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What numbers are saying about Indian EV Industry?A Comparative Analysis of India’s Electric Vehicles Revolution in 2023 In the transformative landscape of India’s automotive industry, the year 2023 marked a paradigm shift with an unprecedented surge in electric vehicles (EV) adoption. India witnessed an extraordinary 6.3% penetration of electric vehicles, translating to the sale of over 15 lakhs EVs (15,29,967) throughout the year. The zenith occurred in May 2023, setting a historic record with sales exceeding a lakh and a half EVs (1,58,343), closely mirrored by November 2023, registering 1,53,518 EVs sold. This article navigates through the intricate details of this pivotal year, unraveling the multifaceted growth across 2-wheelers, 3-wheelers, 4-wheelers, and nascent segments, while scrutinizing regional nuances and the expanding EV charging infrastructure. 📌 Chandigarh has emerged as a front-runner in the national landscape of electric vehicle (EV) adoption, boasting an impressive 12.05% penetration rate in 2023. The city witnessed the sale of 6,393 EVs during the year, showcasing a substantial increase from the 5.34% penetration recorded in 2022, where 2,721 EVs found buyers. 📌 Goa closely followed suit, achieving an 11.65% penetration rate, selling 9,471 EVs in 2023—up from 8.03% in 2022, with 5,688 EVs sold. Delhi, with an 11.2% penetration rate and 73,624 EVs sold in 2023, outpaced its 2022 performance of 10.23% penetration and 62,257 EVs sold. In the category of states and union territories with over 10,000 EVs sold in 2023, Delhi led the charge. 📌 Kerala showcased a commendable 9.99% penetration rate in 2023, selling 75,548 EVs—a significant surge from the 5.05% penetration recorded in 2022, where 39,619 EVs were sold. 📌 Assam, with a 9.3% penetration rate and the sale of 60,802 EVs in 2023, exhibited growth from the 7.88% penetration recorded in 2022, with 40,720 EVs sold. States and union territories with EV sales below 1% penetration include 📌 Himachal Pradesh: 1128 EVs 📌 UT of D&NH and D&D: 160 EVs 📌 Andaman & Nicobar: 26 EVs 📌 Meghalaya: 114 EVs 📌 Arunachal Pradesh: 21 EVs 📌 Nagaland: 6 EVs Noteworthy sales increases in states with over 10,000 EVs include West Bengal (92.22%), Kerala (90.6%), and Madhya Pradesh (84.06%). In a groundbreaking shift, 2023 witnessed the electrification of commercial 2-wheelers, with a whopping 8,59,461 units sold. Among them, 2,048 were designated for commercial transport, and 56 were specially crafted for differently-abled individuals. Dominating the private 2W sector were Ola Electric Technologies Pvt Ltd (2.67 lakh), TVS Motor Company Ltd (1.66 lakh), and Ather Energy Pvt Ltd (1.05 lakh), collectively crossing the million-unit mark. In the commercial 2W category, Ola Electric Technologies Pvt Ltd (855), Quantum Energy Ltd (525), and Hero Electric Vehicles Pvt. Ltd (159) led the pack. While Ola Electric Technologies, TVS Motor Company, Ather Energy, Bajaj Auto Ltd, Okaya EV Pvt Ltd, and Bgauss Auto Private Limited saw remarkable sales growth, Ampere Vehicles Private Limited, Okinawa Autotech Pvt Ltd, and Hero Electric Vehicles Pvt. Ltd experienced a decline compared to the previous year. Navigating the currents of the electric vehicle landscape, the 3-wheel segment charted remarkable figures in 2023, witnessing a robust adoption of electric mobility. The total sales amounted to 5,82,121 units, predominantly comprising 4,73,720 passenger vehicles. Spearheading this transformative journey were eminent players, namely YC Electric Vehicle (40,655), Mahindra & Mahindra Limited (37,925), and Saera Electric Auto Pvt Ltd (29,322). Among the top 10 manufacturers in the 3W domain, YC Electric Vehicle, Mahindra & Mahindra Limited, Saera Electric Auto Pvt Ltd, Dilli Electric Auto Pvt Ltd, Piaggio Vehicles Pvt Ltd, Mini Metro EV L.L.P, Champion Poly Plast, Unique International, and Hotage Corporation India exhibited a notable surge in sales during 2023 compared to the preceding year. Unveiling a paradigm shift in the automotive realm, the 4-wheel electric vehicle domain witnessed an impressive stride in 2023 with a total of 72,757 units sold. Pioneering this revolution were distinguished Original Equipment Manufacturers (OEMs), led by Tata Passenger Electric Mobility Ltd, which secured a lion’s share with 33,437 units. Following suit were Tata Motors Passenger Vehicles Ltd (17,864), MG Motor India Pvt Ltd (9,275), and Mahindra & Mahindra Limited (4,148), solidifying their positions as trailblazers in the dynamic landscape of 