Top 3 companies in race to bring electric vehicles in India

With the growing interest of people in the EV space, efforts are being made to compensate for decreasing technology rates, heavy pollution and growing dependency on oil imports, to speed up the ultimate transition of EVs in India.

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With the growing interest of people in the EV space, efforts are being made to compensate for decreasing technology rates, heavy pollution and growing dependency on oil imports, to speed up the ultimate transition of EVs in India. Interestingly, as per the data, 75% of the total number of vehicles sold in the country are two-wheelers and is therefore capable of capturing the market in near future.

Presenting the top 3 listed Indian companies who have started the venture of the two-wheeler EV space.

1. Bajaj Auto

Bajaj Auto is listed as the world’s third-largest manufacturer of motorcycles and the second-largest in India. Their endeavour to offer the best EV services, they have planned to upgrade the growth opportunities in the mobility space that’ll enable the company to enter into the new venture through electric and hybrid vehicles in the two, three and four-wheeler categories.

The name of the business is being finalized but confirmation and approval are awaited from the Ministry of Corporate Affairs. The subordinate will have an authorised capital of ₹1 bn and the total capital expenditure is ₹8 bn for the fiscal year 2022. The company has planned to inaugurate a new factory near Pune that will select KTM, Husqvarna, and Triumph branded motorcycles.

2. TVS Motors

India’s third-largest two-wheeler manufacturer, TVS Motor Company, will invest ₹10 bn on electric vehicles. It is working on a 5-25kW two and three-wheeler portfolio, which will possibly launch within two years. TVS Motor’s first EV, the iQube, will start from Bengaluru, Chennai, Coimbatore, Delhi, and Pune and will be distributed to 1,000 dealerships. The company has planned to spend ₹6 bn in 2022  as capex with an additional outlay of ₹1.5 bn.

3. Hero MotoCorp

Hero MotoCorp, being the largest two-wheeler manufacturer globally has a market share of a whopping 37.1%.  Currently, the company has proclaimed that it is initiating adequate measures to enter into the EV market and is simultaneously aiming to launch a new model next year.  The company will take reference from its Jaipur (Rajasthan) and Stephanskirchen (Germany) based research and development (R&D) set-ups to manufacture its own products. The company plans to spend ₹8-10 bn during the ongoing financial year as capex.

Source Mint
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