Two-wheelers Shifting From ICE To EV, India Heading Towards Strong EV Ecosystem
India is evolving in the electric vehicle segment day by day and new inventions are making EVs more advanced. With an aim to become epicentre of EVs in the world, many Indian companies are expanding their boundaries. With the emergence of EV, things have paced up from what they were before. Also, it has given a boost to the opportunities lying in the future.
BW Autoworld recently spoke to Nakul Jaidka, CEO & Founder, Stella Moto, which is backed by Jaidka group about two-wheelers shifting from ICE to EV and India heading towards a strong EV ecosystem.
How has been your journey so far with your three-wheeler EV products? Are they making profit as you expected?
The Jaidka group have been quite successful in selling and marketing our electric three-wheelers. We have sold to many reputable clients like the Indian Navy, Hindustan Aeronautics Limited, IIT KHARAGPUR, various municipalities etc. Our forte lies in the fact that we are able to make customised vehicles to suit the client's specific needs. Regarding profitability, our gross margins are much healthier with load vehicles than passenger vehicles because of competition from importers who can sell at very competitive prices.
What are your future products? What will be their range in terms of distance as there is anxiety among consumers and what will be the price band of upcoming products?
This month, we're releasing one scooter. We plan to launch our second scooter in the next two to three months. Aside from that, we're working on a bike and a two-wheeler delivery model. We are also developing the L5 electric three-wheeler that will be available in two versions: cargo and passenger. Currently, the biggest anxiety amongst customers, especially customers of commercial electric vehicles, is the range issue. We have optimised the battery & powertrain of our vehicles so that this issue is taken care of at an acceptable price point. The Buzz, the scooter we will launch this month, will be available to customers for less than one lakh rupees. It should give a range of more than 90 km.
As the government is focusing on indigenous production of vehicles, so how much made in India material you are using?
The ecosystem in our country for ancillaries and batteries is still evolving and not being able to keep pace with the sales volumes of vehicles. In this scenario, with our first scooter, Buzz, we are concentrating on providing the best battery technology that is currently available in India. This would give a maximum range and would be amongst the safest in the country. As a next step, we would look to indigenise all the other electrical parts used in our vehicles.
As the number of charging stations in India so far are bit less according to demand, will your products incorporate new technologies to reduce this charging stress on consumers? Are you working on any such technology?
India needs to set up 46,000 charging stations by 2030 to meet the global benchmark. Currently, India has 3000 odd public charging stations. So we still have a long way to go in terms of the development of the charging infrastructure. We plan to set up charging stations for our passenger & commercial vehicles we are currently developing. We plan to tie up with various stakeholders like shopping malls, petrol pumps, commercial complexes, residential complexes etc., for the same.
What kind of future do you see for EVs in India and also how is future going to be for your company?
The future for EVs is very bright in the country. We envisage that 30 per cent of all passenger vehicles will be EVs in five to six years from now. 60 per cent of all two-wheeler sold in the country will be EVs by 2030. In the L5 category, we feel that 70 to 80 per cent of the vehicles will be EVs. The availability of more reasonable battery technology and a better ecosystem for ancillaries will drive growth in the future. We have planned a range of two-wheelers and three-wheelers for commercial and personal mobility. This varied range of vehicles will enable us to capture a broad market segment.
