Electric Vehicles (EV) are the newest automotive trend, and developed and developing countries alike are transitioning away from traditional internal combustion engine (ICE) vehicles in favor of EVs.
Electric vehicle technology is garnering global attention as a means of reducing reliance on fossil fuels and achieving the global goal of zero-carbon emissions and sustainable development.
India committed to achieving net-zero carbon emissions by 2070 at the recently ended COP26. It has set a target of 30% private automobile sales, 70% commercial vehicle sales, and 80% two- and three-wheeler sales by 2030. In a nation like India, which remains largely reliant on coal, we must adopt severe measures to ensure that the country meets its lofty goals.
According to current study conducted by the Accelerated e-Mobility Revolution for India’s Transportation (e-AMRIT), in India, only 7,96,000 electric vehicles have been registered until December 2021, and 1,800 charging stations have been installed in public locations. This indicates that the nation still has a long way to go before attaining the acceptable percentage.
When compared to conventional ICE car sales, the rise of sales has been 133 percent from fiscal year 2015 to fiscal year 2020. The adoption rate of EVs in India is slow, owing mostly to the fact that EVs are more expensive than conventional automobiles. The government will have to prioritize supply chain development by locally producing batteries and lowering the cost of electric vehicles in India.
We should place a greater emphasis on luring both global and domestic battery producers to establish local manufacturing facilities. It will contribute to the cost reduction of batteries and electric vehicles, hence increasing their competitiveness.
Apart from offering customers incentives and lowering the cost of EVs and batteries, we need to raise public knowledge about the advantages of EVs over ICE cars.
Reference- Live Mint, e-AMRIT Portal, BloombergNEF, Times Of India