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.”

Comments (0)

ADD COMMENT

Link Copied!

BYD, the world’s leading New Energy Vehicle (NEV) maker, has entered into an agreement with Manchester City Football Club as its Official Automotive Partner. This collaboration stands as one of the most prominent unions between a major technology enterprise and a premier football institution, reflecting a shared dedication to sustainability and a comprehensive model of innovation.

Under this multifaceted arrangement, BYD and its premium DENZA brand will supply a range of vehicles to the club. Its clean-energy expertise will also be integrated into the City Football Academy through the provision of vehicle charging systems and energy-storage batteries, supporting the elite training environment used by the men’s, women’s and youth squads. The partnership will be visibly marked across the club’s assets, including branding on the training kit sleeves of the men’s first team starting immediately, followed by the women’s team in the upcoming season. Matchday visibility at the Etihad Stadium will include BYD branding on dug-out headrests and a ceremonial lead car escorting the men’s team bus for all Premier League and domestic cup home fixtures.

This initiative represents a key milestone in BYD’s broader engagement with international football, following its sponsorships of the UEFA EURO 2024 and the UEFA European Under-21 Championship 2025. Through this partnership, BYD aims to strengthen global recognition of its brand and advanced technological offerings.

Stella Li, Executive Vice President, BYD, said, "Manchester City stands for excellence, innovation and the courage to push beyond limits – values that are deeply rooted in BYD’s DNA. This partnership is about more than football or mobility; it is about inspiring people around the world through technology that excites, connects and drives a more sustainable future. When innovation meets passion, the impact is truly global.”

Ferran Soriano, Chief Executive Officer, City Football Group, said, “BYD are global leaders within their field. Leaders in delivering excellence through technology and innovation. Leaders with purpose, to make the world a better place.  All values that Manchester City share. As a Club, we are driven by a commitment to excellence and a passion for innovation. We partner with industry leaders to create a more environmentally sustainable future, starting with our facilities. This is why we are so proud to be BYD’s chosen partner and commit to work together for a better and more sustainable future for the duration of this multi-year partnership.”

Comments (0)

ADD COMMENT

Link Copied!

Chennai-headquartered two-wheeler and three-wheeler major TVS Motor Company and its partner Exelentia have delivered two TVS iQube electric scooters to the Governorate of Vatican City State. The initiative supports the Vatican’s transition towards zero-emission mobility for its daily operations.

The delivery, completed on 5 February, stems from a collaboration between the Vatican and Exelentia focused on innovation and sustainability. The partnership involves TVS Motor Italia and aims to provide transport solutions that meet the requirements of the Vatican environment.

The TVS iQube was selected for its performance and noise-free operation. It comes with up to 100 km of claimed range in eco mode. Equipped with the SmartXonnect system, the e-scooter offers a connectivity option via a TFT display and a mobile application. Built for urban and short-range travel with a focus on ease of use and functional technology.

Giovanni Notarbartolo di Furnari, General Manager of TVS Motor Italia, stated, “The deployment of TVS iQube electric scooters in a prestigious setting such as the Vatican validates our vision for urban electric mobility—anchored in reliability, intuitive usability, and world class quality.” 

Giovanni Zappia, Founder & Owner, Exelentia, added, “The partnership undertaken with the Governorate of the State of the Vatican City strengthens Exelentia’s commitment to contributing concretely to mature, reliable mobility fully suited to particularly sensitive urban and institutional contexts.”

Comments (0)

ADD COMMENT

Link Copied!

Mumbai-based green mobility company Odysse Electric Vehicles has announced the appointment of Sudhir Goel as Co-founder, which it aims to enable it to transition as a professional organisation entering its next growth phase in the Indian electric vehicle (EV) sector.

Goel joins the company with almost three decades of experience in the automotive and engineering industries. His previous roles include leadership positions at Ford Motor Company in Japan, CEO of Jay Ace Technologies and President of Lithium Batteries at Greenfuel Energy Solutions.

In his new role, Goel will oversee two primary areas – streamlining the supply chain and manufacturing processes to address market demand. He will also be responsible for the company’s retail footprint across India.

Nemin Vora, the company’s Founder, will continue as CEO, leading brand vision and product development in partnership with Goel.

Nemin Vora, said, “Odysse Electric is no longer just new startup; we are a significant player in the national mobility conversation. The appointment of Sudhir Goel as Co-Founder is a testament to our evolution. His professional pedigree and track record will provide the structural backbone we need to drive long-term growth."

Sudhir Goel, stated "I am excited to join Odysse at this pivotal stage. The company has built a strong foundation with innovative products and a clear vision. I look forward to leveraging my experience to scale operations, strengthen the EV ecosystem, and drive Odysse towards becoming a significant player in the sustainable mobility revolution."

Comments (0)

ADD COMMENT

Link Copied!

A prototype of the upcoming Kia EV2 has demonstrated robust cold-weather performance in one of the world's most demanding real-world evaluations. During the record-breaking cold edition of the Norwegian Automotive Federation's El Prix Winter Test Drive, where temperatures plummeted to -31°C, the EV2 covered 310.6 kilometres before stopping. This event subjects electric vehicles to identical real-world driving and charging conditions on Norwegian roads, and this year's winter test was the coldest in its history.

The tested vehicle was a 'GT-line' variant equipped with a 61.0 kWh long-range battery and 19-inch wheels. Driven for over five hours in the mountainous Jotunheimen region with temperatures around -21°C, its achieved range represented a deviation of -24.81% from its target WLTP figure of 413 kilometres for this configuration. This unofficial result would place it ahead of all officially entered series-production models. While its prototype status excludes it from the NAF's formal report, it completed the route under the same stringent conditions as production vehicles.

The EV2 also showcased resilient charging capability in the extreme cold. Utilising its rapid DC fast-charging function, the prototype recharged from 10 percent to 80 percent state of charge in 36 minutes. This was only six minutes longer than its official target, underscoring the model's practical everyday usability. The car is based on Kia's 400V E-GMP architecture, supporting 11 kW AC, 22 kW AC and DC fast charging.

As Kia's second fully electric model to be manufactured at its European facility in Žilina, Slovakia, the EV2 is currently in production with a 42.2 kWh standard-range battery. The long-range battery version and the 'GT-line' variant are scheduled to follow from June 2026. Final, formal WLTP range figures, determined under standardised laboratory conditions, are anticipated in the third quarter of 2026.

This performance aligns with the proven capability of Kia's European-built EVs. In the same arduous winter test, the EV4 – the first electric model from the Žilina plant – with an 81.4 kWh battery and 19-inch wheels achieved 390 kilometres, ranking among the top overall performers and reinforcing the brand's consistent real-world electric vehicle performance in adverse conditions.

Pablo Martinez Masip, Vice President – Product and Marketing, Kia Europe, said, “This result serves as proof that the EV2 will continue to deliver reliable range even in extremely low temperatures. Being the entry point to Kia’s EV lineup does not mean compromising; the EV2 offers customers throughout Europe an affordable yet reliable way to enter electric mobility.”

Comments (0)

ADD COMMENT

Link Copied!