The electric vehicle and ancillary industry in India is set to get a new charge with substantial investments of around USD 40 billion in the next five to six years said a report titled ‘EVs in India: Renewed Vigour in Electric Mobility’ by Colliers.

The vast majority of investments, constituting 67 percent (USD 27 billion) of the total investments planned, will be in the manufacturing of lithium-ion batteries, followed by OE and EV manufacturing at USD 9 billion (23 percent) and others accounting for USD 4 billion (10 percent).

The report observes that the despite slower than anticipated EV adoption, the investment commitments have grown 3X in the last three years.

Share of planned investments for EV over the next 5-6 years

The planned investments will also see a spill over effect on multiple real estate opportunities from manufacturing to showrooms to even EV charging infrastructure. The report estimates that almost 45 million square feet of real estate would be required by 2030 for charging infrastructure alone.

On the other hand, while the penetration of electric vehicles in the country is lower single digit, it is estimated to reach around 8 percent by 2024, which translates to sales of almost 2 million green vehicles.

Growth required in EV sales to achieve 2030 targets

Note: Penetration refers to share of EV registrations in overall vehicle registrations | 2024 data is estimated on basis of data till Oct 2024. Source: Ministry of Road Transport & Highways, Niti Aayog, Colliers, Industry

Badal Yagnik, CEO, Colliers India said, “Although the demand for EVs has picked up in recent years, the target of achieving 30 percent penetration by 2030 looks like an uphill task. While demand and supply incentives will continue to play a pivotal role in faster adoption of EVs, a multifold increase in EV sales can be fast-tracked by the reduction in production costs and improving affordability with respect to EV price points. Additionally, high-capacity original equipment manufacturing units and large-scale production of lithium-ion battery variants must be high on the EV priority list.” 

Vimal Nadar, Senior Director and Head of Research, Colliers India, said, “Accelerated growth in the EV industry is bound to positively impact the Indian real estate sector. Supported by supply-side incentives from the government, leading developers are likely to increase their focus on state-of-the-art warehouses. Additionally, over 45 million sqft of real estate will be required for building extensive network of public charging stations over the next 5-6 years. Residential and commercial developers too are likely to increasingly integrate dedicated charging stations and parking spots for EVs within their projects. Such practices will provide a competitive edge, aligning with the requirements of corporate occupiers and homebuyers.”

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Neuron Energy, an EV battery manufacturer, has raised INR 310 million in a Pre-Series B funding round led by Equanimity Ventures, Rajiv Dadlani Group, Thackersay Family Office and Chona Family Office, with participation from Family Offices and HNI investors. With this, Neuron Energy has raised INR 810 million to date.

The funding will be used to expand Neuron Energy’s manufacturing capacity to 3 GWh and to establish a fully automated, large-scale battery facility for electric four-wheelers and buses at Chakan, Pune. The capital will also strengthen the company’s R&D capabilities, accelerate domestic growth, and broaden its footprint in international markets.

Pratik Kamdar, CEO and Co-Founder, Neuron Energy, said, “This Pre-Series B round is a defining step in our mission to industrialise world-class battery manufacturing in India. As EV adoption accelerates, we are focused on building capacity, embedding automation, and pushing the boundaries of performance and reliability. This investment ensures we can deliver at scale, both in India and globally.”

The company said it operates with a low-CapEx and low-OpEx business model. It has been growing profitably year-on-year and is on track to achieve INR 2 billion in revenue this year. The company is also confident of achieving sales of over INR 9 billion, with profitability, over the next few years.

Rajesh Sehgal of Equanimity Ventures, added, "We see immense potential in Neuron Energy’s approach to EV battery innovation and scalability. Their focus on quality, automation, and energy efficiency aligns with the evolving demands of the EV industry in India and beyond. We are proud to support their next phase of growth as they scale into new vehicle categories and manufacturing capacities."

The new facility reinforces the company’s position in two-wheeler EV batteries and signals a strategic entry into heavier vehicle segments. This supports Neuron’s vision to become a comprehensive EV battery solutions provider.

Rajiv Dadlani, from the Family Office of the Rajiv Dadlani Group, said, "Neuron Energy demonstrates remarkable potential to become the market leader, with their renewed focus, in delivering top-quality products. The company and its founders are highly committed to delivering rigorously tested and safe-to-use Li-Ion smart batteries. We are confident that they will continue to thrive and set new standards in the industry."

