Electric Cars Expected To Grab Up To 5% Of India’s Automotive Market Within Next Few Years

APR 5 2015 BY MIKE ANTHONY 3

Mahindra's Reva e2o EV.

Mahindra’s Reva e2o EV.

“We remain very optimistic that electric vehicles will become a significant portion, about 2-5% of the Indian automotive industry, in the next four-five years.”

States Pawan Goenka, Executive Director & President at Mahindra, India’s electric car leader.

Mahindra participating in Formula E

Mahindra participating in Formula E

He further adds that the government incentives/grants and a large charging network needs to be there for electric cars to become more popular in India, which is mostly true for anywhere in the world right now.

There has not been any sizable incentives for EVs in India, until just recently.

Goenka continues:

“I am hoping that starting in fiscal year 2016, we will start to see an uptake in the electric vehicles volumes.”

For those who are not familiar with Mahindra, the automaker is heavily involved in electric car. Here is one example. Mahindra’s racing division competes in the Formula E Championship too

Speaking of the Formula E series, Goenka reports that the awareness/seriousness of EVs has and will grow larger “with each passing race.

Lastly:

“The most important deliverable of the race is to make people excited about electric vehicles and to show them that they are not dull vehicles.” 

Source: Money Control.

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3 Comments on "Electric Cars Expected To Grab Up To 5% Of India’s Automotive Market Within Next Few Years"

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India have recently opened their previously closed energy market to foreign investment – which is huge news. The Indian Government is going to underwrite, in US Dollars, not the Rupee, the investment within India of Solar Lease agreements. On a scale the size of India this will have significant knock on effects and benefits within the world renewable energy industry.

Prices for rooftop solar are already falling, energy storage will be the enormous market we all hope it to be now that India have made this move and that’s not even factoring in China. Mahindra have made enormous investments into the Indian electric car market and this looks ready for them to reap the profits.

Now imagine that market with car components made from Hemp plastic as opposed to aluminium and steel.

I don’t know why, but that car reminds me of Droopy Dog.

“…electric vehicles will become a significant portion, about 2-5% of the Indian automotive industry, in the next four-five years.”

Given that plug-in EVs have now reached 1% of the new car market, both in the USA and (I think) internationally, and that this was achieved over the years 2010-2014, what country is -not- expected to reach at least double that “in the next four-five years”? Aside from isolated countries like Cuba, I can’t imagine many won’t.

This isn’t exactly a bold prediction. Personally, I’m hoping for somewhat better than 2%.