Also in the letter:
■ Prime Day power-up
■ Tata Tech priorities
■ Devanahalli protests
Smaller EV players wiped out after FAME red flag
Electric two-wheeler makers penalised for violating the Faster Adoption and Manufacturing of Electric Vehicles (FAME-II) subsidy norms are now reeling, with several smaller players fading fast from the market.
Sales tailspin:
- Okinawa Autotech: Annual sales crashed from 31,618 units in 2023 to 4,855 in 2024. Just 1,422 units have been sold till July this year.
- Ampere Vehicles (owned by Greaves Electric Mobility): Combined registrations under Ampere and Greaves fell to 26,963 units in 2025 so far, down from 36,148 in 2024 and 66,958 in 2023.
- AMO Mobility: Has sold just 25 vehicles in 2025.
- Benling India: Only 95 vehicles were registered this year.
- Hero Electric: Sales fell off a cliff—from 29,965 units in 2023 to 2,916 in 2024, and just 382 so far in 2025. The company is now undergoing insolvency proceedings.
The issue: This collapse follows the ministry of heavy industries pulling the plug on subsidies after audits found several firms flouting localisation rules under the Phased Manufacturing Programme (PMP), part of the FAME-II. The government demanded refunds, with total clawbacks pegged at Rs 469 crore.
Refunds and resistance: Revolt, Greaves, and AMO Mobility have collectively returned Rs 170 crore. Others, including Hero Electric, Okinawa, and Benling, have taken the legal route.
Also Read: FAME Subsidy Case: Hero Electric moves HC seeking relief
Market shift: As the non-compliant firms struggle, the spotlight has shifted to the bigger players. TVS Motor, Bajaj Auto, Ola Electric, and Ather Energy have expanded their grip on the segment, backed by robust supply chains and far greater consumer trust.
Unfair to call TCS a one-trick pony: CEO Krithivasan
K Krithivasan, CEO, TCS
Tata Consultancy Services (TCS) chief executive K Krithivasan has pushed back against suggestions that the company is a ‘one-trick pony’, after the software giant reported a third straight quarterly decline in dollar revenue. Speaking to ET in a post-results interview, Krithivasan said the slowdown was a result of a mix of factors in an unpredictable market.
Reason why: The company is struggling with sluggish spending from aviation and retail clients, while the confusion in the EV space has also hit the auto sector hard. Clients, Krithivasan added, were focusing on programmes that reduce costs. While international revenue has stayed flat, domestic revenue also took a hit following the end of the BSNL contract.
‘Not a one-trick pony’: That, however, doesn’t make TCS overly reliant on one account. BSNL contributed only $1 billion to TCS’s $30 billion revenue. Calling this out to call TCS a one-trick pony is a “disservice”, Krithivasan said. The company is proud of what it did with BSNL, but it has many other projects as well, and is not losing market share, he added.
A new hope: Krithivasan expects international business to rebound this year. TCS is now counting on a refreshed services strategy, leaner leadership, and AI to turn this tide.
Also Read: Can TCS overcome short-term challenges to achieve its FY-26 growth targets?
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Amazon Prime Day boosts sales across categories, but smartphones lag
Amazon’s flagship Prime Day sale, exclusive to its Prime members, delivered a significant boost for brands across electronics, beauty and personal care, home and decor, and fitness.
Some sellers reported a three- to fourfold jump in sales compared to last year’s event, thanks to deep discounts and aggressive promotions.
Uptick in sales: The surge was particularly sharp for Solara, a home and kitchen brand. Founder and CEO Gopal Kolli said the company clocked five to six times its usual sales on the first day alone, doubling last year’s Prime Day figures. “With all the quick commerce, we weren’t sure how it would perform, but it surprisingly did very well,” he said.
Growth from last year: Sector analysts echoed the momentum. “Across categories, we’re seeing almost a two-to-threefold increase in both traffic and order volumes,” said Satish Meena, adviser at ecommerce consultancy Datum Intelligence.
Tariff impact: Globally, Amazon said the US edition (July 8-11) was its biggest Prime Day ever. Still, the event saw relatively muted discounting, with several brands opting out due to the tariff pressures triggered by policies under US President Donald Trump.
Keeping Count
YouTube accounted for 12.5% of all TV viewing time in the United States in May, while Netflix accounted for 7.5%, according to a Nielsen report. (Source: NYT)
Other Top Stories By Our Reporters
Tata Tech doubles down on auto software: Tata Technologies is increasing its focus on software-defined vehicle (SDV) offerings as global automakers shift research and development (R&D) priorities from mechanical components to software and electronics to promote in-car innovation.
Devanahalli farmers propose price for tech park land: The protesting farmers of Devanahalli have offered to sell their 450 acres to the government for a proposed high-tech park, on the condition that they receive Rs 3.5 crore per acre.
Global Picks We Are Reading
■ 24 hours with Alexa Plus: we cooked, we chatted, and it kinda lied to me (The Verge)
■ Metadata shows the FBI’s ‘raw’ Jeffrey Epstein prison video was likely modified (Wired)
■ Supporting mission-driven space innovation, for Earth and beyond (MIT News)
