EV Segment Growth Needs Long-Term Policy Support: Lohia
Jul 16, 2024 16:37
Lohia CEO Ayush Lohia emphasizes the need for long-term policy support, including FAME 3, priority sector lending, and battery-swapping, to promote electric mobility in India. The company plans to expand its electric three-wheeler range and double its sales volume this fiscal.
Photograph: Anushree Fadnavis/Reuters
New Delhi, Jul 16 (PTI) There is a need for long-term policy support to promote electric mobility in the country, according to Lohia CEO Ayush Lohia.
He noted that there is a need for clear and "full-hearted" support in terms of government policies for the growth of the sector.
"We need full-hearted support like FAME 2 policy...there should be a clear vision that the policy support would be there for at least the next five years," Lohia told reporters here.
The industry expectation is to have a clear direction in terms of policy action, he added.
"Our expectation from the government is that bring FAME 3 scheme with full throttle," Lohia said.
Phase II of the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) India scheme expired on March 31, 2024.
The government is working on the FAME III scheme for the promotion of electric mobility, and it is likely to be implemented in the near future.
Lohia also sought to bring the electric vehicle segment under the priority sector lending to make it easier for customers to buy electric vehicles.
He also emphasised the need to have a battery-swapping policy in place.
Lohia on Tuesday also announced that the group will expand its electric three-wheeler range in the country to gain a foothold in the highly competitive entry-level electric three-wheeler market.
The company plans to unveil five new models of battery-operated rickshaws by the end of this month.
"Our new product launches will meet the diverse needs of India's evolving electric mobility market, aligning with the government's vision of making India an electric vehicle nation by 2030," Lohia said.
The company is planning to invest Rs 20 crore in the current fiscal to focus on research and development, infrastructure expansion, and market penetration, he added.
It aims to double its sales volume to 10,000 units this fiscal, Lohia noted.
Lohia Group also plans to double its sales network to 200 dealerships by the end of this fiscal, he stated.
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