India is going all out on electric vehicle adoption. The real test for EVs, particularly two-wheelers will be next summer. According to EV manufacturers and network providers, they have learned their lessons from 2022. They are now ready to offer a safer and more enjoyable ride for riders.
In the first half 2022, dozens of EVs burst in flames even in showrooms. This caused some injuries that prompted several investigations by the government and other related ministries.
The government issued new standards for EV manufacturers in October that included additional safety requirements regarding battery cells, on-board chargers, design of battery packs, and thermal propagation caused by internal cell short circuit leading fire.
Gunjan Malhotra is the Director of Komaki Electric Division. He says that EVs are becoming more popular because of the increasing need to reduce dependence on oil imports and rapidly diminishing fossil resources.
Komaki is committed to providing reliable and safe EVs for Indian roads. They offer ultra-modern EVs with heat-resistant Lithium Ion Phosphate batteries (LiPO4). LiFePO4 batteries can withstand fire and are more safe than other batteries. IANS was told by Malhotra that LiPO4’s iron-containing cells and fire resistance makes it extremely safe and effective.
A second reason for rising demand for EVs are their low emissions, which will drive market revenue growth over the forecast period.
EVs emit fewer greenhouse gases than other petrol- or diesel-powered vehicles.
“These cars also help to create a sustainable environment, as they don’t pollute the environment with harmful emissions or smoke. Malhotra stated that brands are fiercely competing in India’s two-wheeler segment, which is India’s most valuable electric-two-wheeler marketplace.
In the past two years, the sales of electric vehicles (EVs), in the country have seen a significant increase. In 2020-21, 48,179 EVs had been sold. However, in 2021-22, those numbers increased to 2,378,811 and 4,42,901 respectively (till December 9).
Mahendra Nath Pandey (Minister of Heavy Industries) stated in a written response in Lok Sabha that the ministry had implemented a scheme called FAME India phase II to encourage the adoption of hybrid/electric vehicles in India.
Presently, Phase II of FAME India is being implemented for five years starting April 1, 2019, with a budgetary support totalling Rs 10,000 crore.
Akshit Bansal is the founder and CEO of Statiq, an EV charging network provider. He stated that 2022 was a significant year for the country’s infrastructure for EV charging stations.
Bansal stated to IANS that despite having just 1,000 chargers available at the start of the year they have risen to almost 1,800 by the end of the calendar year. This demonstrates a steady growth trend.
The country has a huge potential for electric vehicle charging stations, with over 135,000 EVs in its market, including 3Ws, 4Ws and 2Ws.
“Private investment in this sector would play a greater role with the government’s increased commitment to clean mobility, and the reduction of GST on chargers/charging station as well as EVs/charging stations. Bansal said that real estate developers will also be looking to partner with EV charging station operators for residential and commercial properties.
Industry experts predict that India’s EV sector could see a billion dollars in private equity investment this year.
Ketan Mehta is the founder and CEO of Jaipur-based HOP Electric. This electric two-wheeler manufacturer makes claims that EV mobility has become the preferred choice in India because Indians are conscious about making sustainable and eco-friendly choices.
He said that the government’s Rs 26,058 crore production-linked incentive (PLI), for autos under the new Non Automotive Investor (OEM), category, was a welcome step to boost the country’s manufacturing capabilities.
HOP Electric will make investments in India of more than Rs. 2,000 crore over the next five year to increase the company’s potential to become a global leader in energy mobility,” he said.
Revfin’s CEO and founder, Sameer Aggarwal, said that the biggest challenge was the absence of commercial financing options.
He noted that EV financing would be the key enabler for EV adoption in the future.