Emerging Electric Vehicles brands in India
Published On Jul 20, 2022
The sustained policy focuses on sustainable transportation to rapidly transform India’s automotive industry paving the way for new electric vehicle brands.
As a major policy priority, the Government of India targets to propel electric vehicles across the private and commercial vehicle segment. With an ambitious goal of EV sales penetration of 30 % for private cars, 70 % for commercial vehicles and 80 % for two and three-wheelers by 2030 to decarbonize the transport sector to fill the COP-26 net zero carbon emissions by the 2070 target.
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In India, the second phase of the FAME India Scheme 2022 aims to support, through subsidies, approximately 7000 e-Buses, 5 lakh e-3 Wheelers, 55000 e-4 Wheeler Passenger Cars, and 10 lakh e-2 Wheelers. Attractive economics and push by governments have already increased the demand for EVs substantially, and the industry is set to grow to USD 150 billion by 2030, according to estimates by RevFin Services – a financial technology (FinTech) digital lending platform focused on increasing EVs' adoption for under-banked & underserved.
To take advantage of this boom across EVs, several new brands and start-ups are venturing into the market with EVs to transform the automobile industry landscape in India. We take a look at some of the top new brands that are looking to make an impact across vehicle segments.
Based out of the Bay Area in the USA and Hyderabad, India was founded in 2018 and aims to bring the power of EV Light, Medium, and Heavy Duty Commercial Vehicles. ElectronEV plans to introduce its proprietary EV technology through its electric vehicles and end-to-end mobility solutions for markets like India, South East Asia, Australia, and Europe. Also, the founders envision a net-zero carbon infrastructure from well to wheels. They believe that battery-electric powertrains will be the most efficient to manufacture and own in the long run.
Founded in 2017 to accelerate the transition to full electric trucks. Sweden-based all-electric commercial vehicle start-up, in September 2020 introduced its Volta Zero – acclaimed to be the world’s first purpose-built full-electric 16-tonne commercial vehicle.
Volta began the development of the production vehicle in January 2021, and by December 2021, the first road-ready Design Verification prototype was completed. Before the start of series production in late 2022, production verification vehicles will be built for customer evaluation in the middle of 2022 at the Volta Trucks contract manufacturing site in Steyr, Austria.
Infraprime Logistics Technologies
Starting operation in 2017, the firm is developing electric heavy-duty commercial goods carriers which have wide-ranging applications in mines, ports, infrastructure development, construction, and inter-warehouse goods transportation. Infraprime has pioneered several industry-first initiatives including just-in-time delivery of construction material, deployment of electric trucks, and roll-out of driver apps with widespread adoption while minimizing incidences of miscommunication and delay.
A startup electric-mobility company incubated at Technology Innovation Hub (TIH) for Cobotics, of IIT Delhi - the only homegrown company retrofitting ICE to EVs. Launched in August 2020, Tadpole Projects is the pioneer in retrofitting ICE cars and aims to address issues around fossil-fuel-based vehicles, scrapping policy, and expensive vehicles by retrofitting, thus making renewable mobility accessible to everyone. Headquartered in Delhi, Tadpole Projects performs R&D and advanced testing of vehicles incubated under IIT-Delhi.
An electric platform leader reinventing e-mobility. Unrestricted by legacy thinking, REE has developed the next-generation EV platform, which is entirely flat, scalable and modular, providing customers full design freedom to create the broadest range of EV and autonomous vehicles for current and future applications. Its services include last-mile delivery, MaaS, light to medium-duty EV logistics and robo taxis.
HOP Electric Mobilit
India's fastest-growing electric vehicle manufacturer is a successful mandate holder of the Government of India's ambitious Production Linked Incentive (PLI) scheme for Auto. Working on the B2C and B2B market with three E’s - electric, energy, environment; HOP provides a line-up of electric two-wheelers (e-scooters - HOP LEO & HOP LYF, and soon-to-be-launched high-speed electric-motorcycle HOP OXO).
India’s leading all-electric, purpose-built commercial vehicle OEM that, by combining the creativity of aeronautical engineering with the expertise of automotive design, has transformed the transportation sector. The company has developed ground-breaking products like the single modular skateboard capable of building multiple vehicle types, a lightweight yet tough exoskeleton covered with an innovative space-grade composite material, and ultra-stable and fast-charging batteries with advanced chemistry.
All of them are produced in their incredibly effective Modular Micro Manufacturing factory setup. Their “Exoskeleton Structure” acts as a practical standard architecture for trucks, vans, SUVs, and delivery cars. The company presently employs about 50 people with experience in the automotive and aviation industries at its R&D and robotics centre in Punjab, India.
Undoubtedly, the electrification of the automobile is no longer just a buzzword but a reality sooner than later. The emergence of new brands wanting to capture the new segment with the help of technologies is likely to alter the sector profoundly with new likely winners as we move into the future.