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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Chinese technology company Xiaomi EV has introduced the Sky Nomad, a series of reconfigurable SUVs designed to focus on cabin utility and occupant comfort.

While the company’s existing SU7 and YU7 series are designed for the driver, the Sky Nomad series is developed as a living space intended to adapt to different uses throughout the day, such as commuting, working from a parked vehicle or family travel.

The vehicle series is built on Xiaomi’s Kunlun Architecture, which supports a flat floor and a seating system that allows the interior to transition between driving, work and lounge configurations. The design integrates artificial intelligence and Xiaomi’s device ecosystem.

Lei Jun, Founder, Chairman and CEO, Xiaomi, said, "Our answer was to let intelligence define the space, to build a living interior that moves with you."

The Sky Nomad series is aimed at users who require a vehicle for a combination of daily commuting, family transport and work. The series was developed over three and a half years and is scheduled for launch in the Chinese mainland.

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Pune-headquartered alternative energy commercial vehicle manufacturer EKA Mobility has unveiled the EKA 9M Electric School Bus at Prawaas 5.0.

The e-bus is built on a monocoque platform and features a steel structure, with a capacity to seat 43 passengers and complies with AIS 052 standards.

EKA 9M school bus features an electronic braking system, electronic stability control and air suspension. It is available with 100 kWh or 200 kWh lithium iron phosphate (LFP) battery packs, offering a range of 180 km. The bus supports CCS2 fast charging, with a recharge time of under 1 hour and 45 minutes.

Dr Sudhir Mehta, Founder & Chairman, EKA Mobility, said, "The launch of our EKA 9M Electric School Bus reflects EKA Mobility's commitment to developing purpose-built electric mobility solutions that address the evolving needs of India's transportation ecosystem. As educational institutions increasingly embrace sustainable mobility, we are proud to introduce a next-generation school bus that combines safety, efficiency and innovation. This addition further strengthens our comprehensive commercial EV portfolio and reinforces our vision of enabling a cleaner, smarter and self-reliant future for mobility in India."

In addition to the school bus, EKA Mobility is exhibiting its EKA Coach, 12M low-entry electric bus and 3S & 6S models at Prawaas 5.0.

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Chennai-headquartered two-wheeler and three-wheeler major TVS Motor Company has announced a partnership with Indian Oil Corporation (IndianOil) to support LPG cylinder distribution using the TVS King Kargo HD vehicle range.

The initiative aims to provide commercial mobility solutions for IndianOil's network of over 13,000 LPG distributors across India. The partnership intends to improve the efficiency of last-mile deliveries while supporting the transition to sustainable mobility. By using the TVS King Kargo HD, distributors are expected to reduce operating costs and carbon emissions.

Rajat Gupta, Business Head of Commercial Mobility at TVS Motor Company, said, "At TVS Motor Company, we are focused on building mobility solutions that make everyday business more efficient and sustainable. Our partnership with IndianOil Corporation Limited brings together the strength of two trusted organisations to transform last-mile LPG cylinder distribution across the country. Through the TVS King Kargo range, we are enabling distributors with reliable, high-performance vehicles that help reduce operating costs, improve productivity, and support cleaner operations. This collaboration is another step towards making sustainable mobility practical, accessible, and impactful for businesses across India.”

V C Asokan, ED, SR & SH-TNSO, Indian Oil Corporation, said, "Indian Oil has consistently been at the forefront of delivering energy solutions that power the nation's growth while embracing sustainability. This initiative represents an important step towards modernising our LPG distribution ecosystem through sustainable mobility solutions. The induction of electric cargo vehicles will help improve fleet productivity, lower operating costs for our distributors, and contribute towards reducing carbon emissions. We believe this engagement will demonstrate how strategic industry partnerships can accelerate India's transition towards greener and more sustainable logistics."

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Fiat has introduced the Topolino to the United States market, marking the entry of Stellantis into the country's micromobility segment. The EV is available in two body styles, the Topolino and the Topolino Dolcevita, through select dealers with a manufacturer’s suggested retail price of USD 13,995, excluding destination fees.

The Topolino is a low-speed electric vehicle with a 5.4-kWh battery and a range of up to 46 miles (75 km). It has a speed of 19 mph (30.5 kmph), though owners can install a conversion kit by the end of summer 2026 to increase the speed to 25 mph (40 kmph), making it a street-legal low-speed vehicle (LSV) for roads with speed limits of 35 mph (56 kmph) or less.

Olivier Francois, CEO, Fiat, said, "Topolino represents a new chapter for the brand in the U.S. – defined not just by size, but by purpose. With Topolino, we bring a feeling, a lifestyle, a reminder that mobility can be joyful, expressive and beautifully simple. FIAT continues to stand apart by embracing its legacy in small cars, redefining mobility, and anticipating evolving customer needs. With the introduction of Topolino, FIAT brings its unmistakable Italian design and iconic character into this fast-growing segment, offering a fresh, stylish alternative that reimagines urban and neighborhood mobility."

The vehicle is part of the Stellantis FaSTLAne 2030 strategy, which focuses on providing mobility options. Fiat has also collaborated with Motori & Customs to offer customisation services for the Topolino.

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