By Working Together, We Can Create A Better Future For Ourselves And For Future Generations
How could electric vehicles potentially change the future of India?
Electric vehicles (EVs) have the potential to bring several significant changes to India’s future as we are at the precipice of becoming the most populous nation on the globe.
Reduced air pollution
India has some of the most polluted cities in the world, and the transportation sector is a significant contributor to this pollution. Switching to EVs can help reduce air pollution and improve the health of the population.
Reduced dependence on foreign oil
India currently imports most of its oil, which makes the country vulnerable to fluctuations in global oil prices. EVs can help reduce this dependence on foreign oil and increase energy security and strengthen the nation’s balance sheet.
Cost savings
EVs have lower fuel and maintenance costs compared to traditional vehicles, which can result in cost savings for individuals and businesses.
Job creation
The growth of the EV industry can create new jobs in manufacturing, research and development, and infrastructure development, which can help stimulate economic growth. Manufacturing, especially the automobile manufacturing industry is one of the major employers in the country.
Improved energy security
India has abundant renewable energy resources like solar and wind power, which can be used to generate electricity to power EVs. This can help improve energy security and reduce reliance on fossil fuels. The new lithium reserve find can further improve India’s energy independence as one of the most critical raw materials to EV battery manufacturing need not be imported at all in the future.
Reduced greenhouse gas emissions
Switching to EVs can help reduce greenhouse gas emissions and mitigate the impact of climate change. Overall, the widespread adoption of EVs in India has the potential to bring significant changes to the country’s future and help drive sustainable economic growth.
What are the challenges people are going to face with the EV market,and alternatively,What are some Opportunities?
The electric vehicle industry is at a nascent stage in India. It is around 5 % of the total vehicle sales. However it has the potential to grow to more than 30% in a few years. To realize this ambitious goal there are certain challenges that should be scaled first.
Challenges
EV Supply chain:
India faces considerable supply chain challenges related to importing automobile components, specifically power train components like battery cells, semiconductors etc. The government has developed policies to promote urban mining, to incentivize domestic semiconductor manufacturing and to minimize supply chain challenges beyond batteries and semiconductors.
Skill Gaps:
As the transition from ICE automobiles to EVs accelerates in India, there will be a skill differential between these two segments, especially given that the automotive sector is one of India’s largest employers for both direct and indirect employment. The employees, many of whom are part of the informal sector and only have experience with ICE vehicles, will need training to come at par with the skills needed for handling
EV manufacturing and assembly.
Lack of charging stations:
Lack of charging infrastructure, land availability for charging station development and electricity grid readiness are the major charging infrastructure barriers for the deep penetration of EV across India.
Financing Options:
The limited availability of dedicated financing options keeps up-front costs high for consumers, despite an already low TCO in certain EV segments compared with ICE vehicles.
The advantage of a sunrise sector is that it provides a lot of opportunities as well even though it might be littered with challenges.
Opportunities
Bullish investor sentiment:
Buoyed by the industry’s prospects and the mandate to invest in clean technologies, private equity companies and venture capital funds are investing significant amounts in the Indian electric mobility space. The EV segment has emerged globally as one of the fastest growing sectors attracting capital from varied sets of investors
Workforce availability:
India has certain advantages over other countries, including its sheer domestic market size, its digital competitiveness, the size of its skilled workforce, and its wage competitiveness. Specifically, India has very high talent available in engineering design capabilities.
Existing ICE ecosystem:
Being a developed ICE market, India has a good supply chain ecosystem for certain electrical and mechanical parts, but for EV this has to go beyond, as the key power train components like motor, controller and chargers don’t have an established supply ecosystem. The existing ICE ecosystem gives a great foundation for the EV supply chain to scale up quickly.
Enlighten us with an overview about a Mission to ENVIRONMENT FRIENDLY FUTURE.
Achieving an environment-friendly future requires a collective effort from individuals, communities, businesses, and governments. Here are some key steps we can take to move towards a more sustainable future.
1) Reducing Carbon emissions across industries.
2) Conserving water usage, curtailing water wastage and practicing rain water harvesting.
3) Reducing waste and reducing single use plastic. Moving towards reusable bags, containers, utensils etc.
4) Protecting biodiversity by supporting sustainable agriculture, avoiding the use of harmful pesticides and chemicals, reducing deforestation etc.
5) Promoting sustainable living and reducing personal carbon footprint.
By working together, we can create a better future for ourselves and for future generations.
