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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American electric vehicle manufacturer Lucid Group has announced a revised model lineup for its Lucid Gravity SUV in Europe. The updated structure consists of four trim levels: Gravity Touring, Gravity Touring Plus, Gravity Grand Touring and Gravity Grand Touring Ultimate.

The EV maker has expanded standard equipment across all variants, which sees the DreamDrive 2 Premium driver assistance package included as standard, featuring High Beam Assist, Lane Departure Protection, Blind Spot Display and 3D Surround View Monitoring.

From the Touring Plus level upward, vehicles feature a 7-seat layout alongside additional cabin equipment including power rear side window sunshades, soft-close doors, a heated steering wheel, heated windscreen wipers and heated second-row seating.

Lawrence Hamilton, President of Europe, Lucid, said, “The updated Lucid Gravity lineup gives European customers a clearer way to choose the SUV that best fits their needs. With more technology, comfort and convenience features included as standard across the range, Gravity offers an even stronger combination of space, performance, efficiency and advanced technology.”

The entry-level Gravity Touring features an 89 kWh battery pack, delivering an output of 418 kW and a WLTP combined range of up to 545 kilometres. Pricing in Germany starts at EUR 94,900, with monthly leasing rates beginning at EUR 949 including VAT. The Gravity Touring Plus incorporates the seven-seat configuration and interior features, starting at EUR 99,900 in Germany or EUR 999 per month on lease.

The higher-specification Gravity Grand Touring utilises a 123 kWh battery, producing 617 kW to achieve a claimed zero-to-100 kmph acceleration time of 3.6 seconds and a WLTP range of up to 739 kilometres. This trim includes massage seating, 230V power package and faster charging capabilities. Prices in Germany start at EUR 119,900, with leasing from EUR 1,199 per month.

At the top of the range, the Gravity Grand Touring Ultimate incorporates the DreamDrive 2 Pro suite, air suspension, rear-wheel steering, a 22-speaker audio system, and leather upholstery, starting at EUR 147,500 or EUR 1,475 per month on lease. Orders for all four variants have opened, with customer deliveries across European markets scheduled to begin in autumn 2026.

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EV charging network ChargeZone and inter-city bus operator Fresh Bus have announced an expansion of their commercial partnership. As per the agreement, Fresh Bus will deploy 400 additional electric buses operating on ChargeZone's charging infrastructure.

The expansion increases the fleet supported by ChargeZone infrastructure from 100 to 500 buses. The operations will cover 20 cities and 17 towns across Tamil Nadu, Karnataka, Andhra Pradesh and Telangana over the next 15 months.

To support the fleet, ChargeZone will add 30 MW of charging capacity to its existing 10 MW dedicated infrastructure for Fresh Bus, bringing total capacity for the operator to 40 MW.

The installation forms part of ChargeZone’s target to add 200 MW of capacity across its network. The expanded operations are projected to supply 100 million units of energy annually and accommodate over 20,000 daily passenger trips.

Kartikey Hariyani, Founder and Chief Executive Officer, ChargeZone, said, "India's EV transition will not be driven by personal vehicles alone. Commercial mobility, particularly intercity public transport, can play a critical role in taking electrification to scale because these vehicles operate frequently, travel longer distances and depend on predictable infrastructure. Our partnership with Fresh Bus has shown that when charging capacity, uptime and energy availability are built around the needs of fleet operations, operators can scale electric mobility with greater confidence. This expansion is about taking that proven model to more routes and demonstrating how charging infrastructure can enable intercity public transport to electrify at scale."

Sudhakar Reddy, Founder, Fresh Bus, said, “When we started Fresh Bus, the biggest question wasn't whether passengers would choose electric intercity travel, it was whether the charging infrastructure could keep pace with a growing fleet running every day, across every corridor. Our partnership with ChargeZone has answered that question. The reliability of their network is what has allowed us to move from proving the model to scaling it with confidence. Expanding to 500 buses and 40 MW of dedicated charging capacity is not just a fleet decision, it's a statement that electric intercity travel can be dependable, affordable, and ready for the passengers. This is what public electric mobility in India should look like: comfortable for the commuter, sustainable for the planet, and built to scale.”

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Vietnamese electric vehicle manufacturer VinFast recently outlined its driver-assistance technology roadmap, global supply chain strategy and financial targets during the Bloomberg Sustainable Business Summit.

Speaking at the event, Anne Pham, Head of International Capital Development at parent company Vingroup, detailed the automaker's phased approach to vehicle autonomy. VinFast's current vehicle lineup operates at Level 2 Advanced Driver Assistance Systems (ADAS), providing functions such as adaptive cruise control and lane-centering. The company plans to transition to Level 2+ and Level 2++ capabilities in upcoming vehicle generations, extending automated assistance features while maintaining driver supervision. Each phase of the software rollout will rely on real-world data validation prior to deployment.

Addressing international operations and supply chain management, Pham highlighted the company's regional manufacturing expansion outside Vietnam, including facilities built in India and Indonesia to serve as production and export bases.

“We have taken several steps to ensure that we are investing for the future,” said Pham.

Regarding trade dynamics and international market presence, Pham confirmed that the manufacturer's operational plans for North America remain active.

Pham said, “VinFast currently has sales in various parts of the world, including North America and the United States. Our U.S. sales plans remain on course.”

Commentary on global market conditions focused on energy sector fluctuations and regulatory policies as drivers for electric vehicle adoption rates.

Pham averred, “The transition to EVs has benefited not only from regulatory support around the world, but also from market volatility.”

On financial performance metrics and profitability targets, Pham indicated that the automaker expects its domestic operations to achieve profitability within three years.

Pham concluded, “We are on track to break even in Vietnam by 2027.”

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Youdha has unveiled the EPOD-Bharat, a limited-edition hand-painted version of its L5 electric passenger three-wheeler. The electric three-wheeler was displayed at the Bharat Vyapar Mahotsav at Bharat Mandapam in New Delhi.

The exterior artwork draws inspiration from Warli art, featuring depictions of rural life, nature and community gatherings. The initiative combines traditional Indian art forms with commercial electric vehicle manufacturing.

The base EPOD vehicle is powered by a 6 kW motor generating 50 Nm of torque, paired with an 11.8 kWh lithium-iron-phosphate battery pack. The powertrain delivers a certified range of up to 227 kilometres per charge and includes City and Boost driving modes. The chassis provides a 300 mm water-wading depth for operation across varied road conditions.

Priced from INR 320,000, the passenger three-wheeler targets self-employed drivers and commercial fleet operators. Production takes place at Youdha’s assembly plant in Kashipur, Uttarakhand, which maintains an annual manufacturing capacity of 100,000 units.

Ayush Lohia, Chief Executive Officer, Youdha, said, “EPOD-Bharat is our tribute to the spirit of Bharat and to the women and artisans whose creativity and resilience continue to shape our country. We wanted to bring traditional Indian art onto a modern electric mobility platform, creating a vehicle that represents both our heritage and our aspirations for the future.”

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