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Updated on: Monday, December 20, 2021, 04:33 PM IST

Teji Mandi Explains: Miles to go for electric vehicles

Representative Image |

Representative Image |

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The pandemic taught the toughest lesson to the automobile industry. And another wave of challenges is approaching the sector - electric vehicles.

What’s Happening?

We all have watched movies featuring flying cars, like the one in Total Recall. It would take about 50 years for us to ride flying cars like it’s portrayed in the movie, but in the next 10 years, electric cars will rule the roads. Auto companies worldwide are at it, spending billions to launch efficient EVs. For instance, Toyota recently announced plans to build a new line of 30 battery-powered EVs by 2030 and sell 3.5 million of them annually.

Till now, Tesla was known as the king of the EV space, but with the arrival of other car makers in this space, the crown over Elon Musk’s head is slipping away. Recently, luxurious car manufacturer BMW launched its iX EV, priced at Rs 1.16 crore (ex-showroom), which got sold out on Day 1. This response only shows the enthusiasm for EVs in India. Meanwhile, in September 2021, Ola Electric sold e-scooters in just two days.

Why Do We Need This Transition So Early?

The pollution levels are triggering the glaciers in the far North and South poles. India’s transport sector has gone worse, and we are now the 3rd largest CO2 emitter in the world. Bad news! To attain sustainability and cut carbon emissions, India pledged at the CoP26 summit to reach net-zero carbon emissions by 2070. And that’s why all the thrust on EVs.

According to property consultant Colliers, the EV space in India is expected to attract investments of Rs 94,000 crore ($12.6 billion) across the entire chain over the next five years. 15 Indian states have already approved the EV policies and have agreed to set up charging spots. However, all of this won’t be true until Indian roads get better. There’s still time for EVs to dominate our country’s roads.

What Lies Ahead?

Electric cars and eventually flying cars are the future of the automotive industry. Other than EVs, companies like Toyota are also pushing for hybrid cars that would run on hydrogen cells as well as electricity. All of these efforts to step up our technology level and lower carbon emissions will be successful in the years to come. To fast track the process, the real estate developers like Kalpataru are already offering EV-ready parking in their upcoming projects.

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Published on: Monday, December 20, 2021, 04:33 PM IST
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