SEPTEMBER 2024

Thematic Research: The EV Revolution

Understanding The Electric Vehicle Ecosystem
Shridhar Kallani
Private & Confidential
Automobile |
Analyst 1
Disclaimer: This is for Information and Knowledge purposes only; and does not constitute any stock market recommendation.
 Global EV Market Scenario- Preface

In 2023, the global electric vehicle market was valued at US$ 255 Bn. It is forecasted to reach approximately
US$ 2,108 Bn by 2033, growing at a significant CAGR of 23% from 2024 to 2033.

Over the next decade in India, significant adoption is expected across the 3W, 2W, e-bus, and Passenger Vehicle
segments with an expected ~10 Mn annual volumes (FY24 cumulative domestic volumes were ~1.7Mn). This
growth will be driven by favorable government policies, new product launches, declining bill of materials (BoM)
costs, and technological advancements, positioning India as a key player in the global EV space.

This presentation provides an in-depth analysis of the evolving global Electric Vehicle (EV) ecosystem, with a
special emphasis on India's emerging role. We are pleased to present an overview of the global EV landscape, with
a particular focus on key policy interventions in major economies and India.

The presentation delves into strategic initiatives by leading OEMs and Auto Component Manufacturers that are
driving a more sustainable EV ecosystem while showcasing the immense growth opportunities in this rapidly
transforming industry.

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*As per the Economic Survey of India: India’s domestic electric vehicle market is estimated at 10 million annually by 2030.
 What’s Inside

1. Global EV Landscape (Post Covid Scenario)

2. China: Favorable EV Policies led to Rapid Market Growth
3. India: Evolution of The India EV Story to Date
: Policies Adopted by the Government
: Volume Growth
: Segment-wise EV Penetration in India ( in %)
: PM E-drive Scheme: Rs 10,900 Cr Subsidy Scheme
4. Long Term Road Map of Indian OEMs
5. Deep Dive into the Indian EV Ecosystem
Overview of Different Types of EVs
Key Components of Electric Vehicles (EVs)
A.Battery Packs: The Powerhouse of Evs.
B.Electric Traction Motor: Converting Energy into Motion.
C.Chargers and Charging Infrastructure Electric Motor and Propulsion System; BMS.
D.Thermal Management Systems: Regulating Temperature.
E.Power Electronics Controller and BMS: Managing Electrical Flow.
F.Regenerative Braking Systems.
G.Cables and Connectors.
6. Factors for Sustainable Growth in EV Space in India-The PBIT Approach
7. The India EV Story Ahead….FY30
8. Conclusion
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 Global EV Landscape (Post Covid Scenario)
The Global EV sales registration has seen a strong CAGR of 46% in volumes over CY18-23 with major growth coming from economies like China, followed by
EU and US respectively.

Global EV Registration 2018-2023 Geography wise registration

90
81
160 80
140
140 70
60
120 105 60

In Lakhs
50
In Lakhs

100
80 40 33 32
60 30 26.7

40 20 12 14
21 8 10
20 10
0 0
CY18 CY22 CY23 CY18 CY22 CY23
EV Registration Globally China USA Eurpoe Others

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Source: Government Data, IBEF, Axis Securities Research
 CHINA: Favorable EV Policies led to Rapid Market Growth

Ten Cities, Energy-Saving and New

Incentives for Charging Performance based
Thousand Energy Automobile Industry
Infrastructure criteria for subsidies
Vehicles Project Development Plan
National
Battery Cash Subsidies for Made in China Dual Credit
R&D Centre Private Vehicles 2025 Plan Policy

2007 2009 2010 2012 2015 2016 2018 2019-22

Established to Extended EV Required OEMs to Rewarded positive

advance indigenous subsidies up to CNY purchase batteries credits for efficient
battery technology in 60,000 per vehicle to from Chinese vehicles and EVs;
China. boost adoption and companies. penalties for missing
reduce emissions. targets.
Aimed to deploy at
Set performance Provided incentives Aiming to improve
least 1,000 NEVs in
targets for EVs, for cities to build Efficiency (kWh/km),
each of ten cities,
including speed and charging Range and price cap
supported by
range requirements. infrastructure linked for vehicles.
financial subsidies.
to EV sales.

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Source: Government Data, IBEF, Axis Securities Research
”
India: Evolution of The Indian EV Story till Date….

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 EV Policies Adopted by the Indian Government

Phase I Phase II Battery Waste

of FAME of FAME Management Rules PLI Scheme GST Reductions EMPS Scheme PM eDrive Scheme

April 2019 – April 1, 2024

2023 (ongoing) Sep 2024 -
2015 - 2019 March 2024 FY22/FY23 2023 (ongoing)
– Sep 2024 March 2026
(extended)

Budget of Rs 895 Cr; Ministry of Environment, GST on EVs reduced Rs 10,900 Cr subsidies
Supported 2.8 Lc EVs Forest and Climate from 12% to 5%; GST on over a period of two
and hybrid vehicles with Change, GoI published chargers/stations years
Rs 360 Cr incentives; BWM rules, 2022 in reduced from 18% to 5%.
deployed 425 buses and Aug’22 for Guidelines for affordable
520 charging stations. environmentally sound EV charging tariffs and
management of battery service charges.
The budget increased to waste, including Fund allocation of
Rs 10,000 Cr. Incentives: EV batteries. There were Approved outlay of Rs Rs 500 Cr (extended to
Rs 15,000/KWh for certain fresh obligations 25,938 Cr. Grants of 13- Rs 778 Cr). Subsidies:
two-wheelers, and duties on battery 15% of annual sales Up to Rs 10,000 for two-
Rs 20,000/KWh for producers, recyclers and value for EVs. Includes wheelers, Rs 25,000 for
buses, Rs 10,000/KWh refurbishers issued in ACC, semiconductors, small three-wheelers, Rs
for other vehicles. Oct’23. and rare earth magnets. 50,000 for large three-
Supported 4.7 Lc EVs, wheelers.
6315 e-buses,
2877 charging stations.

