How EV Startups are Transforming India’s Automobile Industry
India’s startup ecosystem has experienced phenomenal growth in the past few years. Much of this growth is focused on sustainable technologies, and particularly the electric vehicle (EV) sector. EVs are fast becoming a hit with consumers due to their eco-friendliness and cost effectiveness. The tremendous growth of the EV sector is reflected in the remarkable sales that surpassed the million mark in India in 2022, with an average of 83,585 electric vehicles registered every month. The EV industry is expected to develop further given how critical it is for a sustainable future. The growth of the EV segment has also sparked healthy competition in the industry. The existing auto manufacturers who earlier relied only on the sales of diesel and petrol vehicles are now bringing out electric models of their popular cars, seeing the growing consumer interest. The increased competition has also boosted investor interest in the industry, as reflected by the investment flow in 2021 that reached an all-time high, growing by nearly 255 per cent.