BloombergNEF’s (BNEF) long-term Electric Vehicle Outlook (EVO) has revealed that EV adoption is still growing, despite the mixed near-term outlook in some markets. As for India, the report expects a sharp rise in EV sales by 2030 leading to over 5.9 million units being sold by 2040 under the Economic Transition Scenario (ETS).

The report presents mainly two new road transport scenarios –

1. The Economic Transition Scenario (ETS) – in which EV adoption is shaped by current technology and economic trends without any new policy intervention. 
2. The Net Zero Scenario (NZS) – consistent with reaching a global zero-emission fleet by 2050.

In the first scenario, electric car sales will continue to rise globally, even though growth has slowed in the US and Europe as a result of regulatory and political changes and some automakers pushing back their EV targets. Improving economics of electric vehicles underpin the continued long-term growth in EV adoption. 

BloombergNEF estimates that to reach a net-zero passenger vehicle fleet, India’s sale of zero-emission vehicles should hit 100 percent by 2038. This will need significant acceleration compared to the EV adoption rates observed in the ETS, where ZEV (zero emission vehicles) adoption doesn’t reach a 100 percent share even by 2050.

Whereas under the NZS scenario, India’s fleet of internal combustion engine (ICE) cars hits its highest level in 2033 at about 64.5 million vehicles. The number of electric cars on the road should rise sharply thereafter to reach a 100 percent zero-emission fleet (ZEV) by 2050. The size of the zero-emission vehicle fleet rises to over 56.3 million in 2040 under NZS compared with 31.4 million under ETS. By 2050, this increases to over 133.5 million under the NZS, which is nearly 1.5 times the EV fleet in the ETS in 2050.

In India, rising consumer interest and more model launches help EV sales rise 199 percent and reach 284,400 by 2027 according to BNEF’s ETS. The underlying technology for electrification continues improve, battery prices fall, and EV adoption moves from being policy-driven to being propelled by consumer demand. 

The report further highlights that passenger electric vehicles are no longer only a wealthy country phenomenon, with the likes of Thailand, India and Brazil all experiencing record sales as more low-cost electric cars are launched targeting domestic buyers.

Bengaluru Metropolitan Transport Corporation (BMTC) has placed an extra order for 148 electric buses from Tata Motors, the biggest commercial vehicle manufacturer in India. This purchase comes after BMTC placed an earlier order for 921 electric buses, the majority of which have been delivered and are operating effectively with an uptime of more than 95 percent.

The Tata Starbus EV 12-metre low-floor electric buses will be supplied, operated and maintained for a term of 12 years by TML Smart City Mobility Solutions Ltd, a completely owned subsidiary of Tata Motors. With its best-in-class features and outstanding design, the Tata Starbus EV offers a pleasant and environmentally friendly commute. These zero-emission electric buses are built on cutting-edge battery technologies and next-generation design to provide a convenient, safe and comfortable intra-city journey around Bengaluru.

Ramachandran R, IAS, MD, BMTC, said, "We are happy to further strengthen our partnership with Tata Motors with these additional 148 electric buses for our fleet modernisation. The performance of the existing Tata electric buses has been exceptional, aligning perfectly with our commitment to sustainable and efficient public transportation. The larger e-bus fleet will significantly enhance our capacity to provide eco-friendly, comfortable and reliable services to the citizens of Bengaluru."

Asim Kumar Mukhopadhyay, CEO and MD, TML Smart City Mobility Solutions Limited, said, "We are honoured by BMTC's continued trust in our e-mobility solutions. This additional order of 148 buses is a testament to the proven success of our Starbus EVs and the operational excellence delivered in Bengaluru's urban environment. We remain committed to delivering innovative solutions that benefit both the community and the environment."

Maruti Suzuki India (MSIL), the country's largest passenger vehicle manufacturer, has shared the teaser image for its first electric vehicle product - the e Vitara.

Set to be unveiled at the Bharat Mobility Global Expo 2025, the e Vitara will be made in India for the world. It was recently unveiled by Suzuki Motor Corporation at Milan, Italy.

Partho Banerjee, Senior Executive Officer, Marketing & Sales, Maruti Suzuki India, said, “The e Vitara is a testament of our unwavering commitment to sustainable mobility and technological innovation. With decades of automotive expertise, we have combined advanced electric technology with a customer-first approach to deliver something truly transformative. At Maruti Suzuki, we have always believed that to promote EV adoption, we need to create a holistic ecosystem that simplifies customers' battery electric vehicle ownership journey.”

