This Chinese proverb, probably dating as far back as the 6th century BC, accurately captures the genesis of momentous change – in any field.
This year India’s electric vehicle industry appears to have taken this crucial step.
Of course, the industry base is still statistically negligible – even when the sales data set is magnified under an electron microscope. But it is expanding, indicating perhaps the biggest change in mobility since gasoline engines replaced horse-drawn carriages at the turn of the 20th century in the wealthiest neighborhoods of Europe and on the east coast of Europe. North America.
In fact, in the first half of FY22, sales of electric vehicles more than tripled to 1.18 lakh, while a shortage of oversized chips held back the growth of ICE car sales. (internal combustion engine).
New electric vehicle launches led by
and the two and three electric wheels provided the necessary impetus. Until September, sales of electric two-wheelers stood at 58,264 units and those of three-wheelers at 59,808 units, according to data compiled by the political body, the Center for Energy Finance at Council on Energy, Environment. and Water at Center for Energy Finance (CEEW-CEF).
Experts attribute this increase to factors related to demand and supply. Awareness of manufacturers, improved charging infrastructure, price parity with conventional vehicles due to federal incentives and lower battery prices are driving sales.
âIncentives and various initiatives have contributed to the growth as we continue to see some kind of hockey stick growth going forward,â said Naveen Munjal, MD, Hero Electric. “It is only a matter of time when various states, apart from those that have put in place individual incentives, will also come up with measures to make electric vehicles an attractive option.”
India has already sold 1.18 lakh of electric vehicles, which represents 90% of total sales in the previous fiscal year.
âFinancial incentives from the Center and state governments are attracting new buyers of electric vehicles, while rising fuel costs increase operational expenses for owners of ICE vehicles,â said Rishabh Jain, program manager, CEEW-Center for Energy Finance.
Initially, the greatest demand for electric vehicles came from the commercial segment. The last few months have seen a drastic change.
âWith increased knowledge and acceptance of electric vehicles, there is also traction of rural markets in the non-commercial segment,â said Sulajja Firodia Motwani, CEO of Kinetic Green Energy & Power Solutions.
Targeted access to finance is necessary for the industry to grow.
We have to work hard to ensure infrastructure, supply and finance. FAME II is very useful for funding, but there needs to be more specialized funding, maybe EV funds, platforms … more debt, âsaid Mahua Acharya, Managing Director of Convergence Energy Solutions Services (CESL).
Tata Motors continues to see traction for its electric vehicles in personal mobility – Nexon and Tigor.