Electric Vehicles May Take 2-5 Percent Of Indian Market In Few Years, Says Auto Giant Mahindra


MIAMI: Eco-friendly electric vehicles are a new concept but have the potential to occupy about 2 to 5 per cent of the Indian market in the next few years, a top official at auto major Mahindra has said, underlining the need for significant incentives to make them commercially viable.

"We remain very optimistic that electric vehicles will become a significant portion, about two-five per cent of the Indian automotive industry, in the next four-five years," Pawan Goenka, Executive Director and President (Automotive & Farm Equipment sectors) at Mahindra told PTI here.

He said while electric vehicles may not become mainstream soon, but for them to become commercially viable for consumers there has to be a significant government incentives across the world.

Goenka said that till now there was not much inventive in India for electric vehicles but the new government has earmarked in its annual budget 75 crore for faster adoption and manufacturing of electric vehicles in 2015-16.

"I am hoping that starting in fiscal year 2016, we will start to see an uptake in the electric vehicles volumes," he said.

Mahindra is among the 10 teams competing in the Formula E, the world's first fully-electric racing series.

Goenka was in the city for the U.S. debut of the Formula E Championship that was attended by other senior company executives.

He said Mahindra has very high aspirations for electric vehicles, including bikes and two-wheelers and participating in the race is giving it tremendous exposure in terms of technology and brand development.

In the segment, Mahindra has invested heavily in its Reva Electric Vehicles as well as in California and Ann Harbour in the U.S. to design and manufacture the product.

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Source: PTI