Leap of faith

Is Indian auto industry ready to take the EV leap? A million-dollar question that everyone wants an answer to! While we have witnessed isolated developments on setting up of electric mobility infrastructure in the country and the optimism of the industry to offer a new technology despite the first quarter overall sales of FY2020-21 at the lowest in 12 years due to the pandemic, auto experts believe it is not the time to race behind timelines but a crucial phase to build local capabilities and create a sustainable EV ecosystem.  The Government of India has set an ambitious target for EVs by 2030 with 30% penetration in private cars, 70% in commercial vehicles, 40% in buses and 80% for two and three-wheelers.  “We are right now in the phase of customer adoption to a new technology and this phase is always gradual. Government should just leave the timelines to the industry and by corollary to the market forces where customers decide what to buy,” says V G Ramakrishnan, Founding Partner & MD, Avanteum Advisors LLP. While the current situation will only slightly slowdown the pace of EV launches, Ramakrishnan says that the competition is a potent force to change the industry