Hyundai is investing US$530 million in brining more EVs to India, while local EV startup Ola has raised US$139 million in funding with loss narrowed for fiscal 2021.

Hyundai to launch a new EV lineup in India

According to Nikkei Asia Review, Hyundai plans to invest INR40 billion (US$530 million) to launch six EV models in India by 2028. The lineup includes SUV and sedans and will be built on either the electric global modular platform E-GMP or a modified platform for its current ICE cars.

Ola raises US$1390 million

According to Economic Times, Ola has raised US$139 million in Series J round. Official filing papers showed that Ola's company valuation reached US$7.3 billion. In fiscal year 2021, the company has seen revenue decline year-over-year drastically due to COVID, but losses after tax narrowed to US$478 million.

Starlink looks to obtain license next year

According to Economic Times, SpaceX is applying for a commercial license for its satellite broadband services Starlink in India. The company has said that pre-orders for its services exceeded 5,000, aiming to start operating in 2022.

Car sales decrease 2.7% in November

According to India Infoline, FADA data showed that total retail sales of vehicles in November declined 2.7% compared to the same month of 2020 and decreased by 20% compared to the same month of 2019. In November 2021, retail sales of three-wheeler and commercial vehicles increased by 67% and 13% year-over-year respectively.

Handset launches in 1Q22 to decline 20%

According to Economic Times, India Cellular Electronics Association (ICEA) chairman was cited as predicting that handset launches in the first quarter of 2022 may decline by around 20% due to the Omicron variant of COVID-19 as well as component shortages.