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

Goenka said the concept of electric vehicles is new for consumers and the off-take of volume has been slow as it takes time for them to become comfortable and used to electric vehicles.

To ensure a shift in consumer preference towards electric vehicles, Goenka stressed that there is need to develop infrastructure in India for such vehicles including charging stations.

On the Formula E series, Goenka said the racing event will help generate awareness about electric vehicles among general consumers and the response to the series has been increasing with each passing race.

"The most important deliverable of the race is to make people excited about electric vehicles and to show them that they are not dull vehicles," he said adding that participating in the race aligns well for Mahindra's strategy to become one of the major players in electric vehicles as they become mainstream.

The Formula E series is "a very good alignment for us in terms of giving our message of energy and conservation, environment, clean energy and at the same time also give our brand  exposure because of the multiple cities (across the world) the race will be run at," Goenka said.

Beginning next year, Mahindra, like other teams, will partly construct its own vehicle and a year after will begin building the full vehicle on its own in a phase-wise growth.

Goenka said it is hard to say if Formula E will garner the same popularity as Formula 1 and 3 series but as more teams get inducted over the years, it will gain more viewership.

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