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Cheap but efficient Chinese electric vehicles (EVs) have sent a scare in the US and Europe. Many have predicted doomsday scenarios. The Alliance for American Manufacturing has said that government subsidized Chinese EVs “could end up being an extinction-level event for the U.S. auto sector". Earlier this year, Tesla CEO Elon Musk told industry analysts Chinese EVs are so good that without trade barriers, “they will pretty much demolish most other car companies in the world.”The US has decided to shield itself from the Chinese EV onslaught. President Joe Biden has announced a series of new and increased tariffs on several Chinese-made goods. He quadrupled the tariff on electric vehicles made in China from 25% to 100%. Chinese lithium-ion batteries for electric cars will now face a 25% tariff, up from 7.5%. Since many European car makers manufacture in China and sell in Europe, they are appealing against similar tariffs on Chinese EVs.Also Read: China may dump EVs, batteries into India with higher US tariffs: GTRI With the US raising tariffs on Chinese EVs, India may become a dumping ground for those. “The raising of tariff on EVs, batteries and many other new technology items by the US may push China to dump these products in other markets including India. It’s a moment for India’s Directorate General of Trade Remedies to remain vigilant,” economic think tank Global Trade Research Initiative (GTRI) said. China has already replaced the US as India’s largest trading partner in FY24 with $118.4 billion two-way trade.How China got its EV edgeThe US is the pioneer in EVs. As recently as 2016, the US had more EVs on the road than China did. But China has slowly and resolutely grown its EV industry to now beat the US. Behind China's EV edge is not just low wages, but a host of other factors too. It isn’t just that China accounts for six-in-10 of every EV sold worldwide, it also dominates the supply chain for the critical technology inside them: Lithium-ion batteries. China holds between 85% and 95% of production capacity for each of the major components of batteries, as well about 70% of global lithium refining capacity, according to Bloomberg NEF. In 2001, Beijing launched an R&D program to develop batteries, motors and other EV-related technologies. This industrial policy, aided by supportive domestic banks, was matched about a decade later with the rollout of generous subsidies encouraging Chinese drivers to buy EVs. Importantly, imported EVs didn’t qualify for subsidies (and were subject to tariffs) and manufacturing subsidies were also conditioned on local content requirements.Also Read: Stellantis considering India manufacturing of affordable EVsChina has strategic reasons to pursue vehicle electrification, beyond fostering export industries, Bloomberg has reported. EV take-up can help clear the air in China’s cities as well as mitigate climate change (albeit, more effectively if the country reduces its high dependence on coal-fired electricity). EVs also offer a hedge against China’s dependence on imported oil which, at roughly three-quarters of its consumption, is a higher share than it ever was for the US, even at its peak in the early 2000s.Now with its huge EV overcapacity and a fully grown local ecosystem that can even defy tariffs to beat local EV markets in many Western countries, the Chinese EV industry is seen as a threat in developed auto markets. India, which has just started off its EV industry and is taking baby steps, can be a target for the Chinese EV industry besides those in Europe, Latin America and Southeast Asia. Leapmotor's cheap hatchback and SUV to roll into IndiaThe world’s third largest carmaker, Stellantis, which is based in Amsterdam and owns several brands including Chrysler, Citroën, Fiat and Jeep, is considering locally manufacturing affordable electric vehicles from its Chinese joint venture partner Leapmotor at its facility in Thiruvallur, Tamil Nadu. Stellantis is already manufacturing EVs in Thiruvallur under the Citroën badge and has sold fleets of the eC3 car to several companies in India.India announced a new policy on March 15 to encourage investment in local manufacturing of high-end electric cars. The government said it will allow the import of completely built-up electric cars that have a minimum cost, insurance and freight value of $35,000 (Rs 29.2 lakh) at 15% import duty for a period of five years if companies make a minimum investment of $500 million to start local manufacturing. But Stellantis' newly formed JV with Leapmotor, Leapmotor International, could avoid tariffs by manufacturing EVs locally. “While it is too soon to say, but as we both know the tariffs to import CBUs in India are very high. Most probably, if we are to bring Leapmotor to India, it would have to be through local manufacturing as it is for all the other brands we have.” Carlos Tavares, the chief executive of Stellantis, has told ET.Stellantis had acquired an about 21% stake in Leapmotor for 1.5 billion euros in October 2023, paving the way for the formation of the JV company. The JV has exclusive rights to manufacture, sell and export Leapmotor vehicles outside of China.Leapmotor will enter nine European countries in the first phase starting September. In