Announcements within a day of each other by Ola Electric and Mahindra & Mahindra (M&M) that they will launch electric vehicles (EVs) by 2024 have certainly boosted the game in this new area of the automotive market. Ola’s plans are characteristically ambitious. Founder Bhavish Aggarwal has announced that his show will be the first electric car to offer a range of up to 500 kilometres, and with an all-glass roof and aerodynamic body, it will be the sportiest car ever in India. M&M wasn’t far behind. After exiting the e-four-wheeler market in 2019, it announced the imminent launch of five electric sports utility vehicles (SUVs) between 2024 and 2026. It’s easy to see why manufacturers are excited to enter the electric vehicle market. It has been predicted as the next big thing in the auto industry by almost all analysts. For example, NITI Aayog has set EV penetration at 70 percent for commercial vehicles, 30 percent for private cars, 40 percent for buses, and up to 80 percent for two- and three-wheeled bicycles.
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First Published: Thursday, August 18, 2022. 22:20 EST