4-wheel electric mobility. This data reflects a burgeoning acceptance and integration of electric vehicles into the mainstream automotive market. Embarking on a transformative journey, the electric vehicle landscape in India has witnessed a monumental shift by 2023. The once novel sight of 2W and 3W EVs has seamlessly become part of the urban fabric, evolving from an anomaly in 2020 to a commonplace occurrence. The turning pages of progress reveal a remarkable surge, with 2,592 e-buses and various passenger vehicles gracing the electric public transportation sphere. This transition is underscored by the presence of 288 medium and 2,298 heavy electric passenger vehicles, signaling a concerted effort toward sustainable mobility. Within the Public Service Vehicle domain, a select group of manufacturers has spearheaded this revolution. Tata Motors Ltd: 1,025 unitsOlectra Greentech Ltd: 327 unitsPMI Electro Mobility Solutions Private Limited: 287 units Notable contributions also come from JBM Auto Limited (256), Mytrah Mobility Pvt Ltd (172), Switch Mobility Automotive Ltd (158), and VE Commercial Vehicles Ltd (64), all making strides in shaping the landscape of electric public transportation. Diversification into Goods Vehicles and Beyond Fuelled by remarkable numbers and a positive outlook, the electric vehicle industry celebrates the inclusion of 2,701 light goods vehicles and 304 heavy goods vehicles, surging past the 3,000-mark for electric goods vehicles. Standout performers include BYD India Private Limited in the Heavy Goods Vehicle category and Tata Motors Ltd in the Light Goods Vehicle category, symbolizing a robust future for sustainable transport. The industry’s diversification is evident with 16 special category vehicles, featuring All Terrain Cranes, accounting for 6 out of the total EVs sold in the category. Moreover, 8 electric tractors introduced in 2023, with Escorts Limited selling 5 out of 8, offer a promising solution to alleviate farmers from escalating fuel prices. In this journey of innovation and progress, in the present market, the absence

How was 2023 for IME Vehicles? All India EV: How was 2023 for your business? What milestone has your business achieved this year? IME Vehicles: In the dynamic landscape of India’s electric two-wheeler market, our company has experienced a commendable year marked by significant achievements and strategic expansions. We proudly introduced four high-speed models to cater to the evolving demands of our discerning customers, a testament to our commitment to innovation and excellence. A pivotal milestone in our journey was the successful expansion into the South region of India, where we received a robust and positive response from the market. This regional expansion not only bolstered our market presence but also underscored our ability to adapt to diverse consumer preferences. Furthermore, we are thrilled to announce the establishment of our footprint in over 100 stores across the nation. This widespread retail network is a testament to our dedication to providing convenient access to our cutting-edge electric two-wheelers while fostering a pan-India brand presence. As we navigate the ever-changing landscape of sustainable transportation, these achievements propel us forward, reinforcing our position as a key player in India’s burgeoning electric vehicle sector. Our ongoing commitment to advancing environmentally conscious mobility options remains unwavering, and we eagerly anticipate the next chapter in our journey toward a sustainable and prosperous future. All India EV: How do you see the next 3-4 years of your business? Are you planning to venture into new segments in the industry? IME Vehicles: Given the recent successes and strategic expansions, the next 3-4 years hold promising prospects for our business in the electric two-wheeler market. Building on our momentum, we envision a trajectory marked by continued growth, innovation, and a steadfast commitment to sustainability. In terms of product development, we plan to invest in ongoing research and development to ensure our electric two-wheelers remain at the forefront of technology. This includes a focus on enhancing battery efficiency, optimizing performance, and introducing innovative features to meet evolving consumer expectations. Geographic expansion will remain a key pillar of our strategy. We will explore opportunities for further penetration into untapped markets, both domestically and potentially internationally, capitalizing on the positive response we have received in the South region of