REVVING UP FOR 'EV'OLUTION

With the adoption of EVs picking up pace in India, manufacturers are facing a myriad of challenges impacting their growth. As they face every new challenge head-on, the manufacturers are constantly devising new strategies to stay buoyant. While these strategies would not be enough, the industry, on the other hand, seeks all-inclusive policy support and a robust indigenous supply chain ecosystem to enable end-to-end localisation of EVs in India

- Nisha Shukla

India is currently charging up for an electric revolution, as evidenced by the growing interest and adoption of electric vehicles (EVs). The government is powering this momentum with supportive initiatives aimed at reducing pollution and fossil fuel dependence. Public attitudes are shifting gears too – where once people balked at limited range and a steeper upfront cost, they now show increased confidence in EV technology as it evolves and becomes more accessible.

Recently, Vahan portal released data on EV sales, which also reflected a significant surge in consumer demand. According to the data, India’s electric vehicle (EV) industry touched the milestone of one-million unit sales in the financial year 2023, with the two-wheeler (E2W) segment securing the top spot in the ranking. Out of the overall electric vehicle sales of 1,152, 021 units, the electric two-wheeler segment accounted 63 per cent share, with 7,26,861 high-speed units sold.

"NON-RECEIPT OF SUBSIDIES IN TIME FROM THE GOVT HAS CAUSED WORKING CAPITAL TO DRY UP"

Sohinder Gill, CEO - Hero Electric and DG - Society of Manufacturers of Electric Vehicles (SMEV), opens about how non-timely payment of subsidies to the OEMs has drastically impacted their working capital and why an all-inclusive policy is need of the hour for quick EV adoption in India.

Government has announced clearing the dues of EV makers by the end of June. How do you look at this development?