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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Kia Europe has announced a significant leadership appointment aimed at accelerating its push into the commercial electric vehicle sector. Erhan Eren has taken the role of Director for Platform Beyond Vehicle (PBV) with effecf from 1 March 2026, reinforcing the company's commitment to establishing a comprehensive electric mobility ecosystem tailored for European markets.

Operating out of Kia's European headquarters in Frankfurt, Eren will be responsible for steering the strategic growth and practical deployment of the PBV portfolio across the region. His duties will encompass managing the entire PBV ecosystem, from crafting market entry strategies to ensuring seamless collaboration between the central headquarters, individual European markets and key conversion partners. A core part of his mandate will be to strengthen the regional PBV team and ensure that Kia's flexible, modular vehicle architecture is effectively localised through conversion and homologation to meet the specific demands of European fleet operators.

With a career spanning over 18 years in the commercial vehicle industry, Eren brings extensive expertise in trucks, buses and vans. His background includes significant leadership roles overseeing profit and loss, international market expansion and the introduction of advanced battery-electric and fuel-cell technologies. He has a proven track record in cultivating high-performance sales and service networks and developing customer-focused mobility solutions for various commercial sectors.

Eren's arrival coincides with a period of rapid progress for Kia's PBV initiative. The programme recently achieved a notable milestone as the Kia PV5 was named the International Van of the Year 2026, highlighting the brand's growing stature in the light commercial vehicle arena. The overarching PBV strategy is centred on a dedicated electric platform that utilises modular body designs, adaptable interiors and sophisticated connectivity features tailored for logistics, delivery and specialised applications. This integrated approach, which combines hardware, software and a network of conversion specialists, is designed to lower total ownership costs while providing superior operational flexibility.

The rollout of this new generation of vehicles commenced in late 2025 with the introduction of the PV5 Passenger and Cargo variants, followed by the PV5 Chassis Cab. Looking ahead, larger models like the PV7 and PV9 are planned, supporting Kia's ambitious global target of selling 250,000 electric PBV units annually by 2030.

Eren said, “Kia’s PBV strategy is redefining what businesses can expect from an electric vehicle, pairing a dedicated platform with modular flexibility and advanced connectivity. My priority is to ensure customers benefit from a seamless, reliable ecosystem – from strong product fundamentals to service, uptime support, converter integration and parts availability. This role brings together everything I value: practical innovation, purposeful transformation and creating real impact for customers.”

Sjoerd Knipping, COO, Kia Europe, said, “Kia is emerging as a game‑changer in commercial electric mobility and our PBV approach offers the B2B market a new standard in purpose‑built solutions. With his extensive experience in commercial mobility and electrified fleets, Erhan Eren will play a vital role in driving the next chapter of Kia’s PBV strategy in Europe.”

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Mumbai-headquartered automotive major Mahindra & Mahindra has unveiled the XEV 9e Cineluxe Edition at INR 2.93 million (ex-showroom), the edition is based on the top-tier Pack Three variant. Bookings for the vehicle open on 2 March 2026, with deliveries scheduled to commence on 10 March 2026.

The Cineluxe Edition introduces exclusive exterior options in Satin Black or Satin White. The interior features a colour scheme of Chestnut Brown and Nocturne Black with leatherette upholstery.

On the inside, it is designed around a triple HD display that spans the dashboard from coast to coast. Audio is provided by a 16-speaker Harman Kardon system featuring Dolby Atmos technology.

The XEV 9e Cineluxe Edition gets a 79 kWh battery pack providing a claimed range of over 500 km. Triple HD screen setup and a StraightAhead VisionX augmented reality (AR) heads-up display. HandsFree Park (Auto Park Assist) and EyeDentity Driver and Occupant Monitoring. Specific HVAC modes including Camp, Keep and PawPal. An Infinity Roof with ambient lighting offering 16 million colours.

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The Volvo EX30 has secured the Good Design Award for 2025, further cementing its status as a celebrated electric vehicle. This compact SUV distinguishes itself through Scandinavian design philosophy prioritising sustainability, achieving the lowest carbon footprint of any electric Volvo through innovative use of recycled and natural materials. The Transportation category award recognises excellence in design, innovation, and sustainability.