India. Recognizing the critical role of charging infrastructure in the adoption of electric vehicles, we are committed to contributing to the development of a robust charging network. This may involve collaborations with government initiatives or partnerships with other stakeholders to ensure convenient access for our customers. Diversification is another avenue we plan to explore. While maintaining our stronghold in the electric two-wheeler segment, we will assess the feasibility of venturing into related segments, allowing us to cater to a broader spectrum of consumer preferences. Our commitment to sustainability goes beyond product design. We will actively pursue eco-friendly practices in our business operations, considering options such as green manufacturing processes and the incorporation of environmentally conscious materials. Collaborations and partnerships will continue to be a cornerstone of our growth strategy. By fostering alliances within the automotive industry and beyond, we aim to drive innovation, tap into new markets, and strengthen our position as a leader in the electric vehicle sector. Remaining agile and adaptable to regulatory changes is integral to our business approach. We will stay vigilant in ensuring compliance with evolving industry standards and government regulations, positioning ourselves as a responsible and forward-thinking player in the electric mobility landscape. In essence, the next 3-4 years represent an exciting chapter for our business, one where we anticipate not only sustaining our current success but also pioneering new frontiers in the dynamic and rapidly evolving electric two-wheeler industry. All India EV: Would you like to highlight some areas where the government can improve that can help the Indian EV market? IME Vehicles: Certainly, there are several areas where government initiatives could further support and enhance the growth of the Indian electric vehicle (EV) market, building upon the successes and aspirations of businesses in the sector: Charging Infrastructure: Continued government support in the development of a robust charging infrastructure is crucial. Incentives, subsidies, and collaborative efforts with private entities can accelerate the establishment of charging stations, particularly in urban and semi-urban areas. Research and Development Grants: Government funding for research and development activities can drive innovation in battery technology and other crucial components of electric two-wheelers. This support can further enhance the performance, efficiency, and affordability of EVs. Financial Incentives: Increasing financial incentives for both manufacturers and consumers can stimulate the adoption of electric two-wheelers. This might include tax benefits, subsidies on EV purchases, and reduced import duties on components related to electric vehicles. Regulatory Framework: A clear and consistent regulatory framework for the EV industry is essential. Providing long-term policies and setting emission standards can offer a stable environment for businesses to plan and invest in the electric two-wheeler market. Skill Development Programs: Investing in skill development programs for the workforce involved in the EV industry can ensure a qualified and capable workforce. This is especially important as the industry continues to grow, creating job opportunities in manufacturing, maintenance, and technology development. Public Awareness Campaigns: Government-led campaigns to increase public awareness about the benefits of electric two-wheelers and sustainable transportation options can contribute to changing consumer perceptions and behaviors. Collaboration with Industry Stakeholders: Collaborative efforts between the government and industry stakeholders can foster a more conducive environment for growth. Regular consultations and partnerships can address challenges, identify opportunities, and create a shared vision for the development of the EV sector. Incentives for Local Manufacturing: Encouraging local manufacturing of electric vehicles and components through incentives and supportive policies can boost the domestic EV industry. This not only contributes to economic growth but also reduces dependence on imports. By addressing these areas, the government can play a pivotal role in creating an ecosystem that fosters the sustainable growth of the electric two-wheeler market in India. This collaborative approach, combining industry efforts with government support, can propel the nation toward a more sustainable and environmentally friendly future.