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Mahindra has launched the XEV 9S, an electric 7-seater SUV built on the INGLO platform, with prices starting at INR 1.99 million (ex-showroom).  The XEV 9S is powered by MAIA, described as India’s fastest automotive mind.

The EV comes with a 70 kWh battery, delivering a power of 180 kW and 380 Nm of torque. It offers a claimed real-world range of 500 km from its LFP battery, which comes with a Lifetime Warranty. The SUV is stated to be the fastest 7-seater in its class, reaching zero to 100 kmph in 7.0 seconds, with a 202 kmph top speed.

The fully-loaded Pack Three Above 79 kWh variant is priced at INR 2.94 million ex-showroom with bookings open on 14 January 2026 and deliveries starting on 23 January 2026.

R Velusamy, President - Automotive Business, Mahindra & Mahindra and Managing Director, Mahindra Electric Automobile, said, “We have always believed that technology is meaningful only when it expands human possibility. The XEV 9S built on the INGLO electric origin platform does exactly that by creatin space – more than anyone else and gives a smooth and noise free ride. THE MAIA brain enables many of its high-tech features, making it the most advanced offering for its price.”

Nalinikanth Gollagunta, Chief Executive Officer - Automotive Division, Mahindra & Mahindra and Executive Director, Mahindra Electric Automobile, said, “The future of Indian mobility will belong to brands that don’t just electrify vehicles, but reimagine categories. With the XEV 9S, we’re not just playing in the EV segment, we’re expanding it. This SUV signals the start of a BIG new electric era for Mahindra - one built on scale, on purpose, and on a deep understanding of how India moves. The attractive prices starting at ₹ 19.95 Lakh make a very high-tech product accessible, with bookings opening on Jan 14 and deliveries start on Jan 23.”

The XEV 9S is an expression of Mahindra’s Heartcore Design philosophy, featuring a stance, lines, a gloss finish and interiors. The vehicle is designed to be silent on wheels.

Key highlights include:

• Space: Offers 4,076-litre of cabin space (for front and second row), boot space up to 527-litre and 150-litre of Frunk space. The third-row features 50:50 split seats.
• Suspension: Features Intelligent Adaptive dampers with i-Link at the front and 5-Link independent suspension at the rear.
• Driver Aids: Includes L2+ ADAS with five Radars and one Vision Camera, Driver Drowsiness Detection with DOMS (Eyedentity) and Secure360 Pro for live view and recording.
• Interior Comfort: Features Powered Boss Mode, ventilated second row seats, recline and sliding adjustment, sunshade for second row windows, Acoustic ‘Laminated’ Glass and wireless phone charging.
• Technology: Equipped with Brake by Wire with IEB, High Power Steering with VGR, VisionX – AR HUD, AutoPark Assist, and 140 features including Digital Key, NFC and Charge Scheduler.
• Entertainment: Includes a 16-Speaker Harman Kardon Audio system with Dolby Atmos, three 31.24 cm screens, 5G Connectivity and Fun & Work Apps.
• Efficiency: Running costs are INR 1.2 per km, with maintenance costs of INR 40 paise per kilometre and negligible road tax. Business owners benefit from 40 percent depreciation.

Pratap Bose, Chief Design & Creative Officer - Auto & Farm Sectors, Mahindra & Mahindra, said, “Designing the XEV 9S wasn’t about adding lines to a surface, it was about shaping a feeling. We wanted it to feel like stepping into a personal sanctuary, yet one that carries the pulse of modern India. Electric gave us the canvas; INGLO gave us the freedom to sculpt light, space and comfort. The result is an SUV that wears its size with grace and its technology with humility. It’s expressive, it’s calm, and it’s unmistakably Mahindra - built for a nation whose aspirations are only getting bigger.”

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Mahindra has launched the BE 6 Formula E Edition, an electric SUV designed to reflect the country's growing interest in motorsport. The company, which is the only Indian team to win on the global Formula E grid, states the edition channels its racing legacy into a road vehicle.

The BE 6 Formula E Edition aims to bring the experience of the ABB FIA Formula E World Championship to city streets. It can accelerate from zero to 100 kmph in 6.7 seconds, top speed of 202 kmph, 282 bhp (210 kW) power from a 78 kWh battery. It comes with a claimed real-world range of 500km.

The SUV features design elements inspired by the racetrack. On the outside, it gets a new front bumper with circular projector headlamps, gloss black bezel finish and orange accents. It can be had in four colour options: Everest White, Firestorm Orange, Tango Red and Stealth Black. It has R20 alloy wheels, Firestorm Orange-coloured brake callipers and a rear boot lip and roof spoilers. Formula E branding and decals are placed on the body and glass roof.

