EVs: Charging Towards an Eco-Friendly Future

Electric vehicles are the future, this statement looks absolute with the current market trends. Number of people has started switching to EVs from ICE vehicles, which is the requirement of time because of the regular price rise of fossil fuels. With the increase in EVs, it is necessary to have a sufficient charging infrastructure to fulfil the demand and requirements of EV users. This is a trend which has the ability to make the globe eco-friendly.

Vani Rikhy Mehra, VP-Sales and Mobility, Euler Motors believes, “EVs can’t be built and sold. We have to work towards it as an ecosystem. It is our prime responsibility to make the buyer comfortable to take this plunge into a new technology.”

The government of India has been supportive of EV and has introduced numerous laws, policies. Supporting this, Sarth Jain, Founder, Xponents Ventures Studio and Dandera Ventures shares, “I feel that year 2022 was a year of policy restructuring. Government took strong stand on the battery standards.”

Anmol Singh Jagi, CEO & Co-founder, BluSmart Electric Mobility says, “There are three things which are required to increase the BluSmart presence, money, charging infrastructure and number of cars. Money has been a problem. Charging infrastructure is definitely a constraint.”

Vivek Tomar, Chief Business Officer, HOP Electric Mobility opines that Make in India initiative plays a very important role. Arpit Agarwal, Director, Blume Ventures comments on being asked what does he look at while making investments “There are multiple types of EV businesses. So, everything has to look differently. I won’t compare two businesses. Also, it is hard to analyse which will win and which will not. It has to be a very fundable proposition in terms of clear differentiation, cost of the market, etc.”

Although, it’s been quite a time that we can see electric vehicles in the market. The banks have not introduced any strong financing policies for the customers. 

Pankaj Gupta, CEO, Mufin Green Finance discusses, “When we talk about policies on the financing side, there are very limited opportunity available. Banks like ICICI, HDFC, IndusInd Bank, they don’t have an EV financing policy. This is a challenge which almost all brands are facing.”

India is required to work on charging infrastructure, so the burden don't come on regular electricity grid of the household electricity supplies.