The Electric Vehicle ecosystem in India is developing at a very high rate. Various manufacturers are launching their EVs. The sector is not limited to bikes and cars (which has players like Ola Electric, Ather, Hero, TVS, Tata Motors, etc.). Commercial vehicles such as Buses, Trucks, and Coaches also make up a huge chunk of the Electric Vehicle segment.
Now, after establishing themselves into ports, airports and foraying into steel, Adani Group is about to foray into the EV space.
Adani Group to enter EV space
According to a report, Adani Group entity SB Trust got the trademark approval to use the name ‘Adani’ for land and sea vehicles. The Adani Group is looking to enter into electric mobility space as part of the broader moves into green projects.
The group is planning to set up a Research & Development (R&D) facility for its electric mobility projects at its special economic zone (SEZ) in Gujarat’s Mundra. The group’s initial electric vehicle plans include coaches, buses, and trucks— which will be used for internal logistical activities at ports, airports, etc. The group is also preparing to manufacture electric vehicle batteries and install charging station infrastructure across India.
EV Ecosystem in India is growing at a very high rate
Along with Adani Group, Mukesh Ambani’s Reliance Industries Ltd (RIL) and Tata are also planning for the low-carbon green projects.
The main reason behind the interest in EV space is the affordability of this mode of transport. The cost of operating electric commercial vehicles at 80 paise is fractional as compared to the cost of operating CVs run on diesel which stands at Rs 4 per km.
At present, the commercial vehicle segment is dominated by Tata Motors and Ashok Leyland with their Dost and Ace brands. The entry of a large conglomerate into the industry will be net positive for the space, according to experts in the industry.
Subsidies have also played a major role in reducing the overall cost of operating e-CVs.