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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European commercial vehicle manufacturer DAF has started production of the XG Electric and XG+ Electric trucks.

The e-truck, built in Eindhoven, use powertrain technology and cab designs. The first vehicle, an XG+ tractor with an output of 350 kW, will be delivered to Hellmold & Plank, a logistics provider based in Germany.

DAF's range of electric vehicles extends from the 12-tonne XB Electric for distribution to the XG and XG+ Electric for haulage. These models share technology with the XD and XF Electric trucks, which were named ‘International Truck of the Year 2026’.

Hellmold & Plank has operated for 122 years and is based in Gieben. The company employs DAF electric models for shuttle transport and drugstore supply. The firm also utilises PACCAR charging equipment for its fleet operations.

The XG and XG+ Electric are intended for distance transport. Cabs provide a volume of 12.5 cubic metre for work and sleep. The vehicles use the PACCAR EX-D2 powertrain, which produces between 270 and 350 kW and torque of 2,400 Nm. It is powered by lithium-iron-phosphate (LFP) battery packs fitted to the chassis. The e-trucks have a claimed range of 500 kilometres depending on the application.

Harald Seidel, President, DAF Trucks, said, “The start of production of the XG Electric and XG+ Electric, underlines our commitment to offering zero-emission solutions across a broad range of applications. Customers such as Hellmold & Plank demonstrate that our electric trucks are delivering strong efficiency and sustainable performances in everyday logistics operations.”

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Chennai-headquartered two-wheeler and three-wheeler major TVS Motor Company (TVSM) has announced the launch of the TVS iQube S 4.7 kWh at INR 137,142 (ex-showroom Delhi).

The e-scooter is equipped with a 4.7 kWh battery that offers a claimed range of 175 km (IDC-certified). The variant introduces new colour options, including Magnificence Purple Beige, Harlequin Blue Beige and Titanium Grey Matte.

The TVS iQube is one of the most popular e-scooters sold in India. The e-scooters are currently available in more than 1,000 cities and 3,300 dealerships across India.

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Yulu has launched its franchisee-led service in Bhopal, Madhya Pradesh, marking its ninth partner-led rollout under the Yulu Business Partner (YBP) initiative.

The service is operated by Tezz Mobility, led by entrepreneurs Dharamveer Singh Bhadoriya and Siddharth Jain, and expands Yulu’s presence into Central India.

The partnership aims to address the growing demand for last-mile delivery services in Bhopal, which is currently served primarily by petrol vehicles. The ecosystem includes a city-wide network of Yulu Zones, a central operations and service hub and a battery-swapping grid provided by Yuma Energy.

In the first phase, operations are focused on high-density delivery zones such as Shahpura, with plans to expand to Hoshangabad Road, New Market, TT Nagar, Kolar Road and Habibganj.

Tezz Mobility intends to scale its fleet to over 1,000 electric vehicles (EVs) within the next two to three years, covering Bhopal and other high-potential regions in north and west India.

The launch is designed to overcome local barriers to EV adoption, such as limited rental options and a lack of dedicated charging infrastructure. By providing purpose-built delivery EVs and a pay-per-use model, the service allows delivery partners to access sustainable mobility without the need for personal vehicle ownership or fuel reimbursements. The long-term objective of the initiative is to transition 100 percent of Bhopal's delivery traffic to EV-powered mobility.

Amit Gupta, Co-Founder & CEO, Yulu, said, “Bhopal represents a strong market opportunity characterised by rising delivery demand and a thriving gig economy. With 45+ dark stores and thriving food delivery activity, the Bhopal market has room for ~8,000 delivery riders. Through our partnership with Tezz Mobility, Yulu is delighted to build a scalable, tech-driven logistics backbone to cater to this demand. Yulu’s proven mobility stack and segment expertise, coupled with Dharamveer and Siddharth’s operational prowess, will accelerate Bhopal’s transition toward a more efficient, sustainable and future-ready mobility ecosystem.”  

Dharamveer Singh Bhadoriya, Co-Promoter, Tezz Mobility, added, “Our previous experience as a supplier to leading quick commerce brands has given us a first-hand understanding of the operational challenges delivery ecosystems face every day. With Yulu’s platform, we are bringing a proven, end-to-end solution that allows Bhopal’s delivery partners to access reliable, affordable and sustainable mobility while helping aggregators to meet their EV commitments from day one.”

Siddharth Jain, Co-Promoter, Tezz Mobility, added, “Yulu’s full-stack platform, brand trust and aggregator relationships have enabled Tezz Mobility to reduce our build time from 1.5 years to mere weeks. The Tezz team is excited to transform Bhopal’s mobility landscape. The longer arc is to turn Bhopal into a reference model for every subsequent city.” 

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Indofast Energy, the joint venture between Indian Oil Corporation and Sun Mobility, has announced a record performance for FY2026, surpassing several key infrastructure and partnership milestones.

The battery-swapping provider has established a network of over 1,600 stations across 23 cities and supports more than 90,000 vehicles.

The company’s growth has been supported by large-scale infrastructure projects and a focus on clean mobility. The network has facilitated more than 1.6 billion kilometres of clean travel and saved 80,000 tonnes of CO2 emissions. It surpassed 1,600 battery swap stations across a mix of metro, Tier II and Tier III markets.

Indofast Energy expanded its ecosystem through collaborations with manufacturers and urban mobility hubs. The company has forged partnerships with 32 OEMs, including Motovolt Mobility, e-Sprinto and Quantum Energy. It also fostered new infrastructure partnerships, including the Mumbai Metro Rail Corporation (MMRCL), Indian Railways and Nexus Select Malls. With use cases now spanning personal mobility, e-commerce, food delivery and last-mile logistics.

Following the momentum of FY2026, Indofast Energy aims to deploy 3,500 stations by FY2027. The company plans to support 232,000 electric vehicles within the same period.

Anant Badjatya, CEO, Indofast Energy, said, "FY26 has been a defining year for Indofast Energy as we strengthened our position as India’s safest and most trusted battery-swapping network. From scaling our station footprint and onboarding thousands of vehicles, to forging strategic partnerships across OEMs, fleets and infrastructure players, every milestone reflects our commitment to powering everyday India".

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