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The NH48 highway in India. The country’s electric car sector is small compared to other major economies like China and the U.S.

Sw Photography | Digitalvision | Getty Images

With a huge population, military and economy, India is viewed by many as country whose influence could grow significantly as the 21st century progresses.

When it comes to electric cars, however, the country is playing a game of catch up.

That’s because while China, Europe and the U.S. have become hubs for the purchase of electric cars — over 50% of those on the road can now be found in China, according to the International Energy Agency — India currently lags pretty far behind.

Change could be around the corner, however, with the IEA’s Global EV Outlook for 2023 noting that battery electric vehicle sales in India hit almost 50,000 in 2022, four times more than the previous year but still small fry compared to the 4.4 million sold in China.

Alongside the increase in sales, the IEA said India was also seeing a “ramping up” of both EV and component manufacturing.

This had been backed by a $3.2 billion incentive program from the Indian government, which had in turn led to $8.3 billion of investment.

Read more about electric vehicles from CNBC Pro

With all of the above in mind, executives at some of the world’s biggest automotive firms are making the case for establishing a foothold in India.  

These include the CEO of Stellantis’ Citroën Brand, who believes India’s electric vehicle sector, while in its early stages of development, could be “absolutely perfect” due to the way people there use cars.

During a recent interview with CNBC’s Charlotte Reed, Thierry Koskas accepted that the market in India was “just starting.”

“But we have great hope for this market because a lot of car usage in India is urban or suburban, and that can be absolutely perfect for electric vehicles,” he added.

Citroën India, which launched the fully electric ë-C3 in Feb. 2023, is not alone when it comes to making a move in India’s nascent electric car sector.

Other firms doing the same include Volvo Cars, with its fully electric XC40 Recharge, and Audi, with its e-tron.

Speaking to Autocar India back in 2021, the head of Audi India expressed confidence that the EV sector in the country would go from strength to strength.

“I think [the] four-wheeler industry is one [area], but you also will have two-wheeler industry, even buses on the electric side that will come, and also three-wheelers,” Balbir Singh Dhillon said.

“So I think the whole ecosystem is going to develop at a much faster pace than we can imagine,” he added.

A packed field

Companies like Audi, Volvo Cars and Stellantis are focusing on a market already home to some big India-based players.

These include Tata Motors, which counts Jaguar Land Rover among its subsidiaries. According to the IEA, Tata was responsible for more than 85% of battery electric vehicle sales within India last year.

Other Indian firms jostling for position in the sector include Mahindra and Mahindra and Ola Electric.

In Aug. 2022 the latter’s CEO, Bhavish Aggarwal, said his company would launch an all-electric vehicle that can go from zero to 100 kilometers per hour (just over 62 mph) in four seconds. At the time, the company said it planned to launch the car in 2024.

Read more about energy from CNBC Pro

While there is a huge amount of chatter about the potential for electric cars in India, a lot of work needs to be done if they’re to become a key part of its transportation system.  

“In India and across all regions outside the three major EV markets, electric car sales are expected to represent 2-3% of car sales in 2023, a relatively small yet growing share,” as the IEA notes.  

Citroën’s Koskas remains bullish, however. “We launched the electric version of the C3, six months after launching the ICE [internal combustion engine] vehicle — nobody else did it,” he told CNBC.

Despite the speed at which a company like Citroën can move, the fact vehicles running on fossil fuels are still being launched shows just how much the automotive industry will need to change if EVs are to become dominant in India and around the world.

It’s a massive task, but Koskas seemed optimistic about the road ahead in India. “We are one of the few manufacturers today that are present in this electric vehicle market,” he said.

“It’s today, marginal — we think that it will grow a lot in the future, and we are very happy to be present as one of the first newcomers in this market.”

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The Genesis GV60 MIV is one hardcore EV that climbs mountains [Video]

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The Genesis GV60 MIV is one hardcore EV that climbs mountains [Video]

The luxury carmaker channeled its inner superhero with this one. Genesis unveiled the new GV60 Mountain Intervention Vehicle (MIV) this week in Switzerland, an off-road EV that can climb mountains. The concept is designed for extreme rescue missions. Check it out below.