the second phase, Leapmotor International will enter South America, the Middle East, Africa, India and the Asia Pacific regions.The company is looking at introducing a small A-segment car, T03, and a D-segment vehicle, C10, to begin with.The price of T03 currently starts below Rs 6 lakh. It is a small city car with dimensions of 3620/1652/1605 mm and a wheelbase of 2400 mm, as per CarNewsChina. In terms of powertrain, it has three e-motor variants: 40 kW, 55 kW, and 80 kW. It is also available with three battery options for 21.6 kWh, 31.9 kWh, and 41.3 kWh, which is good for a range of 200 – 403 km. Its price range in China is 49,900 – 89,900 yuan (6,900 – 12,425 USD). The price of SUV C10 currently starts below Rs 15 lakh. The medium-sized five-seater SUV, available in EREV and BEV versions in China, starts from 128,800 yuan (17,900 USD). Loaded with features, it measures 4739/1900/1680 mm with a 2825 mm wheelbase. Its different models have a range from 410 to 530 km.India's EV market set for a fierce warIndia already has two Chinese EV makers: BYD, which imports from China, and MG Motor, which manufacture locally. Stringent checks imposed by the government have hindered BYD's expansion in India, as it has faced difficulties obtaining approvals for its investment proposals, even with a local partner. However, MG Motor, a subsidiary of China's SAIC group, was compelled to incorporate an Indian partner, Sajjan Jindal's JSW, which acquired a substantial stake in the company, with plans to increase ownership to 51% in the coming years.India's EV market is small but growing very fast. In 2023, passenger vehicle sales grew 10 per cent year on year, but EV sales nearly doubled. Yet, EVs account for just 2 per cent of the overall passenger vehicle sales. In China, EVs have a large share of nearly 38 per cent.Currently Tata Motors holds over two-thirds of the country's EV market, but Mahindra & Mahindra and BYD are emerging players in the Indian market. Recording a 2476 per cent increase with just one model in its portfolio, Mahindra & Mahindra was the fastest-growing brand in 2023, followed by BYD and MG Motor. Maruti Suzuki, India's biggest car maker, will soon enter the EV space. While Vietnam's VinFast has just entered India, Tesla is also expected to arrive. India's EV ecosystem is barely emerging. Government policy incentives have attracted many players like Reliance New Energy, Ola, ACC Energy Storage to start EV battery manufacturing in India. Last month, Exide has tied up with auto majors Kia and Hyundai to supply EV batteries for their vehicles. It will take India several years to develop a local ecosystem which will bring down EV prices drastically. But Chinese JVs manufacturing in India, such as Leapmotor International, can tap into their Chinese ecosystem for know-how as well as components to gain an edge over their Indian rivals. To begin with, Leapmotor's cheap hatchback is likely to raise competitive intensity.Given the geopolitical situation between India and China, the government will remain wary of the Indian market being dumped with cheap Chinese EVs. Under new regulations, it can scrutinise any foreign investment with links to neighboring countries.Yet, as the Indian EV market is set to grow at a fast pace (Counterpoint Research expects EV sales to constitute one-third of total PV sales by 2030), it will be a hot contest which can throw up new leaders. (With inputs from agencies)

Reliance Retail and ASOS on Thursday announced a long-term partnership to establish multi-channel presence for the UK-based online fashion retailer's own brands in India. Under the agreement, Reliance Retail will become the exclusive retail partner for ASOS in India, managing all online and offline channels which include a range of retail formats such as exclusive brand stores, multi-brand store expressions, and digital commerce platforms. Leveraging its extensive experience in operating omni-channel retail networks, Reliance Retail will introduce ASOS’s curated portfolio of fashion-forward own-brand labels to the Indian market. Notably, this partnership marks ASOS’ first country-wide exclusive retail partnership.Isha Ambani, Director of Reliance Retail Ventures Limited, said that the alliance boosts company's commitment to bring global trends to Indian shores. "This partnership reaffirms our status as India's premier retail destination, ensuring our customers have access to the cutting-edge fashion styles they crave,” she added.Further, José Antonio Ramos, CEO of ASOS, said that the company's aim is to give fashion lovers around the world the access to the latest and best trends."Together with Reliance Retail, we’re excited to bring some of our fashion-led own-brands to customers in India – including ASOS Design, one of the biggest British fashion brands on the planet,” Ramos said. ASOS boasts to offer a curated edit of thousands of products from 900 global and local brands, as well as fashion-led own-brand labels in over 200 markets via its app and website.Meanwhile, RRVL has been recognised as one of the fastest-growing retailers globally as per Deloitte's Global Powers of Retailing 2023. The company also reported a consolidated turnover of Rs 306,786 crore and net profit of Rs 11,101 crore for the year ended March 31, 2024.