On the inside, it features Firestorm Orange-themed interiors, including accents on the steering wheel, in-touch controller, electronic parking brake and start/stop button. It includes a Formula E logo on the passenger dashboard panel and seats, FIA branding on seat belts and custom Formula E-inspired startup animation and engine sounds.

R Velusamy, President - Automotive Business, Mahindra & Mahindra and Managing Director, Mahindra Electric Automobile, said, “Our customers conveyed a compelling message, the BE 6 doesn’t just look futuristic, but it also evokes the sensation of being in a racing cockpit once they step inside. They love that it screams electric, unapologetically. We built the Formula E Edition by listening to that energy. Racing is no longer a niche in India; it’s becoming a lifestyle statement. With this edition, we’ve channelled that cultural shift into a machine that celebrates electric performance the Mahindra way - bold, emotional, and proudly made in India.”

Nalinikanth Gollagunta, CEO - Automotive Division, Mahindra & Mahindra and Executive Director, Mahindra Electric Automobile, said, “Motorsport is India’s new young passion. And no Indian brand has lived this journey more authentically than Mahindra. With the BE 6 Formula E Edition, we are bringing this racing spirit to the street. It’s bold, electric, defiant - and unmistakably Indian.”

Pratap Bose, Chief Design & Creative Officer - Auto & Farm Sectors, Mahindra & Mahindra said, “Every accent, every surface, every shadow on this BE 6 Formula E Edition was designed with motorsport intensity. This SUV doesn’t whisper racing - it shouts it. This edition is a celebration of India’s rising motorsport culture and Mahindra’s racing lineage.”

Mahindra has also announced Kush Maini, a Bengaluru-born racer and FIA Formula 2 race winner, as the face of Mahindra Electric Origin SUVs.

Kush Maini, said: “India is falling in love with motorsport, and it’s amazing to see the rise of Formula E fandom. The BE 6 Formula E Edition brings that thrill, that energy, that boldness to Indian roads. It’s the perfect bridge from race to road.”

What’s more, Mahindra also unveiled the BE 6 Formula E Edition Ride-On, a toddler car priced at INR 18,000, available from April 2026.

The first 999 customers of the BE 6 Formula E Edition are guaranteed gifts, including a track-day experience with Kush Maini, a Collector’s Box with Mahindra Racing memorabilia and having their first name appear on the Mahindra Racing Car at the London E-Prix. Three lucky winners will receive tickets and paddock access to the London E-Prix in August 2026, including a meet and greet.

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Pune-headquartered two-wheeler and three-wheeler major Bajaj Auto has marked its entry into the e-rickshaw category with the launch of the Bajaj Riki.

The company noted that while demand for last-mile mobility is increasing, the e-rickshaw sector remains unorganised and faces issues with reliability, durability and safety. Bajaj Riki is designed to address these gaps.

The vehicle offers features intended to enhance driver earnings and passenger experience. It comes with a claimed range of 149 km (P4005 model). Monocoque chassis for rigidity and stability, while hydraulic braking offers better safety. It features independent suspension to improve comfort and stability. The e-3W can be fast charged in 4.5 hours and comes with a 3-year battery warranty.

Samardeep Subandh, President, Intra-City Business Unit, Bajaj Auto, said, “Riki brings Bajaj Auto’s trusted 3W engineering and dependability into the electric rickshaw segment at a time when drivers and passengers need dependable solutions. We’ve brought the best for the industry, the longest range, a monocoque chassis, independent suspension, and hydraulic brakes. Riki is engineered to increase driver earnings, enhance passenger safety and comfort and deliver the reliability India’s last-mile ecosystem has waited for.”

The Bajaj Riki is available in both passenger and cargo versions:

Passenger Model (Riki P4005): The first model in the P40 series, featuring a 5.4 kWh battery and is priced at INR 190,890 (ex-showroom). The Cargo Model (Riki C4005) comes with a certified range of 164 km, a larger tray and 28 percent gradability for operation on slopes. It is priced at INR 200,876 (ex-showroom).

Bajaj Auto stated that the Riki has been successfully piloted in Patna, Moradabad, Guwahati and Raipur, and will now expand to over 100 towns across UP, Bihar, MP, Chhattisgarh and Assam in Phase 1.

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