Electric vehicles (EVs) have received global attention in recent years, but the trend appears to be slowing. While most nations are experiencing a drop in EV sales, India remains an anomaly, still figuring out its place in the EV ecosystem. In a candid chat with Tech Today, Veejay Nakra, President of Mahindra’s Automotive Division, discussed India’s EV journey and how Mahindra intends to define its future.
“The global EV industry has reached a certain level of penetration, but in India, we’re just getting started,” Nakra added, pointing out that India’s EV drive began only five years ago, in 2018 when Prime Minister Narendra Modi proclaimed a national focus on EV manufacture. “We’ve had the Fame policy, the PLI scheme,
Currently, the majority of EVs in India are converted from internal combustion engine (ICE) vehicles. This is where Nakra believes the industry must evolve. “The customer today has to pay a 20-25% premium over ICE products, just for an electric powertrain and a few features,” he said, implying that Mahindra’s next born-electric SUVs will change that dynamic.
When challenged about the slow growth of EV sales worldwide, Nakra acknowledged the limitations but remained enthusiastic about India’s potential. legislative backing as crucial to increasing EV adoption.
Nakra expressed caution about Battery as a Service (BaaS), a paradigm that is gaining momentum in several regions. “In India, customers are particularly concerned about asset ownership. “Subscription models and battery services haven’t taken off here,” he said. This observation reflects a broader understanding of Indian consumer behavior, which still prioritizes asset ownership, particularly for high-value purchases such as autos.
Despite the obstacles, Nakra is certain that India’s EV business would expand significantly in the future years, particularly with Mahindra’s planned sale of electric-origin SUVs. “We’ve only just begun, and with the right products and policy structure India has the potential to become a global EV hub,” said the official.