Q. How do you evaluate the e-vehicle market in India?
A. The Indian EV market has been experiencing substantial growth on a YOY basis. The two major segments driving this growth are electric two-wheelers and electric three wheelers - both segments grew by 188% and 119% YOY basis in the last FY 22-23 with seven lakhs plus Electric 2 wheelers and 4 lakhs electric three wheelers got registered in the country in FY 22-23.
Inflating prices of petrol represents one of the major factors driving the sales of EVs. Moreover, the Government of India is promoting the use of EVs to promote sustainable development and reduce air pollution. It also includes EVs in public transport to improve air quality and minimize the dependence of the country on fossil fuels. We are also witnessing improvement overall in the ecosystem in the country with an advanced advanced battery management system, improved charging infrastructure and battery swapping as an alternative to owners of EVS both 2 and 3-wheelers.
Q. As you are operating primarily in the electric threewheeler/two-wheeler segment, how do you evaluate those segments?
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