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.
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