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In an interesting conversation with EMobility+, Uday Narang, Founder, and Chairman, Omega Seiki Mobility spoke about India’s EV mission and Omega Seiki Mobility’s major contribution to it. He also gave us insights into the present EV market, government policies, and how the EV market growth in India can be further accelerated.
What is your view on India’s EV mission? How Omega Seiki Mobility is playing its part in it?
With the launch of market-defining products and determined efforts from Government and corporate entities in advancing demand and shoring up charging infrastructure, India’s Future for EVs is very bright. In the next five years, 70 to 80% of two-wheelers will be electric, whereas, adoption for electric three-wheelers will be 60 to 65%. The ICE vehicle is slowly and steadily losing its sheen. People say the future is electric, I say the present is electric! There is going to be a significant change and the momentum towards EVs will grow even faster.
Omega Seiki Mobility is indeed part of this change from the beginning. Omega Seiki Mobility believes in creating sustainable mobility solutions with an integrated approach to connecting automobiles and society. The brand’s focus is to eventually create a clean ecosystem with eco-friendly, safe, and congestion-free mobility. OSM is one of India’s leading clean energy mobility solution incubators. The electric vehicle manufacturing company aims to fast-track future mobility, with green energy at its core, by implementing data-driven, smart engineering.
Omega Seiki Mobility has been growing its product line up and manufacturing footprint rapidly in India. The company is the first OEM to have 2,3 and 4 electric vehicles in its product portfolio. The company has set up large-scale manufacturing facilities in Delhi NCR and now looking to expand in Pune. The company is a leading last-mile service provider under its brand “UNOXpress”. The company is currently running its fleet in 20 cities, doing more than 10 lac Km per month.
How do you see the evolving EV market? Is it on track? What more can be done?
Right from the year 2012, the Indian Government has been taking continuous steps to develop and promote EV ecosystem in the country, witnessed from National Electric Mobility Mission Plan (‘NEMP’) to the introduction of the Faster Adoption and Manufacturing of EVs scheme (‘FAME’) on the consumer side and Production-linked Incentive Scheme (‘PLI’) for Advanced Chemistry Cell (‘ACC’) as well as for Auto and Automotive Components manufacturers on the supplier side. The EV market is continuously evolving in terms of new participants. But the key part is that new and significant players are being part of the EV space with new technologies, especially in the last mile and EV components segments. What is most important is that the traditional players have now realized that EVs are the future, so the market is on track, and it’s not only just on track, The EV Market is in an acceleration mode.
India could be the hub for exporting the largest amount of EV Components to the rest of the world. So more investment, more government involvement in terms of subsidies in facilitating the EV Market is what the market needs more to evolve the EV Space.
As far as the 3W market is concerned, which are the key segments you target that can drive the sectoral growth?
In the three-wheeler EV space, we are targeting the commercial vehicle segment. Currently, Omega Seiki Mobility stands second in terms of sales in the commercial vehicle L-5 category. With the gradual increase in fuel prices and prices further to go north amid Ukraine Russian conflict and even the second alternative to ICE engine, CNG, which also does not seem like a lucrative option. As a result, the commercial vehicle driver’s income is getting squeezed by the day, given the situation EV is the only answer.
We see good growth in the cargo space, specifically in the three-wheelers electric segment so that will be our prime target segment. Omega Seiki Mobility’s key segment for future sectoral growth will be electric four-wheelers commercial vehicle space, we will be soon launching our entire range in 1.5 ton, 3.5 tonnes, and 6.5 tonnes payload capacity electric trucks in India. We believe there’s only one solution for the auto sector which is EV in the short term and long-term hydrogen technology for bigger vehicles. So green energy now and blue energy in the next 4 to 5 years for heavy vehicles like buses and trucks.
What is your take on current government policies towards the EV segment? What more could be done?
Automotive consumer behavior is highly responsive to governmental policy incentives and regulations. Smart policies could speed up EV adoption. The result could lead to a transition to green manufacturing, competitive strength, and long-term reduced costs of transportation ownership for the average consumer.
The Government not just only at the central level, but also at the state level has been very supportive towards the EV segment. The Government can help more in infrastructure government for EVs by providing subsidies to help not only the Electric Vehicle OEMs but also providing sops to EV Component makers such as the battery, transmission, Motor technology, etc.
Lastly, I would like to add, the Government should set an example by completely changing its ICE engine fleets to EVs across segments from Garbage trucks to its fleet of Government official vehicles.
If you had a choice, which are the 3 things you would pick that you think could accelerate the pace of the EV market growth?
The number one thing that will accelerate the EV sector is financing. The PSU banks, State Banks should start financing electric vehicles. We are making a big push towards it by launching an electric vehicle finance subsidiary christened – Anglian Finvest for Omega Seiki Mobility customers to avail financing options. The company has already dispersed more than INR 10 crore worth of loans. The credit facility is the primary concern for the EV market to grow.
Secondly, The Government should support setting up more charging infrastructure so that electric vehicles can run smoothly and efficiently.
The last and final pick to accelerate the pace of the EV market growth in India would be, there is a huge requirement for EV’s Tier-II, Tier- III cities. And there is a need for more policies towards providing EV solutions in these cities for agriculture, farming, mobility, etc.