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    Multiple initiatives by the Government coupled with aggressive steps by the automobile manufacturers have increased the confidence-level of potential buyers leading to rise in EV adoption in the country. While established players across segments have been keeping the market abuzz, many new entrants and start-ups are adding to its zest. They are set to play a key role in helping the Government achieve its goal of converting almost 30 per cent of vehicles on road by EVs by the year 2030.

    Electric Vehicles (EV) are now playing a frontline role in ushering a sustainable future for India. The Government with its FAME-II (Faster Adoption and Manufacture of Hybrid & Electric Vehicles) Scheme and other measures is trying to boost the sale of EVs in the country. All the stakeholders are equally conscious that EVs will not only reduce pollution levels in India but also reduce its dependability on fuel imports. Currently, India spends a whopping amount of over $100 billion on oil imports from the Middle East and Africa. There is a dire need to curtail this expenditure. Hence, the rising awareness about electric mobility, and increase in EV sales!

    Witnessing the purchase surge, many start-ups and new business players have ventured into the EV arena. Investments are pouring in from around the world into electric vehicle start-ups giving a boost to well-funded companies like Ather Energy, Ola Electric, BluSmart, Yulu, Ultraviolette, BattRE, Okinawa, and many more. Locally manufactured two-wheeler and three-wheeler EVs are set to bring down the cost substantially. One such player, Ola Electric, in fact claims to be building the world’s largest e-2W manufacturing facility in the country. The company is confident that by next year, its facility in Tamil Nadu will be ready to produce 10 million vehicles annually.

    • Witnessing the purchase surge, many start-ups and new business players have ventured into the EV arena. Investments are pouring in from around the world into electric vehicle start-ups.
    • Ola Electric claims to be building the world’s largest e-2W manufacturing facility. It is confident that by next year, its facility in Tamil Nadu will be ready to produce 10 million vehicles annually.
    • With multiple tax benefits and subsidies to start-ups and consumers and by attempting to educate the public about the benefits of EVs, the Government is doing its best to boost the sale of EVs.

    Start-ups like CredR and Ampere EV have collaborated with each other to push the sales of two-wheeler EVs in India. CredR provides the facility to sell old bikes in major metros. Under this collaboration, consumers can exchange their old two-wheelers with an Ampere EV. CredR provides instant purchase value of old scooters and also offers exchange bonuses on new Ampere EV scooters. Yulu, a Bengaluru-based electric bike-sharing platform, is aiming to address traffic problems in the city by using Internet of Things (IoT).

    The heightened interest in India’s EV market was evident at the Auto Expo 2020 where leading carmakers showcased their latest electric vehicles. With multiple tax benefits and subsidies to start-ups and consumers and by attempting to educate the public about the benefits of EVs, the Government is doing its best to boost the sale of EVs in the country. It has a target of replacing almost 30 per cent of the total vehicles on road with EVs by the year 2030 and these start-ups are set to play a key role in achieving that goal.

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