A white paper published suggests that India must set up 46,000 charging stations for electric vehicles in order to meet the global benchmark.
The EV charger ratio for India is 135, China is 6, the Netherlands is also 6, and for the USA it is 19. According to Alvarez and Marsal’s white paper, one charger is needed for every 135 EVs in India, while 6 are required in China.
The paper discussed six issues that affect EV adoption: affordability, supply chain, range anxiety, product safety & quality, and insufficient financing.
The report said that India has a large automobile industry and is plagued by pollution. This makes it ripe for innovation, and EV adoption will be rapid in the future.
The paper suggested that sub-segments in the industry could grow at a compounded growth rate of between 50 and 100% over five years, if supply chain, product safety, and product innovation, charging infrastructure, and financing barriers are eliminated.
We believe that India could become a leading market and manufacturing hub for EVs if it can address these issues with a concerted effort from the industry, government support, and a coordinated effort said Manish Saigal, Managing Director, Alvarez & Marsal India.
Sudhendu J Sinha, Niti-Aayog Adviser (Infrastructure Connectivity & Electric Mobility), spoke at the conference. He stated, “We want these disruptive times to be the manufacturing hub in the world.” We want to be the leading exporter (nation), of EV components, and batteries.
Sinha explained further that in order to reach that goal, it was essential that quality standards were high, that businesses had better control over their supply chains, and that ethics be the unshakeable backbone of this industry.