Automotive sector

Let’s see what’s new for the automotive sector in India

Hyundai is investing US$530m in India to bring more electric vehicles to the country, while Ola, a local electric vehicle startup, has raised US$139m in funding with a forecast loss for fiscal 2021 .

Hyundai will launch a new range of electric vehicles in India

Hyundai has announced that it will invest around Rs 4,000 crore to launch six all-electric vehicles in India by 2028, which is great news for the Indian auto industry.

Hyundai said in a statement that it will introduce a variety of models, including an SUV, sedan and compact crossover, based on existing platforms that have been modified to include an electric powertrain, as well as models based on its dedicated EV architecture. , known as the Electric Global Modular Platform (e-GMP).

The Managing Director and CEO of Hyundai Motor India, Seon Seob Kim, confirmed to PTI that the first of these six models, the all-new Hyundai Ioniq 5 crossover, will be launched in 2022.

Ola raises $1390 million

Ola raised US$139 million in a Series J round, according to the Economic Times. Ola’s company was valued at $7.3 billion, according to official documents. COVID caused the company’s year-over-year revenue to drop dramatically in fiscal 2021, but after-tax losses narrowed to US$478 million.

Starlink is looking to obtain a license next year

According to the Economic Times, SpaceX is applying for a commercial license in India for its Starlink satellite broadband service. Pre-orders for the company’s services have topped 5,000, with the service expected to launch in 2022.

Car sales fell 2.7% in November

According to India Infoline, FADA data showed total retail vehicle sales fell 2.7% in November from the same month in 2020 and 20% from the same month in 2019. retail of three-wheelers and commercial vehicles increased by 67% and 13%, respectively, in November 2021.

1Q22 handset launches will drop 20%

According to the Economic Times, the president of the India Cellular Electronics Association (ICEA) predicts a 20% decline in handset launches in the first quarter of 2022 due to the Omicron variant of COVID-19 and component shortages.

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