Daily News Wrap-Up: Electric Vehicle Sales Up 40% YoY in Q1 2024

Luminous inaugurates 250 MW solar module manufacturing facility in Uttarakhand

April 2, 2024


Electric vehicle (EV) sales in India reached a record 486,669 units in the first quarter (Q1) of 2024, a jump of over 40% year-over-year against the 347,676 units sold in the same period of 2023. The EV market consistently exceeded the 100,000-unit threshold each month during the quarter, and March witnessed the highest-ever monthly sales figure of 204,337 units. EVs account for 7.9% of overall automobile sales, which totaled 6,157,070 units in Q1 2024.

Luminous Power Technologies inaugurated a 250 MW solar module manufacturing facility in Rudrapur, Uttarakhand. The fully automated 10-acre plant built with an initial investment of ₹1.2 billion (~$14.4 million) is expandable up to 1 GW capacity, the company said. The launch marks a strategic shift for Luminous from being just a maker of solar inverters and batteries to now manufacturing solar modules. The company also claims to be the only Indian firm that can design and build complete solar power generation systems. Luminous aims to double its growth in three years.

NTPC Green Energy (NGEL) has invited bids from qualified coordinating agencies to provide all forecasting and scheduling-related services for the 130 MW Bhadla Solar power project. The last date for submitting bids is April 4, 2024. Bids will be opened the next day. Bidders will be responsible for ensuring comprehensive project data collection, utilizing information provided by NGEL, and gathering any additional necessary data daily. Bidders are tasked with forecasting and scheduling duties, which encompass providing detailed forecasting data in 15-minute increments, timely submission of day-ahead schedules, and intra-day forecasting revisions.

NTPC has invited expressions of interest from bidders to set up a 50 MW interstate transmission system-connected concentrated solar power project with a thermal energy storage system operational for eight hours during peak and non-solar hours on a build-own-operate basis. The bids are open to Indian and global companies or their consortium, affiliates, and representatives.

In a bid to expand India’s power transmission network, Sterlite Power, a transmission developer, and Singapore-based GIC, an investment firm, have announced the creation of a joint venture (JV). The JV will focus on developing and operating power transmission projects across the country to meet the rapidly growing demand for energy evacuation. Under the agreement, Sterlite Power will hold a 51% majority stake in the new company, while GIC will own the remaining 49%.

Bengaluru-based Zetwerk, an industrial and consumer infrastructure firm, has won a contract to set up over 1,400 EV fast chargers for Indian Oil Corporation (IOCL) across the country.The fast chargers, with capacities ranging from 50-60 kW and 100-120 kW, will be capable of simultaneously charging two EVs using dynamic load-sharing technology. These DC dual gun Combined Charging System 2 DC chargers will be installed in major cities and key highways to enhance accessibility and convenience for EV drivers, the company said.