Omega Seiki Mobility (OSM) has signed a MoU (Memorandum of Understanding) with Punjab National Bank (PNB) with an aim to help its dealers streamline inventory funding and offer comprehensive retail financing solutions. 

Stating that Omega Seiki Mobility has successfully financed 8000 electric vehicles, amounting to a disbursement of INR 3.5 billion till date, an Omega Seiki source mentioned that the company has ambitious plans to finance an additional 7500 electric vehicles, with a total value of INR 3 billion over the next three years. 

Omega Seiki recently launched an electric passenger three-wheeler Stream City in what could be termed as a transformation in its strategy, which was earlier focused on the development and sale of cargo three-wheelers for the last mile delivery segment.  

Keen to provide low-cost innovative financing options for both rural and urban customers to enhance its market reach and drive adoption and promotion of sustainable mobility in the form of electric commercial vehicles, Omega Seiki will focus on ensure access to its electric vehicles and charging infrastructure as part of the partnership with Punjab National Bank.  

Another change in Omega Seiki’s strategy is a rising focus on B- and C-cities where the low running costs of light electric commercial vehicles such as the Stream City or the Rage electric cargo three-wheeler would be more beneficial than they would be to an urban customer.  

The approach is about transformative impacts such as lower emissions, cutting operational costs, generating employment with better livelihood and extra earning opportunity for riders fostering socio-economic growth, the Omega Seiki source informed.  

Uday Narang, Founder and Chairman, Omega Seiki Mobility, expressed, "Today marks a significant milestone as Omega Seiki Mobility joins hands with Punjab National Bank to reshape the landscape of electric mobility financing. This partnership is not just about numbers, it is about fostering a profound shift in how we perceive and access sustainable transportation. Our mission is clear: We aim to provide more than just financing options. We aim to build a bridge to a greener and more inclusive future for every Indian as we tap into the extensive network of Punjab National Bank's branches across the nation and expand the horizons of electric vehicle ownership. This partnership doesn't merely enable transactions, it's about empowering individuals, families and communities. It's about giving wings to aspirations and turning them into reality.” 

Amitabh Rai, DGM- MSME, Punjab National Bank, said, “Punjab National Bank has teamed up with Omega Seiki Private Limited (OSPL) to offer seamless financing options for electric three-wheelers to provide eco-friendly mobility solutions. Aimed at providing seamless financing solutions for electric three-wheelers and cargo loaders, PNB customers can now access exclusive and affordable financing options.” 

Besides Punjab National Bank, Omega Seiki Mobility has strategic partnerships with esteemed financial institutions such as IDFC, Indian Bank, Ecofy, Rise Wise Capital, AMU Leasing, Paisa Lo Digital Limited, Shri Ram Finance, Wheels EMI, Three Wheels United, Vidyu Tech and others.

JSW MG Motor India is set to expand its EV portfolio with the MG Windsor Pro, which is set to be introduced on 6 May 2025.

The MG Windsor Pro is expected to offer a higher range, more features, improved safety and minor design tweaks. While technical details are yet to be released, it is safe to understand that the company is looking to further drive sales of its popular EV, targeting a new set of customers.

Launched on 11 September 2024, the company positioned the Windsor as a CUV (crossover utility vehicle) and the most comfortable EV in its segment.

The Windsor EV has already surpassed 20,000 units sales since launch, and has been the highest selling electric passenger vehicle for the last several months in a row.

Gujarat-headquartered electric vehicle maker Wardwizard Innovations & Mobility, the maker of ‘Joy e-bike’ and ‘Joy e-rik’ brand, has reported a consolidated net profit of INR 63.6 million for FY2025, maintaining profitability for the fifth consecutive year despite industry headwinds and a 5.1 percent drop in annual revenue.

The company’s total consolidated revenue stood at INR 3.04 billion, down from INR 3.2 billion last year. However, EBITDA rose 13.9 percent YoY to INR 3.6 billion, and EBITDA margins improved by 222 basis points to 12.11 percent, reflecting strong cost discipline and operational efficiency.

