The Swiss engineering company ABB is poised to expand into India’s electric vehicle charging market by harnessing its strong foothold in the solar energy market to create a clean charging ecosystem for the country. According to the company, 50% of the solar energy passes through ABB inverters. The company has already installed a charging station at the NITI Aayog office, which is capable of charging an electric vehicle (EV) in 30 mins. The company locally manufactures
Bengaluru manufacturing unit has the capability of producing the necessary charging equipment and fast charging solutions are provided by the company in other countries. The company awaits government directives on various aspects of e-mobility like charging standards.
The Government of India does plan to electrify 30% of all vehicles by 2030. Although a formal EV policy has not been formulated at the national level, individual states are gradually adopting these in order to become electric vehicle friendly by reducing registration charges and creating supporting infrastructure vis-à-vis charging areas etc. Telangana has now become the fourth state after Karnataka, Maharashtra and Andhra Pradesh to have its own EV policy. The policy is mainly aimed at making the state EV vehicle friendly by measures such as reducing registration charges. It also aims at creating charging areas and basic infrastructure.
Even the private sector has shown interest in EVs with the motivation to create a clean ecosystem. Ola, with its Mission Electric programme, plans to have one million electric vehicles on its platform by 2021. It plans to introduce 10,000 EVs, mainly e-rickshaws, over the next 12 months. The company is working with state governments and hopes to have a robust business model ready, after an extensive period of testing.
Other companies like Suzuki, Toshiba and Denzo plan to produce lithium ion batteries for EVs in India. Currently, they are mostly imported from China. Lithium-ion batteries account for 50% of the cost of an electric vehicle and making them is relatively more expensive than the batteries for traditional cars. Thus, local production of lithium ion batteries will be a welcome move for a clean energy ecosystem in India.
As a way forward, India must make the switch to EVs and creating a clean energy ecosystem. According to a NITI Aayog and Rocky Mountain Institute report, India can save 64% of anticipated passenger road-based mobility-related energy demand and 37% of carbon emissions in 2030 by pursuing a shared, electric, and connected mobility future. This will also mean saving around INR 3.9 lakh crores in 2030, if the price of crude oil is taken as US$52 per barrel. The report further states that India’s massive IT industry can be mobilised to serve the needs of the new ecosystem by creating new employment opportunities and boosting foreign investments and the larger economy. Flagship schemes of the Government of India like Digital India and Make in India have already boosted entrepreneurship and will be beneficial for the economy.
Thus, India has the all the makings to successfully switch to EVs and create a cleaner and greener energy ecosystem in the near future.
The post Foreign Investors back India’s Electric vehicle push appeared first on India Outbound.
source https://www.indiaoutbound.org/foreign-investors-back-indias-electric-vehicle-push/
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