The internet, particularly social media, is filled with EV news, and analysts believe the industry is booming; nonetheless, charging infrastructure and EV prices remain roadblocks. Furthermore, while government subsidies continue to benefit manufacturers, they must work hard to cut the cost of electric vehicles and batteries.
Government subsidies in the Indian EV sector:
It's a good indicator that the government's subsidy programs and increased procurement of electric vehicles are encouraging the EV industry's growth. The increase of environment-concerned buyers, the implementation of scrappage policies, and climate change issues are all contributing to the advancements. Subsidies, on the other hand, may not be available for long. Subsidies for electric cars are already considered futile, and many states are thinking of restricting them to two-wheeler and three-wheeler EVs.
As the number of electric vehicle manufacturers grows in conjunction with demand, producers must focus on innovation and product design to reduce the overall cost of EVs in India, such as Electric Scooters and e-bikes. They will be less reliant on government subsidies as a result of this.
Government subsidies on electric vehicles are now considered life support for the sector, and can only provide stability and growth for EV manufacturers for a limited time. The ability to operate the business without relying on subsidies is crucial.
So, the most important agenda is to reduce the cost of EVs. For this, consider the example of Electric Bikes in India.
How to reduce the cost of electric bikes in India?:
It is worth noting that EVs are still at the infant stage. Going with fancy Electric Bikes or Electric Scooters is never a good idea at this stage. Worst of all, more features and fanciness entail a higher price tag. Customers in India who purchase high-end electric scooty pay a higher price. The question is whether the e bikes will provide a good return or value. The answer is deceptive.
Customers will be quite dissatisfied if they pay Rs. 1 lakh for a nice electric bike and the bike does not last long. As a result, he may be forced to ride ICE bikes or scooters. This will threaten both the manufacturers' and the government's ambitious EV adoption goals. As a result, manufacturers must take care when it comes to lowering the cost of battery bikes or E-Scooters.
Following are some tips that can bring down the cost of e-bikes and e-scootys in India.
Recycling of batteries can significantly influence the cost of batteries, which in turn will reduce the cost of electric scooty or e-scooters
A. Reverse logistics is another unique idea that can contribute to the cost reduction of EVs.
B. Use of eco-friendly materials can also play a critical role in reducing the cost of e scootys and e bikes in India.
C. Implementation of other renewable energy sources like solar energy and wind energy can also help in reducing the cost of EVs.
D. Changes in design and manufacturing abilities like the use of 3D printing are important for cost reduction.
E. Adopting new methods to innovate battery technology is conducive as the market has already seen new battery types like Lithium-Iron-Phospate, which gives more mileage and efficiency.
Mass adoption of e-bikes or e-scooters in India is equally important for a sustainable EV ecosystem. It is already known that e-bikes can sustain comfortably without government subsidies if consumers continue to buy them. However, reducing the cost of e-bikes may prove a game-changer. Moreover, you also need to consider the hurdle of ICE vehicles running on the road. The government needs robust and appropriate plans to phase out ICE vehicles in large quantities, which will subsequently reduce the cost of electric vehicles. This will be a win-win case for all the parties including EV manufacturers and the customers.
For EVs like electric buses and electric trucks, the sustainability factor is still marred by expensive vehicle costs and a lack of proper charging infrastructure. Here, the government needs to find a way to accommodate them under their banner or employ a public-private entity to look after commercial EV vehicles.
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