“A critical barrier to the adoption of EVs is the lack of accessible charging. To tackle this issue, we are committed to introduce a reliable and comprehensive EV ecosystem alongside the e Vitara. This will include home charging solutions as well as a nationwide network of fast chargers available at Maruti Suzuki dealerships and service touchpoints. Our goal is to make EVs accessible, convenient, and appealing to a broader set of customers, and this is exactly what we have set out to achieve with the e Vitara,” he added.

​​Vadodara-headquartered electric vehicle company WardWizard Innovations & Mobility recently launched its new range of EV offerings, which it expects to give a new charge to its retail sales.

It was on 13 December 2024 the Joy e-rik V1 (L5) and Joy Bandhu (L3) electric three-wheelers in the passenger category and Joy Sahayak + Cargo (L5) and Joy Eco Loader (L3) in the electric three-wheeler cargo space were launched by the EV maker, thus marking its entry into the fast-growing electric three-wheeler space.

The Joy e-rik V1, priced at INR 385,000 (ex-showroom), comes with 10.24 kW li-ion battery, 50 kmph max speed and 140 km claimed range on a full charge. It can be charged in 4.5-5 hours using the 50 Amp charger.

The Joy Bandhu priced at INR 134,000, uses a 7.2 kW lead-acid battery, has a claimed range of 120 km and top speed limited to 25 kmph.

On the other hand, the Joy Sahayak + Cargo, priced at INR 424,000, is targeted for payload capacity of 650 kg + driver, max speed of 50 kmph, up to 130 km range on a single charge. It uses a 10.2 kW LFP li-ion battery and can be charged in four hours using 50 Amp charger. The Joy Eco Loader, on the other hand, comes with a payload capacity of 310 kg + driver and is priced at INR 130,000.

At present, electric three-wheeler sales in India are averaging 56,674 units a month (CY 2024) as compared to 47,204 units last year. What’s also driving the sales is the government incentives like the Centre’s PM E-Drive scheme that provides demand incentives to support purchase of 316,000 e-three-wheelers including e-rickshaws. They are entitled to a subsidy of INR 25,000 in the first year and INR 12,500 in the second year. For the L5 category (cargo e-three-wheelers), the incentive is INR 50,000 per unit in the first year and INR 25,000 the next.

For the Vadodara-based EV maker, the idea to enter the electric three-wheeler space is on the back of the growing demand for greener last-mile delivery as well as last-mile mobility connectivity options.

Interestingly, it has already onboarded 27 dealerships that will focus on selling electric three-wheelers. Furthermore, it will also provide preference for its around 900 existing dealer and network partners to sell its new offerings.

For FY2025, WardWizard Innovations & Mobility estimates to sell around 50,000 units of electric vehicles across electric two-wheelers (low speed and high speed) and three-wheelers (L3 & L5) in India. It estimates that the sales will grow by 22-24 percent YoY in FY2026.

While it has recently entered the e-three-wheeler space, the company expects the new products to have around 30-35 percent share in its overall sales starting from FY2026.

On the other hand, reducing its reliance on low-speed electric two-wheeler category, the company also introduced a new high-speed e-scooter ‘Nemo’. Priced at INR 99,000 (ex-showroom), it comes with a 40 Ah NMC li-ion battery and a 1,500W DC brushless hub motor that gives it a max speed of 65 kmph. It has a claimed range of 130 km on a single charge in Eco mode. The e-scooter uses a digital speedometer, 5-inch full-colour TF display and projector LED headlight. The company has targeted a modest 2,000 units sales for Nemo in the next three months.

The EV maker currently has an installed capacity to produce 73,000 electric two-wheelers, 7,300 L5 electric three-wheelers and 18,250 L3 electric three-wheelers per annum. The company claims that apart from some plastic components and cells being imported, everything has been localised.

It further aims to start manufacturing its own batteries in the next one year in Vadodara, for which the pilots are underway.

Ahmedabad-based electric mobility start-up Matter was recently awarded the 10th CII Industrial IP Award 2024 at the CII Annual Summit on Technology, Intellectual Property, and Industry-Academia Partnership, held on 12th and 13th December in New Delhi.

The recognition was on the back of the company’s robust portfolio of over 300 patent applications and 58 granted patents in areas such as powertrain cooling, gearbox technologies, charging infrastructure, and manufacturing automation.

The EV maker is the first to launch a geared e-motorcycle called ‘Aera’, which it expects will play a key role in driving higher adoption of green vehicles in the motorcycle space.

Kumar Prasad, Founder and CTO, Matter, said, "Innovation has always been at the heart of Matter’s vision. This award reaffirms our commitment to redefining the electric mobility sector with pioneering research and development. We are proud to contribute to India’s vibrant IP ecosystem and continue driving technological advancements for a sustainable future."