The electric mobility space is turning attractive with global automotive companies focussing on this rapidly growing and emerging opportunity. However, Indian companies are in a wait-and-watch mode and treading cautiously in its adoption, according to Pawan Goenka, Managing Director and Chief Executive Officer of automotive major Mahindra & Mahindra.

Also read: Mahindra bets big on last-mile connectivity and shared mobility for EVs

Interacting during the launch of the Telangana Electric Vehicle and Energy Storage Policy 2020, he said: “the Central government has done a lot to encourage the growth of electric mobility and provide a push to electric vehicles in the country through the FAME initiative and other measures. It would be great if it provides a little more push and possibly consider electric vehicles getting priority sector lending status, starting with support for commercial vehicles.”

“The growth of the sector is linked with the ability to offer electric vehicles at lower prices. Already electric mobility has become extremely attractive when it comes to volume game as in the case of fleet operators. However, it will take some time for it to become more attractive for personal passenger vehicle buyers,” he said.

Also read: Telangana woos electric vehicle firms with new policy

Referring to recent concerns about pollution in urban areas, Goenka said that electric mobility adoption could be a game changer as electric vehicles can significantly bring down city air pollution.

Addressing air pollution

“The adoption of three wheeler electric vehicles has already begun to make inroads with battery swapping also playing an important role. The growth of electric two wheelers will be the next big thing before we take to adoption of electric buses for public transport. In the case of cars and sports utility segment it will be a gradual shift,” he explained.

“One of the focus areas for India should be on development of IPR in the electric mobility space with focus on value addition in the sector. The Atmanirbhar Bharat provides the right platform for the growth of electric mobility related manufacturing and innovation in the country,” he said.

Referring to M&M, Goenka said “We are committed to the growth of electric vehicle segment in the company and the country. We already have a portfolio of several electric vehicles and expect to add two more by the end of the year. We have committed an investment of ₹1,000 crore and plan to invest another ₹500 crore.”

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