and making it well-to-wheel green with renewable energy.”

Also read: Montra Electric Launches 55-Tonne Rhino E-Truck, Unveils Battery Swap Technology Too

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