2016-09-27
The New Motion To Invest INR 1000 Crore For Smart Chargers In India For Electric Vehicles
"By building a manufacturing facility in India, we are trying to bring down the cost of charging," Ritsaart Montfrans said.  

The electric vehicle industry is kicking off the new financial year with a fresh start as investments, both from the industry as well as the government, start to pour in. New Motion, one of the world's largest smart charging companies, is investing about Rs 1,000 crore) in setting up a manufacturing facility in India and make India its global manufacturing hub. 

"In Europe there'll be 3 million electric vehicles in the coming 5 years. We expect the numbers in India to be much larger than that," said Ritsaart Montfrans, founder and CEO at New Motion. 
New Motion plans to invest Rs 1000 crore in India, set up global manufacturing hub

"By building a manufacturing facility in India, we are trying to bring down the cost of charging -it needs to be affordable for India." 

While charging a car using a regular power socket takes about 6-7 hours currently, New Motion's smart chargers can charge 80% of the vehicle in 15-30 minutes. 

Montfrans said, based on the outcomes and the overall cost of manufacturing in India, the company would be look at selling its chargers to other countries from India. 

He also said that while the government has been very supportive so far in building the electric vehicle ecosystem in the country, what was lacking, so far, were the funds."Now with the first Rs 1,000 crore funds allotted by the finance ministry for the pilot projects, that limitation is no more there," he said. 

Experts feel the much needed push from the government would encourage people to start using electric bikes and cars by making them more cost effective. "Charging infrastructure will be critical for the development of the electric vehicle ecosystem in the country. It is yet to be seen if the initial Rs 1,000 crore is sufficient to build this pub lic infrastructure and which cities will be able to get advantage from this," said Satish RM, principal research analyst at Gartner. 
"The government should also mandate the use of electric vehicles for at least the public transportation to kick start the ecosystem.The focus for incentives should be on two-wheelers as that's where the bulk of the consumption lies in India." 

According to NEMMP, it is estimated that the government will need to provide support to the tune of Rs 13,000- 14,000 crore over the next five-six years. 

(This news story is from Economic Times)