Mahindra Racing unveils M5 Electro race car in India

Mahindra Racing unveiled the M5 Electro race car, ahead of the fifth season ABB FIA Formula E Championship 2018-2019. The season begins with a race scheduled on December 15 in Ad Diriyah in Saudi Arabia.

It was also announced that the Mahindra Racing will be represented by German driver Pascal Wehrlein, and 32-year-old Belgian Jerome Dambrosio. M5 Electro is based on generation two of the Formula-E race-car, featuring cutting-edge EV powertrain technology. It will be able to touch 100km/hour in just 2.8 seconds and go on to a top speed of 280 km/hour. This will further propel the market growth of EVs in the near future fueling the entire automobile industry. Pawan Goenka, Managing Director, Mahindra and Mahindra, and Chairman, Mahindra Racing, recalled how they got into Formula E. “Formula E organizers are very keen to do a race in India. We have been talking to various officials at the central government level and city-level to see whether it is possible to bring this to India and we could be able to do that, then we will create excitement in Formula E,” added Goenka, who also announced that lubricant major Shell has come on board as the latest sponsor for Mahindra Racing. This is will be the first season where the driver will not have to change his car midway through the race. Unlike the earlier four seasons in which the drivers had to change the car midway through the race, the second generation car would race for the entire 45 minute duration of the race and can reach a top speed of 280 km/hour. The new season would also see a few rule changes with the races moving away from the lap system and the winner of the race would be decided by the fastest driver over 45 minutes with one power saving lap.

According to BlueWeave Technology, Electric vehicles (EVs) are the inevitable future of the automotive industry. Many manufacturers around the world are investing heavily for developing EVs, which are facilitated by a steady increase in prices for petroleum products, the need to reduce harmful emissions from cars, and development of energy storage technologies. Mahindra unveils ‘M5 Electro’, which is based on generation two of the Formula-E race-car, featuring cutting-edge EV powertrain technology. This will further propel the market growth of EVs in the near future fueling the entire automobile industry.

According to the report by BlueWeave Consulting on “Global Electric Commercial Vehicles Market, By Propulsion, By Vehicle Type, By Component Type, By Region- Industry Analysis, Size, Share, Growth, Trends & forecast by 2018-2024”, the global electric commercial vehicle is projected to grow over a CAGR of 12% during the forecast period of 2018-2024 by value. The market is expected to reach around USD 149,316 Million by 2024. The demand for electric vehicles and charging station is governed by an increase in demand for fuel-efficient, high-performance, and low-emission vehicles. In addition, the trend of reduction in vehicular emission due to stringent rules & regulations in several countries and growth of public charging infrastructure in China, India, and the other developed countries are fuelling the market growth.

According to the recently published report by BlueWeave Consulting on “Global Electric Vehicle Charging Station Market, By Product Type, By Installation Type, By Suppliers Type, By Region- Industry Analysis, Size, Share, Growth, Trends & forecast by 2018-2025”, the growth is attributed to an increased deployment of charging stations at public places such as shopping malls, commercial buildings, airports, and restaurants. The convenience of being able to use an EV charger while shopping or during office hours is expected to boost the adoption of electric vehicles. Furthermore, government offerings, such as tax credits, on the installation of publicly accessible stations are expected to boost the market.

According to the report by BlueWeave Consulting on “Global Electric Vehicle Battery Market, By Battery Type, By Vehicle Technology, By Vehicle Type, By Region- Industry Analysis, Size, Share, Growth, Trends & forecast by 2018-2025”, the global electric vehicle battery is projected to grow over a CAGR of 19.04% during the forecast period. The growing demand for Electric Vehicles (EVs) is primarily responsible for the aggressive growth of EV batteries. The sales of electric vehicles have increased due to the increasing government support in the form of tax credits and lucrative subsidies and consumer awareness of the usage and benefits of these vehicles. Moreover, huge investments by major players to set up EV battery plants are expected to further drive the market.