Investment in development and research of electric vehicles (EVs) are expected to be hiked by the top manufacturing companies in the post-COVID-19 world, while in the upcoming years, share of the zero-emission vehicles, which is a part of India's total sales of vehicles is likely to rise, stated Managing director of Magenta Power, Maxon Lewis. Its a startup, which is responsible for developing charging stations for electric vehicles.
Prime Minister Narendra Modi has been encouraging electric mobility programs, as this step will help to change the energy landscape of India.
The Government of India reserved Rs 10,000 crore in 2019, to uplift the development, promotion, manufacturing and utilization of electric vehicles, through the scheme of Faster Adoptions and Manufacturing Electric Vehicles (FAME).
The Central government has planned to encourage the purchase of 7,090 electric buses with a total expenditure of Rs 3,545 crore, around 20,000 hybrids at a price of Rs 26 crore, 35,000 four-wheelers worth Rs 525 crore and 50,000 three-wheelers at a cost of Rs 2,500 crore.
"While the large auto manufacturers are reeling under the pressure of upgrading to the BS 6 norms, this gives a lot of opportunities to companies who manufacturers only electric vehicles. Also, for the large internal combustion engine vehicle manufactures, the share of electric vehicles will increase (in the coming years). Couples of new electric vehicles are expected to be launched this year, they might get delayed but definitely off the table when the economy revives, the electric vehicle industry will revive faster," Maxon Lewis was quoted as saying.
The startup firm based in Mumbai is expected to widen its services in some other Southeast Asian nations, where electric mobility has acquired some recognition and power. The company is planning to raise funds in the year 2021.
"We are planning to expand operations to the neighbouring south-east Asian countries and there are opportunities. For example, Sri Lanka has as many electric vehicles as India. In Bhutan, there are more Nissan Leaf electric vehicles than India. We want to be a part of that growth story," Lewis added.
The Union government is continuously encouraging and requesting the vehicles manufacturing industries to expand adequate investment in electric mobility, following which companies such as Tata Motors Ltd, Mahindra & Mahindra Ltd, Hyundai Motor India Ltd and MG Motor India Pvt Ltd are also planning to invest in upcoming electric vehicles in India.