Mohali-based EV startup is eyeing up to 30 percent market share with a strong electrification potential of the last-mile delivery segment in India.
02 Aug 2024 | 4275 Views | By Mayank Dhingra
Mohali-based EVage Motors, which began operations in CY2014 with the intent of reducing carbon emissions in the light commercial vehicle or LCV segment, is targeting up to 30 percent market share by CY2035, by when it expects the category to double to a million-unit size in India.
The company ...
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Mohali-based EVage Motors, which began operations in CY2014 with the intent of reducing carbon emissions in the light commercial vehicle or LCV segment, is targeting up to 30 percent market share by CY2035, by when it expects the category to double to a million-unit size in India.
The company estimates an 8 percent CAGR for the LCV segment over the next decade, by when it expects EVs to penetrate only around 15-20 percent of the category, owing to hurdles such as challenges in EV financing, inadequate charging infrastructure, and resale value, as the major constraints impacting e-LCVs, despite their strong potential to offer sustainable last-mile delivery solutions.
In this conversation, Inderveer Singh, Founder and CEO, EVage Motors talks about the company's ambitions, as well as the in-house technology stack that enables it to offer a net-positive TCO, higher payload capacity, and higher resale value on these electric trucks being built out of its 2,000-unit-capacity plant in Mohali, Punjab.
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