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EVs’ share of auto parts industry turnover at 2.7% in FY23, up 1% yoy

BusinessEVs’ share of auto parts industry turnover at 2.7% in FY23, up 1% yoy

Automobile components industry body ACMA has called for right investments in technology, focus on innovation, robust infrastructure and consistent government support with policies like PLI and FAME to power India’s potential to become the hub of manufacturing excellence for EVs. Electric vehicles accounted for 2.7 per cent of the auto components industry’s overall turnover, which is up from 1 per cent in FY22, according to Sunjay Kapur, President, ACMA & Chairman, Sona Comstar. “We’ve made significant strides in supplying components for EVs with greater investment in technology,” says Kapur, who feels that with deeper focus on localization of advanced technologies, vehicle electrification will continue to rise in India, driven by cost economies. “India is truly moving in the right direction, and we look forward to zero emissions and net reductions in carbon footprint with EVs,” Kapur added, his comments marking the ‘World EV Day’, 9 September, 2023, amidst active championing of production of EVs and components by the domestic industry.

Companies like Okaya EV have entered into partnership with the Small Industries Development Bank of India (SIDBI) under the ‘Mission 50K-EV4ECO”initiative towards accelerating the adoption of EVs in India, particularly among micro, small, and medium enterprises (MSMEs). Through the partnership with SIDBI, Okaya EV will be deploying 25,000 EV units, representing half of the SIDBI ‘Mission 50K-EV4ECO’ initiative, demonstrates our unwavering dedication. In line with its national mission, SIDBI’s Mission 50K-EV4ECO pilot scheme is designed to facilitate quick replicability and scalability of EV adoption through multilateral support. It paves the way for the forthcoming EVOLVE scheme, a collaborative effort between SIDBI and the World Bank, which will offer improved financing terms and innovative solutions to address evolving challenges within the Indian ecosystem.

“As an eligible OEM for the EVOLVE-RSP/EV4W scheme, we possess the capacity and infrastructure needed to make this vision a reality. With SIDBI’s invaluable support, we aim to leave a significant impact on the B2B and fleet sectors, ushering in a greener, more sustainable future for India,” says Anshul Gupta, Managing Director, Okaya Okaya EV has several scooter models — FAAST F2B, F2T, F4, and F3 —registered under the Mission 50K-EV4ECO scheme. This move enhances accessibility and affordability for those looking to embrace the electric mobility revolution.

With global climate concerns driving nations toward sustainability, India’s pledge for carbon neutrality by 2070 has spurred interest in new energy vehicles like, hydrogen fuel cells and EVs. Electric vehicles’ adoption has been gaining traction due to their lower carbon footprint and cost-efficiency, agrees Ketan Mehta – Co Founder & CEO, HOP Electric Mobility. “In the first-half of CY-2023, the segment has experienced consistent sales, surpassing the 100,000-unit mark each month according to government estimates,” points out Mehta.

Akshit Bansal, Founder & CEO Statiq believes that to truly propel this revolution, seamless connectivity is a must. “This is where EV charging stations play a crucial role. With readily available charging points, we will be able to empower people to make the switch to EVs, accelerating the transition toward a cleaner and more sustainable future,” says Bansal. Statiq is tapping into local knowledge and resources to fulfill the mission of establishing an easily accessible, highly dependable, and cost-effective charging network for everyone. The company plans to reach beyond major cities to cover smaller ones across the nation and has established charging stations in pivotal locations, including Delhi-Jaipur, Delhi-Chandigarh, Delhi-Himachal Pradesh in the north, as well as cities like Bangalore, Chennai, Hyderabad, Pune, Ahmedabad, and Mumbai in the south and west.

One of the biggest barriers to the widespread adoption of EVs remains the lack of charging infrastructure in India and the overall time required to charge such batteries. The demand for battery swapping has been picking up gradually, especially in use cases such as logistics and last-mile delivery, and these verticals are leading the EV revolution in India. Gogoro Battery Swapping, a pioneering force in urban mobility which operates across six battery swapping stations in Delhi-NCR, has introduced a groundbreaking battery swapping process that takes merely 6 seconds, setting a new standard for efficiency and convenience in battery charging. The brand harnesses the power of artificial intelligence to create an ecosystem that not only enhances operational efficiency but also opens up new horizons in energy solutions.

Kolkata based Mayank Bindal, Founder & CEO, Snap E Cabs points out that in many companies, adopting sustainable practices is undertaken by the CSR wing; While the intent is strong, sometimes execution falters as the goals fail to percolate across the company in a consistent way. “We believe that solving some of the most pressing transportation problem for our customers in a profitable way and leading the way to help adopt sustainable practices and helping the planet are not 2 different goals,” says Bindal who has about 400+ cabs (all 100 per cent EV) in operations and is among the largest EV cab fleet owners in the country. The company provides an on-demand, easy to use app based solution for the transportation needs of tens of thousands of customers during the daytime and also ferries additional thousands of employees and executives of large corporates and software companies from their home to their offices during the night. “Efforts are also underway to establish a nationwide charging network by the government and companies collaboratively,” says Mehta who is expanding the ‘HOP Infinity Energy Network’, piloted in Rajasthan, to other states. Mehta finds affordability as the mantra for increasing access to EVs. “Battery-as-a-Service is an option,” says Mehta who suggests separating battery costs from vehicle prices to sweeten the deal. “Easy financing is also crucial. We at HOP Electric prioritize financial accessibility with financing at our ‘HOP Experience Centres’ aiming to provide quality products at reasonable prices. Our commitment to de-carbonization is aimed at reducing greenhouse gas emissions in mobility,” says Mehta.

Other solutions are also emerging like Exicom, India’s leading EV chargers and lithium-ion battery manufacturer with a strong presence in South-East-Asian markets as well. Committed to facilitate the switch to EVs by improving the EV charger infrastructure in India, Exicom has emerged as the leading EV charger provider with over 50,000 EV chargers installed in over 200 cities across India and to OEMs such as Tata Motors, MG, Audi, Kia, Hyundai, and Volvo. Trontek is leading the Li-ion battery manufacturing space in India with an installed capacity of 1 GWh and utilisation of 0.7 GWh manufacturing capacity in NCR. The company has an integrated Li-ion battery manufacturing unit in Delhi, a manufacturing unit in Sonipat, Haryana, and a R&D and Design Center in Bangalore. The company produces 15,000 to 17,000 li-ion batteries for electric 2Ws and 1,500 to 2,000 units for electric 3Ws every month, with their capacity ranging from
2KWh to 10KWh.

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