BYD of China has made big gains in sales in the third quarter of 2024 calendar year to overtake Ford Motor Company in vehicle sales for the first time. 
The electric vehicle company has witnessed extraordinary expansion this year as it increased its capacity and hired more manpower. Overtaking Tesla, the electric vehicle automaker made big gains on the back of robust sales in its domestic market by exceeding its annual sales target of four million vehicles. This would be more than the worldwide sale of Honda and Ford in 2024. 
Delivering 3.76 million vehicles in the first 11 months of 2024, according to industry sources, the electric vehicle manufacturer from China reported 506,804 units for November alone. 
Offering BEVs and plug-in hybrids, BYD has clearly achieved a considerable gain in market share in its home market while it pursues a steady growth in exports markets around the world including India. 
Interestingly, 90 percent of all that the company produces is sold in its home market, the export market share being 10 percent unlike some of the other automakers who have a better exports market share in comparison to the vehicles they sell in their home markets. 
According to the October 2024 data by the China Passenger Car Association (CPCA), BYD garnered a market share of 16.2 percent in its domestic market, up from 12.5 percent in 2023. The Volkswagen and SAIC joint venture along with the other joint venture with FAW Group joint venture garnered a market share of 12.5 percent jointly, in comparison. It registered a decline from last year’s market share of 14.2 percent. 
Given the sales BYD has achieved by the first 11 months of the 2024 calendar year, it is likely to end the year by inching closer to the numbers General Motors and Stellantis does. 
 

Image for representative purpose only.

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Electric two-wheeler manufacturer e-Sprinto plans to launch a high-speed electric scooter for the B2C segment in October. The new model is designed for everyday family mobility and daily commuting, with a claimed range of up to 130 km on a single charge.

The launch marks an expansion of e-Sprinto's operations in India's electric two-wheeler market. Having initially established a presence in the B2B electric mobility segment with scooters tailored for commercial and delivery fleets, the company is now transitioning its product development toward direct-to-consumer sales.

Further specifications regarding the scooter's features, design, pricing and availability will be disclosed prior to its official release next month.

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EV rental platform Zypp Electric has allocated Employee Stock Ownership Plans (ESOPs) valued at INR 110 million to more than 250 employees in September 2026.

The distribution covers 22 percent of the company’s total workforce and spans multiple employee tiers, including over 50 EV technicians and field sales teams, ahead of a planned initial public offering (IPO).

The allocation follows earlier equity initiatives by the company, including an INR 15 million ESOP buyback for 15 employees in 2023. The company has also previously extended stock options to its gig delivery partners.

Akash Gupta, Co-Founder and CEO, Zypp Electric, said, "For us, ESOPs are fundamentally about creating ownership, not just retaining employees. The growth of Zypp has been built by people across the organisation who have taken ownership of challenges, solved problems on the ground and helped us scale. As we enter our next phase of growth, we want more of our people to participate in the value they are helping create. Extending ESOPs across employee bands, including our EV technicians, field sales teams, reflects our belief that ownership should be shared across the organisation."

The announcement comes as the company reports expansion in operational and financial metrics. In the first quarter of FY27 (April–June 2026), Zypp Electric recorded an 88 percent YoY increase in net revenue. The company’s EBITDA margin moved from -4 percent to 10 percent over the same quarter YoY, and reached 17 percent over the trailing 12-month period.

The platform currently manages a fleet of 30,000 electric vehicles across eight cities, representing a 71 percent YoY growth in fleet size during the quarter. The company has set a target to expand its fleet to 100,000 vehicles across 20 cities by FY2028, serving last-mile delivery operations across e-commerce, quick commerce, food, grocery, and pharmacy sectors. The business integrates Internet of Things (IoT) and artificial intelligence systems for fleet management, battery monitoring and delivery tracking.

