How Far Are We From The Electric Vehicle Future?

Electric vehicles have been around for a long time, the level of interest has accelerated over the past decade. The fear of global warming melting the Arctic glaciers has made every country adopt clean energy sources. EVs are the future of mobility, but is it affordable for Indian laymen? Yes, because the Indian government is involved in the EV push.

To reduce the dependence on oil imports, automobile manufacturers have sped their processes to launch EVs. A few concerns related to EVs include costs, battery life, battery technology, infrastructure roadblocks etc. That’s where the government comes into the picture. NITI Aayog has specified that Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME II) and other policies supporting electric mobility may push EV sales penetration to 30% for private cars, 70% for commercial vehicles, 40% for buses and 80% for two-wheelers (2Ws) by 2030.

Automobile makers are concerned about the batteries as they form an EV’s crux. The Indian Space Research Organisation (ISRO) has transferred its in-house lithium-ion technology at a nominal fee of Rs 10 million to 10 Indian industries for commercial production. Automakers like Suzuki are setting up a new electric car and battery factory in Gujarat. It plans to roll out affordable EV models by 2025. Tata Motors has plans to invest Rs 15,000 crore in developing EV products in different body styles, price and driving range options. Meanwhile, MG Motors is building capabilities to fund its future growth in India.