Electric car sales take a beating

Though many electric vehicle makers such as GOGreen BOV and Ather Energy have set up their manufacturing facilities in Bengaluru, the absence of extensive power charging infrastructure and loan schemes have lowered the demand for electric vehicles.

“The government is supporting us through its National Electric Mobility Mission Plan (NEMMP) 2020 and FAME (Faster Adoption and Manufacturing of Electric Vehicles) initiative. But some structural enablers need to be put in place to fasttrack adoption of electric vehicles,” says Ravneet Phokela, chief business officer of Ather Energy.

Most of the vehicles are now purchased with bank loans. “Unfortunately, as of now, banks do not have loan schemes to help customers buy electric vehicles and therefore, the sales are low,” says Dhivik Reddy, founder and CEO of GoGreen BOV. “Though the government has been providing subsidies, the customer has to ultimately make full cash payment. And currently, I don’t see a great demand for electric vehicles in the market.”