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					</table><p>Gurugram-based commercial electric mobility services provider <a href="https://www.drivn.co.in/" target="_blank" rel="noopener">Drivn</a> has received a commitment of up to $80 million in funding from financial services company <a href="https://www.nomura.com/" target="_blank" rel="noopener">Nomura</a>.</p>
<p>Founded in 2025, Drivn buys, owns, and leases electric buses and trucks for long-distance logistics and inter-city transport.</p>
<p>This funding from Nomura will support the first phase of Drivn’s deployment of 1,000 electric buses and trucks.</p>
<p>The company stated that it is building a long-term deployment platform that combines asset ownership, operational reliability, and scale.</p>
<p>To promote the deployment of electric buses in public transport, the government has been <a href="https://www.mercomindia.com/cabinet-pm-edrive-program" target="_blank" rel="noopener">implementing</a>  the ‘PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) Program,’ and the ‘PM-eBus Sewa-Payment Security Mechanism (PSM) Program.’ The PSM program was allocated an outlay of ₹34.35 billion ($409 million) to support the procurement and operation of over 38,000 electric buses from the financial year (FY) 2024-25 to FY 2028-29.</p>
<p>The government also set aside ₹43.91 billion ($522.8 million) to procure 14,028 e-buses deployed in nine major cities with populations exceeding 4 million.</p>
<p>In July 2025, the Ministry of Heavy Industries <a href="https://www.mercomindia.com/mhi-announces-demand-incentives-for-electric-trucks-under-pm-e-drive" target="_blank" rel="noopener">issued</a> a notification for the PM E-DRIVE program to include demand incentives for electric trucks.</p>
<p>Last October, the Ministry of Heavy Industries <a href="https://www.mercomindia.com/government-notifies-guidelines-for-charging-stations-under-pm-e-drive" target="_blank" rel="noopener">notified</a> operational guidelines for the deployment of electric vehicle (EV) public charging stations under PM E-DRIVE.  Subsidies will be provided for EV public charging stations, battery swapping stations, or battery charging stations. While subsidies will primarily cover upstream infrastructure costs, support may also extend to EV supply equipment costs in certain cases.</p>
<p>Electric vehicle (EV) sales in India <a href="https://www.mercomindia.com/electric-vehicle-sales-clock-16-yearly-growth-in-2025-reach-2-3-million-units" target="_blank" rel="noopener">reached</a> a record 2.27 million units in 2025, an over 16% year-over-year increase from 1.95 million units sold in 2025. EVs accounted for 8% of overall automobile sales, according to data released by the Ministry of Road Transport and Highways through its Vahan Dashboard.</p>


E-Bus Services Provider Drivn Gets $80 Million Boost from Nomura


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					</table><p>The Ministry of Heavy Industries (<a href="https://heavyindustries.gov.in/" target="_blank" rel="noopener">MHI</a>) has issued a notification for the PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) program, offering demand incentives for electric trucks (e-trucks).</p>
<p>Under the notice, the following categories of e-trucks will be eligible for the incentives:</p>
<ul>
<li>N2 – trucks with gross vehicle weight (GVW) more than 3.5 tons but not exceeding 12 tons</li>
<li>N3 – trucks with GVW exceeding 12 tons but under 55 tons</li>
</ul>
<p>For articulated vehicles, only puller tractors (tractor-trailer combinations) under the N3 category will be eligible for the incentives.</p>
<p>E-trucks will receive the lesser of the following demand incentives:</p>
<ul>
<li>₹5,000 (~$58.28) multiplied by battery capacity measured in kilowatt-hour (kWh)</li>
<li>10% of the truck’s ex-factory price (excluding trailer)</li>
</ul>
<p>The incentives will be distributed per GVW as follows:<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/Picture5-1-e1752236236778.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-81877 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/Picture5-1-e1752236236778.png" alt="" width="532" height="232" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/Picture5-1-e1752236236778.png 532w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/Picture5-1-e1752236236778-300x131.png 300w" sizes="auto, (max-width: 532px) 100vw, 532px" /></a>E-trucks will receive the incentive only after submitting a certificate of deposit (CD) issued by the Ministry of Road Transport and Highways (MoRTH)-authorized internal combustion truck scrapping facilities. These facilities must cater to internal combustion trucks of at least the same GVW as the e-trucks. The CD’s transferability will adhere to the MoRTH norms.</p>
<p>The authenticity, validity, ownership, and GVW in the CDs will be verified under the PM E-DRIVE and Vahan portals.</p>
<p>The performance and efficiency eligibility criteria for e-trucks are as follows:</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/electric-trucks1.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-81868 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/electric-trucks1.png" alt="" width="886" height="373" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/electric-trucks1.png 886w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/electric-trucks1-300x126.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/electric-trucks1-768x323.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/electric-trucks1-650x274.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/electric-trucks1-624x263.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/electric-trucks1-600x253.png 600w" sizes="auto, (max-width: 886px) 100vw, 886px" /></a></p>
<p>Last year, the PM E-Drive was <a href="https://www.mercomindia.com/cabinet-pm-edrive-program" target="_blank" rel="noopener">launched</a> with an outlay of ₹109 billion (~$1.29 billion), focusing on providing demand incentives, deploying electric vehicles (EVs), and developing charging infrastructure to support wider adoption of such vehicles.</p>
<p>In March this year, MHI <a href="https://www.mercomindia.com/mhi-mandates-100-dcr-requirement-for-18-ev-components-under-pm-e-drive" target="_blank" rel="noopener">mandated</a> a 100% domestic content requirement for 18 EV components under the two-wheeler, three-wheeler, and e-bus segments to be eligible for a subsidy under the PM E-Drive program.</p>
<p>EV sales in India <a href="https://www.mercomindia.com/electric-vehicle-sales-clock-34-yoy-growth-in-q2-2025" target="_blank" rel="noopener">reached</a> 530,386 units in the second quarter (Q2) of 2025, an over 34% year-over-year increase from 396,719 units. EVs accounted for 8% of the overall automobile sales, which totaled 6,554,775 units in Q2 2025, according to data released by the Ministry of Road Transport and Highways through its Vahan Dashboard.</p>


MHI Announces Demand Incentives for Electric Trucks Under PM E-Drive

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