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Source: Government Data, IBEF, Axis Securities Research
 India: Volume Growth Trajectory

India EV Story as on
20

18 17
1
15

13 12 6
0
x 100000

10
4

5 4
0 9 4
7 0
2
1
3 1 2 1
1 0 0 0
0 1 1 3 2
1 1
- 0 0 0 0
17-18 18-19 19-20 20-21 21-22 22-23 23-24 Q1FY25

E-2 Wheelers E-3 Wheelers E-4 Wheelers E-Buses Grand Total

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Source: Vahan Data, IBEF, Axis Securities Research
 Segment-wise EV Penetration in India ( in %)

Momentum in e-bus Penetration

3W Seeing Encouraging EV Transition
to Pick-up going ahead

60 4.0

3.5
50
3.0
40
2.5

30 2.0 3.8
51.3 54.3 3.4
43.4 1.5
20
36.3 2.4
1.0 1.9
10 19.3 19.4
0.5
0.1 0.5
0 0.0
FY19 FY20 FY21 FY22 FY23 FY24 FY19 FY20 FY21 FY22 FY23 FY24
e3W penetration (%) e-bus Perentration(%)

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Source: Vahan Data, Company Data, Axis Securities Research
 Segment-wise EV Penetration in India ( in %)

e2W Rapid penetration continues Gradual EV penetration in PVs

6 2.5

5
2.0
4
1.5
3
5.4
4.5 2.3
2 1.0

1 2 1.3
0.5
0.4 0.7
0
FY21 FY22 FY23 FY24 0.2
0.0
periods FY21 FY22 FY23 FY24
e2w Penetration (%) ePV Penetration (%)

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Source: Vahan Data, Company Data, Axis Securities Research
 India 2W Scooters EV Story….

India 2W Scooters Volume India 2W Scooters Market Share (%)

Domestic e2W Scooter Penetration (%) OEM wise Market Share in 2W EV Space
60.0 20.00% 100%
56.0 56.0
55.0 18.00% 90% 17%
23%
50.0 17.17%
44.6 16.00% 80%
45.0 11%
14.00% 53%
40.0 70% 11%
13.01%
(In Lakhs)

7%
35.0 12.00%
60% 80% 11%
48.7 46.4
30.0 10.00% 15%
50%
25.0 8.00% 5%
42.1 19%
20.0 40%
11%
5.67% 14.1 6.00%
15.0 30%
4.00% 11%
10.0 47%
11.8 20% 3%
5.0 9.6 2.00% 34%
7.3 8%
0.0 2.5 2.3 0.00% 10% 21%
4%
FY22 FY23 FY24 Q1FY25 6%
0%
e2W Domestic Volumes ICE 2W Domestic Volumes FY22 FY23 FY24 Q1FY25

TOTAL Domestic Scooters Sales Penetration % within Scooters OLA ELECTRIC TVS ATHER BAJAJ Hero Motocorp OTHERS

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Source: Vahan Data, Company Data, Axis Securities Research
 PM E-drive Scheme: Rs 10,900 Cr Subsidy Scheme
Major Notifications:
Total outlays of Rs 10,900 Cr subsidies over a period of two years. The scheme to support 24.79 Lc e-2Ws,
3.16 Lc e-3Ws, and 14,028 e-buses.

Rs 3,679 Cr Subsidies/Demand incentives to incentivize e-2Ws, e-3Ws, e-ambulances, e-trucks and other emerging
EVs (but not e-cars).

Until March 2025, each e-2W will receive a subsidy of Rs 10,000 and an e-3W will get a subsidy of Rs 50,000.
The scheme allocates Rs 500 Cr for the deployment of e-ambulances (including hybrids).
Rs 4,391 Cr for the procurement of 14,028 e-buses by STUs/public transport agencies.
Rs 500 Cr has been allocated for incentivising e-trucks. Incentives will be given to those who have a scrapping
certificate from MoRTH-approved vehicle scrapping centres (RVSF).

Installation of 22,100 fast chargers for e-4 Ws, 1800 for e-buses and 48,400 for e-2W/3Ws. The outlay for Electric
Vehicle Public Charing Stations will be Rs 2,000 Cr.

(The government continues to tax electric cars at 5% vs 28% on hybrids and 49% on ICE vehicles)

Future Norms:
April 2027 - March 2032 CAFE 3 Norms New emission standards with targets of 91.7 gCO2/km for passenger vehicles, stricter than CAFE 2. Penalties for non-compliance.

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Source: Government Data, IBEF, Axis Securities Research
 ”
We have analyzed the long term roadmap of Indian OEMs on following parameters:
• Multiple New Products to be Launched by FY30.
• Capital Allocation Strategy
• Global Partnerships
• Strategies aligned with Govt’s Policy of Make in India, Make for the World

”
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 EV Initiatives: PV Companies

Company Key Actionables

♦ TTMT plans to invest Rs 16k-18k Cr in Capex for its EV segment over the next few years, focusing on platform and technology development.
The company intends to launch 10 EV models by the end of FY26, aiming for a 30% EV portfolio mix by 2030. TTMT is also set to introduce
its first electric Range Rover by the end of CY24.

