Global auto heavyweights tepid on local EV market

The government is keen on making India a hub for electric vehicle (EV) manufacturing and offering incentives to attract investments.

- SWARAJ BAGGONKAR

However, global automotive heavyweights like Renault, Volkswagen, Nissan, and Skoda have decided to focus on vehicles using traditional fuels.

They are simply not convinced about the prospects of the local EV market. As Venkatram Mamillapalle, managing director, Renault India, pointed out, EV penetration is just 2% of the 4.3 million, with only a handful of players. In fact, the share of EVs in the total auto market is running short of targets.

Moreover, the charging infrastructure remains a work in progress, and there are challenges relating to the levels of localization. "Does this justify investment?" Mamillapalle asked, adding that those investing are players who are learning because they are bringing in new technology.