Cost parity, infrastructure and technology will play a critical role in increasing the adoption of electric vehicles in India. The government can play a key role in attaining cost parity. However, it seems difficult as subsidising cars for the rich in India. It is imperative therefore to find technology solutions to achieve cost parity. Also significant will be the role of the government in developing the infrastructure for the growth of EVs in India.
On the technology front, things are moving very rapidly and the number of electric platforms will register an upward trend increasingly. The tipping point will be in 2030 where EVs will overtake ICEs in terms of sales.
Speaking about key growth areas in 2021 for the Mahindra Group, Dr Shah said the Group’s farm business, auto, IT services, financial, logistics and hospitality, etc. are seeing very good tailwinds.
Farm business comprising agricultural machinery, tractors and implements, is a significant growth area. The Group has 43% share of the Indian tractor business. The implements business, though nascent in India, offers a lot of opportunity for growth.
The Group’s auto business also has tremendous growth potential. The large SUVs have been received very well. The launch of the All-new Thar succeeded in creating ripples in the market and currently has a 9-month waiting list.
The Group has also identified 10 growth gems which are unlisted entities. These include the used car business, rural housing finance, supply chain consulting, solar business, etc. All the businesses have the potential to scale up significantly.
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