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 commercial vehicle manufacturers, has begun delivering the first batch of Prima E.55S electric prime movers to BillionE Mobility, as part of an order for 250 units of the EV.

The fleet is scheduled for phased deployment across freight corridors in Gujarat, Rajasthan, Tamil Nadu, Karnataka, Maharashtra, Haryana and the Delhi NCR region to transport industrial goods including steel and cement.

The Prima E.55S is constructed on the i-MoEV architecture and utilises a 450 kWh battery pack, which is claimed to be the largest in its category. The e-truck comes with a claimed range of up to 350 km on a single charge and features an integrated e-axle, a three-speed automatic transmission and dual-gun fast-charging capabilities.

In terms of safety it get a driver monitoring system, lane departure warning and an electronic braking system.

BillionE Mobility intends to scale its heavy-duty logistics operations to 1,500 units over the next 18 months through this strategic partnership. Tata Motors supports its alternative fuel portfolio through the Sampoorna Seva 2.0 initiative and a service network comprising 3,200 touchpoints across India.

Kartikey Hariyani, Founder of BillionE & ChargeZone, and Sanjeev Kulkarni, CEO of BillionE Mobility, said, “Our focus at Billion Electric Mobility is on building electric commercial vehicle solutions that can be deployed reliably, and at scale across real freight operations for inter-city routes. We are entering into a strategic partnership with Tata Motors as we aim to accelerate our commitment for systematic large-scale acquisition and month on month planned pipeline for deployment 6 to 18 months targeting 1,500 units of heavy‑duty logistics in India. The Tata Prima E.55S delivers the performance, reliability and operational efficiency required for intensive logistics solutions across various applications. We are pleased to induct Prima E.55S 450kWh, India’s largest in-class battery capacity of 450 kWh to enhance our long-haul logistics capabilities.”

Rajesh Kaul, Vice-President and Business Head – Trucks, Tata Motors, said, “Electric trucking scales when vehicles are built for real operating conditions – duty cycles, uptime, energy efficiency and total cost of ownership. Developed with this application‑led approach, the Prima E.55S brings together India’s first high‑performance e‑axle, an advanced battery management system and dual charging ports, supported by a segment‑leading 450 kWh battery pack designed for extended range and demanding duty cycles. These technologies translate into strong performance, higher uptime and lower operating costs, enabling customers to achieve faster payback. Our close collaboration with BillionE Mobility has ensured alignment across the vehicle and the supporting ecosystem, enabling dependable electric operations across key freight corridors.”

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Switch Mobility, the electric vehicle division of the Hinduja Group, has delivered the first 10 units of its EiV12mt intercity electric coaches to Prasanna Purple Mobility Solutions.

The e-buses were inaugurated in Pune and will operate on the Mumbai–Pune corridor. This deployment represents the manufacturer's first supply of intercity coaches to a private sector operator and facilitates the entry of Prasanna Purple Mobility Solutions into the electric intercity segment.

The delivery is part of a larger order for 25 electric buses being deployed in partnership with Vertelo. The remaining units are scheduled for delivery throughout the year. The EiV12mt coach is designed for long-distance operations, featuring 45 pushback seats and a range exceeding 300 km per charge. The vehicle incorporates fast-charging technology and the Switch iON connected system for real-time fleet monitoring and data analysis.

Till date, Switch Mobility has deployed over 2,500 electric buses in India to date and has previously supplied intercity vehicles to state transport undertakings such as UPSRTC. The company intends to scale its presence in the intercity segment as operators transition from internal combustion engines to electric propulsion for high-frequency travel corridors.

Ganesh Mani, CEO, Switch Mobility, said, “The flag-off marks another important step in expanding electric mobility beyond cities and strengthening our presence in the intercity segment. This partnership reflects the growing confidence in electric buses for high-frequency routes like Mumbai–Pune, where performance, reliability, and efficiency are critical. As we commence deliveries, with the first set of buses now deployed, we look forward to progressively scaling this engagement with Prasanna Purple Mobility Solutions in the period ahead. At Switch Mobility, we are focused on delivering solutions through the EiV12 platform that are not only sustainable but also commercially viable for operators, while ensuring a superior passenger experience. With intercity mobility continuing to evolve, we are building on our experience in the segment and remain committed to accelerating the adoption of reliable, efficient, and future-ready electric mobility solutions.”

