M&M opens all four doors for Indian electric vehicle market: FAME powering the ride

New Delhi: E-Verito is the first four doors electric car, made in India, capable of delivering 29KW at 39bhp power. It runs on advanced Li-ion batteries with a driving range of 100 km and a highest speed of 85km/h. With a price range of around INR 0.9 Million, this car is the first low cost car in the sedan segment. With this car launch, Mahindra & Mahindra has become the biggest electric car manufacturer in India.

TechSci Research, forecasts that with the FAME policy, the Indian market for electric vehicles will grow at a faster rate than 2015 first quarter of 25%. FAME policy which is offering incentives in the range of INR 13,000 to INR 138,000 is attracting global electric car manufacturers to enter Indian market. Also, the joint crack team, consisting Maruti, Tata Motors and M&M a technical tri-venture will be investing INR 220-250 million to develop parts for electric vehicles. However, the biggest challenge remain is the cost of the lithium-ion batteries which is mostly imported from China, accounts for almost 50% of the cost of vehicle.

According to released report of TechSci Research “India Lithium-ion Batteries Market Forecast and Opportunities, 2020”, Li-ion batteries market in India is projected to witness vigorous double digit growth at over 35% CAGR during the next five years. Government’s efforts to minimize carbon emissions and toxicity level in the environment is likely to drive the adoption of Li-ion batteries across major end-use industries including consumer electronics and automotive.