TATA MOTORS LTD ♦ Tata Sons' subsidiary, Agratas, will establish a 20GW battery manufacturing plant (LFP cells) in Gujarat with an estimated investment of Rs
MCAP: 3,54,837 Cr 13k Cr, targeting production by FY26. Furthermore, a 40GW battery plant (NMC cells) for Jaguar is planned for the UK. Additionally, the
company has signed an MoU with BPCL to jointly establish 7,000 public charging stations across India.

♦ M&M plans to launch 7 BEVs by FY30 and targets having 30% of its SUV portfolio as electric by 2027, leveraging its new Inglo Platform. The
company is set to invest Rs 10,000 Cr in its EV business by FY27. In the current fiscal year, M&M aims to boost its monthly production
capacity by 15k units, of which 10k will be EVs, thereby increasing its total monthly capacity to 64k units.
M&M ♦ In January 2024, Mahindra & Mahindra Ltd. and the India-Japan Fund ("IJF"), managed by the National Investment and Infrastructure Fund
MCAP: 3,84,500 Cr Limited ("NIIF"), entered into a binding agreement, with IJF committing to invest US$ 48.1 million (Rs. 400 crore) in Mahindra Last Mile
Mobility Limited (MLMML)
♦ Maruti Suzuki plans to launch 6 BEV models by 2030, with an expected EV sales contribution of 15-20% by FY30. The company also intends
to export its EVs to Japan and European countries, expanding its global footprint in the EV segment.

♦ Parent company Suzuki Motors, in a JV with Toshiba and Denso, is setting up an EV battery manufacturing plant in Hansalpur, Gujarat, with
Maruti Suzuki
an investment of approximately ₹7,300 Cr. This facility will support Maruti Suzuki's EV ambitions by ensuring a steady supply of batteries for its
MCAP: 4,01,641
electric vehicle lineup.

♦ Hyundai plans to have 6 BEV models by 2028, with a total capital investment outlay of Rs 20k Cr from 2023-33. This includes a recent
investment of ₹6,180 Cr in Tamil Nadu, aimed at boosting EV production and infrastructure.
HYUNDAI

(IPO AWITED) ♦ The company is expected to launch the Creta EV in Q4FY25E, adding to its current EV lineup - the Ioniq5, a premium electric vehicle.

Source: Company Data, Axis Securities Research, MCAP as on 25th September 2024 Private & Confidential | 14
 EV Initiatives: 2W Companies

Company Key Actionables

♦ TVS Motor plans to invest approximately Rs 1,000 Cr in FY25 to introduce a new lineup of two and three-wheelers, covering both electric
and internal combustion engine (ICE) models. As part of its strategy to expand in international markets, TVS is targeting Europe by
launching premium EVs and ICE two-wheelers in France and Italy. This move is aligned with the company's efforts to strengthen its global
TVS Motors
MCAP: 1,36,402 Cr
footprint and capitalize on the growing demand for electric mobility solutions.

♦ Bajaj Auto is adding more variations to the Chetak (currently four), its first model in the electric two-wheeler market. The company aims to
Bajaj Auto expand its e3W network to 70-80 cities and increase Chetak EV sales to 40,000 units per month. Additionally, Bajaj will commission a
MCAP: 3,47,789 Cr new facility for e3W with a Rs 400 Cr investment.

♦ Ola is currently the market leader in e2W in India, with six models in its portfolio. The company is expected to launch three e-motorcycles
and e3W by FY26. Ola is also setting up a cell manufacturing unit with a current capacity of 1.4GWh, expected to expand to 5GWh by Feb
Ola Electric Mobility 2025 and 6.4GWh by April 2025. The total capacity of this factory is envisioned to reach 20GWh by Jun’26. Additionally, Ola Electric is
MCAP: 45,933 Cr
developing a new 4680 form of battery cell, which is more advanced and energy-dense than the 2170 cells it currently uses.

♦ Hero MotoCorp is planning to have a portfolio of four models by FY25 end, which is likely to include two new electric scooters at lower price
points, one business-to-business product for last-mile connectivity, and a refreshed model of the V1. The company also intends to introduce
six electric motorcycles under the Vida range and another four motorcycles under its alliance with Zero Motors starting from FY26.
Hero Motocorp Ltd Additionally, Hero MotoCorp is working with Ather Energy, in which it holds a 44% stake, to improve the electric vehicle ecosystem in India.
MCAP: 1,22,617 Cr Together, they have set up nearly 2,000 fast-charging points across 200 cities in the country.

♦ Ather is a pure-play EV company in India with two product lines-the Ather450 and the Ather Ritza comprising a total of seven variants.
♦ Ather Energy became a unicorn after receiving a $71 million funding round from the National Investment and Infrastructure Fund (NIIF). This
Ather Energy funding round increased the company's valuation to $1.3 Bn (Rs 11k Cr approximately), making it the fourth unicorn in India this year and
(IPO AWITED)
the second in the mobility space.