Specific to the EV industry.
● Increasing the use of renewable energy for the company’s energy consumption.
● Promoting the use of recycled materials thereby reducing the need for mining and waste.
● Extending the lifespan of batteries and promoting their reuse and recycling.
● Improving charging infrastructure and making it convenient to own an EV will reduce the reliance on fossil fuel and increase the dependence on renewable energy sources.
● Collaborating with other industries to build more sustainable solutions for the overall society
Explain how the potential for Electric Vehicle production is growing in India.
The potential for electric vehicle (EV) production in India is growing rapidly, driven by several factors, including government policies, increasing demand for clean energy, the growth of the EV market, infrastructure development and also the recent find of vast raw material resources.
Government Policies
● The government is providing multiple incentives and subsidies to develop the EV manufacturing ecosystem across power-train and multiple sub components as well. PLI ACC and PLI Auto are two cornerstone schemes to make India “Self-reliant”.
Increasing demand for clean energy
● India is poised to become the most populous nation in the globe coupled with the buoyant growth of the Indian economy projected for the coming decade, the energy appetite for the nation is going to be gargantuan.
● Energy insecurity of fossil fuels coupled with increased pollution levels are major drivers that will act as a catalyst for the renewable energy adoption at a brisk pace.
Growth of the Global and Domestic EV market
● EV adoption has increased manifold across the globe. Tesla has become the most valuable car company across the globe surpassing the market capitalization of many of the 100 year old automobile giants. BYD from China, Gogoro from Taiwan are setting stellar examples of the potential of the EV industry for a new future.
● In India EV adoption has taken off exponentially and is being driven majorly by E2W and E3W segments where the EV penetration is currently around 5% and 50% respectively from naught in the not so distant past.
Infrastructure development
● The Indian government is also investing in the development of EV charging infrastructure across the country, making it easier for people to adopt EVs. This includes plans to set up charging stations on major highways, in cities, and at shopping centers and other public spaces. This will help in addressing the major obstacle that plagues the mind of an EV adopter, the range anxiety.
Natural Resources
● The recent Lithium find in J&K also gives huge hope and a needed fillup for the future of EV ecosystem development in India as this has the potential to bring down the battery costs tremendously.
All these together will not only attract domestic manufacturers but will also pave the way for International manufacturers to diversify their supply chains and set up new units outside of China.
As per you, Why do people choose electric two- wheelers and how will it become a long-term choice?
According to us, the two main motivations that will drive an individual’s preference for owning an electric two wheeler are Cost and Environment. We were able to further understand the importance of these two pillars and have captured them in our recently released Impact Report.
This was our first Impact Report that quantified the kind of impact PURE was able to achieve and in turn made the world a happier and a healthier place to live in. To summarize, we have 60K+ customers who have driven a total of 850 Mn+ Kms. This has led to an average saving of INR 30k per customer and has also contributed in reduction of CO2 emissions of 33K Tons.
Cost Savings:
Currently, electric vehicles have a higher upfront cost, as compared to ICE vehicles, largely on account of battery costs. On the other hand, the operating costs for an EV are much lower. Thus, Total Cost of Ownership (TCO) is an important and more correct assessment of economic comparison between ICE vehicles and EVs.
The current subsidies provided by the government have reduced the impact of upfront costs for most EV buyers and brought them closer to the ICE vehicles. With the advancement in battery technologies and increase in battery manufacturing scale locally, the upfront costs of EV will further come down.
Environmental Impact:
The globalized world with a modern lifestyle has increased the levels of energy consumption and in turn the air pollution levels. Many people are now aware of the damage increased CO2 levels are causing to them individually and to the overall planet. Lowest hanging fruit with a major impact on the overall CO2 emissions is switching to an EV as they produce zero tailpipe emissions, which means they do not emit harmful pollutants like carbon monoxide, nitrogen oxides, and particulate matter. This can help reduce an individual’s carbon footprint and contribute to mitigating climate change.
What do you think is the most important advance in EV and why do you think The Future Of Automobiles Is Electric?
One of the most important advances in electric vehicles (EVs) is the improvement in battery technology. Battery technology has advanced significantly in recent years, which has allowed for the development of more efficient and longer-range EVs. Improvements in battery technology have also helped to reduce the cost of EVs, making them more accessible to consumers. This will further help to address the issue of range anxiety, which has been a barrier to the widespread adoption of EVs in the past.
Overall, the combination of environmental concerns, cost savings and technological advancements which have been outlined above make it likely that the future of automobiles is electric.
