Indicating that the mass adoption of electric vehicles in India is still several years away, a shareholder of Mahindra and Mahindra – the largest electric vehicle manufacturer in the country by quite a large margin – asked manager Pawan Goenka when the company would deal with the commissioning or launching of electric vehicles.
The incident left Goenka, one of the veterans in the Indian automotive industry, embarrassed as Mahindra is a pioneer in the development of Indian-language electric vehicles.
"At Mahindra AGM, our shareholders asked us when we were entering EVS. If after producing and selling EVs for 9 years, after having 5000 eCars on India's roads, after 135 M eMiles behind us, if our shareholders do not know that we are doing EVs, we have failed in our communication, "Pawan Goenka a a day after the annual general meeting in Mumbai.
Mahindra is a leader in electric vehicle development in India and is expected to launch an electric variant of two of its popular products – the KUV100 and the XUV 300. The company will also launch a third product in collaboration with Ford Motor Company.
In addition to the E-verito electric sedan, Mahindra also launched its new electric three-wheeled Treo motor and partnered with startups such as the Smart E to supply its eco-friendly vehicles.
None of the automakers in India have as diverse products in the electrical space as they do now.
Mahindra also set up a lithium-ion battery manufacturing plant in Maharashtra with LG Chen from South Korea. The company has also invested more than ₹1000 crore to create capacity for the development and production of electric vehicles in Karnataka, which will be delivered to other car manufacturers in the closure of Ssangyong Motor Co.'s subsidiary.
The federal government is trying to promote the adoption of electric mobility through a number of policy initiatives, as it wants to curb crude imports and high levels of pollution in Indian cities.
Moving forward with its goal of having more electric vehicles to curb the growing pollution affecting major cities and reduce expensive oil imports, the government has launched the second phase of faster adoption and production of hybrid and electric vehicles from April 1, 2019. vehicles (FAME 2) scheme at a cost of ₹10,000 crore. While this amount may not be significant compared to some developed countries, budgetary incentives for this sector will go a long way in restoring investor and customer confidence.
Finance Minister Nirmal Sitharaman announces income tax rebates in his maiden budget ₹1.5 BGN for clients on interest paid on loans for the purchase of electric vehicles, with total benefit for exemption from ₹2.5 lei for the whole loan period. The minister also announced a duty relief on lithium-ion cells, which will help reduce the cost of lithium-ion batteries in India as they are not locally produced. Component manufacturers such as solar charging infrastructure and lithium batteries and other components will be offered income-related tax relief in accordance with section 35 of the Income Tax Act and other indirect tax relief.