Ola’s $250 Million Funding For EVs Is Just The Tip Of The Iceberg. Here’s What The Manufacturers Are Up To

Many Indian companies have been looking at entering the thriving electric vehicles market. The Indian government has been taking an active interest in creating and passing laws, keeping in mind the infrastructure around EVs in the country. The government is creating incentives to buy EVs through the FAME-India initiative. It is working towards its goal of achieving significant electrification by 2030.

This week, Ola announced that it is looking to raise more funds to expand its EV market in India. According to a study, 4,330, 2,840, 2,467 and 2,388 EVs were sold in Gujarat, West Bengal, Uttar Pradesh and Rajasthan respectively, in the year 2018.

This article will discuss the key EV market players in India and where do they exactly stand today. 

EVs On The Road

The number of electric cars running on the roads today is very less. However, there are plenty of electric two-wheeler companies in India and it is said to be a rapidly rising market.

1.Mahindra E2o:

Started in the year 2013, Mahindra was the very first company in India to the electric four-wheeler segment. Mahindra e20 is a hatchback and takes 9 hours to fully charge. But it has the Rapid (CHAdeMO) charge port in the e2o TechX, with which it charges up to 95% in just 90 minutes.The company plans to make 60,000 electric vehicles annually from 2020.

3.Mahindra e-Verito:

In 2016, Mahindra launched another electric car, a zero-emission electric sedan. It is fully charged in 8 hours 45 minutes. With the technology of fast charging, it charges to about 80% in less than 2 hours. Mahindra claims that on a full charge, the eVerito can travel for about 110 kilometres and can achieve a top speed of 86 km/h. The charging with the included charger takes around 8 hours and 30, whereas the bigger battery takes around 11 hours and 30 minutes. With the fast charger, it charges the regular battery up to 80% in just under 90 minutes.

The eVerito boasts several features seen on electric and hybrid vehicles from all over the world, but many are firsts for India.

3.Tata Tigor:

Tigor is Tata Motors’ attempt at the electric vehicle. Launched in the year 2018, it is powered by a 16.2 kWh battery pack that sends 30 kW (41hp) at 4,500rpm and 105 Nm of torque at 2,500 rpm to the front wheels through a 72V, 3-phase AC induction motor. While Tata claims 142km range on a single charge, our exclusive review of the Tigor EV showed that it could do about 100 kms. It can be charged using a standard AC wall socket and charges up to 80% in 6 hours. 

4.Other players:

There are many upcoming cars that the industry is planning to launch. Maruti Suzuki, Ren, Hyundai, Renault, Nissan are some of them. In fact, Mahindra, Tata Motors, Ashok Leyland and Croyance Automotive are also planning to launch electric trucks.

A number of companies have launched their electric scooters in India. Some of the major players in this area are Ather Energy, YoBykes, BSA Motors. There are also electric bicycles contributing to the EV market. 

A Bengaluru-based logistic group called Baghirathi Travel Solutions has launched electric sedan as a taxi fleet. Another Bengaluru-based business called Lithium Technologies has launched an electric taxi service for corporates. 

Ola’s EV Efforts

In order to expand its EV fleet, Ola recently raised about $250 million from Japan’s SoftBank Group and $300 million from Hyundai Motor Group and Kia Motors in March. For its EV business, Ola Electric is working on the following:

  • A business model involving the price of EV without battery
  • Financing of batteries and vehicles
  • Driver identification
  • Charging network

Outlook

The EV market in India accounts for only 1% of the total automobile sales. Moreover, 95% of the EV market is occupied by 2 and 3 wheelers and the four wheelers make up for less than 8% of the total sales.

The Indian government has showcased vast supposed in terms of encouraging the use of EVs. With its initiative called FAME which stands for Faster Adoption and Manufacturing of Hybrid and Electric Vehicles, it is encouraging the consumers to purchase electric vehicles. 

It is also trying to solve one of the major issues of the EV today in the country which is the lack of electric charging stations. But it has issued guidelines for charging stations to be present every 25 km along a highway. Various State Governments are making efforts in encouraging the EV sector. 

The government policies regarding EVs and players like Ola raising funds is a positive sign for the EV usage and the country’s aim to completely turn the automobile sector to an EV by the year 2030 has begun to look brighter.

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