Electric vehicles (EVs) have the potential to bring several significant changes to India’s future as we are at the precipice of becoming the most populous nation on the globe.
Reduced air pollution
India has some of the most polluted cities in the world, and the transportation sector is a significant contributor to this pollution. Switching to EVs can help reduce air pollution and improve the health of the population.
Reduced dependence on foreign oil
India currently imports most of its oil, which makes the country vulnerable to fluctuations in global oil prices. EVs can help reduce this dependence on foreign oil and increase energy security and strengthen the nation’s balance sheet.
Cost savings
EVs have lower fuel and maintenance costs compared to traditional vehicles, which can result in cost savings for individuals and businesses.
Job creation
The growth of the EV industry can create new jobs in manufacturing, research and development, and infrastructure development, which can help stimulate economic growth. Manufacturing, especially the automobile manufacturing industry is one of the major employers in the country.
Improved energy security
India has abundant renewable energy resources like solar and wind power, which can be used to generate electricity to power EVs. This can help improve energy security and reduce reliance on fossil fuels. The new lithium reserve find can further improve India’s energy independence as one of the most critical raw materials to EV battery manufacturing need not be imported at all in the future.
Reduced greenhouse gas emissions
Switching to EVs can help reduce greenhouse gas emissions and mitigate the impact of climate change. Overall, the widespread adoption of EVs in India has the potential to bring significant changes to the country’s future and help drive sustainable economic growth.
What are the challenges people are going to face with the EV market,and alternatively,What are some Opportunities?
The electric vehicle industry is at a nascent stage in India. It is around 5 % of the total vehicle sales. However it has the potential to grow to more than 30% in a few years. To realize this ambitious goal there are certain challenges that should be scaled first.
Challenges
EV Supply chain:
India faces considerable supply chain challenges related to importing automobile components, specifically power train components like battery cells, semiconductors etc. The government has developed policies to promote urban mining, to incentivize domestic semiconductor manufacturing and to minimize supply chain challenges beyond batteries and semiconductors.
Skill Gaps:
As the transition from ICE automobiles to EVs accelerates in India, there will be a skill differential between these two segments, especially given that the automotive sector is one of India’s largest employers for both direct and indirect employment. The employees, many of whom are part of the informal sector and only have experience with ICE vehicles, will need training to come at par with the skills needed for handling
EV manufacturing and assembly.
Lack of charging stations:
Lack of charging infrastructure, land availability for charging station development and electricity grid readiness are the major charging infrastructure barriers for the deep penetration of EV across India.
Financing Options:
The limited availability of dedicated financing options keeps up-front costs high for consumers, despite an already low TCO in certain EV segments compared with ICE vehicles.
The advantage of a sunrise sector is that it provides a lot of opportunities as well even though it might be littered with challenges.
Opportunities
Bullish investor sentiment:
Buoyed by the industry’s prospects and the mandate to invest in clean technologies, private equity companies and venture capital funds are investing significant amounts in the Indian electric mobility space. The EV segment has emerged globally as one of the fastest growing sectors attracting capital from varied sets of investors
Workforce availability:
India has certain advantages over other countries, including its sheer domestic market size, its digital competitiveness, the size of its skilled workforce, and its wage competitiveness. Specifically, India has very high talent available in engineering design capabilities.
Existing ICE ecosystem:
Being a developed ICE market, India has a good supply chain ecosystem for certain electrical and mechanical parts, but for EV this has to go beyond, as the key power train components like motor, controller and chargers don’t have an established supply ecosystem. The existing ICE ecosystem gives a great foundation for the EV supply chain to scale up quickly.
Enlighten us with an overview about a Mission to ENVIRONMENT FRIENDLY FUTURE.
Achieving an environment-friendly future requires a collective effort from individuals, communities, businesses, and governments. Here are some key steps we can take to move towards a more sustainable future.
1) Reducing Carbon emissions across industries.
2) Conserving water usage, curtailing water wastage and practicing rain water harvesting.
3) Reducing waste and reducing single use plastic. Moving towards reusable bags, containers, utensils etc.
4) Protecting biodiversity by supporting sustainable agriculture, avoiding the use of harmful pesticides and chemicals, reducing deforestation etc.
5) Promoting sustainable living and reducing personal carbon footprint.
By working together, we can create a better future for ourselves and for future generations.
Specific to the EV industry.
● Increasing the use of renewable energy for the company’s energy consumption.
