Indian startups offer electric car conversion to spur EV revolution
The Indian government expects massive adoption of electric vehicles in the country over the next decade. According to NITI Aayog, the country’s top think tank, EV sales penetration could reach 70% for commercial cars, 30% for private cars, 40% for buses, and 80% for two- and three-wheelers by 2030.
The potential is undeniable. There are several large companies and startups eager to enter the segment. One of the largest Indian car manufacturers, Tata Motors, recently secured US$1 billion in funding to boost its plans to create a separate EV arm. The company plans to launch as many as ten electric vehicles by 2025. Others like Hyundai and Mahindra have similar plans.
But not everyone is convinced that a market where about 22 out of a thousand people own a vehicle is ready for the revolution yet. The main reason is the lack of charging infrastructure. The second and perhaps more critical concern is the future of ICE vehicles currently on the road.