Alarming rates of emission and skyrocketing fuel prices are driving the adoption of electric vehicles among the masses. Therefore Electric Vehicle stocks are the hottest trend and are gaining widespread recognition in the Indian market.
What are Electric Cars?
What if I tell you that 40 years from now, we will be having flying cars and public space rockets, which will help to cover miles of distance within a short span of few seconds. You may not believe me in the first place, but you will realize that this is a possible concept if you think about this.
Considering the latest technological development in the last two decades, where the concept of cars running on electricity was just a mere concept has eventually turned into a booming reality with the current pace of time.
An electric car is just a car propelled by one or more electric motors stored in rechargeable batteries instead of burning petrol or diesel internally and exhausting fumes. These can be sort into three categories- solar-powered, hybrid-electric storms and one with onboard electric packs.
What is its Significance?
Every year billion tons of greenhouse gases are released into the atmosphere, touching a new significant high.
The total global emission has increased from 23 billion metric tons to 36.44 billion tons in the past century. The only way to avoid these severe climate change effects is to stop emitting greenhouse gases before 2050.
As two-wheelers and four-wheelers consume around 70% of the gasoline, it becomes an urgent need to modify and change the modes of transport. And electric vehicles are a likeable solution to play a considerably more significant part in decarbonizing transportation.
Is there a place for EVs in India?
Considering the government’s practical climate change resolution framework, it’s an obvious yes to the fact that Electric Vehicle technology is the most welcomed one in the current economic market.
But still, we haven’t experienced any positive up-gradation, and the process is taking more time than expected.The reason behind this is the number of challenges faced by both the ends of supplier and consumer.
The first one is the issue regarding the lack of battery call manufacturing in India. We lack the capacity of an indigenous market manufacturer and are highly dependent on imports from countries like Japan, Europe and China.
In addition to this, the next big problem is of building charging infrastructure and ensuring an increase in its battery performance.
We will need to combine the existing refuelling stations with electric ones and provide alternative locations closer to homes. A significant shift must be made in the electric generation landscape from coal or thermal energy production to more reusable ones.
Steps to embrace the EV technology
When taxing imported vehicles in India, the amount is very high compared to other nations. The taxable amount is the same for both fuel-based and electric cars. It has increased the cost of EVs, making them a costly commodity.
Because of this reason, the supply of electric vehicles or even a domestic set up by big companies like tesla is facing a negative impact.
In addition to cost, there is another major challenge preventing larger-scale adoption of EVs today, which is the limited range.
But, this issue can be sort through scale since it becomes a game of more supply than accommodates for larger, more cost-effective batteries that provide a better overall range. Once this performance reality sets in, there will be no turning back from electric vehicles.
In recent times, the government has tried to tackle these issues with some urgent steps. In a recent conclave discussion, Minister Gadkari has assured that Electric Vehicle will soon become the most affordable means of transport.
Necessary steps will be taken to develop indigenous and alternative battery technologies, and import duties will be revised to reduce EVs’ upfront cost.
These decisions indeed provide a ray of hope towards adopting an economical and environmentally friendly technology that will ensure a better future for India and boost its climate change initiatives.