Despite government pressure, few buyers for electric vehicles: The Tribune India

Vijay C Roy

Tribune press service

Chandigarh, December 21

Electric vehicles (EVs) are inevitably mentioned as part of the solution whenever there is a spike in oil prices. However, despite many companies’ foray into the electric vehicle space, the penetration of electric vehicles is extremely low at 0.32% nationwide. In the North, it is even lower than the national average and varies between 0.017 and 0.23%.

Uttar Pradesh, Delhi and Karnataka have the highest number of electric vehicles registered in the country. No less than 8,77,117 electric vehicles were registered in India as of December 8, 2021, according to data recently shared by Minister of State for Heavy Industries Krishan Pal Gurjar in Lok Sabha.

In the north, Haryana has the largest number of electric vehicles registered with 24,379, followed by Punjab (8,190) and Chandigarh (1,791).

According to the industry, the high initial cost deters value-conscious Indian consumers who prefer a cheaper internal combustion (IC) vehicle. Electric vehicles are sold at a 20-50% premium over IC vehicles.

Second, the lack of charging infrastructure is a barrier to the adoption of electric vehicles. There are a few thousand public charging stations across the country to charge more than 8.77 lakh of vehicles. This low density of charging stations limits the usability of EVs.

According to industry leaders, there are also other factors that are limiting the growth of electric vehicles in the country. According to them, only a few banks offer financing options for electric vehicles.

In order to promote the use of electric vehicles, the government launched the Faster Adoption and Manufacturing of Hybrid & Electric Vehicles in India (FAME India) program in 2015. Currently, phase II of the FAME India program is being implemented. for a period of five years, that is to say from April 1, 2019 with a total budget support of Rs 10,000 crore. In addition to this, the creation of charging infrastructure is supported to address the anxiety of autonomy among users of electric vehicles.

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