Source: Company Data, Axis Securities Research, MCAP as on 25th September 2024 Private & Confidential | 15
 EV Initiatives: CV Companies

Company Key Actionables

♦ Investing in Switch (Electric Buses & LCVs) & Ohm (e-MaaS)

♦ Showcased readiness in Alternate power trains: CNG, LNG, H2 ICE, H2 FC, BEV Trucks
♦ 71 Million Green KMs Globally 28 Million Green KMs in India by FY23.
Ashok Leyland ♦ Drive System Design (DSD), a subsidiary of Hinduja Tech, focuses on innovations in electrified propulsion systems and advanced technologies.
MCAP: 69,739 Cr

♦ TTML is working on multi-fuel capability – Gasoline, Diesel, CNG, Ethanol Blend, Bio-diesel, Bio-CNG, LNG, and Hydrogen.
TATA Motors Ltd ♦ Aims 30%+ penetration of Evs in the portfolio by FY30. EBITDA is neutral before product development expenses.
MCAP: 3,54,837 Cr ♦ TTML has Completed a milestone of 150k in EV sales.

♦ Eicher Trucks and Buses is committed to advancing alternative fuel technologies like CNG, LNG, and HCNG alongside its EV initiatives.
VE Commercial Vehicles ♦ Eicher and Amazon are collaborating to introduce up to 1,000 electric trucks for Amazon's delivery operations in India.
(Eicher Motors)
MCAP: 1,38,524 Cr
♦ Olectra Greentech has secured orders from multiple state transport undertakings, including MSRTC and BEST. Olectra Greentech acquired a
26% stake in Evey Trans (Mah) Private Limited to help fulfill a contract for 2,400 electric buses with BEST.
Olectra Greentech ♦ Olectra Greentech renewed its collaboration with BYD until 2030.
MCAP: 13,944 Cr ♦ Olectra Greentech is building a new 150-acre plant in Telangana that will initially produce 5,000 buses per year and eventually scale up to
10,000 by FY26.
♦ JBM Auto develops advanced battery systems for electric vehicles.
♦ JBM Auto has set a goal of introducing 3,000 e-buses in FY25, and forecasts 150,000 electric buses for STUs by 2030.
♦ JBM Auto is setting up EV charging stations in major cities across India, including DC fast chargers and AC slow chargers.
JBM Auto
MCAP: 21,980 Cr ♦ In the last five years, JBM Auto claims to have clocked 150+ Mn e-kms and expects to clock over 1 Bn e-kms in the next 3-4 years.

Source: Company Data, Axis Securities Research, MCAP as on 25th September 2024 Private & Confidential | 16
”
Deep Dive Into The Electric Vehicle Ecosystem

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 Overview of Different Types of EVs

” ” ” ”
BEVs HEVs PHEVs FCEVs
(Battery Electric Vehicles) (Hybrid Electric Vehicles) (Plug-in Hybrid Electric Vehicles) (Fuel Cell Electric Vehicles)

Operate solely on electric Combine a petrol/ diesel Runs on gasoline and Use hydrogen fuel cells to
power stored in batteries engine with an electric motor electricity, with the ability to generate electricity, emitting
and emit no pollutants. for better fuel efficiency. recharge the battery from an only water vapour as a by
Scope of Battery: 2W,3W,4W,CV Scope of Battery: 4W,CV external power source. product.
Scope of Battery: 4W,CV Scope of Battery: 4W,CV

Source: Axis Securities Research

” ” ” ”
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 Components Driving The EV Ecosystem
Cables
and
Connectors Power
Controller, Regenerative
Transmission Braking
Cooling
System
and
Lubrication
Systems Charging
Infrastructure
Battery
Batteries Management
System (BMS)

Electric Motor &

Propulsion System

Electric Vehicle
Ecosystem (EV)

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Source: Industry, Axis Securities Research
 Key Components of Electric Vehicles (EVs)

Batteries: The Powerhouse of EVs

♦ a rechargeable energy storage system
♦ Lithium-Ion batteries: high energy density, thermal stability and long lifespan.
♦ Directly influences driving range and efficiency.

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 A. Batteries: Advanced Chemistry Cell

Company Description

♦ Exide Industries, through its wholly owned subsidiary, Exide Energy Solutions Limited (EESL), is setting up a gigafactory
for lithium-ion cells in Bengaluru with a capacity of 12 GWh. The first phase of the project, with a capacity of 6 GWh, is
expected to be completed in 2025. As of March 2024, the company has invested Rs 2,302 Cr in EESL. Exide has
Exide Industries partnered with China-based SVOLT Energy Technology, which develops and manufactures lithium-ion batteries and
MCAP: 40,553 Cr
storage solutions for multiple applications. Additionally, Hyundai Motors and Kia have signed a memorandum of
understanding (MoU) with Exide Energy Solutions to localize EV battery production in India.

♦ Ola is setting up a cell manufacturing unit named the Ola Gigafactory in the vicinity of its Ola Future factory. This factory,
as of now, has the capacity of 1.4GWh and is expected to expand to 5GWh by Feb’25 and 6.4GWh by Apr’25. The total
OLA Electric
MCAP: 45,933 Cr
capacity of this factory is envisioned to be 20GWh by Jun’26. Ola has developed in-house its 4680-form factor battery
cell which it is manufacturing in this factory and will use in its products.

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Source: Axis Securities Research, MCAP as on 25th September 2024
 A. Batteries: Advanced Chemistry Cell (contd.)