How Servotech is looking forward to 2024? Servotech is experiencing rapid growth, particularly in the technological domain. While the developments might not be immediately reflected on the revenue front, there’s significant progress on the technology front. The company is actively working on matching global products and has introduced new and innovative products at a fast pace. A notable expansion includes the development of EV chargers specifically designed for bus depots. These chargers incorporate new software algorithms aimed at minimizing bus downtime, ensuring quick charging, and extending battery life. Servotech has also secured patents related to charging EVs with GB/T technology, allowing them to charge from the CCS2 connector available in India. Furthermore, the company has ambitious plans for a new factory, which is expected to triple the production capacity of EV chargers. Our holistic approach to business development aims to elevate the company to new heights. This year marks our venture into the market of solar hybrid inverters, where we’re diligently crafting efficient and technologically advanced products set for imminent launch. We’re gearing up to expand our dealer and distributor network, paralleled by a surge in retail sales. Operational excellence is our priority, focusing on timely product delivery, maintenance, and dispatches. Expanding our workforce and investing heavily in R&D stand as pivotal pillars in our growth strategy. Moreover, a robust marketing agenda will underline our endeavors to reach new horizons, and amplify our brand presence and reach. Our vision is clear: to take both our business and company to the next level, enriching our offerings, reach, and impact in the market. We are Looking ahead to 2024 and beyond, and are enthusiastic about the prospects and opportunities that lie ahead. All India EV: What are the things that one must know before setting up a charging station? Servotech: Setting up a robust charging infrastructure across India is crucial for widespread EV adoption and contributes significantly to a cleaner, greener future. Key considerations before establishing a charging station include choosing a strategic location, understanding the types of charging stations, evaluating power capacity, ensuring compatibility with diverse EV models, and addressing cost structures and safety regulations. Moreover, amenities like seating, Wi-Fi, and restrooms enhance the charging experience, while a networked charging system with management software optimizes station performance. Incorporating sustainability aspects, such as eco-friendly materials and solar panels, minimizes environmental impact. Regular maintenance, inspections, and responsive customer support ensure smooth operations and user satisfaction. Despite the excitement surrounding the growth of charging stations, disparities exist, particularly in rural areas, low-income communities, and among apartment dwellers. Addressing these disparities is crucial for equitable EV adoption. Furthermore, managing increased energy demand, standardizing charger types and connectors, and safeguarding sensitive data are essential considerations. The growth of EV charging infrastructure also brings new job opportunities in installation, maintenance, and network management. However, the industry must navigate potential job displacement due to automation. Expansion plans should carefully consider the impact on existing power grids, parking spaces, and urban landscapes. Open discussions about these challenges and opportunities are essential for building a sustainable, equitable, and user-friendly EV charging infrastructure for the future. All India EV: What are the technological developments made by Servotech? Servotech: We realize the importance of solar energy in fostering a sustainable infrastructure that supports EV charging. Our objective to facilitate renewable energy integration and establish a sustainable charging framework motivated us to design and implement the Solar-powered EV Charging Carport, a revolutionary leap in sustainable charging infrastructure underscores our commitment to green energy and innovative solutions for a more sustainable future. Our endeavor extends further through the creation of a cutting-edge Multiport EV charging system. This system integrates multiple ports with a fast charger, enabling multiple EVs to charge at the same time, optimizing the charging process for multiple EVs simultaneously. Additionally, our subsidiary, Techbec Green Energy Pvt. Ltd., is focused on indigenous manufacturing of essential components for EV chargers, aligning with the Make In India concept. The subsidiary’s core focus lies in producing key components such as Power modules, CCS 2 guns, Type 2 guns, Connectors, Control Cards, PLC Modules, and Lithium-ion Batteries, underscoring our commitment to advancing the realm of EV charging infrastructure. All India EV: What are the steps taken by Servotech in the EV charging domain? Servotech: In a concerted effort to revolutionize both EV charging technology and infrastructure, Servotech forged a strategic partnership with IIT Roorkee, to develop cutting-edge rectifier units for CCS2 chargers and onboard EV chargers designed to cater to the diverse needs of 2, 3, and 4-wheelers, facilitating the seamless integration of electric vehicles into the nation’s transportation landscape. Dedicated to propelling India towards its vision of an EV-powered nation, we have been working tirelessly and have filed groundbreaking patents to develop technologically advanced EV charging technologies. These patents enable third-party control