India is expected to emerge as a “major producer” of electric vehicles in the next years, according to interesting remarks made by renowned international investor Mark Mobius. The investor went on to highlight India’s path and draw comparisons between the country and China.
Sales of EVs have surged at a historic pace under the PM E-DRIVE program, demonstrating the increasing momentum behind EV adoption. Programs like as the Electric Mobility Promotion Scheme (EMPS) and PM E-DRIVE helped boost sales of electric two-wheelers (e-2W) to 5,71,411 units in 2024. Sales of electric three-wheelers (e-3W), such as e-rickshaws and e-carts, totaled 1,164 units during that time, while sales of L5 category electric three-wheelers reached 71,501 units. India will emerge as a significant EV producer sooner than anticipated, Mobius told IANS.
Indian Electric Vehicles Market
India’s EV path is comparable to that of China, which is currently the world’s largest player, thanks to their sizable domestic market. “In the global EV market, India will be in the same position and be able to do a lot of very good things,” he told IANS. The PM E-DRIVE program, which was recently approved by the Union Cabinet and cost Rs 10,900 crore, went into effect on October 1 and will run till March 31, 2026. By providing upfront incentives for EV sales and promoting the construction of charging infrastructure, the main goal is to expedite the shift to electric vehicles.
Mobius went on to say that India’s inventive spirit will propel the nation’s economy to $5 trillion in the years to come. India’s ability to preserve various civilizations is one of its advantages. The fact that you have various states, languages, and customs is a great source of innovation that would enable many individuals to create new businesses, concepts, and inventions,” he told IANS.
