BYD received approval from China's Ministry of Industry and Information Technology to sell an electric sedan model called D1 last month, according to government documents.
Shares of electric-truck maker Nikola Corp tumbled 34% on Monday after founder Trevor Milton stepped down as executive chairman following a public squabble with a short-seller over allegations of nepotism and fraud.
Amitabh Kant, CEO- Niti Aayog said that the government has been trying bringing down the tax rates on electric vehicles (EVs) to 5 per cent and compared to 28 per cent at other vehicles.
The subscription program for the Nexon EV is being offered in five cities - Delhi/NCR, Mumbai, Pune, Hyderabad and Bengaluru. Interested customers can subscribe to this service with all-inclusive fixed rental starting at only Rs. 34,900 per month.
The need for larger rechargeable batteries and more energy storage for 5G technology is expected to significantly boost demand for cobalt over coming years and potentially pit the sector against electric vehicle makers.
