EV penetration in both passenger cars and two-wheelers needs a boost if India wants to meet its aggressive green targets. Pure electric cars accounted for nearly 1 per cent (33,000) of 3.3 million car registrations in 2022. If hybrid electric cars sold last year (19,556) are included, the combined share of the two (e-cars and hybrid electric cars) would go up by only 0.5 percentage points in total car sales.

If hybrid electric cars sold last year (19,556) are included, the combined share of the two (e-cars and hybrid electric cars) would go up by only 0.5 percentage points in total car sales.

Unlike many countries in Europe and some key markets like Japan and South Korea, India does not have a vibrant hybrid (petrol and electric) car market in its quest to make a direct transition from ICE to electric.

The future of mobility is at a critical point of inflection. Every time oil prices spike or climate change is debated and discussed, Electric Vehicles (EVs) are inevitably mentioned as a part of the solution. Yet, despite several new Indian companies entering various parts of the EV value chain, significant capital infused in the space and large-scale execution efforts, EVs are not mainstream yet.