Meet the Genesis GV60 MIV rescue EV concept

Genesis showed off the new GV60 MIV this week at the World Economic Forum (WEF) in Davos, Switzerland. Crowds lined up to see it at the AMERON Davos Swiss Mountain Resort, not far from the WEF venue.

Based on its first dedicated EV, the GV60, the concept is designed to tackle extreme terrain and weather on rescue missions.

The purpose-built vehicle gains off-road elements like snow tracks and medical and emergency communication systems for rescue missions on mountains or other extreme terrain. Other upgrades include a custom heavy-duty roof rack and rear hatch rack.

Genesis added large carbon fender flares to warn those nearby and protect the vehicle from damage in extreme weather.

With a fully electric powertrain, the Genesis GV60 MIV has no tailpipe emissions, protecting the environment. It’s also nearly silent, with minimal noise pollution.

Inside, the off-road electric SUV includes custom sports seats, adding to the GV60’s already impressive interior design.

The concept follows the upgraded GV60, revealed earlier this month. Genesis updated it with redesigned front and rear bumpers, more tech, and added luxury.

Genesis GV60 MIV concept (Source: Genesis)

Like the new 2025 Hyundai IONIQ 5, based on the same E-GMP platform, the upgraded GV60 is expected to feature a bigger battery providing more range. Powered by an 84 kWh battery, the 2025MY now has up to 318 miles range, up from 303 miles in the outgoing model (77.4 kWh battery).

The 2025 Genesis GV60 starts at $52,350 in the US and has a range of up to 294 miles. Once the upgraded model arrives in 2026, the electric SUV could have a range of up to 300 miles.

2025 Genesis GV60 trim Range
(EPA-est)
Starting Price*
Standard RWD 294 miles $52,350
Standard AWD 264 miles $55,850
Advanced AWD 248 miles $60,900
Performance AWD 235 miles $69,900
2025 Genesis GV60 prices and range by trim (*excluding $1,350 destination fee)

What do you think of the GV60 MIV? Should Genesis get these onto the mountains? Or should it stick to on-road luxury cars? Let us know in the comments.

Ready to try out the electric luxury SUV for yourself? With the 2025 models arriving, Genesis is offering generous discounts on the 2024 lineup while they are still in stock. You can use our link to find offers on 2024 and 2025 Genesis GV60 models at a dealer near you today.

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LNG pure-play Venture Global’s IPO tests appetite for energy stocks under Trump administration

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LNG pure-play Venture Global's IPO tests appetite for energy stocks under Trump administration

A ship carrying liquefied natural gas (LNG) is towed out of the Port of Rotterdam on January 13, 2025 in Rotterdam, Netherlands.

Pierre Crom | Getty Images

Natural gas exporter Venture Global will begin trading Friday in the first major initial public offering under the Trump administration, testing investor appetite for energy stocks as the White House looks to implement a sweeping agenda aimed at boosting oil and gas production.

“The Trump administration has made very clear they support growing LNG exports,” Venture CEO Mike Sabel told CNBC in an interview Friday.

Venture Global is currently the second-largest LNG exporter in the U.S. behind Cheniere. Venture priced its initial public offering of 70 million shares at $25 to raise $1.75 billion for a total valuation of $60.5 billion.

This is far below the company’s original target. Venture had originally planned to offer 50 million shares in a range of $40 to $46, which would have raised about $2.2 billion at the midpoint for a total valuation of $110 billion.

Still, Venture’s IPO is the largest by an oil and gas company in a decade and the fourth-largest since 2000. At a valuation of around $60 billion, it would be the tenth-largest publicly traded energy company.

Venture is locked in arbitration with customers, including majors such as Shell, over contracted deliveries from its Calcasieu Pass plant in Louisiana.

