Speaking at the Pune Alternate Fuel Conclave, Anish Shah, Managing Director, Mahindra & Mahindra said that the adoption of electric vehicles in India has been faster than expected and by 2030, 50 percent of India’s passenger vehicles will be EVs.
see photosMahindra MD, Anish Shah says he won’t be surprised even if EVs account for over 50% of PV sales by 2030
Mahindra & Mahindra is betting big on electric vehicles, and the company’s managing director, Anish Shah, has said that by the end of this decade, about 50 percent of India’s passenger vehicles will be all-electric. Speaking at the Pune Alternate Fuel Conclave, Shah said that the adoption of electric vehicles in India has been faster than expected, and that 50 percentage points can be achieved even earlier on solving supply chain issues and reducing costs. In fact, Shah says, there is every chance that electric vehicles could account for more than 50 percent of PV sales by 2030.
Read also: Mahindra showcases its EV range at the Pune Alternate Fuel Conclave
Talking about EV adoption at the conclave, Anish Shah said, “The shift is happening faster than we imagined. By 2030, 50 percent of cars sold will be EVs. If we achieve cost parity and basic If the infrastructure keeps pace then it can move faster. We expect the cost to come down further, but the infrastructure may take time. I wouldn’t be surprised if it is more than 50 per cent.”
The share of electric three-wheelers for Mahindra & Mahindra has increased to nearly 70 percent in the first quarter of 2022
head of Mahindra & Mahindra says that for the time being, the electric vehicle industry has managed to achieve cost parity between two-wheelers and three-wheelers. And thanks to battery swapping technology, the range concern has been addressed in this segment as well. In fact, the share of electric three-wheelers has increased to nearly 70 per cent in the first quarter of 2022 for Mahindra & Mahindra. However, this is not the case with electric passenger vehicles. Shah says that the electric PV segment will reach an inflection point around 2025-27, as he believes it is difficult for the government to encourage passenger electric vehicles and as an industry, automakers should You have to work within that.
Read also: Exclusive: Upcoming Mahindra Electric SUV Spotted Testing in India
Mahindra Group itself is investing over ₹3000 crore in the electric vehicle sector, and plans to introduce 16 new electric vehicles by 2028, which will include 8 electric SUVs and 8 electric light commercial vehicles. In fact, the first set of EVs are to be previewed in July 2022, which is part of the company’s Born Electric Vision (BEV). The company aims to achieve 20 per cent penetration in the passenger EV space by 2025-27, because then, Shah believes, cost, volume and infrastructure will all start to accelerate.
Read also: Mahindra drops the first teaser for its Born Electric Vision, to debut in July 2022
Mahindra will showcase its new EV, which is part of the company’s Born Electric Vision (BEV), in July 2022
While EVs are certainly the focus of the company, Anish Shah says that internal combustion engine (ICE) vehicles are important for Mahindra & Mahindra. Shah says that Mahindra being an old company cannot ignore ICE cars. The carmaker has already launched the new-gen Thar and XUV700 and is now gearing up for the launch of the new-gen Scorpio as well. So, currently, the company is invested in ICE vehicles, however, Shah says that all future investments will be on EVs. In fact, the company is even ready to spin off the EV business into a separate subsidiary if it will serve a good purpose.
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Source: ET Auto
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