Weekend Roundup: India may put EVs in priority lending list, BYD buys Jabil's China mobility operations
India could include EVs under its priority sector lending category to make it cheaper for companies to raise funds, Reuters reported, citing an unidentified government official. The proposal, which came from the power ministry, is being evaluated by the finance ministry, and would require consultations with the country's central bank, the official said. Indian laws require banks to allocate 40 percent of loans to designated 'priority sectors'. Last year, the NITI Aayog co-authored a report proposing a similar move; corporates too have been seeking priority status.
BYD announced a deal to buy the Chinese mobility operations of US-based Jabil Inc for $2.2 billion. The deal was struck between BYD Electronic (International) Co and Jabil's Singapore-based unit. According to the agreement, BYD will receive Jabil's customer base, product portfolio and smartphone components business in China, including product manufacturing business in Chengdu and Wuxi. BYD said the deal would allow it to enhance overall competitiveness and ensure long-term sustainable development, while Jabil said it would further invest in "EVs, renewable energy and other areas".
Chinese EV maker Xpeng is acquiring ride-hailing company Didi's smart electric vehicle unit in a deal worth as much as $750 million if milestone payments materialize. The two companies will also form a strategic partnership — Didi will acquire a small stake in the Chinese company, and Xpeng will launch an A-class model under a new brand that Didi will support, most likely by deploying the same on its ride-hailing app. Xpeng also has a deal with Volkswagen to launch two models in the middle-class segment from 2026.
Power prices in Texas hit a 30-month high as a scorching heatwave ramped up demand. Next-day prices hit $1,599 per MWh last Friday, against $925/MWh a day earlier and this year's average of $85/MWh. Texas has been recording new highs in power consumption, but grid operator ERCOT, which supplies 90 percent of the state's consumers, has been confident of meeting demand, thanks to solar and wind capacity. This time, however, ERCOT warned capacity has started to max out and asked consumers to cut consumptions during evening and night, when solar capacity isn't functional.