● Promoting the use of recycled materials thereby reducing the need for mining and waste.
● Extending the lifespan of batteries and promoting their reuse and recycling.
● Improving charging infrastructure and making it convenient to own an EV will reduce the reliance on fossil fuel and increase the dependence on renewable energy sources.
● Collaborating with other industries to build more sustainable solutions for the overall society
Explain how the potential for Electric Vehicle production is growing in India.
The potential for electric vehicle (EV) production in India is growing rapidly, driven by several factors, including government policies, increasing demand for clean energy, the growth of the EV market, infrastructure development and also the recent find of vast raw material resources.
Government Policies
● The government is providing multiple incentives and subsidies to develop the EV manufacturing ecosystem across power-train and multiple sub components as well. PLI ACC and PLI Auto are two cornerstone schemes to make India “Self-reliant”.
Increasing demand for clean energy
● India is poised to become the most populous nation in the globe coupled with the buoyant growth of the Indian economy projected for the coming decade, the energy appetite for the nation is going to be gargantuan.
● Energy insecurity of fossil fuels coupled with increased pollution levels are major drivers that will act as a catalyst for the renewable energy adoption at a brisk pace.
Growth of the Global and Domestic EV market
● EV adoption has increased manifold across the globe. Tesla has become the most valuable car company across the globe surpassing the market capitalization of many of the 100 year old automobile giants. BYD from China, Gogoro from Taiwan are setting stellar examples of the potential of the EV industry for a new future.
● In India EV adoption has taken off exponentially and is being driven majorly by E2W and E3W segments where the EV penetration is currently around 5% and 50% respectively from naught in the not so distant past.
Infrastructure development
● The Indian government is also investing in the development of EV charging infrastructure across the country, making it easier for people to adopt EVs. This includes plans to set up charging stations on major highways, in cities, and at shopping centers and other public spaces. This will help in addressing the major obstacle that plagues the mind of an EV adopter, the range anxiety.
Natural Resources
● The recent Lithium find in J&K also gives huge hope and a needed fillup for the future of EV ecosystem development in India as this has the potential to bring down the battery costs tremendously.
All these together will not only attract domestic manufacturers but will also pave the way for International manufacturers to diversify their supply chains and set up new units outside of China.
As per you, Why do people choose electric two- wheelers and how will it become a long-term choice?
According to us, the two main motivations that will drive an individual’s preference for owning an electric two wheeler are Cost and Environment. We were able to further understand the importance of these two pillars and have captured them in our recently released Impact Report.
This was our first Impact Report that quantified the kind of impact PURE was able to achieve and in turn made the world a happier and a healthier place to live in. To summarize, we have 60K+ customers who have driven a total of 850 Mn+ Kms. This has led to an average saving of INR 30k per customer and has also contributed in reduction of CO2 emissions of 33K Tons.
Cost Savings:
Currently, electric vehicles have a higher upfront cost, as compared to ICE vehicles, largely on account of battery costs. On the other hand, the operating costs for an EV are much lower. Thus, Total Cost of Ownership (TCO) is an important and more correct assessment of economic comparison between ICE vehicles and EVs.
The current subsidies provided by the government have reduced the impact of upfront costs for most EV buyers and brought them closer to the ICE vehicles. With the advancement in battery technologies and increase in battery manufacturing scale locally, the upfront costs of EV will further come down.
Environmental Impact:
The globalized world with a modern lifestyle has increased the levels of energy consumption and in turn the air pollution levels. Many people are now aware of the damage increased CO2 levels are causing to them individually and to the overall planet. Lowest hanging fruit with a major impact on the overall CO2 emissions is switching to an EV as they produce zero tailpipe emissions, which means they do not emit harmful pollutants like carbon monoxide, nitrogen oxides, and particulate matter. This can help reduce an individual’s carbon footprint and contribute to mitigating climate change.
What do you think is the most important advance in EV and why do you think The Future Of Automobiles Is Electric?
One of the most important advances in electric vehicles (EVs) is the improvement in battery technology. Battery technology has advanced significantly in recent years, which has allowed for the development of more efficient and longer-range EVs. Improvements in battery technology have also helped to reduce the cost of EVs, making them more accessible to consumers. This will further help to address the issue of range anxiety, which has been a barrier to the widespread adoption of EVs in the past.
Overall, the combination of environmental concerns, cost savings and technological advancements which have been outlined above make it likely that the future of automobiles is electric.
