EV Manufacturers Have To Think About Building Business Without Subsidies: Madhumita Agrawal, Oben Electric

Subsidies while having helped the electric vehicle companies initially, they would not be in the picture for long as the government would eventually stop providing subsidies for which the original equipment manufacturers will have to start preparing themselves, stated Madhumita Agrawal, co-founder and CEO, Oben Electric at the Times Drive Green Conclave and Awards 2024.

The electric vehicle (EV) industry in India is at a crossroads, with a question mark over the future of government subsidies. Agrawal emphasised the need for sustainable business models that can thrive even without the support of subsidies. She added that the government would gradually phase out subsidies. EV manufacturers would be compelled to explore strategies to make electric vehicles affordable and accessible to the masses.

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While the transition to electric vehicles is gaining momentum, several hurdles remain including infrastructure development, particularly the expansion of charging stations, is a critical factor. Additionally, consumer awareness and education about the benefits of EVs need to be intensified. Addressing range anxiety and ensuring a seamless charging experience are also key considerations.

Other panelists touched upon the shift from internal combustion engine (ICE) vehicles to EVs requires would require more time, with the transition being in its initial stages. Manufacturers will have to invest in research and development to enhance battery technology and improve vehicle performance. Simultaneously, policymakers would have to create an environment which would support implementing policies and regulations in favour of electric vehicles. As the EV industry evolves, collaboration between stakeholders, including manufacturers, policymakers, and consumers, would remain essential.