There are limited options while choosing to buy cost effective, eco-friendly electric vehicles in India. The Internal Combustion Engines (ICE) market on the other hand is spoilt for choice while its better performing electric counterparts struggle from high cost and limited options. When was the last time you heard of a new technology in the ICE industry? It has been a while. This is due to the fact that these engines have been ruling the market for as long as we remember and have reached a point of saturation.
Mahindra and Mahindra Ltd (M&M) are the pioneers in India’s EV market and the largest maker of sport utility vehicles in the nation with two models the e2oPlus and the e-Verito of three variants each which sum up to six options if you are looking to buy an EV. The company acquired a controlling stake in Bangalore-based Reva Electric Car Co. in 2010 right after M&M bought out Renault in a JV that makes and markets Logan, now the Verito. It is a part of Mahindra’s strategy to expand its group through acquisitions.
Global EV players are eager to launch their products in India but their launch has been delayed due to the government’s tax policies and import penalties, and lack of knowledge about the local appetite for the electric vehicles. On the other hand, the Indian auto giants Mahindra & Mahindra, Tata Motors and Maruti Suzuki have come together to invest as well as develop components and systems for electric and hybrid vehicles to ensure common standard which will reduce the cost of ownership of the EVs soon.
Electrifying all the vehicles will take a while; 40% of the cars hitting the roads in 2030 will be electric. Hybrids will serve as a bridge till the 100% electric target is reached.
India’s plan to sell only electric cars by 2030 would require nearly eight times the global stock of such vehicles!