of load shifting in BESS, empowering utilities to optimize grid services. and channel renewable energy into BESS for peak value, streamlining storage from sources like solar or wind. Recognizing the need to bridge compatibility gaps, we pioneered another EV charger tech patents, enabling GB/T Bharat DC 001 vehicle charging through CCS2 connectors. This innovation eliminated the need for dual infrastructure, enhanced accessibility for small trucks and lorries, opened new markets for GB/T Bharat DC 001 manufacturers, and facilitated smoother EV travel between India and Europe. Through our wholly-owned subsidiary, Servotech EV Infra Pvt. Ltd. we have forayed into the EV Charge Point Operator business. Our subsidiary will establish 5000 EV Charging Stations across the nation in the upcoming years, resulting in the development of a robust EV charging infrastructure, ultimately leading to the development of sustainable transportation. 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How was 2023 for ChargeUp? All India EV: How was 2023 for your business? What milestones did your business achieve this year? ChargeUp: In retrospect, 2023 proved to be a significant year for ChargeUp, marked by the accomplishment of various major milestones. The growth of our community was particularly noteworthy, escalating from a modest 100 drivers in 2020 to an impressive count of over 4000 towards the end of 2023. Additionally, our expansive network of swapping stations, dealers, and distribution centres experienced substantial growth, reaching a total of 330, facilitating the induction of 7000 batteries. Notably, our efforts translated into the successful charging of a cumulative 80 million green kilometers throughout the year, leading to the remarkable saving of over 6.8 million tonnes of carbon emissions. One of our proudest achievements was the establishment of India’s first completely renewable solar battery swapping station in Jaipur. On an organizational level, we celebrated surpassing the milestone of 100 employees, underscoring our unwavering commitment to growth. Beyond these accomplishments, 2023 ushered in a new era for Chargeup, enabling us to incorporate valuable feedback and evolve our business offerings. This evolution empowered our distribution network to serve as a means of distribution and a point of sale for our community of drivers. Collaborating with major non-banking financial companies (NBFCs), we successfully facilitated lower interest rates for battery and e-rickshaw purchases, enhancing accessibility for our driver community. Our strategic partnerships resulted in a 30% decrease in down payment requirements and extended loan tenures, solidifying our commitment to a driver-centric approach. By refining our financing solutions, we seamlessly transitioned into an end-to-end solution for electric 3-wheelers (E3W), providing a comprehensive service from the initial purchase of batteries or rickshaws to end-of-life battery disposal and recycling. In essence, Chargeup has become a one-stop shop for all E3W needs. All India EV: How do you see the next 3-4 years of your business? Are you planning to venture into new segments in the industry? ChargeUp: Looking ahead to the next 3-4 years, we envision significant growth and expansion for our business within the dynamic sunrise industry. Our strategic plans include expanding into new geographies, with the current momentum propelling us to add 20 more cities to our network by the end of 2025. This geographical expansion aligns with our commitment to meeting the escalating demand for electric 3-wheelers (E3W). In tandem, we are dedicated to enlarging our distributor and dealer network to effectively support the surging demand for E3W. We anticipate that a certain level of standardization and government support will play pivotal roles in fostering the smooth growth of our company and the industry at large. This, in turn, positions us to achieve our goal of incorporating 1 million drivers into our network. Our commitment to a Fi-Ne-Tech approach remains unwavering, and we plan to continually innovate in this domain to enhance the overall network experience and effect for our drivers. Our primary objective is to elevate the earnings of our community of drivers through our end-to-end solution and streamlined financing options. Over the next 3-4 years, we anticipate these micro-entrepreneurs evolving into champions who drive more demand to us, garner attention, and become sustainable champions for the industry. The imminent full rollout of our tech-enabled platform represents a key milestone, promising to simplify the lives of our dealer and distributor network while creating an even more seamless experience for drivers and the ecosystem overall. We are committed to the development of tailored technology, incorporating valuable driver feedback to continuously refine and improve the ecosystem for drivers. As we optimize our financing for batteries and rickshaws, leveraging data collected from our IoT-enabled battery management system and our AI/ML-based predictive algorithm, our next goal is to replicate the success of providing insurance tools to our community of drivers. Additionally, a focal point of our efforts is enhancing the Karma score of drivers, akin to a credit score, to bolster their creditworthiness. Our strategic roadmap for the next 3-4 years is deeply rooted in growth, innovation, and a steadfast commitment to improving the overall experience for our drivers and stakeholders. All India EV: Would you like to highlight some areas where the government can improve that can help the Indian EV market? ChargeUp: