The headline of a 60-page Morgan Stanley report published in June of 2019 was slightly ahead of its time. Covid-19 struck and delayed many carefully laid out plans of electric vehicle makers. But, the shift towards battery-operated vehicles is inevitable.
On this Independence Day, startup entrepreneur and Ola Cabs cofounder Bhavish Aggarwal is preparing for a big splash with his e-scooter, as he takes another step towards realizing his king-sized dream project to make electric vehicles. With petrol topping `100 a litre and diesel slightly below that, Indians in need of mobility are looking for an alternative. A few progressive state governments, and the Centre, have introduced new schemes to make EVs more affordable and enable price parity with vehicles powered by fossil fuels.
There is also a push by governments, global financiers, and customers towards cleaner energy and transport that no large business can resist.
Mahindra & Mahindra chairman Anand Mahindra’s speech at the automaker’s recent AGM suggested that Indian corporate boardrooms were trying to stay in step with this growing impetus towards having a better social and environmental impact.
“This is not just altruistic thinking — it’s good business. There is a quiet revolution taking place in the business world,” he told fellow shareholders.
For sure, it is the two-wheeler market that will lead the shift towards Electric Vehicles. Morgan Stanley predicted a 40% market penetration by electric two-wheelers by 2030.