Company Description

♦ Reliance Industries is set to start operations at its battery gigafactory by H2FY26, with an annual capacity
of 30 GW. The facility, spread across 5,000 acres in Jamnagar, Gujarat, will initially focus on assembling
battery systems and packs, before expanding into cell manufacturing and chemical production. The
Reliance Industries
MCAP: 20.21 Lk Cr company has already established a pilot line with a capacity of 50 MWh per year for manufacturing lithium-
ion battery cells. Additionally, it is working on the commercialization of its sodium-ion battery
technology, with plans to industrialize sodium-ion cell production at a megawatt level by FY26.
♦ Amara Raja is setting up a Rs 9,500 Cr gigafactory for lithium-ion cells and battery packs in Telangana.
The company is targeting a capacity of 16 GWh for cells and 5 GWh for battery packs over the next
decade as per its initial plan. The first phase of the factory, with a capacity of 2 GWh, is expected to be
Amara Raja: operational by FY26. Recently, Amara Raja announced a technology partnership with Gotion High-Tech’s
MCAP: 24,986 Cr subsidiary, Gotion-InoBat-Batteries (GIB) EnergyX Slovakia, to license Gotion’s technology for
manufacturing lithium-ion cells in both cylindrical and prismatic form factors.

Source: Company Data, Axis Securities Research, MCAP as on 25th September 2024 Private & Confidential | 22
 Key Components of Electric Vehicles (EVs)

Battery Packs: The Powerhouse of EVs

♦ a rechargeable energy storage system
♦ Lithium-Ion batteries: high energy density, thermal stability and long lifespan.
♦ Directly influences driving range and efficiency.

Power Controller, Transmission and Motors: Converting Energy into Motion

♦ Transforming electrical energy into mechanical energy.
♦ Includes permanent magnet, AC and DC motors; usage based on performance needs

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 B. Power Controller, Transmission and Motors

Company Description

♦ DTTS is a system-level provider offering a range of transmission solutions. The company has been one of the pioneers in
EV transmission products (including the planetary sun gear, final drive gear, counter shaft assembly, and input shaft) in
India. DTTS has localized the technology to reduce its customers' dependence on imports (orders received from Tata
Divgi Torque Transfer Systems
Motors and M&M). It currently has a capacity of 120k units per annum, expandable to 3 shifts to meet growing demand.
MCAP: 1,784 Cr Currently, the company has a range of three transmissions catering the motor power ratings of 55 Kilowatts, 60 Kilowatts
and 95 Kilowatts.
♦ The company is engaged in the production of customizable traction motors and controllers, as well as DC-DC
converters, with Bajaj Auto as its anchor customer (the sole supplier for 3Ws and holding a 50% market share for 2Ws).
According to management, EV components contributed 4-5% of Q1FY25 revenue. Recently, Varroc has received orders
from international brands such as River Indie and Stark Motors, and expects commercial production to commence by the
Varroc Engineering Ltd:
MCAP: 8,998 Cr
end of FY25E. Ongoing R&D in the fields of BMS and off-board battery chargers for 2W EVs will play a crucial role in
their sustainable product portfolio.
♦ Uno Minda EV Systems Private Limited is a joint venture between Uno Minda Ltd and FRIWO AG Germany, a leading
international manufacturer of innovative power supply units and e-drive solutions. Uno Minda Ltd holds a majority stake
of 50.1% in the joint venture entity. Uno Minda Buehler Motor Private Limited (UMBM), incorporated on December 12,
2022, is another joint venture between Uno Minda Ltd and Buehler Motor GmbH (“Buehler”). This JV focuses on
developing, manufacturing, and marketing traction motors in India and other SAARC nations. UMBM will offer traction
UNO MINDA LTD
MCAP: 66,409 Cr motors for battery-driven electrified 2-wheelers and 3-wheelers. Uno Minda will hold a 50.1% stake in the joint venture,
while the remaining stake will be held by Buehler. The company announced a technical license agreement (TLA) with
Suzhou Inovance Automotive Co. of China : charging control units (CCUs), EV inverters, EV motors, and next-
generation 3-in-1 electric drive systems (e-Axle).

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Source: Company Data, Axis Securities Research, MCAP as on 25th September 2024
 B. Power Controller, Transmission and Motors (contd.)

Company Description

♦ Also known as Sona Comstar, the company is an automotive technology firm that manufactures and supplies components
for electric vehicles (EVs), including starter motors for conventional, micro-hybrid, and electric vehicles; EV traction
motors; and motor control units. Sona BLW recently signed a technology licensing agreement with Equipmake, enabling
them to manufacture and sell EV powertrains, sub-systems, and components. This agreement includes patented spoke
motor and inverter technology, with a power range of 100 kW to 440 kW. Sona BLW will be able to sell these components
Sona BLW Precision Forgings Ltd
MCAP: 45,756 Cr
in India, Thailand, and select South Asian countries. Additionally, Sona BLW operates a manufacturing plant in Silao,
Mexico, which produces critical driveline components for BEVs. This plant is designed to serve the EV market in North
America and to streamline the company's supply chain.

♦ The Motor Controller Unit (MCU), Battery Management System (BMS), and Vehicle Controller (VCU) are three of the most
crucial core technologies for EVs, significantly impacting their performance, reliability, safety, and economy. SGEM, a joint
venture between Sterling Tools Ltd and Jiangsu Gtake Electric Co. Ltd., is at the forefront of the EV value chain by
offering localized MCUs for Battery & Hybrid Electric Vehicles in India. SGEM has a strong presence in the 2W, 3W,
STERLING TOOLS
and LCV segments, having witnessed an 86% YoY segmental revenue growth in FY24. SGEM operates a manufacturing
MCAP: 2,180 Cr plant in Faridabad and has two tech centres in Faridabad and Bangalore. The company plans to expand its production
capacity from the existing 4 Lc units to 6 Lc units annually, with an investment of Rs 55 Cr. Ola Electric Mobility is the
anchor customer for the company.

