Latest news with #Spinny
Mint
26-05-2025
- Automotive
- Mint
EV resale boost? Maharashtra mandates battery health passports for buyers
Seeking to combat consumer hesitancy over resale value and battery longevity, the Maharashtra government has announced a policy that will introduce digital "battery passports" for all new electric vehicles (EVs), a first for the country. As part of the state's recently-released EV policy, the digital battery passport will be used to track the health, usage and manufacturing details of an EV battery, a critical component which accounts for over half of an EV's value. 'The State shall introduce a digital battery passport to track key parameters such as manufacturing details, real-time health status, usage history, and end-of-life diagnostics,' Maharashtra's EV policy, notified on 23 May, said. Currently, customers have to rely on the seller to know the real health of the battery. Based on previous pilots of such a passport in Europe, customers may get to scan the batteries through a QR code to know the health and the relevant manufacturing details of the battery installed in their purchased vehicle. While the Maharashtra government has introduced the battery passport in its policy, the details of how they will be issued and what role will companies play in issuing them remain unclear. To be sure, Maharashtra is the second-largest electric vehicle market in the country, with 241,941 EVs sold in 2024. Uttar Pradesh led the EV market, with 369,102 EVs sold during the year. Deloitte's 2025 Global Automotive Consumer study said that at least one in five car buyers flag uncertain resale value as one of the reasons for holding back on EV purchase. The health of the battery becomes important, as it is responsible for the depreciation in an EV's value. Resellers and insurers also complain that the lack of a standard document to know the health of batteries makes things uncertain about the pricing of a vehicle. Data from used car marketplace players Spinny and Cars24 showed that EVs lose value faster than traditional internal combustion engine (ICE) vehicles. CARS24 noted that three-to-five year-old popular ICE car models can retain more than 50% of their original value, unlike EVs. Spinny's data suggested that on average, EVs resale value lags ICE vehicles' resale value by 3%. This means that the price of a 2023 EV model would have fallen by 23% if sold today, as compared to a 20% depreciation for a similar specification ICE vehicle. The gap can increase to as high as 6% the older the model gets. 'A digital battery passport brings transparency to the EV market, giving consumers clear information about the health and history of their vehicle's battery,' Nikhil Dhaka, policy lead at Primus Partner, said. Dhaka noted that pilot projects in Europe have shown that a battery passport can provide a digital ID for each battery, sharing details about its performance and manufacturing history. Presence of a standard document issued by an authority can help consumers trust the resale value as the exact status of the battery installed in the vehicle would then be known. 'For resellers, a battery passport provides objective data that builds confidence and justifies pricing in the used EV market. It reduces disputes and makes the valuation process more transparent,' Dhaka added. The country's EV insurance industry also expects that the introduction of digital battery passports can help them standardize the process which will be key in deciding premiums for such insurance policies. The country's EV insurance market is projected to reach $8.61 billion by financial year 2032 from $1.02 billion in 2024. 'From an insurance perspective, digital battery passports are a game-changer. They provide insurers with comprehensive data on battery health, lifecycle, and sourcing, enabling more accurate risk assessments and tailored pricing models,' Sandeep Dadia, chief executive and country head at Lockton India, said. 'This transparency reduces uncertainties, ensuring fair premiums for customers while enhancing trust among insurers, OEMs, dealers and end-users,' he added. The introduction of such a document also comes at a time when the overall electric sales in the country are growing at a rapid pace. In 2024, electric two-wheeler, three-wheeler and four-wheeler sales in the country grew 27% to 1.94 million units. Globally, the use of digital battery passports remains limited as of now. However, in 2023, the European Union introduced regulations which require all EV batteries over 2kWh to have the document from 1 February 2027.
Time of India
04-05-2025
- Automotive
- Time of India
Spinny delivers 800 used car on Akshay Tritiya across India; Baleno, Grand i10 and Kwid leads
Spinny , a used car retail platform in India, reported delivering over 800 cars on Akshay Tritiya 2025 , marking a surge in car purchases during the auspicious period. The Baleno, Grand i10, and Kwid emerged as the most preferred models across the country. The deliveries spanned across India, with Bengaluru, Maharashtra, and Delhi-NCR leading the demand. Consumer trends in April 2025 revealed a rise in women car buyers , increased preference for automatic transmissions and SUVs, dominance of petrol vehicles, and popularity of white, grey, and red colors. Ahmedabad and Chennai also contributed significantly to the overall sales. Niraj Singh, Founder & CEO, Spinny, said 'Akshay Tritiya is a time when families look forward to new beginnings. We're honoured that customers chose Spinny to be a part of their journey. As ownership cycles shorten, customers are turning to trusted, high-quality cars. At Spinny, we remain committed to trust, transparency, and delivering a premium car-buying experience across India.' Key April trends -There was a 25per cent year-over-year growth in women car buyers, with over 1,000 female customers purchasing cars. -Automatic transmissions saw a significant increase in popularity, rising from 21per cent in April 2024 to 29per cent in April 2025, with a 60per cent increase in absolute deliveries. -SUVs experienced a boom, with a 28per cent year-on-year growth in deliveries. -Petrol vehicles remained the dominant fuel preference, powering 85per cent of deliveries. -White, grey, and red were the top color choices, accounting for 60per cent of customer preferences. -Financing options also saw an uptrend, with a 28per cent year-over-year increase in loan-backed purchases. -Over 500 customers opted for the car exchange option. Maruti, Hyundai, and Honda were the most popular brands, collectively accounting for 63per cent of all deliveries.