President Donald Trump on Monday declared a national energy emergency and issued an executive order overturning the Biden administration’s pause on new LNG export projects, removing a potential obstacle to Venture’s growth.

Trump’s policies, combined with cold winter weather and expected robust demand from artificial intelligence, is helping to drive both natural gas prices and related stocks higher. Cheniere shares, for example, have climbed more than 20% since Trump was elected. Natural gas prices rose 44% over that same time.

This is a breaking news story. Please check back for updates.

Don’t miss these energy insights from CNBC PRO:

Correction: Venture Global’s CEO is Mike Sabel. An earlier version of this story misspelled his name.

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Rivian (RIVN) has several automakers ‘knocking on our door’ for EV tech

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Rivian (RIVN) has several automakers 'knocking on our door' for EV tech

Rivian (RIVN) already has several automakers reaching out about potential supply deals for software and other EV tech. According to Rivian’s Chief Software Officer, Wassym Bensaid, its new partnership with Volkswagen has other OEMs “knocking on our door.”

Will Rivian and VW supply EV tech to other automakers?

After launching “Rivian and VW Group Technology, LLC,” their new software and EV joint venture in November, the collaboration is already showing potential.

Bensaid, who co-leads the new joint venture with VW’s Casten Helbing, said in an interview on Thursday (via Reuters) that the collaboration is in talks with at least a few other automakers over potential supply deals for software and EV architecture.

“I’d say that many other OEMs are knocking on our door,” he said. Although no names or other details were revealed, Bensaid added that “there is demand.”

The software leader explained that Rivian is prioritizing its smaller, more affordable R2 until 2027 while integrating the new tech into upcoming VW, Audi, Porsche, and Scout brand EVs.

Bensaid added that the new JV “today becomes one of the key partners” for other automakers who want to “make a leap from a technological standpoint.”

Rivian-EV-tech-deal
Production at Rivian’s Normal, IL plant (Source: Rivian)

Last week, German news outlet Spiegel reported that VW could expand the partnership with Rivian. Volkswagen CEO Oliver Blume said, “We are thinking about sharing modules and bundling purchasing volumes.”

VW is already planning to invest $5.8 billion, which, according to Rivian CEO RJ Scaringe, is a “meaningful financial opportunity.”

Rivian-EV-tech-deal
Rivian’s next-gen R2, R3, and R3X (Source: Rivian)

Rivian is already using the platform and software stack on its Gen 2 R1S electric SUV and R1T pickup, a drastic upgrade from the previous version. The architecture uses seven electronic control units (ECUs), down from 17 in the Gen 1 models.

The new models also include Rivian’s new in-house autonomy system, the Rivian Autonomy Platform, which consists of 11 cameras, five radars, and other features for added driver assist (ADAS) features.

Rivian-EV-tech-deal
Rivian Gen 1 vs Gen 2 ECUs (Source: Rivian)

At the opening of the new Rivian Space in San Francisco on Thursday, Scaringe said the company plans to roll out hands-free driving this year. It’s expected to be similar to Tesla’s Full-Self Driving (FSD). In 2026, Rivian will launch an “eyes-free” system as it advances new tech and software.

Electrek’s Take

The JV with Volkswagen could be significant for Rivian as it looks to accelerate growth in 2025. After shutting down its Normal, IL manufacturing plant last April for upgrades, Scaringe said the company is already seeing “a meaningful reduction” in material costs.

Rivian’s R2, starting at around $45,000, is expected to open an entire new market. Analysts expect the VW partnership to provide enough funding for the R2 to enter production, which is expected in the first half of 2026.

Last week, Rivian closed its loan agreement with the US Department of Energy (DOE) for up to $6.6 billion in financing for its new manufacturing plant in Georgia. The EV maker has already started hiring construction and management workers, with recruitment “expected to ramp quickly.”

Will Rivian’s EV architecture and software “become the platform of choice in the Western world” aside from Tesla? That’s what Canaccord Genuity analysts said in a note to investors.

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