New-age firms snag India's massive e-bus deal, big names miss out
India just picked its winners for a huge electric bus order—10,900 e-busses under the ₹10,900 crore PM E-Drive scheme.
Surprisingly, newer companies like PMI Electro Mobility and Eka Mobility grabbed almost 80% of the contracts (PMI: 5,210 busses; Eka: 3,485), while industry giants like Tata Motors and VE Commercial Vehicles didn't get any share.
How they pulled it off—and what went wrong for others
Ashok Leyland couldn't even bid due to a technical glitch and is now looking at legal options.
PMI and Eka stood out by offering bids up to 15% lower than expected prices—even squeezing margins down to just 20 paise per km in some cities.
Eka credits their win to an integrated EV value chain that helped them stay competitive.
The real test now? Delivering these busses across five cities over the next decade while keeping costs in check.