The Mahindra group believes that the EV market with two-wheeler and three-wheeler segments is addressing the market anxiety positively. The alternative solution to battery charging with a swappable battery is increasing the demand among the consumer to experience the EV market.
Mahindra & Mahindra achieve 70% penetration of the electrical three-wheeler in Q1 of the automobile market. Around Rs. 3000 crores invested in the electric car segments. The new EV segment is expected to unveil in July 2022.
As per Anish Shah, MD of Mahindra & Mahindra,
“The shift is happening faster than we thought by 2030-50% of cars sold will be EVs. That may move faster if we achieve cost parity and infrastructure keeps pace. We hope that the cost may reduce further, but infrastructure may take time. I won’t be surprised if it is more than 50%.”
“ We would look at 20% penetration from 2025-2027, that is when we think the passenger vehicle market will hit an inflection point, cost, volumes, infrastructure will all start ramping up.”
One thing is for sure, the EV market in India is eyeing the period 2025-2027 to be a crucial time for an electric vehicle. It is expected to be the timeline where the EVs will be high on the road, maybe most of the customers will switch to the EV. Either by mandatory policies or guides, availability of charging stations, slow, fast, battery swapping.
The situation will help to transit the period with better infrastructure with more foreign investment for a greener and cleaner environment.
However, the combustion engine will likely lose its market. It is something everybody was predicting that the market will see less of such traditional vehicles. But with the present scenario, it is something not going to happen.
As per the statement released by BMW’s Chief Executive Officer, Oliver Zipse, “When you look at the technology coming out, the EV push, we have to be careful because, at the same time, you’re increasing dependence on very few countries.” As he warns the automobile industry, about not relying much on certain countries with a focus on the production of electric vehicles.
As he states to Reuters, “If someone can’t buy an EV for some reason but needs a car, would you rather propose he or she continue driving his old car forever? If you don’t sell combustion engines anymore, someone else will.”
Shah states, “ Even at the penetration of 50%, there will still be as many cars that we sell today. So as a legacy company we cannot take our eyes off ICE cars. We have just had a series of new launched with brand new models on ICE. We have had four new models and there will be one more model within a quarter, so we are already invested in ICE but our future investments will be electric.”
In my opinion, the journey of EV for most innovators provided an ample opportunity to showcase their talent. The expansion of the market is worth it. It is just with the scooter, but also with different sorts of battery charging facilities.
Even research on finding a new solution or innovative batteries is marking a legendary scientific journey of its own.
Source:- The EV times