30 Nov, 2021
This is how India can grow with electric vehicles!
Synopsis:
- EV Scenario in India
- EV encouraging policies by state governments
- Upward graph of the EV sales in the country
With the ever-rising crisis of global warming caused due to CO2 emissions caused by fuel-driven vehicles, many countries are encouraging the switch towards a cleaner and greener mobility solution along with India. It is the era of the nation shifting towards electric vehicles and choosing clean mobility over contemporary vehicles.
With the ongoing transition in the EV industry, EVs amount to a little percentage of the total automobile sales in India. Although the encouraging policies by the Central and State Governments have rapidly surged the demand for electric vehicles. The updated FAME II Policy and the new EV policies by multiple states in India are more supportive of creating an EV ecosystem in India.
Although the waves of pandemic hit the world in unexpected amounts, it has also made people more health-conscious and thus more aware of sustainability. The research states that the post-pandemic choices of consumers have shown the patterns highly inclined more towards sustainability. Also after the provision of proper infrastructure such as charging stations, 90% of car owners in India show a positive sign of buying an electric vehicle as their next vehicle.
Higher Mileage, and High Performing Electric Bikes
For the nation to be an EV hub, the EV manufacturers, battery manufacturers and EV supportive industries are coming up with some revolutionary plans and ideas. To reduce the mileage anxiety in the consumers, the established EV manufacturing brands like Wardwizard Innovations and Mobility Ltd. have launched e-bikes with advanced technology such as long-lasting batteries to offer a higher mileage per charge.
After all these developments in the field of EV, one of the biggest challenges for India having enough EV charging stations still remains a concern. The Greater availability and easier access to charging stations mean faster adoption of electric vehicles. According to the studies, by 2030 India would need 5 million (about 7 times the number of fuel stations) nationwide, resulting in about $6 billion Rs. of investment.
This is how States take up the EV development
Below listed are some brief takeaways from the Electric Vehicle policies outlined by the state governments in advancing the EV ecosystem in the country.
There has been a huge development in the expansion of charging infrastructure across the country. States such as Andhra Pradesh, Uttar Pradesh, Bihar and Telangana are setting impressive targets for infrastructure rollout.
Andhra Pradesh: Electric Mobility Policy 2018–2023
| Sr. no. | Missions | Target Year |
| 1 | 10 Lakh EVs by 2024 | 2024 |
| 2 | 1 Lakh Slow & Fast EV charging stations | 2024 |
| 3 | Stopping new Fuel-vehicle registrations | 2024 |
| 4 | All government vehicles, including Ambulances to be electric | 2024 |
NCT of Delhi: Draft Electric Vehicle Policy 2018
| Sr. no. | Missions | Target Year |
| 1 | 25% of new vehicle registrations to be electric | 2023 |
| 2 | 50 % of public transport to be electric | 2023 |
| 3 | Encouraging reuse & recycling of dead EV batteries |
Karnataka: Electric Vehicles Manufacturing Policy 2018
| Sr. no. | Missions | Target Year |
| 1 | 100% transition of 3 & 4 wheelers carrying goods to be electric | 2030 |
| 2 | Incentives for first 100 fast chargers | 2024 |
| 3 | Supporting start-ups to develop EV supportive business models |
Kerala: Electric Vehicle Policy 2018
| Sr. no. | Missions | Target Year |
| 1 | 1 million EVs in the state | 2022 |
| 2 | 200,000 Two Wheelers | 2022 |
| 3 | 50,000 Three Wheelers | 2022 |
| 4 | 1000 Goods Carriers | 2022 |
| 5 | 3000 Buses | 2022 |
| 6 | 100 Ferry Boats | 2022 |
Maharashtra: Electric Vehicle & Related Infrastructure Policy 2018
| Sr. no. | Missions | Target Year |
| 1 | Increase number of EV registrations to 5 Lakhs | |
| 2 | Convert 25% Public Transport Into Electric | 2025 |
| 3 | Convert 15% of MSRTC Buses To Electric |
In addition, a number of manufacturing-related incentive programs aim to create a local manufacturing ecosystem to
support goals of greater adoption of electric mobility. This is achieved by incentivizing new investments in local supply chains for key technologies, products, and auto components.
Upward graph of Electric Vehicle Sales
The electric vehicle industry in India has changed a lot in the past year. Domestic sales of electric vehicles are rising exponentially. While not yet deeply rooted in the industry, interest in buying electric vehicles has shifted significantly from traditional fuel-driven vehicles. According to a report, sales of electric vehicles have increased by three times in the first half of the current financial year.
The Huge Demand for The EVs
To put the numbers forward, Wardwizard has recorded the highest ever revenue at Rs. 45.05 crore in the first half of the current financial year, compared to Rs.10.42 crore in the first half of the previous financial year. More than 7000 units sold in the first half of the current fiscal year, which were just about 1677 in the last year.
Wardwizard to raise funds to ramp up the production
Wardwizard Innovations & Mobility Ltd. has 500 sales outlets across the country with an installed capacity of 4,00000 units in Vadodara, Gujarat. Following the approval from BSE to raise 49 crores, the amount will be raised initially by promoters and from the public in the second phase. Wardwizard under the brand Joy E-bike aims to clock a volume of up to 50,000 in FY21-22.
This is how India plans to make it an EV friendly nation with the rapid growth of the electric vehicles sector. To make the efforts by the government and private sector, a huge success, Wardwizard Innovations & Mobility Ltd, The first-ever EV manufacturing company to be listed on BSE, under Joy E-Bike is committed to the Make-in-India program and plans to soon introduce 100% localized high-speed electric scooters.
Resources:
https://auto.economictimes.indiatimes.com/news/two-wheelers/scooters-mopeds/rising-fuel-prices-to-accelerate-the-conversion-to-e-mobility-in-the-two-wheeler-segment-wardwizard-ceo/87548017
https://www.moneycontrol.com/news/business/earnings/wardwizard-inno-standalone-september-2021-net-sales-at-rs-33-50-crore-up-387-13-y-o-y-7639121.html
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