Search Global Export Import Trade Data
Recent Searches: No Recent Searches

EV dream not very far, need priority financing, cut in import duties of some parts: M&M.

Date: 10-01-2020
Subject: EV dream not very far, need priority financing, cut in import duties of some parts: M&M
NEW DELHI: Automobile major Mahindra & Mahindra (M&M) on Thursday said India's electric vehicles dream is not far from realisation but it needs steps like priority financing and duty reduction on certain parts to push e-mobility in the country.

The company, which sells various electric models like e-Verito and e2O, said that with more manufacturers like Tata, Hyundai , MG Motors and Maruti Suzuki coming in the segment, there will be more acceptance of electric vehicles (EVs).

READ REPORT |Mahindra e-KUV to be priced under Rs 9 lakh, launch in Q1 FY1 20-21

While stating that the government has done its bit to help e-mobility, the company said it was time for manufacturers to work towards reducing EV prices in order to make it viable for personal usage even as new business models in the shared mobility space proving it to be a sound proposition.

"Government has done what needs to be done ... Electric vehicle dream is now not very far and with many players coming in, Tatas have announced their vehicles, Hyundai have launched their Kona, MG has announced their EV and Maruti has talked about its EV as well, with that we will see more and more EVs coming in," Mahindra & Mahindra Managing Director Pawan Goenka told reporters here.

This certainly will make it more acceptable when we see many more products on the road for public to start using EVs, he added.

Goenka further said it was now up to the companies to take it forward in order to make e-mobility affordable.

"OEMs (original equipment manufacturers) need to reduce prices of electric vehicles by 8-10 per cent. We are working on it. Reduced prices would help in better offtake of such vehicles," Goenka said.

Commenting specifically on Mahindra, he said the company would like to reduce the price of e-Verito to around Rs 11 lakh from Rs 12 lakh currently.

"To achieve that, we are focussing on localisation and also with cell prices going down, it should help. Right now, there is 5 per cent duty on import of cells, if that can be reduced then there can be a reduction of at least Rs 20,000 in vehicle price," he said.

Highlighting the current challenges faced by the EV sector, he said that one of the major hurdles is in financing as banks and non-banking financial companies (NBFCs) are reluctant to give loans as they are not sure about the resale value of EVs.

"At present, interest on loans for electric three-wheelers are 5-6 per cent higher than those of diesel or CNG vehicles. If we can have priority financing for EVs at a lower rate, it will help accelerate growth of the segment," Goenka said adding that electricity charges at a lower slab for charging would also help.

Outlining Mahindra's strategy in the electric segment, he said the company would be focussed on shared mobility space over the next few years.

"Our focus is on shared mobility and is in tune with the government policy. the company is working with state government, fleet operators to make electric mobility viable. Mahindra now has around 22,000-23,000 electric vehicles on ground," Goenka said.

He said the company's current portfolio with range of 150-200 km was more than sufficient to take care the needs of fleet operators. Mahindra has a long-term association with electric fleet operator Lithium Urban Technologies.

The companies now have a fleet of over 1,000 electric vehicles on the ground.

Elaborating on Mahindra's product strategy in the electric segment, Goenka said the company plans to launch e-KUV100 in the first quarter of next fiscal which would be priced competitively and cost less then Rs 9 lakh.

"We have the Atom (quadricycle), last-mile connectivity four-wheeler that will be launched in the third quarter of the coming financial year and that would hopefully redefine last-mile connectivity," he said.

Goenka further said the company will launch high-range electric XUV300 in 2021, and "that will be our first entry into the personal use segment" while all other products are designed for shared mobility.

M&M is working on localising the components from April this year and only battery cells would be imported thereafter, he added.

He also admitted that vehicles supplied to EESL were good for shared mobility but not suited for personal usage of "senior officials of the government, who did not like them".

In 2018, EESL had floated a tender for procuring 10,000 electric vehicles. 

Source: timesofindia.indiatimes.com

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Exim Help

What is New?

Date: 16-09-2021
Notification No.74/2021 - Customs (N.T.)
Exchange rates Notification No.74/2021-Cus (NT) dated 16.9.2021

Date: 16-09-2021
Notification No: 26/2015-2020
Last Date for Submitting applications for Scrip based FTP Schemes and validity period of Duty Credit Scrips

Date: 16-09-2021
Notification No. 27/2015-2020 – DGFT
Amendment of policy condition no.5 of Chapter 27 of ITC (HS), 2017, Schedule - I (Import Policy).

Date: 15-09-2021
Notification No. 73/2021-CUSTOMS (N.T.)
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg.

Date: 14-09-2021
Notification No. 50/2021-Customs (ADD)
Seeks to amend Notification No. 54/2017 -Customs(ADD) dated 17.11.2017 regarding levy of anti-dumping duty on Certain Rubber Chemicals to amend the name of exporter from "Solutia Europe SPRL/BVBA, Belgium” to “Solutia Europe BV”.

Date: 13-09-2021
NOTIFICATION No. 72/2021-Customs (N.T.)
Amendment in the Notification No. 61/94-Cus. (N.T.), dated 21-11-1994

Date: 13-09-2021
Notification No. 25/2015-2020 – DGFT
Clarification on last date of import in continuation of Notification No. 20/2015-20 dated 24.08.2021.

Date: 10-09-2021
Notification No. 42/2021-Customs
Seeks to amend the notification No. 50/ 2017 -Customs dated 30.06.2017 and notification No. dated 11/2021 dated 01.02.2021 in order to reduce and rationalise the import duties on Palm, Sunflower and Soya-bean oils

Date: 10-09-2021
Notification No. 43/2021- Customs
Seeks to rescind the notification No. 34/2021- Customs dated 29.06.2021.

Date: 10-09-2021
Instruction No.20/2021-Customs
Easing availability of containers for exporters

Exim Guru Copyright © 1999-2021 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.


C/o InfodriveIndia Pvt Ltd
F-19, Pocket F, Okhla Phase-I
Okhla Industrial Area
New Delhi - 110020, India
Phone : 011 - 40703001