Penetration of electric vehicles to remain low: Study
   Date :22-Sep-2020

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RATINGS agency ICRA on Monday said, domestic penetration of electric vehicles (EV) will remain low in the medium-term in segments like passenger vehicles and commercial vehicles due to high prices and lack of financial incentives from the Government.
 
Unless there is standardisation of battery specifications, including charger specifications, across the original equipment manufacturers (OEMs), a meaningful success in battery-swapping adoption is unlikely, ICRA said in a statement.
 
Ruling out “any meaningful domestic penetration of EVs in the key automotive segments like the PVs (passenger vehicles) and the CVs (commercial vehicles),” ICRA cited “high prices and absence of strong direct and indirect financial stimulus from the Government” for encouraging adoption of EVs. ICRA believes that battery swapping will face strong resistance.