Formalizing Battery Swapping Policy The Draft Battery Swapping Policy is currently under public review and is expected to become the defining legislation for service providers in this domain in India in the years ahead. Formalizing this policy will bring clarity and regulation to the sector. Boosting EVs as a Priority Lending Sector Prioritizing EVs as a lending sector will further ease adoption, encouraging financial institutions to support individuals and businesses investing in electric transportation. Standardization of Regulations Implementing standardized regulations will boost both ease of operations and EV adoption, creating a more predictable and supportive environment for businesses and consumers alike, however, this must be done carefully to not curtail innovation. Research and Development Grants Continued support for research and development, especially in Lithium-Ion battery production, is crucial. Reducing dependency on imports of these metals will optimize resource allocation and enhance the industry’s ability to absorb supply shocks. Skill Camps As the EV sector grows, there will be an increasing need for new technical expertise. Establishing skill camps and training programs will ensure a skilled workforce ready to meet the demands of this evolving industry. Charging Infrastructure Development Significant efforts should be directed toward the development of charging infrastructure. A well-established charging network is vital for the widespread adoption of EVs and to ease range anxiety. Enhancing Industry with Schemes Introducing more schemes like FAME II (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles) and production-linked incentives (PLI) will further stimulate the growth of the EV industry, making India a global hub for electric mobility. Promoting Smart Technology Encouraging the use of smart technology in battery management systems and EV manufacturing will foster innovation, ensuring that India remains at the forefront of technological advancements in the electric vehicle sector. Policies for End-of-Life Systems Implementing

How was 2023 for Motovolt Mobility? All India EV: How was 2023 for your business? What milestones did your business achieve this year? Motovolt Mobility: The year 2023 has been fairly good and exciting for the company. Not only have we generated growth over the previous year with encouraging sales numbers from newer markets and robust sales trends in the existing markets, but we have also entered into new alliances with multiple International partners. We have added to the production capacity in our factory to cater to the demand of the existing product range and build capacity for the upcoming Electric scooter and another basket of innovative products slated for launch in mid-FY25. We have added to our manpower strength as well all across the country in different functions. Not only this, we have started working closely with EESL, a GOI department, to promote electric mobility. From a channel perspective, we have seen very strong demand from the ecommerce channel. We have also added several B2B Fleet operators to our customer list. We hope to continue with the strong momentum next year. All India EV: How do you see the next 3-4 years of your business? Are you planning to venture into new segments in the industry? Motovolt Mobility: The next few years will be quite promising for the EV industry. GOI has already mandated to convert 70% of the 2W fleet into electric.  We are now fully geared up for the launch of our high-speed electric scooter in Jan 2024. With an unmatchable range and features, we believe it will change the way, India moves. To add to that, we have entered into ownership stake and JV partnerships with some of the world’s most advanced electric mobility companies. Our vision is to bring those technologically advanced products to the Indian market, manufacture those products in India and export them globally. In short, we are following the paradigm of “Make local, Go Global”. We are in the advanced stage of starting a “Battery as a service” business with a unique battery-swapping tech platform that India has not seen before. Our hands are going to be full for the next 3-4 years. All India EV: Would you like to highlight some areas where the government can improve that can help the Indian EV market? Motovolt Mobility: We are working very closely with CESL, a part of EESL, a body under the Ministry of Power, GOI to promote electric mobility in India. We are collaborating with them in organizing and participating in various roadshows and exhibitions to promote the electric cycle as a safe and primary choice for the people of India. However, the current market size of the electric cycle is very small in India unlike in the Western markets. That is the reason we have been lobbying with GOI to include e-cycles under the FAME subsidy. We have also requested them to work out a modality with the banks to offer easy finance to the customers that will make the product much more affordable. All India EV: Highlight the individuals/teams of your organization that you felt gave more than 100% this year to the organization including any extraordinary act performed by any of your employees, to highlight their efforts, along with the name, photo, and department of that team/employee. It is difficult to mention any individual team as all departments have together to become one force that has given birth to such reliable and sustainable products so far.  However special thanks to our electric scooter design, R&D, and operations team who have worked tirelessly to make our dream of making e-scooters come true.

