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: six months saying that they will enter the space by 2010. GM, Nissan and Renault are already in the fray. Former SAP executive Shai Agassi is raising $200 million to fund his electric vehicle project.
How hot is it in India?
There is a surge in the popularity of electric two-wheelers in India. A lot of them are imported from China, though.
What is the reason behind this sudden interest all over the world now?
It is rarely that a lot of factors come together. Technology is there. The environment—and not only awareness on climate change— is enabling. Fuel prices are very high. All these factors are contributing to this wave. You will see a huge change in the next five years because investment is coming in a big way.
We have seen electric vehicles earlier, too, but the industry never took off.
May be because all these three factors were not there. Technology was not as advanced. Oil prices were not so high. And the threat of the climate change was unknown. Although there were products, these were not really accepted. There is a big change since then.
You started more than a decade ago. Were you ahead of times?
In a way we were a little ahead. I don’t think the market was ready. People were excited about it. Being a pioneer, we had to create the awareness as well as the product ourselves. It would have been easier with more players.
At the same time, it gave us some advantage because we were able to run pilots for a few years in Bangalore and London. The learning was great and we have incorporated the learning into our products. If we didn’t do it then, it would take us longer now.
Do you fear that big auto players are going to overtake you some day?
I am sure they will be coming in, but we have the tech advantage. If we are able to maintain our leadership position, I think we will do well. In any case, we are targeting a minuscule volume globally. We are aiming at 30,000-40,000 units in a few years. There will be enough space for all. There will be a lot of competition after five years, though.
Are small cars going to be a big threat?
Our focus has been on environment-friendly technology. In any case, our car is not more expensive than any other small car. As volumes go up, you will see cost...
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