Despite a 52.7 percent YoY dip in PAT, largely due to a high base in FY2024, Wardwizard remained in the black – underscoring resilience amid a challenging EV market environment.

Yatin Sanjay Gupte, Chairman & MD, Wardwizard Innovations & Mobility, said, “While annual revenues saw a slight decline, EBITDA rose 14 percent YoY. Our profitable performance, sustained for five consecutive years, sets us apart and reinforces the strength of our strategy.”

In Q4 FY25 (Jan–Mar 2025), the company recorded a 62.2 percent YoY rise in PAT to INR 64.5 million, with EBITDA nearly doubling to INR 1.8 billion. PAT margins for the quarter expanded to 5.91 percent, and EBITDA margins reached 17.26 percent, reflecting improved product mix and cost optimisation.

During the last fiscal, the company deployed over 400 electric two-wheelers across major cities like Kolkata, Pune, and Ahmedabad as well as the launch of L5 electric rickshaws in Maharashtra. Ongoing partnerships and a USD 1.29 billion EV initiative in the Philippines are expected to drive future growth.

“With continued innovation and targeted execution, we are building a stronger foundation for long-term growth,” Gupte added.

OPG Mobility (formerly Okaya EV) has appointed Ajay Dhiman as the new President – Chief Operating Officer (COO) and Chief Technology Officer (CTO) to lead its electric vehicle and EV components business.

In this strategic leadership role, Dhiman will be responsible for operations and technology functions spanning manufacturing, R&D, product development, quality, sourcing, supply chain and business strategy.

He joins OPG Mobility with over 20 years of experience in the automotive and EV sectors. He previously served as Senior Vice-President at Revolt Motors, where he is said to play a key role across CXO-level functions and was instrumental in accelerating product development and delivering high-quality electric mobility solutions. His career includes leadership stints at Honda, Renault-Nissan, Subros and Sonalika Group, contributing across two-wheeler, three-wheeler, and four-wheeler segments.

Anshul Gupta, Managing Director, OPG Mobility, said, “We are delighted to have Ajay Dhiman join our leadership team at a pivotal moment in OPG Mobility's journey. As we step up our presence in the EV ecosystem, Ajay’s deep experience in product development and operations will be invaluable in scaling our EV and components business. His thorough knowledge of both legacy systems and new mobility technologies will drive value, innovation, and faster execution across our transformation journey.”

Ajay Dhiman, added, “It’s an honour to join OPG Mobility at such a transformative time. The brand’s vision of delivering inclusive and innovative electric mobility solutions aligns strongly with my passion for engineering excellence, innovative products and future-focused manufacturing. I look forward to working closely with the leadership and teams to strengthen our product pipeline, accelerate product innovation, strengthen our technological edge, enhance operational excellence, and scale solutions that support India’s evolving mobility needs. We aim to position OPG Mobility as a frontrunner in shaping India’s electric mobility revolution.”

The Maharashtra government has given rolled out the Electric Vehicle Policy 2025 for a period of five years (till 2030) with an estimated outlay of INR 19.93 billion.

The forward-looking policy aims to not only incentivise purchase of electric vehicles, but also aims to boost adoption and real-world usage.

As per the policy, certain EVs plying on highways will be given a toll waiver, EV charging infrastructure strengthened with an ambition have charging facilities every 25km on the national highways.

Electric two-wheelers, three-wheelers, private four-wheelers, state transport corporation buses, private buses and transport undertaking under civic bodies will get concession of 10 percent on purchase of an EV on the original cost. For goods carrying three-wheelers, four-wheelers and electric tractors will be eligible to a concession of 15 percent.

The government has also waived off registration fee on EVs. Lastly, electric four-wheelers and buses will also get toll exemption on Mumbai-Pune Expressway, Atal Setu, Samruddhi Mahamarg, along with 50 percent concession on state and other national highways.

Devendra Fadnavis, Chief Minister of Maharashtra, said, "The state government has approved a new Electric Vehicle (EV) policy, under which passenger EVs will be given subsidies. EV manufacturing and their use should increase in the state."