How was 2023 for BikeWo? All India EV: How was 2023 for your business? What milestone has your business achieved this year? BikeWo: In 2023, our business celebrated a pivotal milestone, marking 12 months of full-scale operations since our inception 1.5 years ago. This year has been incredibly rewarding, propelling us ahead as a leader in our segment, and outpacing many competitors. Key partnerships with industry giants like Ola and Bounce Infinity underscore our commitment to strategic collaboration and market dominance. These alliances bolster our market position, expand our reach, and enhance credibility, emphasizing our dedication to amplifying our network and service offerings. Our commitment to excellence, customer satisfaction, and industry leadership sets a robust foundation for sustained growth. Looking forward, we’re optimistic about continued success and expansion in the coming years. All India EV: How do you see the next 3–4 years of your business? Are you planning to venture into new segments in the industry? BikeWo: Over the next 3–4 years, we foresee dynamic growth, aligning with our industry’s rapid expansion, which doubles every 3-4 months. Diversifying our portfolio, we aim to enter new segments, including EV financing, leasing, B2B sales, and international markets through export sales. A milestone on our trajectory is the anticipated SME IPO in 2024, poised to fuel expansion and capitalize on market trends. By embracing innovation and adaptability, we aim to establish ourselves as a versatile and resilient player in the evolving business landscape. All India EV: Would you like to highlight some areas where the government can improve that can help the Indian EV market? BikeWo: Government intervention plays a crucial role in bolstering the Indian EV market. Firstly, a nationwide uniform policy for life tax subsidies on electric vehicles (EVs) is essential. While some states have embraced this initiative, a consistent zero-life tax across the country would simplify regulations and encourage consumers to embrace cleaner mobility options. Additionally, expediting the process of obtaining permits and licenses for charging infrastructure installation is vital to accelerating the growth of EV charging networks. A supportive regulatory framework and financial incentives for research and development within the EV sector are crucial. These measures would drive innovation, attract investments, and create an environment conducive to widespread EV adoption, contributing significantly to a sustainable and eco-friendly transportation ecosystem. All India EV: We would like you to highlight the individuals or teams of your organization that you felt gave more than 100% this year to the organization, including any extraordinary acts performed by any of your employees. BikeWo: This past year has been truly exceptional for our organization, characterized by unwavering dedication and a remarkable team effort. Every individual within our organization contributed tirelessly, surpassing expectations without singling out specific names or teams. It’s remarkable to note the extraordinary dedication, innovation, and resilience exhibited by our employees throughout the year. From meeting stringent deadlines to introducing ground-breaking solutions and seamlessly adapting to unforeseen challenges, each member played an indispensable role in our collective success. Upon reflection, our organization’s true strength lies in the unity and collaborative spirit of our team. This cohesive ethos will undoubtedly steer our progress as we aim to reach even greater heights in the upcoming years. The shared commitment of every individual across our organization forms the cornerstone of our success, laying a robust foundation for future accomplishments. Join All India EV Community Click here for more such informative insights

How was 2023 for eOxigen Automotive? All India EV: How was 2023 for your business? What milestones did your business achieve in the one year? eOxigen Automotive: The year 2023 was a breakthrough year for eOxigen Automotive Pvt. Ltd. We were able to get 1 client (NRI’s from out of India) to invest in a [plant and manufacturing unit for an EV two-wheeler manufacturing and assembly unit. In spite of 2023 being a dry year in terms of forex investment our success in being able to get clients to invest in the Indian EV industry shows the faith of Foreign investors in India’s EV industry and its ecosystem, All India EV: How do you see the next 3-4 years of your business? Are you planning to venture into new segments in the industry? eOxigen Automotive: The next 3 to 4 years are going to be a deep struggle in the Indian EV industry, as a lot of new and existing players will face an existential crisis owing to business and sales challenges. We are looking forward to early signs of consolidation in the EV industry. It’s a Big boy’s game and requires deep pockets to be able to sustain itself in this industry. It will lead to 5 to a max of 8 players who will be the market leaders in this field. We being Consultants in the Indigenization of EVs with Indian OEMs in every perceivable category of components perceive that the Indian Government and Companies will eventually shift over from a dominantly Chinese supply chain to a gradual Indigenized supply chain across all components of EV’s supplies. All India EV: Would you like to highlight some areas where the government can improve that can help the Indian EV market. eOxigen Automotive: Indian Government needs to simplify the rules governing the Electrical Vehicle Industry and stop favouring a select few large players, Favourtism inhibits innovation, and the genuine development required in the Battery technology space will take place in a neutral and fair environment. The government would be taking a good step by withdrawing the subsidy under FAME II, and it would be great if the PLI scheme is generalized and given en masse (instead of being