Private & Confidential | 25

Source: Company Data, Axis Securities Research, MCAP as on 25th September 2024
 Key Components of Electric Vehicles (EVs)

Battery Packs: The Powerhouse of EVs

♦ a rechargeable energy storage system
♦ Lithium-Ion batteries: high energy density, thermal stability and long lifespan.
♦ Directly influences driving range and efficiency.

Electric Traction Motor: Converting Energy into Motion

♦ Transforming electrical energy into mechanical energy.
♦ Includes permanent magnet, AC and DC motors; usage based on performance needs

Chargers and Charging Infrastructure

♦ Onboard/Offboard Charger and Charging Infra: Enabling Recharging
♦ Converts AC electricity from the grid into DC power for charging the battery.
♦ Allows for the replenishment of the battery pack's energy.

Private & Confidential | 26

 C. Charging Infrastructure

Company Description

♦ Servotech Power System Ltd., an NSE-listed company, is a leading manufacturer of power electronics products,
specializing in innovative and high-quality solar products and EV chargers. As of March 2024, the company has deployed
over 5,800 charging stations nationwide, primarily through various Oil Marketing Companies (OMCs). Servotech has a
robust order book of Rs 450-500 Cr, predominantly from OMCs such as BPCL, IOCL, HPCL, and Nayara Energy. The
company has also secured contracts with various Municipal Corporations for supplying DC chargers and with Adani Total
Energies E-mobility Ltd to supply AC EV chargers at airports across India.

♦ Servotech's consolidated revenue has grown at a 57% CAGR over FY22-24, reaching Rs 355 Cr, with management
Servotech Power System
MCAP: 4,283 Cr confident in sustaining this growth trend in the coming years. The company's Haryana manufacturing facility has a
production capacity of 30,000 AC EV chargers and 12,000 DC EV chargers annually. Servotech is also constructing a new
facility dedicated to producing power modules, control circuits, and PLCs. The new plant will initially produce 24,000
power modules annually, with plans to increase production capacity to 2.4 Lc power modules per year over the next
few years.

Private & Confidential | 27

Source: Company Data, Axis Securities Research, MCAP as on 25th September 2024
 Key Components of Electric Vehicles (EVs)

Thermal Management Systems: Regulating Temperature

♦ Air Cooling is suitable for smaller, less powerful EVs or applications where cost, simplicity, and
weight are more critical than maximum performance
♦ Liquid Cooling is ideal for high-performance EVs, longer-range vehicles, or applications where
efficient heat management is crucial for maintaining battery life, safety, and rapid charging
capabilities

Private & Confidential | 28

Source: Company Data, Axis Securities Research
 D. Thermal Management System: Cooling And Lubrication

Company Description

♦ Castrol India has developed a range of high-quality EV Transmission fluids, EV Thermal Fluids, and EV Greases.
Castrol ON EV Thermal Fluids are designed to help avoid the risk of thermal propagation by directly cooling the individual
cells, where high temperatures can cause irreversible failure as a result of overcharging or short-circuiting. Its innovation
Castrol India in immersion cooling directly addresses the challenges associated with battery overheating and thermal propagation,
MCAP: 24,744 Cr making EVs safer and more reliable for everyday use.

♦ Gulf Oil has developed a specialized range of EV fluids (Gulf eLEC Coolant, Gulf eLEC Driveline Fluid, and Gulf eLEC
Gulf Oil India
Brake Fluid) for electric and hybrid vehicles. To prepare for the future in the sustainable mobility sector in India, Gulf Oil
(GULF International) has also partnered with ElectreeFi, an EV SaaS provider, and Indra Technologies, a charger/mobility company based in
MCAP: 6,996 Cr
the UK.

Private & Confidential | 29

Source: Company Data, Axis Securities Research, MCAP as on 25th September 2024
 Key Components of Electric Vehicles (EVs)

Thermal Management Systems: Regulating Temperature

♦ Air Cooling is suitable for smaller, less powerful EVs or applications where cost, simplicity, and
weight are more critical than maximum performance
♦ Liquid Cooling is ideal for high-performance EVs, longer-range vehicles, or applications where
efficient heat management is crucial for maintaining battery life, safety, and rapid charging
capabilities

Power Electronics Controller and BMS: Managing Electrical Flow

♦ controlling and regulating the flow of electrical energy between the battery pack and the electric
motor.
♦ The BMS monitors the battery's state, including its voltage, temperature, charge level, and
health. It also monitors the flow of coolant and current into and out of the battery.

Private & Confidential | 30

Source: Company Data, Axis Securities Research
 E. Electric Motor and Propulsion System

Company Description

♦ Electric Motors: Siemens is developing high-efficiency electric motors specifically designed for EVs, including compact
and lightweight designs that enhance vehicle performance and range. Their motors are known for high power density and
energy efficiency, which are critical for maximizing battery life.
♦ Propulsion Systems: Siemens provides integrated electric propulsion systems that combine motors, inverters, and
control units into a single, optimized package. These systems are designed to be highly scalable, making them suitable for
a wide range of EVs, from passenger cars to heavy-duty commercial vehicles.
Siemens ♦ Software and Digitalization: Siemens leverages its expertise in digitalization and automation to enhance the design,
MCAP: 2,55,694 Cr
manufacturing, and operation of electric motors. The company uses advanced simulation tools to optimize motor
performance and energy use.