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Ashok Leyland, one of the leading commercial vehicle manufacturers, has launched a nationwide initiative titled ‘GET ZET - Electric Truck Awareness to Acceptance’ in partnership with the Centre of Excellence for Zero Emission Trucking (CoEZET) at IIT Madras. The initiative will run from September 2026 to February 2027, the campaign will cover 40 cities across India to promote the commercial deployment of battery-electric trucks.

The roadshow will traverse logistics hubs and industrial corridors across 15 states, including Tamil Nadu, Kerala, Karnataka, Andhra Pradesh, Telangana, Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Rajasthan, Haryana, Uttar Pradesh, Delhi, Punjab and Himachal Pradesh. The events will convene fleet owners, logistics operators, financiers, freight providers, infrastructure developers and policymakers.

As part of the campaign, Ashok Leyland and CoEZET will showcase the BOSS Electric truck alongside charging infrastructure, offering trial rides and technical demonstrations to evaluate real-world vehicle performance and operational requirements.

Shenu Agarwal, MD & CEO, Ashok Leyland, said, “The transition to zero-emission mobility will be defined not just by the maturity of technology, but by the confidence of the users to adopt it at scale. At Ashok Leyland, we believe the best way to build that confidence is by taking electric trucking closer to the people who will use and enable it. Through ‘GET ZET - Electric Truck Awareness to Acceptance’, in collaboration with Centre of Excellence for Zero Emission Trucking (CoEZET), IIT Madras, we are bringing the electric truck technology to 40 cities, creating opportunities for customers and stakeholders to experience its real-world potential first-hand. This is a step towards making electric mobility more accessible, practical and ready for the future of India’s freight ecosystem.”

Manu Santhanam, Dean (ICSR) at the Indian Institute of Technology, Madras, said, “CoEZET, IIT Madras has been working towards the adoption of zero-emission trucks since 2022, with a vision of achieving 100 percent ZET penetration by Viksit Bharat 2047. Our work spans policy, technology, skilling and outreach. The current Outreach Acceptance Initiative builds on our earlier awareness activities across hundreds of locations and focuses on enabling stakeholders to experience, evaluate and build confidence in battery electric trucks, as we move towards the next phase of adoption. Through in-depth interactions and hands-on trial rides, we aim to demonstrate the quieter, smoother and more comfortable experience of electric trucks, while helping address driver concerns and build greater acceptance among the trucking community. We are glad to collaborate with industry partners such as Ashok Leyland in this effort and look forward to engaging with a wider range of stakeholders to strengthen acceptance and enable the wider adoption of zero-emission trucks in India.”

The joint programme forms part of broader efforts to support zero-emission freight transportation across key national transport corridors.

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Bengaluru-based electric vehicle company Ultraviolette Automotive has confirmed that its upcoming Shockwave e-motorcycle will be built on the company's 100V architecture, with commercial launch scheduled for Q1 of 2027. The high-voltage platform is engineered to improve power delivery, thermal efficiency and charging speeds for the motorcycle.

The Shockwave, categorised under the FUNDURO platform, is designed as a lightweight model inspired by two-stroke motorcycles. Ultraviolette confirmed that the vehicle will be offered in both single-seat and dual-seat configurations. To prepare for the Q1 2027 rollout, the company has begun installing a dedicated production line within its existing manufacturing facility in Bengaluru.

The decision to utilise the 100V architecture follows Ultraviolette’s earlier announcement that the same powertrain technology would be deployed in its Tesseract model. While the Shockwave and Tesseract target different riding applications, both models have been developed in parallel over the past year as part of the manufacturer's powertrain strategy.

Narayan Subramaniam, Co-Founder and CEO, Ultraviolette Automotive, said, “From the outset, we envisioned the Shockwave as a motorcycle that would bring back the pure enjoyment of riding. Bringing our 100V architecture to the Shockwave is an important step in realising that vision. When it launches in Q1 2027, we are certain it will be an exceptionally engaging motorcycle to ride. The Shockwave and Tesseract have been in parallel development over the past year and work is already underway to set up the Shockwave production line at our existing facility.”

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