administered to a select few), it would also be great if the government rationalizes its GST structures to a standard 5% of GST across OEM’s for EV companies (why should batteries be charged at 18% of GST when the EV is being charged to consumer at 5% GST, eventually the government needs to refund this additional amount collected from battery vendors. All India EV: . We would like you to highlight the individuals/teams of your organisation that you felt gave more than 100% this year to the organization including any extraordinary act performed by any of your employees. eOxigen Automotive: We are a small Organization, and we would like to give this credit to our customers (rather than employees) who reinforced their faith in the Indian EV ecosystem and decided to invest in a manufacturing facility hereby creating job and entrepreneurship opportunities. We will share the photographs pretty soon as mentioned in the email below, after obtaining permission from the requisite persons. Join All India EV Community Click here for more such informative insights

How was 2023 for Batt:RE? All India EV: How was 2023 for your business? What milestone has your business achieved this year? Batt:RE: The company sold its first scooter in July 2019 and has since built a network of over 400 dealerships in more than 21 states across India. Today, in 2023, just four years after its inception, Batt:RE has achieved sales of over 50,000 units. The thrust and intent of the startup have always been to contribute to a sustainable urban transport ecosystem. To this end, the company’s electric scooters have so far achieved a net monthly reduction of 6.4 lakh kgs of CO2 emissions, resulting in a saving of Rs 4.8 crore in monthly fuel costs alone. Batt:RE is a proud ‘Make in India’ organization that is tech-rich and intensely innovative. To date, it has received 20 patents for its Electric Scooter and the upcoming motorcycle. All India EV: How do you see the next 3–4 years of your business? Are you planning to venture into new segments in the industry? Batt:RE: The year just past, 2022-23, was a breakout year for both of us as a company committed to innovation and consumer delight and for India’s EV market, especially the two-wheeler segment, which roared past expectations. For the period 2024–2028, the Indian electric vehicle (EV) market is poised for substantial growth, propelled by several key factors: Firstly, favourable policies enacted by the government, such as FAME II, PLI schemes, and reduced GST rates, are expected to provide a significant boost to the adoption of EVs. Secondly, a surge in demand is anticipated due to factors like escalating fuel prices, heightened environmental awareness, and increased affordability of EVs for both consumers and businesses. Thirdly, ongoing technological advancements, particularly in battery technology, charging infrastructure, and overall vehicle performance, are set to enhance the attractiveness of EVs. Moreover, a substantial influx of investment from global investors and Indian companies into the EV ecosystem is accelerating the development and production of electric vehicles. Market projections by experts indicate a remarkable 68 percent CAGR in EV sales, reaching 9.1 million units by 2027 and potentially surpassing 17 million units by 2030. However, despite this positive outlook, challenges persist, including infrastructure gaps, battery costs, and the need for increased consumer awareness. Our organization maintains a steadfast commitment to the core principles upon which Batt:RE was conceptualized and incubated, emphasizing sustainable performance. The technologies developed by Batt:RE not only contribute to environmental conservation but also enhance the overall riding experience. Presently, the startup is reshaping the commuting landscape by facilitating a seamless integration of technology and mobility solutions. This results in the provision of affordable, aspirational, futuristically minimal, and confidently connected urban scooters. All India EV: Would you like to highlight some areas where the government can improve that can help the Indian EV market? Batt:RE In supporting the Indian electric vehicle (EV) market, the government has demonstrated commendable efforts. To further bolster this positive trajectory, an emphasis on a steadfast, enduring policy framework encompassing manufacturing, research and development (R&D), and charging infrastructure is recommended. It is noteworthy that the government has the potential to enhance its ongoing successes by fostering collaborative efforts among stakeholders and investing in skill development initiatives. Additionally, a good step forward could involve giving due importance to environmental sustainability. Encouraging recycling practices and responsible disposal through incentives would contribute significantly. In the realm of consumer engagement, the government has an opportunity to drive adoption by implementing awareness campaigns and additional incentives. To maintain the upward momentum, incorporating policy flexibility is sure to work wonders. Regular reviews, guided by industry feedback and global trends, would ensure a responsive and adaptive environment for the EV sector. All India EV: We would like you to highlight the individuals or teams of your organization that you felt gave more than 100% this year to the organization, including any extraordinary acts performed by any of your employees. Batt:RE: At Batt:RE, we are incredibly fortunate to have a dedicated and talented team. We believe that every member of our organization contributes their best efforts, making it challenging to single out specific individuals or teams. Our success is truly a collective effort. We value the hard work and commitment demonstrated by each team member, and we strive to foster an environment where everyone feels recognized for their contributions. Join All India EV Community Click here for more such informative insights