The electric vehicle and ancillary industry in India is set to get a new charge with substantial investments of around USD 40 billion in the next five to six years said a report titled ‘EVs in India: Renewed Vigour in Electric Mobility’ by Colliers.

The vast majority of investments, constituting 67 percent (USD 27 billion) of the total investments planned, will be in the manufacturing of lithium-ion batteries, followed by OE and EV manufacturing at USD 9 billion (23 percent) and others accounting for USD 4 billion (10 percent).

The report observes that the despite slower than anticipated EV adoption, the investment commitments have grown 3X in the last three years.

Share of planned investments for EV over the next 5-6 years

The planned investments will also see a spill over effect on multiple real estate opportunities from manufacturing to showrooms to even EV charging infrastructure. The report estimates that almost 45 million square feet of real estate would be required by 2030 for charging infrastructure alone.

On the other hand, while the penetration of electric vehicles in the country is lower single digit, it is estimated to reach around 8 percent by 2024, which translates to sales of almost 2 million green vehicles.

Growth required in EV sales to achieve 2030 targets

Note: Penetration refers to share of EV registrations in overall vehicle registrations | 2024 data is estimated on basis of data till Oct 2024. Source: Ministry of Road Transport & Highways, Niti Aayog, Colliers, Industry

Badal Yagnik, CEO, Colliers India said, “Although the demand for EVs has picked up in recent years, the target of achieving 30 percent penetration by 2030 looks like an uphill task. While demand and supply incentives will continue to play a pivotal role in faster adoption of EVs, a multifold increase in EV sales can be fast-tracked by the reduction in production costs and improving affordability with respect to EV price points. Additionally, high-capacity original equipment manufacturing units and large-scale production of lithium-ion battery variants must be high on the EV priority list.” 

Vimal Nadar, Senior Director and Head of Research, Colliers India, said, “Accelerated growth in the EV industry is bound to positively impact the Indian real estate sector. Supported by supply-side incentives from the government, leading developers are likely to increase their focus on state-of-the-art warehouses. Additionally, over 45 million sqft of real estate will be required for building extensive network of public charging stations over the next 5-6 years. Residential and commercial developers too are likely to increasingly integrate dedicated charging stations and parking spots for EVs within their projects. Such practices will provide a competitive edge, aligning with the requirements of corporate occupiers and homebuyers.”

Numeros Motors, a new-age original equipment manufacturer specialising in indigenous electric vehicles (EVs), has launched an NFT-backed loyalty programme in collaboration with Polygon. This first of its-kind initiative in the EV industry, integrating blockchain technology into customer engagement, will reward the first 1,000 buyers of Diplos with a unique digital collectible.

The NFT series ‘The Journey’ consists of 10 original artworks, each with 100 copies, that depict Diplos conquering the essence of India's many landscapes and the spirit of adventure that characterises the brand's motto, ‘Gets It Done’. Customers that own one join a limited group that prioritises performance, resiliency and progressive mobility. These NFTs, which are protected on Polygon's blockchain, provide exclusivity, authenticity and a more in-depth interaction with the brand.

This programme adds value to the Diplos experience by providing holders with access to premium products, invites to special events and priority customer service in addition to the NFT. These NFTs serve as a permanent remembrance of their role in Numeros Motors' history since they are soul-bound, meaning they are always connected to their original owners. In April of this year, Numeros Motors will also open its first store in Bangalore that is owned and run by the firm.

Shreyas Shibulal, Founder and CEO, Numeros Motors, said, "Diplos was built for those who move forward, challenge limits and embrace new possibilities. This NFT initiative is our way of recognising and celebrating our customers who believe in our vision. By integrating blockchain technology into customer engagement, we are creating an ownership experience that extends beyond the ride itself."

Sulajja Firodia Motwani, the Founder & CEO of Kinetic Green, was recently awarded an Honorary Doctorate in Literature by the Tilak Maharashtra Vidyapeeth Institute in Pune.

The recognition was conferred to Motwani for her contribution towards driving the adoption of electric vehicles in the country. An MBA from Carnegie Mellon University, Pennsylvania, USA, she has also worked towards promoting manufacturing in the country and has held notable positions at the Federation of Indian Chambers Of Commerce and Industry (FICCI), Society of Manufacturers of Electric Vehicles (SMEV) and Indian Federation of Green Energy (IFGE).

“I am deeply humbled and honoured to receive this recognition. The Firodia family has always by synonymous with strong values, nation building, self-reliance and a deep-rooted sense of nationalism. This acknowledgement inspires me to further serve for the greater good, a mission that we at Kinetic Green are constantly working towards,” said Motwani.

Škoda Auto has released a teaser clip of the all-new Elroq vRS, offering a first glimpse of both its exterior and interior. The world premiere is scheduled to take place digitally on 3 April 2025 and will be streamed live on Škoda’s official YouTube channel.

Following its digital unveiling, the all-electric compact SUV will make its public debut at Milan Design Week 2025 in the Padiglione d'Arte Contemporanea gallery in the Porta Venezia Design District. In keeping with Škoda's Be More Elroq campaign, the exhibition will showcase the Elroq vRS as the focal point of an experiential journey from 8 to 13 April 2025. The show will also feature the official launch of Botas sneakers, which are based on Škoda Modern Solid design principles, in honour of the company's 130th anniversary. These sneakers were created in collaboration with the Škoda Auto design team. Members of the Škoda team will wear one of the three versions that are planned for the occasion.

Folks Motor, a retrofit start-up, has announced that it will invest INR 5 billion towards capital expenditure over the next five years, it is also targeting to attain revenue of INR 5 billion revenue including INR 2 billion from domestic market and INR 3  billion in exports.

The start-up claimed it is investing towards developing India’s first retrofit warehouse and industrial park – The Blue IP – to strengthen domestic EV supply chain.

Folks Motor claims it has already started exports to Middle East and Africa, with plans to enter Europe, Latin America and Southeast Asia.

The new investment will see the start-up form strategic partnership with powertrain manufacturers, electronic manufacturing services, energy storage and system integrators.

Nikhil Anand Khurana, MD & CEO, Folks Motor, said, "At Folks Motor, we recognise the urgent need to build a robust and integrated EV ecosystem in India. With ‘The Blue IP’, the first-ever xEV-focused warehousing and industrial park, we are taking a big step toward strengthening domestic manufacturing. Our target of INR 6 billion in order book by 2030 reflects our commitment to making India a leader in the global EV supply chain. Our expansion strategy ensures that sustainable mobility is accessible to a broader audience without the financial and environmental costs of scrapping existing vehicles."

The start-up claimed that it has structured a USD 100 million ESG bond for efficient fund utilisation, which it aims to scale up to INR 2.5 billion for working capital and operational expenses.