New Delhi
January to July 2021 saw the Indian electric vehicle (EV) industry record Rs 250.45 billion in investments. This investment was collectively done by electric two-wheelers (e2W), electric four-wheelers (e4W), EV component makers, electric commercial vehicles (eCVs) and last-mile delivery companies.
Of the investments, 32% was by e-CVs, 28% was by e4W, 23% was by e2W and 19% by EV component makers.
Major investment in the electric commercial vehicle category was done by Oye! Rickshaw (Rs 37 billion), Omega Seiki Mobility and Ashok Leyland (which invested Rs 14.85 billion with a plan to shift its entire EV business to its 100% subsidiary Switch Mobility in a few years).
In the e4W category, Mahindra and Mahindra (M&M) invested Rs 30 billion and Hyundai invested Rs 39.4 billion. In the e2W category, Triton Electric Vehicle Pvt. Ltd. invested 8%, TVS Motor Company invested 4% and Hero Electric, Ampere, Ather Energy invested 3% each. EV component makers like C4V, Lohum, Ruchira Green Earth and Sona Comstar invested to improve their business.
Even from an investor perspective, EVs offer growth potential. There is a change in consumer behaviour to prefer their vehicles over shared mobility as an aftermath of the pandemic. There is also an increase in the popularity of e2Ws amongst the younger generation due to their performance and futuristic features offered.
When it comes to the funding raised from January to July 2021, Rs 16.52 billion was raised by different EV players in India like Ola Electric, Hero Electric, Revolt Motors, Magenta EV Solutions, Oye! Rickshaw and many more.
A study conducted by CEEW Centre for Energy Finance (CEEW-CEF) said that the Indian EV market will be worth $206 bn by 2030 if India maintains its steady progress towards its 2030 target. This would need a $180 bn investment in EV vehicle manufacturing and charging infrastructure.
Source – ET Auto
Also Read:
https://www.automotiveproductsfinder.com/news/350-ev-charging-stations-functional-all-over-india-under-fame-scheme/134835
https://www.automotiveproductsfinder.com/news/tvs-motor-company-plans-to-invest-rs-10-billion-in-electric-vehicles/134827
https://www.automotiveproductsfinder.com/news/sona-comstar-partners-with-irp-to-produce-electric-2w--3w-powertrain/134813