Sunday, February 5, 2023

Electric vehicles and their different avatars! ⭐

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Electric vehicles have been witnessing a surge in demand and sales around the world. Keeping pace with that, several automakers are launching new models in the space in various forms. EVs, to be specific, battery-powered electric vehicles or BEVs are not in the realm of could be or should be. It is a reality. In fact, the humungous reality is touted to be the one that will shape the tomorrow of humankind! Hopefully, it will. It may or it might not. But there seems to be no turning back. There are close to 17 million…yes, 1,70,00,000 BEV Cars on roads across the road by the end of the year 2021. Worldwide, the BEVs have now reached double-digits in terms of Share…yes, 10% of the total car sales! However, as per International Energy Agency (IEA), ‘ensuring future growth will demand greater efforts to diversify battery manufacturing and critical mineral supplies to reduce the risks of bottlenecks and price rises.’ A growing number of countries have highly ambitious vehicle electrification targets for the coming decades, and many carmakers have plans to electrify their fleets that go beyond policy targets. India in particular has rather audacious plans. The government of India for instance has approved Phase-II of the FAME (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles) Scheme with an outlay of Rs. 10,000 Crore for a period of 3 years commencing from 1st April 2019. Out of total budgetary support, about 86 per cent of the fund has been allocated for Demand Incentive so as to create demand...

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