♦ Electric Motors: ABB is a leader in developing electric motors for various applications, including EVs. Their motors are
designed for high efficiency, reliability, and low maintenance, helping to extend the range and performance of electric
vehicles.
♦ Power Electronics and Propulsion: ABB focuses on power electronics, which are essential for converting and controlling
electrical power in EVs. The company provides advanced inverters and converters that ensure efficient energy use and
ABB seamless power delivery to the motor.
MCAP: 1,73,235 Cr
♦ Charging Infrastructure: Beyond propulsion systems, ABB is a major player in EV charging infrastructure, developing
fast-charging solutions that are crucial for the widespread adoption of electric vehicles.

Private & Confidential | 31

Source: Company Data, Axis Securities Research, MCAP as on 25th September 2024
 E. Battery Management Systems

Company Description

♦ In July 2022, ETL executed an agreement to acquire a 100% stake in Maxwell Energy Systems Pvt Ltd in a
phased manner. Maxwell specializes in embedded electronics, particularly Battery Management Systems (BMS)
for automobile EVs and battery packs. The company supplies to over 70 automotive OEMs and battery pack
makers across 15 countries, including India, France, Spain, and the US. ETL currently holds a 61.54% stake in
Maxwell. Orders booked in the last 3 years have resulted in peak annual sales of Rs 420 Cr. Maxwell has also
expanded into non-automotive applications, securing two Letters of Intent (LOIs) for boats and ATVs, with peak
Endurance Technologies
MCAP: 34,227 Cr annual business of approximately Rs 110 Cr. Additionally, it has received an LOI from Govecs, a major European
E-2W OEM, for Rs 13 Cr in annual revenue at peak business, starting from Q3FY25. A BMS is a crucial
component of an EV's safety system, managing the battery's electronics and ensuring safe operation. It monitors
the battery's temperature and controls valves to maintain a safe temperature range.

Private & Confidential | 32

Source: Company Data, Axis Securities Research, MCAP as on 25th September 2024
 Key Components of Electric Vehicles (EVs)

Thermal Management Systems: Regulating Temperature

♦ Air Cooling is suitable for smaller, less powerful EVs or applications where cost, simplicity, and weight are more
critical than maximum performance
♦ Liquid Cooling is ideal for high-performance EVs, longer-range vehicles, or applications where efficient heat
management is crucial for maintaining battery life, safety, and rapid charging capabilities

Power Electronics Controller and BMS: Managing Electrical Flow

♦ controlling and regulating the flow of electrical energy between the battery pack and the electric motor.
♦ The BMS monitors the battery's state, including its voltage, temperature, charge level, and health. It also
monitors the flow of coolant and current into and out of the battery.

Regenerative Braking Systems

♦ During braking, the electric motor of the hybrid or electric vehicle switches to generator mode. The wheels
transfer the kinetic energy via the powertrain to the generator.

Private & Confidential | 33

Source: Company Data, Axis Securities Research
 F. Regenerative Braking

Company Description

♦ Market leaders like Bosch are expanding their offerings beyond traditional hydraulic regenerative braking
systems. They are introducing electronically controlled systems that enhance energy recovery efficiency and
integrating these systems with advanced driver-assistance features, such as adaptive cruise control, to
maximize energy conservation. Regenerative braking energy has the potential to wirelessly charge electric
Bosch
MCAP: 1,08,834 Cr
vehicles while in motion. Coordinating regenerative braking with other vehicle systems, such as electric motors
and batteries, is crucial for optimal performance. These regenerative braking systems recover energy, which
is then stored in a high-voltage battery.
♦ ZF offers a range of park brake solutions, including integrated park brakes and full Electronic Park Brake (EPB)
systems. Their offerings include standard EPB, EPBi—which eliminates the need for a separate Electronic Control
Unit (ECU) by integrating it within the electronic stability control system—and EPB for front axles, which is more
suitable for smaller vehicle segments.

♦ The Integrated Brake Control (IBC) is a vacuum-independent, integrated electro-hydraulic brake actuation
ZF International
(ZF Commercial control system that can replace the electronic stability control, vacuum brake booster, and, if necessary, the
Vehicle Control
System India Ltd):
vacuum pump along with the associated cables, sensors, switches, and control units. With this single, integrated
MCAP: 30,310 Cr unit, ZF enables full regenerative braking and eliminates the need for additional vacuum pumps. The company
has also announced a partnership with REE Automotive to develop integrated e-drive and braking systems for
electric and hybrid vehicles.

Private & Confidential | 34

Source: Company Data, Axis Securities Research, MCAP as on 25th September 2024
 Key Components of Electric Vehicles (EVs)

Cables and Connectors

♦ includes Wiring Harnesses, Battery Cables, Wiring Sets, Connectors & Terminals.
♦ for power supply and data transfer across various vehicle segments and other industrial
applications

Private & Confidential | 35

Source: Company Data, Axis Securities Research
 G. Cables and Connectors

Company Description

♦ Spark Minda is a leading manufacturer of a wide range of components, including Wiring Harnesses, Battery
Cables, Wiring Sets, Connectors & Terminals, and Low Voltage Wiring Harnesses for EV commercial vehicles.
Through its wholly owned subsidiary, Spark Minda Green Mobility Systems (SMGM), the company focuses on
products tailored for the EV segment, such as Battery Chargers, DC-DC Converters, Battery Management
Systems (BMS), Motor Controllers, and Vehicle Controllers (VCUs).