Time of India
03-05-2025
- Automotive
- Time of India
Maruti Baleno in top demand among used cars in April, alongside two hatchbacks: Report
Maruti Baleno in top demand among used cars in April. As per a recent report from used car retail platform Spinny, on the occasion of Akshay Tritiya 2025, the company delivered over 800 cars in a single day. Among the top choices for buyers was the Maruti Suzuki Baleno, which led the pack in demand alongside two other hatchbacks, the Hyundai Grand i10 and Renault Kwid . Buyers across cities such as Bengaluru, Mumbai, Pune, and Delhi-NCR used the occasion to bring home their next car. Ahmedabad and Chennai also contributed notably to the day's record-breaking sales. April used car sales: Key trends from Spinny Spinny's data for April 2025 reveals some interesting consumer trends. The Baleno stood out as a crowd favourite, reinforcing Maruti Suzuki's dominance in the pre-owned segment. In fact, Maruti, Hyundai, and Honda together accounted for 63% of all deliveries last month. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Start Here - 2025 Top Trend Local network access control Esseps Learn More Undo Skoda Kylaq Real World Review Things To Know Before Buying | TOI Auto Automatic transmissions are seeing growing popularity, with their share rising from 21% in April 2024 to 29% this year, reflecting a 60% spike in absolute deliveries. The SUV category also saw a notable 28% year-on-year growth. Meanwhile, petrol continues to be the fuel of choice for most used car buyers, powering 85% of all vehicles delivered. When it came to style, white, grey, and red were the most picked colours, making up 60% of preferences. Financing and exchange schemes are also gaining traction, with a 28% increase in loan-backed purchases. Over 500 customers opted to exchange their old vehicles. Stay tuned to TOI Auto for latest updates on the automotive sector and do follow us on our social media handles on Facebook, Instagram and X. Discover everything about the automotive world at Times of India .
Mint
28-04-2025
- Automotive
- Mint
No sales pitch, just ‘God Promise': Spinny's quiet campaign with Sachin Tendulkar
Spinny's new campaign starring Sachin Tendulkar is a lesson in understatement. Playing on the phrase 'God Promise', blending everyday Indian sincerity with Tendulkar's 'God of Cricket' stature, the three 15-second films showcase Spinny's promises: a 3-year warranty, over 10,000 cars to choose from, and guaranteed best price on selling. But here's the clever bit—there are no dialogues, no feature dumps. Just Sachin Tendulkar sitting with a camera, strolling with a bouquet, sipping coffee. Some well-placed words on screen and a calming background score do all the heavy lifting. It's a campaign that sells trust, not just cars—and it does so quietly, confidently. Spinny's latest campaign with Sachin Tendulkar reminds us that sometimes, less is truly more. Titled 'God Promise', the three 15-second films cleverly tap into two big emotional cues: the Indian phrase 'God Promise' as a sign of utmost sincerity, and Sachin's own credibility as the 'God of Cricket.' What sets these ads apart isn't just the cultural wordplay—it's what they don't do. There are no dialogues, no voice-overs rattling off features. Instead, we see Tendulkar relaxed: Sitting on a bench with a camera, with text about a 3-year warranty. Strolling amid gleaming cars carrying a bouquet, showcasing the choice of over 10,000 cars. Enjoying coffee in front of an old car, promising a guaranteed best price for sellers. A simple background score runs through all three films, tying the mood together. The atmosphere is calm and stress-free, much like the experience Spinny wants to sell. In an advertising clutter where brands often scream benefits or throw in complex selling points, Spinny's campaign stands out for its restraint. It trusts that viewers will understand—and more importantly, believe — because the messenger, Sachin Tendulkar, embodies trust itself. By letting Tendulkar's quiet confidence and a few well-placed words do the talking, Spinny's 'God Promise' campaign strikes a rare balance: it's emotional without being preachy, persuasive without being loud. A soft sell—and a smart one. First Published: 28 Apr 2025, 05:35 AM IST
Mint
27-04-2025
- Automotive
- Mint
Cars24 lays off over 200 employees days after Team-BHP acquisition, CEO cites ‘wrong bets'
Used car platform Cars24 has laid off more than 200 staff as part of its cost-cutting measures in product and technology verticals. The layoffs come as Cars24's rival Spinny recently concluded a fresh funding round of $131 million. The news of Cars24's layoffs was first reported by Entrackr, and many other details surrounding the company's layoff of over 200 employees have since emerged. Cars24 founder and CEO Vikram Chopra in a blogpost said, 'Over the past few weeks, we have had to make the difficult decision to part ways with around 200 of our teammates across various functions…This is not about how hard someone worked. This is about the bets we placed and where we got it wrong.' 'We realised that some projects did not deliver what we expected. Some roles were added too early. A few hypotheses simply didn't hold when tested. And in some cases, we couldn't offer the kind of growth or learning that people truly deserve. It is easy to blame the market or external factors. But the responsibility is ours,' Chopra added. Chopra added that employees would receive severance support, a resume, help with LinkedIn, mentorship, emotional wellness resources, and open positions within the network. In the days leading up to the layoffs, Cars24 acquired India's largest automotive platform Team-BHP. Chopra had called that move a 'small but meaningful step toward a more trustworthy auto ecosystem in India.' Chopra had grabbed the limelight last year, when he sparked a debate on linguistic identity and inclusivity in the workplace by asking Bengaluru-based workers to come to Delhi. "Still can't speak Kannada after years in Bengaluru? It's okay. Aa jao Dilli (come to Delhi)." A post by Chopra on X (formerly Twitter) read. 'If you wish to come back, write to me at vikram@ with the subject - Delhi meri jaan ♥️' the Cars24 CEO added. First Published: 27 Apr 2025, 11:51 AM IST
