Maxson Lewis, Magenta Mobility’s MD & CEO, shares insights on Budget 2024
In 2023, India witnessed a substantial surge in electric vehicle sales, with approximately 1.53 million EVs sold—an almost 50% increase from the 1.025 million sold in 2022. While electric vehicles constitute a modest portion of overall car sales, this notable rise signifies a growing preference for environmentally friendly transportation options.
Both Central and State governments have implemented various initiatives to promote EV adoption, including the FAME subsidy, state-specific policies, the development of EV charging infrastructure, and the introduction of the Production Linked Incentive (PLI) scheme. Despite these commendable efforts, industry leaders are anticipating additional governmental actions.
Maxson Lewis, Managing Director and CEO at Magenta Mobility, shares his expectations for the Budget 2024 at All India EV.
We applaud the government’s progressive initiatives like eFAST and Gati Shakti, which have paved the way for a cleaner India. To propel the commercial EV and logistics fleet business ahead, the biggest impact will come from long-term incentive support for fleet operators, making commercial EVs accessible and cost-effective, which will help companies like ours expand their fleets. This would foster a thriving ecosystem of sustainable transportation.
Further, amped-up R&D funding can lead to lighter, safer batteries being manufactured in India. Thus, lowering operating costs for logistics fleets while extending the kilometer range and boosting performance.
Finally, we urge a clear, stable policy framework, including a program incentivizing the replacement of polluting vehicles with electric alternatives, accelerating sustainable transportation adoption, and providing a predictable environment for long-term planning and investment in fleets. With these measures, we can work with the government to curb carbon emissions and ignite robust economic growth, powered by safe, smart, and sustainable logistics solutions.
About Magenta Mobility
Magenta Mobility is an integrated Electric mobility, EV charging, and EV Technology platform, aiming to ‘Electrify and Decarbonise Freight Transportation’ across the country. With strategic partnerships and a robust charging infrastructure, Magenta operates nearly 2000 electric vehicles in 14 cities, executing over 16,000 last-mile deliveries daily. It is a leading end-to-end integrated E-Mobility solutions provider, committed to “Decarbonizing Logistics” by providing clean, sustainable, and affordable delivery solutions nationwide.