Prasanna Patwardhan, CMD, Prasanna Purple Mobility Solutions, added, “Entering the intercity segment with electric mobility is a significant milestone for us. Through this collaboration, we are introducing a cleaner and more efficient travel option on the Mumbai–Pune route. We remain focused on enhancing the overall journey experience while moving towards more sustainable operations. With Switch Mobility we value our partnership for long term E Mobility Solutions.”

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German luxury automotive brand BMW Group has introduced a new hydrogen tank architecture for the BMW iX5 Hydrogen, extending the vehicle's range to 750 km. The BMW Hydrogen Flat Storage system integrates with the vehicle structure to maintain cabin space and compatibility with the company's Gen6 high-voltage battery.

The storage unit consists of 7 high-pressure tanks constructed from carbon-fibre reinforced composite. These tanks are connected in parallel within a metal frame and operate as a single unit controlled by a central valve.

Key performance data:

• Capacity: Stores at least seven kilograms of hydrogen.
• Refuelling: Pressure levels of 700 bar allow for a full refill in under five minutes.
• Propulsion: Utilises Gen3 fuel cell technology combined with the "Heart of Joy" drivetrain and chassis control software.
• Integration: The flat design allows hydrogen models to be manufactured on the same production lines as petrol, diesel and battery-electric variants.

The development of the powertrain and tank system is part of the ‘HyPowerDrive’ project. The initiative has received EUR 191 million from the German Federal Ministry of Transport and EUR 82 million from the state of Bavaria.

BMW intends to integrate the iX5 Hydrogen into its standard production network in 2028. The flexible architecture of the new X5 allows for five different drive system variants, including plug-in hybrid and battery-electric, to be built on a single platform to reduce technical complexity and manufacturing costs.

Dr Joachim Post, Member of the Board of Management of BMW AG responsible for Development, said, “Our new storage concept allows us to fit the hydrogen drive system into the new X5 precisely and in a way that saves space. Think of it as installation Tetris: every customer gets the drive system best suited to their needs and a true BMW X5 with no compromises. This is technology openness and the art of engineering just the way we developers love them!”

The hydrogen programme is part of BMW’s ‘technology-open’ strategy to diversify energy sources and reduce dependence on specific raw material chains. By offering hydrogen fuel cell technology alongside conventional and battery-electric systems, the company aims to provide long-range electric driving with refuelling times comparable to internal combustion engines.

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CUPRA has introduced the all new Raval, a compact electric vehicle that boldly rejects ordinary design and driving expectations. As the latest addition to the brand’s expanding electric lineup, this model is built to form a genuine emotional bond with the person behind the wheel while actively pushing against conventional automotive norms.

Arriving in UK this summer, the Raval combines striking city car style with genuine performance credentials. Its starting price is set at GBP 23,785 (approximately USD 31,976), and buyers can choose from four trims: Origin, V1, V2 and VZ. Every version sits on the advanced MEB+ platform, ensuring a modern foundation for both efficiency and driving dynamics.

The entry level Origin uses a 37-kWh battery producing 115 PS. The V1 and V2 trims offer a choice between the same sized battery with 135 PS or a larger 52 kWh unit delivering 210 PS, the latter providing roughly 280 miles (approximately 450 km) of range and a fast charge time of just 23 minutes from 10 to 80 percent. The sporty VZ trim comes exclusively with the 52-kWh battery, offering around 250 miles (approximately 402 km) of range and 225 PS, plus performance upgrades like an electronic limited slip differential and Dynamic Chassis Control.

At the heart of the Raval lies a driver focused interior featuring an integrated digital instrument setup with a 10.25-inch cockpit display and a 12.9-inch infotainment screen. All vehicle parameters are controlled from this central hub. The redesigned steering wheel includes physical buttons, plus dedicated satellite controls for driving modes and regenerative braking paddles, ensuring every journey delivers the emotional engagement CUPRA promises.

Marcus Gossen, Managing Director of SEAT and CUPRA UK, said, “The CUPRA Raval is the culmination of an immense amount of hard work, dedication and effort on all fronts. Raval is the pinnacle of all things CUPRA – advanced, forward thinking, dynamic. It pushes the boundaries in automotive and encourages drivers to form a real emotional connection to the drive itself. The combination of striking design, electrifying performance and unconventional features reimagines what an urban EV can be for a new generation of drivers. This is a fully electric car designed to redefine urban mobility with CUPRA’s emotional and challenger DNA.”

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