Electric bicycles: Hero & Yamaha JV, Proposed US tax credit for electric bicycles
The bicycle market in India is valued at USD 0.9 billion with 15 million bikes a year. The Indian electric bicycles market growth is valued at USD 0.1 billion, a fraction of the European market. In 2020 the European bicycle market was valued at USD 8 billion and it is expected to reach USD 17 billion by 2026, projecting a CAGR of 13%.
Hero & Yamaha to jointly establish electric cycle drive units
Yamaha Motor and Hero Motors Limited have signed an agreement that they will jointly establish a company to manufacture hub-mounted drive units for electric bicycles.
The joint venture will see Hero Motors holding the share of 90 per cent stake and Yamaha Motor has 10 per cent. The venture will be established with an initial capital of Rs. 22 crores. It will be located in Ludhiana in Punjab and start production by November 2022.
Ampler Bikes raises €7.4M in equity funding
Ampler Bikes an Estonia, Northern Europe company that manufactures and sells light e-bikes has closed a €7.4m equity funding round. The company will use this funding amount to expand operations and its business reach, establishing the Netherlands and Switzerland as the next core markets alongside Germany by opening new showrooms and service centres.
Electric bikes back up to 30%, capped at the incentive of $1,500 in the US
A proposed US tax credit for new electric bicycle purchases bumped backed up to a full 30%. As the electric bicycles sales continue to grow that led several members of the US Congress to propose a tax credit earlier this year to help reduce the cost of e-bikes which are costlier than pedal bicycles.
President Biden’s “Build Back Better” proposal has restored the proposed incentive back to its full 30%. It would be capped at a maximum incentive of $1,500, and would only apply to electric bicycles priced under $8,000.
This will be a phase-out schedule based on income level. The credit would begin phasing out for taxpayers earning over $75,000, though that figure increases to $112,500 for heads of household and $150,000 for married couples who file jointly.
Rad Power Bikes
Rad Power Bikes a North America based electric bicycle company has announced huge new funding round adding another $154 million to the company’s funding amount. The company had previously record-breaking $150 million investment secured in February.
This funding will be used for North American and European production. It will be used for product development and further fleshing out its services such as RadMobile. It will also use it to diversify its manufacturing and supply chains.
Also, read related article: Amazon offers high discounts on electric bikes
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