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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Green SM, the electric cab service arm of Vietnam’s Vingroup, has announced its plans to expand its electric mobility services across six states and union territories in India. The company has secured licenses in Delhi, Haryana and Uttar Pradesh – covering the Delhi National Capital Region.

Now the company is set to introduce its service in Karnataka under state aggregator frameworks. Building upon its operations in Delhi-NCR and Hyderabad, the company intends to launch services in Chennai and Bengaluru, working with authorities and local partners.

The expansion follows the company's debut in Delhi-NCR in June 2026, which deployed VinFast Limo Green electric vehicles and completed over 1.5 million rides within five months. Green SM is also rolling out dedicated airport pickup zones and plans to create thousands of earning opportunities for local drivers through professional training, welfare support, and competitive compensation. The company stated that fare information is accessible via its official channels and mobile application, and clarified that claims of a ₹8 per kilometre charge are unfounded.

Rohit Sharma, CEO, Green SM India, said, “We are delighted to announce that after successful launch in Delhi NCR, Green SM has another opportunity to bring the benefits of green mobility to more people across India. Green SM aims to provide customers with safe comfortable journeys along with consistently high service standards, while creating earning opportunities for local drivers. Green SM believes that quality service and environmentally friendly vehicles can help encourage greener travel habits in major cities.”

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YANGWANG, BYD's flagship luxury new-energy vehicle marque, staged a high-profile celebration in Dubai to honour the U9 Xtreme's 503.17 kmph world-record top speed, headlined by a bespoke light and projection spectacle across the Burj Khalifa. The showcase drew an estimated 3,000 international media figures and VIP guests, assembling a global audience to mark advances in automotive performance, technological innovation and brand growth.

The record was set on 1 November 2026, when the all-electric hypercar hit 503.17 kmph (312.6 mph) along Sheikh Khalifa Bin Zayed International Road (E11) in Abu Dhabi's Al Dhafra Region. Two Guinness World Records followed: highest speed achieved by a production car in a single-direction run, and the equivalent honour for an electric production car. Motorsport's governing body, the FIA, has likewise acknowledged the result. Racing driver Marc Basseng piloted the machine past its own earlier 496.22 kmph (308.3mph) marker, posted at ATP Papenburg in Germany in September 2025.

That display anchored the evening, projecting the milestone onto one of the planet's most photographed structures, while supporting brand activities allowed attendees to explore YANGWANG and the engineering underpinning its record-setting model. The U9 Xtreme, in the brand's view, embodies an ongoing push to test how far new-energy technology can stretch automotive limits.

The same evening saw the World Branding Awards trophy presented to BYD Executive Vice President Stella Li, following BYD's selection as Brand of the Year in the Automobiles category at Global Tier. The World Branding Forum, which runs the programme, weighs brand valuation, consumer market research and public online voting, with Global Tier status reserved for international brands active in at least 10 countries across three or more continents; the honour was first conferred at Hampton Court Palace in London on 3 November. The Dubai gathering sat within a broader UAE celebration programme that included a 110-vehicle parade of YANGWANG, DENZA and BYD models in Abu Dhabi on 7 November, led by the U9 Xtreme from West Park to Emirates Palace.

Stella Li, Executive Vice President, BYD, said, “Reaching 503.17 kmph with the U9 Xtreme demonstrates what electric performance can achieve and reflects our engineers’ determination to push beyond established boundaries. At the same time, being named Global Brand of the Year in Automobiles is also a recognition of the trust our customers place in BYD. These achievements inspire us to keep exploring what technology can make possible, from extraordinary performance to sustainable mobility that makes a meaningful difference in people’s everyday lives.”

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Delhivery has signed Memoranda of Understanding (MoUs) with Tata Motors, Euler Motors and Montra Electric to deploy between 1,500 and 2,000 electric four-wheelers across its intra-city logistics network over the next 12 to 18 months. The agreements form part of the company's plan to deploy nearly 5,000 electric vehicles within three years and fully electrify its intra-city fleet operating under 200 kilometres per day within four to five years, starting with a rollout in Delhi-NCR.

At present, electric vehicles account for 12 to 13 percent of Delhivery's intra-city fleet. Through advance payments for vendors and investments in charging and parking facilities at its hubs, the company plans to increase that share beyond 50 percent over the next two to three years.

Under the partnerships, Delhivery will induct the Tata Intra EV from Tata Motors, begin deployments with the Turbo City Plus from Euler Motors before adding payload-capacity models and expand nationwide operations of Montra Electric's EVIATOR across its network.

Prashant Gazipur, COO – In City Operations, Delhivery, said, “Scaling fleet electrification means finding solutions that work across the diverse needs of our network without compromising operational efficiency. Partnering with Tata Motors, Euler Motors and Montra Electric lets us expand our electric fleet across vehicle categories. The charging facilities we are piloting will make EV adoption easier and more affordable for our vendor partners.”

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GreenLine Mobility Solutions, an Essar Group venture, has entered into a partnership with Kirloskar Ferrous Industries to deploy electric trucks for the manufacturer's logistics operations.

The initiative began with the flag-off of electric trucks at Kirloskar Ferrous' facility in Taloja, Navi Mumbai, integrating electric transport into the company's goods movement.

At present, GreenLine operates a fleet of more than 1,200 liquefied natural gas and electric trucks across freight corridors in India, serving sectors including steel, cement, mining, fast-moving consumer goods and chemicals. The fleet has recorded over 100 million kilometres of operations, reducing carbon dioxide emissions by more than 30,000 tonnes for its clients.

Madhur Taneja, CEO, GreenLine Mobility Solutions, said, “At GreenLine, we are focused on advancing lower-emission freight transportation through solutions suited to different logistics requirements. LNG continues to play an important role in our approach to decarbonising long-haul transportation, while electric trucks offer opportunities in applications suited to electric mobility. Our partnership with Kirloskar Ferrous marks a further step in expanding our electric truck deployments and working with businesses to integrate cleaner transportation solutions into their supply chains.”

“Electrifying inter-plant logistics is where sustainability meets operational excellence, driving higher efficiency, lower costs and a cleaner future” said the Kirloskar Ferrous Industries leadership team.

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