Spark Minda ♦ In partnership with EVQPOINT Solutions, Spark Minda has entered into an exclusive technology and
MCAP: 14,031 Cr
manufacturing agreement for battery chargers and EV supply equipment. Additionally, Minda Corp has signed
a Technology Licensing Agreement (TLA) with Sanco to locally develop EV connecting systems, charging gun
assemblies with sockets and accessories, bus bars, cell contact systems, Power Distribution Units (PDU), and
Battery Distribution Units (BDU).

♦ Sampardhana Motherson specializes in designing, manufacturing, and integrating advanced Electrical &
Electronic Distribution Systems (Wiring Harness Systems) for power supply and data transfer across various
Samvardhana Motherson
vehicle segments and other industrial applications. Its wiring harness division, Motherson Sumi Wiring India
International Ltd Limited (MSWIL), is a joint venture between SAMIL and Sumitomo Wiring Systems, Ltd. (SWS). MSWIL is a
MCAP: 1,45,189 Cr
market leader in the Indian wiring harness industry, supplying components to two of the top three electric vehicle
passenger vehicle OEMs and two of the top five electric vehicle 2W OEMs in India.

Private & Confidential | 36

Source: Company Data, Axis Securities Research, MCAP as on 25th September 2024
 The India EV Story Ahead….FY30

India EV Market Size (in units)

110
100
100
90
80
70
x 100000

60
50
40
30
20 17
12
10 4
1 1 2 1
-
17-18 18-19 19-20 20-21 21-22 22-23 23-24 29-30

*As per the Economic Survey of India India’s domestic electric vehicle market is estimated at 10 million annually by 2030.

Private & Confidential | 37

Source: Government Data, Vahan , Company Data, Axis Securities Research
 India's Key EV Growth Drivers – The PBIT Approach

PRICING (SUBSIDIES, LITHIUM AVAILABILITY, REGULATIONS/GRANTS): EVs have higher upfront costs than
ICE vehicles but are becoming more affordable with subsidies and falling battery prices. Lower running costs over
time make EVs more economical in the long run.

BATTERY RANGE ( R&D SPENDS): While ICE vehicles offer longer range and quick refueling, EVs are improving
with better battery technology, reducing the gap.

INFRASTRUCTURE (CHARGING STATIONS): ICE vehicles benefit from a mature fuel network. EV charging
stations are expanding rapidly in India, with growing government and private sector support.

TERMINAL VALUE (RESALE): ICE vehicles have a stable resale market. EVs are catching up as battery
technology improves, stabilizing their long-term value.

Private & Confidential | 38

Source: Axis Securities Research
 To Conclude…

”
The Economic Survey of India 2023 had forecast a robust Indian domestic
EV market with an estimated 10 Mn annual sales by 2030.

Indian Governments focus on both the demand-side and supply-side incentives in its EV policy aims to ensure long-
term sustainability and foster self-reliance in the electric vehicle sector. The PM E-Drive scheme, which targets public
transport, commercial EVs, and charging infrastructure, is complemented by the Production Linked Incentive (PLI)
programs aimed at bolstering domestic manufacturing and reducing reliance on imports. By positioning itself as a
manufacturing hub, India seeks to solidify its competitiveness in the global EV landscape, reinforcing its ambition to
be a key player in the emerging green economy.

”
Private & Confidential | 39
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Private & Confidential | 40

 Disclaimer NEERAJ CHADAWAR
Digitally signed by NEERAJ
CHADAWAR
Date: 2024.09.27 15:16:37 +05'30'

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Sr. No Name Designation Sector E-mail

1 Neeraj Chadawar Head of Research All Sectors neeraj.chadawar@axissecurities.in
2 Preeyam Tolia Research Analyst FMCG and Retail, Real Estate preeyam.tolia@axissecurities.in
3 Omkar Tanksale Research Analyst IT, Telecom, Internet omkar.tanksale@axissecurities.in
4 Uttamkumar Srimal Research Analyst Cement, Infra, Railway uttamkumar.srimal@axissecurities.in
5 Ankush Mahajan Research Analyst Pharmaceutical, Hospital, Hotel ankush.mahajan@axissecurities.in
6 Dnyanada Vaidya Research Analyst BFSI dnyanada.vaidya@axissecurities.in
7 Aditya Welekar Research Analyst Metal and Mining, Power Utilities aditya.welekar@axissecurities.in
8 Sani Vishe Research Analyst Chemicals Capital Goods, Mid-cap sani.vishe@axissecurities.in
9 Eesha Shah Research Analyst Real Estate, Special Situation eesha.shah@axissecurities.in
10 Shridhar Kallani Research Associate Auto and Auto ancillaries shridhar.kallani@axissecurities.in
11 Shikha Doshi Research Associate Cement, Infra, Railway shikha.doshi@axissecurities.in
12 Suhanee Shome Research Associate FMCG and Retail suhanee.shome@axissecurities.in
13 Shivani More Research Associate Chemicals Capital Goods, Mid-cap shivani.more@axissecurities.in
14 Pranav Nawale Research Associate BFSI pranav.nawale@axissecurities.in
15 Darsh Solanki Research Associate Metal and Mining, Power Utilities darsh.Solanki@axissecurities.in
16 Aman Goyal Research Associate Pharmaceutical, Hospital, Hotel aman.goyal@axissecurities.in
17 Arundhati Bagchi Research Associate Database Analyst, Economy arundhati.bagchi@axissecurities.in

Private & Confidential | 41