With continued government support to the OEMs, production of electric vehicles (EVs) in India has ramped up in recent years as startups and prominent automakers have vigorously electrified their fleets. In an interaction with Financial Express, Nagesh Basavanhalli, Group CEO, Greaves Cotton explained how the industry has crossed the roadblocks and is on track to meet increasing demand.
On current demand for EVs, Basavanhalli said: “Demand has been strong lately, especially in the two- and three-wheeler segment, thanks to the convenience as the unit’s economy has been favorable”,
Disposing of old internal combustion engine (ICE) vehicles alongside the ambitious adoption of EVs are two determining factors that have done well in the country’s bid to meet its net emissions target.
Basavanhalli is optimistic that the share of EVs on Indian roads will continue to rise. “The share of electric two- and three-wheelers, especially the two-wheeler in last-mile mobility, will increase to 25-30 percent of total sales over the next 5 years.”
Explaining how the market is shifting in terms of EV adoption, he said: “The industry has seen lack of awareness as a challenge, but has improved in the last quarter. Range anxiety and awareness are relative in the last quarter. With the pressure from the government and its favorable policies, the percentage of electric cars on Indian roads will be higher in the coming years, although the next 3-4 years will be very critical for the industry.”
He said Greaves Cotton will look at expanding the charging infrastructure for EVs at a group level. “The lack of charging infrastructure for electric cars is a problem that the industry as a whole has faced. We are already working on fast charging solutions and have also partnered with Sun Mobility and Bounce Infinity to provide battery swapping solutions for our fleets,” said Basavanhalli.
“In addition to the collaborations mentioned, we are open to and look forward to more such collaborations in the near future. We are actively devoting the increased investment to the development of our two- and three-wheeler products, technology improvements, R&D and brand building, while also planning to improve our manufacturing capabilities in the future.”
Basavanhalli cited Greaves Cotton’s performance and said the company was profitable in the fourth quarter of FY2022. The company sold 62,000 EVs last fiscal year, of which 25,000 in the fourth quarter alone.
“Actually, electric mobility alone accounted for 38% of the group’s total revenue in the fourth quarter of FY2022,” he concluded.
Listen to Nagesh Basavanhalli, Group CEO, Greaves Cotton at First and Last Mile Mobility Conclave 2022 on June 17, 2022.
