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Go Green: Electric Vehicles Wave in India

Going green is the new matra being followed by automobile makers in India. Development and production of a number of electric vehicles – cars and bikes are on the anvil. Currently, electric two wheeler manufacturers in India include Electrotherm with its Yobykes, Hero Electric, TVS Motor and Oreva.

Rising fuel prices are motivating consumers to shift to electric vehicles. This is the reason that a number of existing car models are also expected to witness an electric variant. While electric vehicles barely form 1% of the total vehicles sold in India, this segment is expected to record a not-so-robust growth in sales. This is because consumers have a number of concerns like battery life, charge required and speed issues. Nonetheless, with developments in technology, issues likes battery cost and life are expected to be taken care of and this segment may see a robust growth in the medium-to-long term time frame.

The electric two-wheeler market is still at a nascent stage in India. As per the Society for Manufacturers of Electric Vehicles, the sales of electric two-wheelers in India are expected to rise from nearly 1,20,000 bikes in 2009 to 3,20,000 e-bikes in 2012.

Government Initiatives:

To provide green and clean transportation for the masses, the government proposes to launch the National Mission for Hybrid and Electric Vehicles in collaboration with all stakeholders.

Full exemption from basic customs duty and a concessional rate of Central Excise duty of 4% was provided to specified parts of electrical vehicles in the Union Budget 2010-11 on actual-user basis. It proposes to extend the concession to batteries imported by such manufacturers for the replacement market for the FY 11-12 as well.

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