Since its summer 2023 debut, the EX30 has become an instant classic and the company’s first small SUV, expanding the electric portfolio while attracting new customer segments. With nearly 200,000 units sold and a driving range extending to 475 kilometres, the model has demonstrated considerable market appeal. Recent updates have further refined the vehicle following its successful launch.

The design challenge involved creating a premium, accessible electric vehicle with high sustainability performance. Designers fundamentally rethought conventional approaches, guided by a principle of achieving more with less. By maximising component functionality and reducing material requirements, they diminished environmental impact while increasing interior spaciousness and managing costs. This philosophy preserved classic Volvo principles of design, safety and sustainability while making them accessible to a wider audience.

Despite its compact dimensions, the EX30 maintains the confidence and Scandinavian simplicity characteristic of larger Volvo models. Its proportions maximise interior versatility through wheels positioned at the corners with equal overhangs, creating a long wheelbase and planted stance. The vehicle retains essential SUV qualities including versatility, elevated seating position and robust visual presence.

The Good Design programme, established in 1950 by the Chicago Athenaeum, stands among the world’s most respected design accolades. It annually honours products demonstrating aesthetic quality, functional excellence and social responsibility, criteria the EX30 fulfils comprehensively.

The Good Design Award 2025 represents the latest recognition for a model that has accumulated numerous major honours, including World Urban Car 2024, The Sun Car of the Year 2023, Red Dot Best of the Best Award 2024, Car Design Award 2024 and Top Gear Magazine Eco Warrior of the Year 2023. These accolades collectively affirm the EX30’s successful integration of sustainability, accessibility, and distinctive design.

Rekha Meena, Head – CMF Design, Volvo Cars, said, “We are honoured to see our small electric SUV recognised by the jury. The EX30 is designed to be our most sustainable car to date, without compromising on the premium experience and safety that our customers expect. Small yet mighty, the EX30’s smart Scandinavian design projects confidence, maturity and versatility while making it instantly recognisable as a Volvo.”

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Volkswagen has reached a key milestone in its transition to electric mobility, having now delivered two million all-electric vehicles to customers worldwide. The two millionth car, an ID.3 manufactured at the Zwickau plant, was recently handed over to its new owner, Kirsten Vormbrock, during a ceremony at the Transparent Factory in Dresden. This achievement reflects a journey that began in 2013 with the introduction of the e-up! and has since seen the continuous expansion of the company’s all-electric portfolio. Alongside the current ID. family, the total also includes pioneering models like the e-up! and the e-Golf.

Several models have played a decisive role in reaching this milestone. The ID.3, with around 628,000 deliveries, was the first vehicle built on the modular electric drive matrix (MEB) and made electric mobility accessible to a broad audience in the compact class when it launched in 2020. An upgraded version of this model is expected soon. The ID.4 has been a major growth engine, with approximately 901,000 units sold, and has significantly strengthened the brand’s presence in key global markets, including China and United States. More recently, the ID.7, of which around 132,000 have been delivered, expanded the lineup into the upper mid-range segment with a saloon and estate, showcasing advancements in range, efficiency and comfort.

The handover in Dresden also underscores the evolving role of the Transparent Factory. With series production now concluded there, the facility is shifting its focus entirely to the visitor experience. New attractions, including theme islands and production demonstrations, aim to offer an authentic glimpse into the manufacturing process. Last year, approximately 3,500 vehicles were delivered to customers at this location, the vast majority of which were electrified. This makes it the brand’s second-largest national delivery centre, where the emphasis is on fostering brand loyalty through personalised handovers and thorough vehicle introductions. Customers can also arrange test drives of various ID. models in Dresden, while the nearby Zwickau plant, which produced around 212,000 electric cars last year, remains a cornerstone of production. These combined efforts have helped Volkswagen secure a leading position in the electric vehicle market across Europe and establish itself as a top-tier manufacturer globally.

Martin Sander, Volkswagen Board Member for Sales, Marketing and After Sales, said, “We laid the foundations for electromobility early on and are driving our transformation to an all-electric future with clear strategic priority. Our strong market position, particularly in Germany and Europe, confirms the attractiveness and competitiveness of our electric portfolio.”

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