It has drawn interest from companies like Tata Motors, JBM Auto, and PMI Electromobility.
12 Sep 2024 | 2194 Views | By Amit Vijay M
Corporate India players have expressed support for the Rs 10,900 crore PM E-Drive scheme, which aims to provide clarity for automakers planning their investments in the electric vehicle (EV) sector. The scheme targets support for 24.79 lakh electric two-wheelers, 3.16 lakh electric three-wheelers, and ambulances. It has drawn interest from ...
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Corporate India players have expressed support for the Rs 10,900 crore PM E-Drive scheme, which aims to provide clarity for automakers planning their investments in the electric vehicle (EV) sector. The scheme targets support for 24.79 lakh electric two-wheelers, 3.16 lakh electric three-wheelers, and ambulances. It has drawn interest from companies like Tata Motors, JBM Auto, and PMI Electromobility.
Tata Motors has voiced its approval for the government's efforts to promote electric mobility at the grassroots level. Shailesh Chandra, President of SIAM and Managing Director of Tata Motors Passenger Vehicles Ltd and Tata Passenger Electric Mobility Ltd, stated that the scheme will accelerate the adoption of electric vehicles across the country.
Girish Wagh, Executive Director, Tata Motors on the PM E-Drive Scheme, stated, "We welcome the announcement of PM E-DRIVE scheme, as it will accelerate India’s journey towards zero-emission mobility with greater speed and rigor, especially in Trucks, Buses and the Ambulance segment. We continue to collaborate with the Government and other stakeholders in this nation building endeavour towards sustainable transportation.”
Tata Passenger Electric Mobility Ltd has also responded positively to the PM-eBus Sewa Payment Security Mechanism of Rs 3,435 crore, which is intended to secure payments to loss-making state transport undertakings.
PMI Electro Mobility and JBM Auto have similarly acknowledged the potential benefits of the PM E Drive scheme, with more than 40% of the total outlay allocated for electric buses, despite a reduction in the capital subsidy from Rs 20,000 per kWh to Rs 10,000 per kWh.
Nishant Arya, Vice Chairman and Managing Director of JBM Auto Ltd., mentioned that the government’s PSM mechanism could help attract investors to the sector. He also noted that the scheme might help support the growth of the EV ecosystem.
Dr Anish Shah, Managing Director, Mahindra & Mahindra Ltd and Group CEO, Mahindra Group, said, “We applaud the government for launching the PM e-drive scheme. With continued focused support on 2Ws, 3Ws, e-buses and thoughtful addition of e-ambulances, the scheme will drive higher EV penetration in the country. Investments laid out for fast charging infrastructure for all segments will help in increasing consumer confidence for faster adoption of EVs. FAME and EMPS have helped in 20% e-3W penetration in the country. With PM e-drive, we foresee India becoming the first country to achieve 100% electrification in this segment by 2030.”
With the PM E Drive scheme supporting electric two-wheelers, which constitute nearly 67% of India's total EV sales, Bengaluru-based EV start-up Simple Energy has said that the scheme will facilitate a large uptake of electric two and three-wheelers. "The EV industry, particularly the two- and three-wheeler players, will be able to gain scale through large volumes of these electric vehicles, ensuring faster cost parity with comparable ICE models and further boosting the proliferation of EVs to facilitate decarbonisation of the transportation sector, enable fuel security and achieve India's ecological goals. Suhas Rajkumar, Simple Energy's founder said
Dr. Aanchal Jain, CEO of PMI Electro Mobility, is also optimistic, stating that the policy will promote electric trucks and expand the e-bus ecosystem, including enhancing intracity connectivity in Tier 2 and Tier 3 cities across the country.
These initiatives are viewed as steps toward accelerating the transition to green mobility and supporting the goal of a net-zero India by 2070, as outlined by Prime Minister Narendra Modi. Tata Motors, JBM Auto, and PMI Electromobility have expressed a willingness to collaborate with the government in advancing transportation electrification.