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As India goes ballistic on electric vehicle (EV) adoption, the real test of electric vehicles, especially two-wheelers, will be repeated starting next summer. According to EV manufacturers and network providers, they have learned their lessons since 2022 and are ready to provide a safer and more secure experience for drivers.
Dozens of electric vehicles caught fire, even in showrooms, in the first half of 2022, resulting in some casualties, prompting several investigations by the government and related ministries.
In October, the government announced new norms for electric vehicle manufacturers that include additional safety requirements related to battery cells, battery management systems (BMS), onboard chargers, battery design and thermal expansion due to internal cell short circuits that lead to fires. , among others.
According to Gunjan Malhotra, Director of Komaki Electric Division, due to the growing need to reduce reliance on imported oil and rapidly depleting fossil resources, the adoption of electric vehicles is expanding and they are poised to provide a safe and secure experience for drivers.
“Komaki envisions safe and reliable electric vehicles on Indian roads by offering ultra-modern EVs equipped with heat-resistant lithium-ion phosphate (LiPO4) batteries. Even in the worst case scenario, LiFePO4 batteries are safer and safer from fire. containing cells and excellent fire resistance make LiPO4 incredibly safe and effective,” Malhotra told IANS.
Another reason for the growing demand for electric vehicles is their low emission level, which is expected to drive revenue growth in the market during the forecast period.
Compared to other gasoline or diesel vehicles, EVs emit fewer greenhouse gases and air pollutants.
“These cars also contribute to a sustainable environment by not polluting the environment with smoke or hazardous emissions. Hence, the brands are involved in fierce competition in the two-wheeler segment in the valuable Indian electric two-wheeler market,” said Malhotra.
Sales of electric vehicles (EVs) in the country have seen an increase in the last two years. While 48,179 EVs were sold in 2020-21, the numbers rose to 2,37,811 in 2021-22 and 4,42,901 in 2022-23 (till December 9).
Heavy Industries Minister Mahendra Nath Pandey said in a written reply in the Lok Sabha last week that the ministry has implemented a scheme called “Faster Adoption and Manufacturing of Electric Vehicles in India Phase II” (FAME India Phase II) to promote the adoption of electric/ of hybrid vehicles in the country.
Currently, Phase-II of the FAME India program is being implemented for a period of five years from April 1, 2019 with a total budget support of 10,000 crores.
Akshit Bansal, founder and CEO of electric vehicle charging network provider Statik said that 2022 was extremely significant in terms of increasing infrastructure for electric vehicle charging stations in the country.
“Indeed, from just 1,000 publicly available chargers at the start of the year, they are estimated to have grown to almost 1,800 by the middle of the year, a figure that has further jumped to around 2,500 as we approach the end.” year, underlining a stable growth path,” Bansal told IANS.
For a market that already has over 13 million EVs, including 2V, 3V and 4V, and continues to grow, the year ahead holds huge promise for EV charging stations in the country.
“With the government’s wider commitment to clean mobility and the accompanying reduction in VAT on electric vehicles as well as chargers/charging stations, private investment in this segment would now also play a bigger role.” At the same time, real estate developers would also look to collaborate with residential and commercial electric vehicle charging station players,” Bansal added.
According to industry experts, private equity (PE) investments in India’s electric vehicle industry could touch $1 billion this year.
Ketan Mehta, founder and CEO of Jaipur-based HOP Electric, an electric two-wheeler manufacturer, said investing in EV mobility is becoming a choice in India, especially as people are consciously making eco-friendly and sustainable choices.
“The government’s ambitious Rs 26,058 crore Manufacturing Incentive Scheme (PLI) for automobiles under the new non-automotive (OEM) investor category has come as a welcome initiative to boost the country’s manufacturing capacity,” he said.
Under this mandate, HOP Electric will invest more than Rs 2,000 crore in India over the next five years to enhance the company’s chances of becoming a global pioneer in energy mobility,” he added.
According to Sameer Aggarwal, founder and CEO of EV fintech platform Revfin, the most critical challenge along the way has been the lack of financing options for commercial drivers.
“In the coming years, EV financing will be the most important driver of EV adoption,” he noted.
(Nishant Arora can be reached at nishant.a@ians.in)
— IANS
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(Only the headline and image of this report may have been edited by Business Standard staff; the rest of the content was automatically generated from the syndicated feed.)
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