With continued governmental support to the OEMs, the production of electric vehicles (EVs) in India has ramped up in recent years as startups and prominent automakers have been robustly electrifying their fleets. In an interaction with Financial Express, Nagesh Basavanhalli, MD & Group CEO, Greaves Cotton explained how the industry has overstepped the roadblocks and is on its way to meet the increasing demand.
Speaking about the current EV demand, Basavanhalli said, “The demand has been strong lately, especially in the two- and three-wheeler segment, thanks to the convenience as the unit economics has been favourable,”
Discarding old internal combustion engine (ICE) vehicles alongside the ambitious adoption of EVs are two determinants that have been faring well in the country’s bid to achieve its net-zero 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 the last-mile mobility is going to amount to upto 25-30 percent of the total sales in the next 5 years.”
Explaining how the market has been shifting in terms of EV adoption, he said, “The industry has faced lack of awareness as a challenge, but it has improved in the last quarter. In recent months, EV awareness has improved relatively while the range anxiety has reduced. With the government’s push and its favourable policies, the percentage of EVs on Indian roads is going to be higher in the coming years, although, the next 3-4 years are very critical for the industry”.
He said at the Group level, Greaves Cotton will look at expand the EV charging infrastructure. “The lack of EV charging infrastructure is a problem that the industry has been facing as a whole. We’re already working on fast-charging solutions and have also partnered Sun Mobility and Bounce Infinity to provide battery swapping solutions for our fleets,” shared Basavanhalli.
“Apart from the said collaborations, we are open to and are looking forward to more such partnered ventures in the near future. We are actively spending the raised investments in the development of our two- and three-wheeler products, technology enhancements, R&D and brand building while we also plan to enhance our manufacturing capabilities in the future.”
Mentioning about Greaves Cotton’s performance, Basavanhalli mentioned that the company was profitable in the Q4 FY2022. The company sold 62,000 EVs last fiscal, of which 25,000 units was sold in Q4 alone.
“In fact, electric mobility alone has amounted for 38% of the group’s overall revenue in Q4 FY2022,” he concluded.