The Electric Vehicle Market is set to see a lot of activity. Several foreign companies and homegrown startups have decided to enter this space. The government’s ambitious National Electric Mobility Mission Plan 2020 envisages achieving 6-7 million sales of hybrid and electric vehicles by 2020. A series of flip-flop on policies and a non-existent charging infrastructure is the biggest challenge in achieving the target. But is not deterring the newer entrants.
Japan’s Terra Motors, which has been selling e-rickshaws since 2014 is now planning to launch electric auto-rickshaws that will target the 500,000 per annum three-wheeler market by January next year. Quite a few other South East Asian Companies are looking to enter the electric vehicle market.
The growth of the electric vehicle market in India will provide opportunities to a lot of MSME’s that work in ancillary industries.
Source: Business Standard