Electric vehicle sales to give a tough fight to gas guzzlers in India; Former to outperform by 2030: Mahindra & Mahindra

Mahindra & Mahindra Limited, one of the biggest automakers in India, projects electric-vehicle sales to outperform gas guzzlers as prices become more aligned and infrastructure and technology improve. The company expects this to happen with help from the Government.

Mahindra Deputy Managing Director Anish Shah said in an interview, “While authorities can assist in terms of cost parity for EVs, in India it’s difficult for the government to justify subsidizing cars for the rich. We have to find technology advances faster."

According to him, the Government will have to play a significant role in developing the infrastructure of electric-vehicles, while on the technology front – charging times and driving ranges are fairly progressing already.

“In three to five years’ time, we will have modern electric platforms in India," and cars with internal combustion engines will start to be phased out, said Shah.

He added, “2030 is what we see as a tipping point where electric will overtake ICE engines in terms of sales."

Mahindra witnessed the first quarterly loss in nearly two decades in 2020 due to the economic slowdown and weaker consumption sentiment in India. However, rural India was relatively resilient, thanks to demand for farm vehicles and equipment, noted Anish Shah.

The expectation for the growth of electric-vehicle sales in India also directs a ray of hope for the increasing consumption of aluminium die casting for various applications in EVs.