26-Oct-2023
2 mins read
EV – A New Era in Automobiles
There have been roaring talks of electric vehicles all over the globe past couple of years where various countries and corporations are finding ways of any alternative to fuel-based automobiles. India has also evolved as a global player in this space and had developed a very huge network and base of electric vehicles in the country.
Big support and boost are provided by the Indian government to the electric vehicle producers. The rate of increase of electric vehicles on the road is increasing day by day. Electric vehicles are on the rise in all segments of the automobiles like two-wheelers, four-wheelers, and buses. Even electric three-wheelers are gaining huge traction on the road.
Let’s analyze and understand some basics of the EV market in India:
Why Electric Vehicles?
The first and foremost reasons for electric vehicles are climate change and reducing carbon footprints and pollution. Currently, the market share of EVs in India is very low but the government is working day and night to increase the sales of EVs in the coming quarters. Many state governments have also announced various SOPs to enhance the culture of electric vehicles.
Registration of Electric Vehicles:
The Ministry of Road Transport and Highways of India have exempted electric vehicles from paying fees for registration. The government has also exempted electric vehicles from paying road taxes as well. Presently, registration or renewal charges range from Rs 1,000 – 1,500 for passenger vehicles and Rs 300 for two-wheelers.
Is a number plate necessary for Electric Vehicles?
As per the new rules, it is compulsory for all registered vehicles after 1st April 2019 to have an HSRP (High-Security Registration Plate) on the vehicle and it is only issued by the government side only which will make them clear data of all the vehicles.
- Private Electric Vehicles have a number plate with a green background and white letters.
- Commercial EVs have a number plate with a green background and yellow letters.
Electric Charging Stations:
Electric Vehicle is one of the new technologies evolved to reduce the carbon footprint on the environment. Currently in India, the best EVs right now have a range of 300-500 Km. The only concern for the owners of electric vehicles is the availability of charging stations in the country. In the long routes, the EV owners may face many problems with charging given less infrastructure of charging stations. No doubt, our country is growing the charging infrastructure for EVs at lightning speed and may soon develop a spider net of charging stations all over the roads.
Which Indian Listed companies are currently in Electric Vehicles Space?
- Tata Motors
- Mahindra Electric
- Ashok Leyland
- TVS Motors
- Bajaj- Auto
- Electra Greentech
- Greaves Cotton
- OLA Electric
Apart from the above companies and many other auto ancillary companies directly and indirectly attached to electric vehicles, there are many Unorganized and small players dominating due to the limited scale of business.
Which Indian Listed companies are currently in EV charging Businesses?
- Tata Power
- IOC
- BPCL
- Reliance Industries
- Power Grid
- NTPC
As per the latest trends, the EV culture has started to pick up pace in India but there is a long way to go to achieve maximum green culture given fewer infrastructure facilities in comparison with the market and the demand size. We are in the right direction properly aligned with our global peers and are expected to do wonders in the EV industries in the days to come.
