Electric is now mantra for automakers

OEMs and start-ups are investing in new products and technologies to usher in an EV revolution that could change the face of motoring in India. A report by Mayank Dhingra.

- Mayank Dhingra

As the push for sustainability gains further momentum the world over, India's ICE companies and startups, many of whom work with the old-fashioned players are looking to re-engineer the vehicle architecture from a sustainability perspective.

For a developing country like India, where the predominant share of the personal vehicle parc is formed by two-wheelers, followed by small cars, the automotive industry has its task cut out to minimise emissions, as well as help slash the country's huge crude import bill.

While the last decade saw intermittent actions from the industry, with OEMs taking the baby steps in investing into the electrification technology, the momentum has picked up post-pandemic. Consider these facts; EV sales were only pegged at a fledging 2,000 units in fiscal 2019, but thanks to spiralling fuel prices, sales have soared albeit on a low base by 686 percent to 211,398 units in the April-June quarter of the current fiscal as against 26,833 units for the year-earlier period.

Federation of Automobile Dealers Associations of India data suggests that retail sales of EVs hit their highest at 429,217 units in fiscal 2022, up 218 percent on fiscal 2021 134,821 units, and up 155 percent on fiscal 2020FY20's 168,300 units. From the looks of the fast-increasing EV sales in Q1, the current fiscal may well see new records being made.

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