Chinese carmaker BYD has decided against setting up a manufacturing facility in India altogether after the Indian government did not allow the company to set up a manufacturing facility in the country, reported The Economic Times. It will focus on importing read-made cars, despite the significantly higher costs due to Customs duty. As of now, BYD only offers three models in India. On the other hand, the world’s second largest EV maker has grown into 12 markets in Africa.
Ola Electric faces music after complaints about servicing and faulty product reach 80,000 a month
Ola Electric, India’s dominant e-scooter manufacturer, finds itself in hot water after being handed a show cause notice by The Central Consumer Protection Authority for alleged violation of consumer rights, misleading advertisement and unfair trade practices, reported The Hindu. This comes after months of service backlogs, which went up to 80,000 complaints a month, reported Mint. While Ola is scrambling to expand its service capacity, customers have raised questions about the quality of the electric scooter itself.
Tesla’s driverless cab doesn’t impress investors, wipes out $60 billion in stocks
Elon Musk’s much-touted new product, the driverless vehicle named ‘Cybercab’, did not live up to its hype, reported The Guardian. It created such a dull impression on investors that Tesla’s stock fell by 12%, dropping the EV maker’s value by $60 billion. Investors were dissuaded by the lack of details about the upcoming product and timelines.
EV sales slowdown forces Northvolt’s subsidiary to file for bankruptcy
Europe’s biggest battery maker Northvolt has not been having a good year. Following BMW’s withdrawal of a $1 billion order due to sales slowdown, it was forced to stop the expansion of an upcoming 30 GWh manufacturing plant at Skellefteå, Sweden. Northvolt Ett Expansion, a development company, which was managing the expansion, filed for bankruptcy, reported Sifted.
Upcoming CCS startup Paebbl secures $25 million funding
Nordic-Dutch startup Paebbl, which has come up with a technology to turn captured CO2 into construction material, has secured $25 million funding in series A round, reported Sifted. Investors include VC Capnamic and Amazon’s The Climate Pledge Fund. Paebbl will use this investment to set up a demonstration plant by next year, and increase production to 3 tonnes per day, sequestering up to one tonne of CO2.
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