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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Tata Motors, one of the leading passenger vehicle manufacturers in the country, has attained a new milestone in the Indian electric vehicle (EV) market, with cumulative sales of its TATA.ev range exceeding 250,000 units.

Since the launch of the Nexon.ev in 2020, the company has secured a 66 percent market share of all electric passenger vehicles sold in India to date. The Nexon.ev has become the first electric model in the country to surpass 100,000 cumulative sales.

At present, the company’s green vehicle offering includes the Tiago.ev, Punch.ev, Nexon.ev, Curvv.ev and Harrier.ev for personal use, alongside the XPRES-T EV for fleet operations.

To support its EV customers, Tata Motors has established an ecosystem, which includes access to over 200,000 charging points, including home, community and public chargers. A digital platform providing coverage for over 20,000 public chargers. Around 100 mega charging hubs operational across key corridors, offering speeds of more than 120kW. Approximately 1,500 dedicated EV service bays nationwide, staffed by over 5,000 technicians.

The automaker stated that every TATA.ev vehicle is manufactured with more than 50 percent local content. In collaboration with other Tata Group companies, the firm has localised the production of battery packs and battery management systems. The supply chain also includes domestic production of power electronics, wiring harnesses and thermal management systems.

Going forward, Tata Motors has outlined a robust growth strategy through to 2030:

• Upcoming Launches: The Sierra.ev and a new Punch.ev are scheduled for release in CY26, followed by the Avinya luxury range at the end of 2026.
• Portfolio Growth: Five new nameplates are planned by FY2030.
• Infrastructure Targets: The company aims for 400,000 charge points by CY2027 and 1 million by 2030.
• Battery Sourcing: Future models will use battery cells produced at the Agratas gigafactory in Sanand.

Shailesh Chandra, MD & CEO, Tata Motors Passenger Vehicles, said, “Crossing 250,000 EV sales reflects how electric mobility is fast becoming part of everyday Indian life. Our customers are driving more, travelling farther, and increasingly trusting EVs as their only cars. Our EV journey which began in 2018, was never about leading alone but about building the ecosystem to enable India’s transition to clean mobility. This progress is the outcome of the government’s forward-thinking policies, the steadfast support of our supplier partners and charging infrastructure providers and above all, the trust and enthusiasm of TATA.ev customers. As EV adoption accelerates, our commitment remains clear: to mainstream electric mobility by making it accessible across segments, strengthening the ecosystem, and investing in India-first technology and localization. This is how we will continue to lead India’s growing EV market.”

The company also intends to focus on the circular economy by reusing batteries for energy storage and providing battery health checks for second-hand owners.

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French-headquartered battery systems manufacturer Forsee Power has announced that MegaFlux, a Mexico-based powertrain integrator, has selected its ZEN LFP battery system for its heavy vehicle electric powertrains.

MegaFlux develops electric powertrains for trucks and buses, including retrofit solutions that convert diesel vehicles to electric. The company also provides charging infrastructure and energy management services.

The ZEN LFP product line uses lithium-ion LFP chemistry and is designed for buses, trucks and off-highway vehicles. The batteries are available in 36 kWh and 55 kWh formats, allowing for various voltage and energy combinations. The LFP battery has an energy density of 240 Wh/L. Being a modular system, upto to two modules can be stacked to optimise vehicle space. The battery has 6,000 charging lifecycle and is ISO 26262 ASIL-C and industry standards including R100-3 and R10.6 certified.

The use of LFP (Lithium Iron Phosphate) chemistry is intended to provide a lower Total Cost of Ownership (TCO) for operators due to its thermal stability and cycle life, factors that are relevant to the operating conditions in markets such as Mexico.

MegaFlux will integrate the ZEN LFP batteries into powertrains sold to original equipment manufacturers (OEMs) and into its vehicle conversion projects.

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Chinese automotive major BYD has celebrated the production of its 15 millionth new energy vehicle (NEV) at its Jinan Factory. The milestone vehicle is a Denza N8L, which also represents the 15,000th unit of this six-seat SUV model.

The company reported sales of 4.182 million units from January to November 2025, a YoY growth of 11.3 percent. Global markets contributed to this performance, with overseas sales reaching 917,000 units, surpassing the total volume recorded in 2024. BYD now operates in more than 119 countries and regions.

Technological innovation continues to drive the company's operations. In the first three quarters of 2025, R&D expenditure rose to CNY 43.75 billion, a 31 percent increase compared to the previous year. Total cumulative investment in research and development has now exceeded CNY 220 billion.

The Denza brand has entered markets in Singapore, Thailand and Malaysia. During the first half of the year, the Denza D9 became the top-selling luxury MPV in Indonesia, Thailand and Malaysia.

The brand has extended its presence into Europe and Latin America. This expansion is part of a strategy to increase the electrification of the global luxury automotive sector. Denza recently showcased the D9 at the São Paulo International Motor Show to support its growth in the region.

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Bijliride, a two-wheeler electric vehicle (EV) rental platform, has announced a partnership with BGauss, an electric vehicle manufacturer, to increase its fleet size across India.

Under the agreement, BGauss will supply electric scooters for Bijliride’s rental and enterprise operations. The company intends to add 7,000 units to its current fleet of 3,000, reaching a total of 10,000 EVs by December 2026.

The phase 1 of the expansion will focus on four cities: Hyderabad, Mumbai, Bengaluru and Delhi NCR. These locations were selected for their demand in logistics and urban commuting.

The fleet includes models such as the BGauss C12i Max and Oowah. These vehicles feature: Removable lithium-ion batteries, IoT-enabled management, predictive maintenance via centralised dashboards and connectivity & weather-resistant designs.

Bijliride currently maintains a fleet uptime of over 95 percent through its charging and swapping infrastructure.

Shivam Sisodiya, CEO & Co-Founder, Bijliride, said, “Our objective is clear: to make electric mobility reliable and convenient at scale. BGauss’s focus on engineering quality and rider comfort complements our full-stack mobility platform, enabling us to deliver a seamless EV rental experience across high-impact urban markets.”

Going forward, Bijliride aims to expand its operation in over 10 cities by the end of next year. The company is scaling its business-to-business (B2B) fleet partnerships alongside its business-to-consumer (B2C) rental services. The expansion aims to establish an ecosystem for urban mobility and logistics.

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