Naukri.com operator Info Edge on Thursday reported an 18% year-on-year (YoY) jump in its March quarter standalone profit to Rs 211 crore while its revenue recorded a 7.9% growth to Rs 608.3 crore. The company also announced a final dividend of Rs 12 per share for FY 2023-24.The company's operating profit margins grew to 37% of revenue. Meanwhile, it registered a growth of 8.9% in its operating profit which stood at Rs 224.8 crore on a standalone basis as compared to Rs 206.3 crore in the corresponding quarter of the previous year."Our cash from operations grew by 13.2% year-over-year in Q4FY24, reaching a cash balance of Rs 4,191 crore as of March 31st, 2024. This consistent performance in cash flow generation underscores our company's robust financial health and positions us well for future investments and shareholder returns," Info Edge CFO Chintan Thakkar said.The recruitment business witnessed an uptick in Q4 performance whereas non-recruitment businesses continued to deliver robust performance.Revenues growth in the recruitment business was 3.4% YoY and for non-recruitment business verticals namely 99acres.com, Jeevansathi.com and Shiksha.com was 22.5%, 29.2%, and 22.2% respectively. Billing for the company on a standalone basis for the quarter grew by 10.5% YoY and stood at Rs 826.9 crore."I'm encouraged to see a slight rebound in our recruitment business after several weak quarters. Excellent execution in both 99acres and Jeevansathi helped reduce operational losses in these verticals from Rs 198 crore in FY23 to Rs 68 crore in FY24 with Rs 21 crore cash generation in Q4," Info Edge CEO and MD Hitesh Oberoi.DividendInfo Edge board has also recommended a final dividend of Rs 12 per share for FY 2023-24 subject to AGM approval. Record date for the purpose of determining the name of the members eligible for receipt of the final dividend will be July 29.The dividend if approved by the shareholders at the AGM would be paid, subject to deduction of tax at source on or after September 5, 2024.Shares of Info Edge lower at 1.5% at Rs 5,861.50 on BSE.

The National Commission for Women on Thursday summoned Bibhav Kumar, former PS to Delhi Chief Minister Arvind Kejriwal to appear before it tomorrow.Bibhav Kumar has been accused of assaulting Aam Aadmi Party's Rajya Sabha MP Swati Maliwal at the CM's residence in Delhi.The National Commission of Women (NCW) took suo moto cognizance of a media post titled "Ex-DCW chief Swati Maliwal accuses Arvind Kejriwal's personal secretary of assaulting her," where she claimed that she was brutally assaulted at the Chief Minister's residence by Bhibhav Kumar, Kejriwal's Private Secretary.In light of these accusations, the Commission issued a notice, emphasizing that failure to comply could result in further actions as deemed necessary by them.NCW Chief Rekha Sharma earlier this week raised concern over the incident and said that Maliwal should speak up.ALSO READ: Kejriwal remains mum, Akhilesh says more important issues at hand"I am worried about the safety of @SwatiJaiHind... what pressure is she under that she is unable to come forward and file a complaint with police. Be brave Swati #speakup," she said in a post on X.CM Kejriwal's PS Bibhav Kumar "misbehaved" with Maliwal on Monday at the CM's residence and the AAP supremo will take strict action in the matter, party leader Sanjay Singh said on Tuesday.Singh's statement at a press conference came a day after Maliwal, who is a former chairperson of the Delhi Commission for Women, went to the Civil Lines Police Station and alleged that a member of Kejriwal's personal staff "assaulted' her at the chief minister's official residence, police officials said.The police said that they had not yet received a formal complaint."Aam Aadmi Party is our family. The party has taken a clear stand on this issue...Can they answer on the case of Swati Maliwal, when she went to fight for justice for women wrestlers at Jantar Mantar, they made the police drag and beat her up. Don't play political games on this," Singh said speaking to reporters at a joint press conference with Samajwadi Party chief Akhilesh Yadav on Thursday.Earlier in May last year during the wresters' protest at Jantar Mantar, Maliwal who was then the Delhi Commission for Women chief, alleged that the Delhi police pushed her and forcefully dragged her to a car which took her to the police station, while she was trying to meet the wrestlers.