India: Mahindra Electric Mobility launched the manufacturing hub for electric technology set up by investing INR 100 crore which is based in Bengaluru. According to the company, with the opening of the new facility, the manufacturing capacity of the company will escalate to 25,000 units every year. The manufacturing hub which is registered under the Mahindra Electric technologies will be manufacturing power electronics, battery packs and motor assembly which are basically the essential parts of an electric powertrain. Thus, this investment will positively impact the electric vehicle market along with the growth of electric vehicles.
The facility will be using global standards for manufacturing processes which will upsurge the manufacturing of the company to around 25,000 units annually. The company mentioned that this venture would also create direct employment for around additional 200 people. Pawan Goenka who is the Managing Director of Mahindra and Mahindra and Chairman of Mahindra said, “The manufacturing hub is the next step by Mahindra in the electric technology space to increase local value addition and bring affordable electric vehicle (EV) technology to redefine mobility in India.” The company had sometime earlier also launched Treo and Treo Yaari, their first range of electric three-wheeler made of lithium ion battery. Mr. Goenka also added that the Treo range is the first three-wheeler auto with Li-ion that has been developed in India. The variants of the Treo range include Treo Yaari electric rickshaw and Treo electric auto, both of which are available with weatherproof hardtop variants.
According to BlueWeave Consulting, the company is trying and aiming to bring in a change that will be monumental about the way India travels by facilitating more products of electric vehicles on the road using the technology solutions of Mahindra Electric. The Treo range they have introduced majorly uses Lithium-ion and powertrain battery which are homegrown by Mahindra Electric. At present, the company is investing in technologies which are core to Electric Vehicles and have thus set up the manufacturing hub of motors, battery packs, and power electronics in Bengaluru. The government of Karnataka has been tremendously supportive regarding their initiative. The India automotive industry is at the flourishing stage, supportive government policies and high public & private sector investment in the region are booming the industry. Over the years the automotive industry will witness phenomenal growth with high investment from foreign investment companies. Increase in per capita income and rise in urban population has surged the demand for automobiles leading to higher revenue generation in the region. Prominent automotive companies are willing to enter into the market through acquisition and partnership, further government supportive policy is positively impacting the market.
According to the report by BlueWeave Consulting on “Global Electric Commercial Vehicles Market, By Propulsion, By Vehicle Type, By Component Type, By Region- Industry Analysis, Size, Share, Growth, Trends & forecast by 2018-2024”, the Global Electric Commercial Vehicle is projected to grow over a CAGR of 12% during the forecast period of 2018-2024 by value. The market is expected to reach around USD 149,316 Million by 2024. The demand for electric vehicles and charging station is governed by an increase in demand for fuel-efficient, high-performance, and low-emission vehicles. In addition, the trend of reduction in vehicular emission due to stringent rules & regulations in several countries and growth of public charging infrastructure in China, India, and the other developed countries are fuelling the market growth.
According to the recently published report by BlueWeave Consulting on “Global Electric Vehicle Charging Station Market, By Product Type, By Installation Type, By Suppliers Type, By Region- Industry Analysis, Size, Share, Growth, Trends & forecast by 2018-2025”, the growth is attributed to an increased deployment of charging stations at public places such as shopping malls, commercial buildings, airports, and restaurants. The convenience of being able to use an EV charger while shopping or during office hours is expected to boost the adoption of electric vehicles. Furthermore, government offerings, such as tax credits, on the installation of publicly accessible stations are expected to boost the market.